The cryptomarket is going through some good times, recovering from the sharp fall it had during 2018. The recovery of the global marketcap, and the high number of developments around cryptos and blockchain technologies has led many analysts to claim that we are close to witnessing not only a stabilization of the markets but also a bullish trend in the short term.
Of all the crypto currencies on the ecosystem, BTC has always been the reference token, not only for holding the most powerful position in the top 10 but also for having the highest number of users and software developments.
BTC is Having a Great Week
BTC has experienced a significant price increase. After a period of constant “Bart Simpsons”, it finally seems that the most important cryptocurrency in the world broke the 5k resistance. This marks an a crucial milestone as it is a a value that could not be reached for months.
However, during the last few hours BTC was curiously bullish. The token easily broke the 5.4K to flirt with the 5.6K band. If this trend continues, it could be said that BTC has been bullish for the entire past week, winning between 500 to 600 Dollars per token.
BTC. 30 minute candles. After the big green candle, 5580 has become a new support Bitcoin (BTC) 1day candles. courtesy Tradingview
Cardano (ADA) Also Shows Some Positive Signs
Another token that has been specially bullish is Cardano (ADA) The project that promises to solve the “blockchain trilemma” experienced a a surge of about 10% in less than 24h, standing at one point almost at $0.08 per token.
One of the reasons for this rise is the positive reaction of the market to the announcement by Charles Hoskinson (head of the project) saying that IOHK managed to close a an association with the Ethiopian government to popularize the use of Cardano in that region.
According to Mr. Hoskinson, thanks to this partnership the Ethiopian authorities, the government will allow its citizens to use ADA to make payments as if it were fiat. Also, residents of Addis Ababa, the capital of the country, will be able to use ADA to pay for public transport services in the city.
Right now, Cardano (ADA) experienced a correction that placed the token back to the support at 0.074 USD. The token then went up again to 0.075 with signs of another possible bullish trend in the short term
Currently the bullish trend seems to be solid in most of the markets. The signs of a trend reversal are not strong enough to be frightened, however it is important to follow the charts, remembering that cryptocurrencies are extremely volatile.