Ripple goes higher by 8% as $4 Billion are added to the crypto market, Will Bitcoin be able to recover?

The past 24 hours have seen a surge in Ripple by over 8% to $0.51 alongside the hike in the valuation of the crypto market by $4 billion to reach $185 billion from $181 billion.

November 15 had seen a dip in valuation by $27 billion from $210 billion. A recovery route to the $200 billion points may have needed several weeks or months at a stable point.

Based on the explanation of a cryptocurrency technical analyst the BTC bulls that are trading at defense after the dip below key support would need a strong reversal to start sprint as the last way. Further low crests without a violent reverse would signify an extended bear market and similarly a failure to print new crests will attract investors.

The recovery of Bitcoin and the remaining crypto market by the end of 2018 is based on a low number of scenarios owing to the crash on November 15.

Numerous well-known analysts in the field of cryptocurrency have stated that the likelihood of Bitcoin to break from high resistance levels until mid-2019 is next to impossible.

A Bitcoin trader also stated that if the price of Bitcoin touches the $60000 mark in a limited period, a short squeeze may cause the market to dip into a corrective spree.

Multiple positive developments are on cards for the BTC market. These include the Bitcoin future market launch by the parent company of New York Stock exchange, Bakkt, and ICE.

It is highly unlikely that there may be a high surge in the prices of cryptocurrencies going by the current condition of the market. A Rally before 2018 may be too high an expectation.

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