Following a day of tremendous gains for multiple altcoins, Bitcoin has followed their lead and has risen into the $6,500 region. The tremendously positive price action over the past couple of days is leading to renewed hope for an end-of-year rally, and one analyst believes that an upwards price break is imminent.
After being stuck in the $6,400 region for the past few days, Bitcoin’s (BTC) price made a minor upwards move into the $6,500 region, likely as a result of increasing market sentiment stemming from multiple positive advancements within the altcoin markets.
As discussed in yesterday’s market update, multiple altcoins saw significant gains on November 6th, with the markets being led primarily by XRP and BCH. Despite seeing gains of over 10% yesterday, the aforementioned cryptocurrencies have not yet cooled off, and seem to have found stability at their current prices.
XRP is currently trading up 0.5% over a 24-hour period at its current price of $0.53. It is down slightly from its 24-hour highs of $0.56, which were only temporarily reached before falling to its current price. Over a one-week period, XRP is up significantly from its lows of $0.447.
Part of XRP’s unprecedented price rise could be the result of continual rumors that the cryptocurrency will eventually be added to the major cryptocurrency exchange, Coinbase. These rumors, which have been circling for a couple years, tend to come in waves, and are typically propagated heavily during times of major XRP buying activity.
Bitcoin Cash (BCH) has also had a fantastic week, currently trading up nearly 50% from its 7-day lows, with a current price of just over $620. BCH’s massive gains are the direct result of its upcoming hard fork event, which is scheduled to occur on November 15th. BCH may see further gains as this date approaches.
One popular cryptocurrency trader and analyst, known as Phil_RX on Twitter (@Phil_RX), spoke to Covesting about where he sees the market heading in the near future, noting that the markets are likely reaching a new pricing stage. He wrote:
“Speculators took it over on the big names, volatility is dropping and we’ve reached out to the compression phase turning point (apex of the triangles) meaning that a new stage is probably about to come. After compression we should see expansion, meaning that volatility should return slowly, and more likely to the upside (but certainly not only).”
Investors are keen to see where the prices head as we enter the final months of 2018, and all eyes are watching to see if the markets have an end-of-year rally that is widely expected to occur in the winter months.
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