Bitcoin, Ethereum, and Ripple push higher after analyst calls a bottom on prices

In comparison to global share markets, it has been a positive 24 hours of trade for the crypto market.

During this time the value of the entire market has lifted 0.5% or around US$1 billion to US$210.3 billion according to Coin Market Cap.

What happened?

I don’t remember the last time the crypto market has been as calm as it has over the last seven days.

Over the period the value of the market has traded within the range of US$207 billion and US$212 billion.

This could be positive news for the market and crypto traders according to Bloomberg.

Bloomberg Intelligence analyst Mike McGlone believes that the low volatility is “a sign of speculation leaving the market and eventually a bottoming process.”

Charlie Morris from London’s Atlantic House Fund Management agrees with this view.

He told the news outlet that “It simply means the market is calm and in balance. That implies that speculative interest is low. Given this bear market is now 10 months old and is getting tired, I’d be inclined to be bullish for the next major move.”

While calling the bottom on Bitcoin has been done unsuccessfully many times over the last 10 months as its prices crumbled, this time it does feel reasonably different given the low volatility and how prices are hovering above the cost of mining.

Time will tell if Bitcoin has bottomed, but for now, here’s how it is performing in comparison to 24 hours ago:

The Bitcoin (BTC) price is up 0.3% to US$6,496.49. This lifts Bitcoin’s market capitalisation to US$12.65 billion.

The Ethereum (ETH) price is up 0.15% to US$204.23, increasing its market capitalisation to US$21 billion.

The Ripple (XRP) price has pushed 2.5% higher to 46 U.S. cents. This gain lifts the XRP market capitalisation to US$18.4 billion.

The Bitcoin Cash (BCH) price is up 0.4% to US$443.37, increasing its market capitalisation to US$7.7 billion.

The EOS (EOS) price has failed to follow the lead of its peers and is down slightly to US$5.40, leaving the alt coin with a market capitalisation of US$4.9 billion.

Outside the top five it was a similar story. Litecoin (LTC) is up 0.1%, Tether (USDT) has risen 0.15%, and Cardano (ADA) has pushed 0.3% higher. Stellar (XLM) and Monero (XMR) failed to follow the market higher with declines of 0.6% and 0.5% respectively.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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