Crypto Markets Are Rapidly Recovering, Is A New Bull Run Starting?

On September 7, many cryptocurrencies fell sharply, especially Bitcoin, which was in the first rank by market cap. After about a week, many cryptocurrencies started to recover and turned green again. Although most of the coins are still far from the price on September 7th, they have regained some of the losses. And they are signaling that they will go higher. Bitcoin is giving a bullish signal, but altcoins are signaling that they will start a faster bull run.

Bitcoin, which was in the first rank according to the market size, rose again above $ 48000 8 days later. Although it was rejected at $48000 in the first attempt, it exceeded $48000 again in the next attempt. It is currently trading at $48032 and seems eager to reach higher. If it can find support above $48000, it could soon reach $50000. Also, altcoins are more willing to go higher. If Bitcoin goes up to around $50,000, altcoins could start a bull run.

Ethereum (ETH)

Ethereum (ETH), which is in the 2nd rank by market cap, has increased by about 6% today, managed to exceed $ 3500 and is currently trading at $ 3558. Ethereum seems more willing to go higher. Also, around 300,000 ETH has been burned since the Lontra upgrade on August 5. Approximately $1 billion worth of ETH was destroyed in 40 days. That's about 1/400 of the circulating supply. Although this seems small compared to the total market cap of Ethereum, it is a significant amount for the beginning and promising for the future. If Ethereum can stay above $35000, it can test to exceed $3750 in the coming days or even rise above $4000.

Cardano (ADA)

Cardano (ADA), which is in the 3rd rank according to the market cap, increased by about 6% today, although it did not find the expected support after the Alonzo upgrade. It is currently trading at $2.51. Critics say there are major issues with the Cardano network, but the Cardano team says they are FUD. Investors are eagerly awaiting the arrival of Decentralized Applications (dApps) to the Cardano network. It has not received sufficient support at the moment, so it could not achieve the expected rise. But with the arrival of dApps on the network, ADA can rapidly move higher. If the success of the Alonzo upgrade is seen by the markets, ADA will again exceed $3, but if it fails, it may fall below $2.

Binance Coin (BNB)

Binance Coin (BNB), which is in the 4th rank by market cap, increased by about 5.5% today and reached $ 438. It is currently trading at $428. There are many projects participating in the Binance Smart Chain (BSC) network, but at the moment they have not had enough of an impact on BNB. When I analyze the data in the current crypto market, I think that it is far behind the normal price of BNB. Therefore, if there is no general decline in the markets, I think that BNB can draw a long green candle in the coming days. Based on available data, BNB should be above $500. In addition, BNB will be burned next month, which will positively affect the price of BNB.

HIVE

HIVE was one of the cryptocurrencies least affected by the sharp drop on September 7. Although it drew a long green candle on September 13, it remained stable compared to last week. It is currently trading at $0.754. Because of the regression and indecision in the markets, it could not achieve the expected increase, but it can do so in the coming days. Today, crypto markets are back on the uptrend, so HIVE could push higher and test above $1 in the coming days.

Generally, cryptocurrencies are back in the green today, signaling that they can recover the losses 8 days ago this week. Looking at the current data, Bitcoin is willing to retest $50000, but altcoins seem more willing to start a new bull run. Therefore, some altcoins, especially ETH, BNB, HIVE, may enter a faster upward trend. I think that the crypto markets will be more lively in the autumn and that the upward trend will prevail in the markets in general. Finally, I would like to point out that at the end of this year, I think Bitcoin will rise, but altcoins will rise more. In addition, there can always be short-term sharp decreases in the markets, so I advise you to be careful with short-term decreases. But in the long run, I think that cryptocurrencies with strong infrastructure, especially BTC, ETH, BNB and HIVE, will make their investors happy.

Posted Using LeoFinance ^Beta