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Altcoin Market Sees Massive Rebound, Ethereum And Bitcoin Rally, Positive News Supports Price Action

The Thursday, September 19th, 2018 trade in the cryptomarkets has been a very strong inverse move compared to the prior 10 days of trading. Specifically, the altcoin market has seen significant increases in value. One of the major gainers throughout the day was EOS, which saw it rise over 13%. EOS has been a badly beaten down crypto and has suffered considerable bearish action even though it has had significant progress. EOS, in June, released its main-net and a series of DAAPs were (and continue) to be released. This was a very positive development in the entire crypto market because EOS was a new blockchain that focused on being decentralized at launch. EOS was trading near $16 just before the main-net release, but it promptly sold off, trading as low as $4.

Another altcoin that saw significant action was NANO. Prior the most recent minor bull move in August, NANO was one of the most underperforming charts, showing consistently lower lows. In fact, it has been one the most beaten down altcoins in the crypto market moving from the $18 value in February to $0.74 in August. What is odd about this particular altcoin is that it actually has a deliverable and is a frequently used transaction coin. In fact, NANO is the fastest transaction cryptocurrency at ‘instant’ transactions. NANO also has the unique property of each wallet has it’s own ‘blockchain’. NANO’s excessive underperformance against all other cryptocurrencies reminds me of the performance that some small-cap biotechs exhibit prior to some significant news or acquisition. NANO is just one example of a large number of cryptocurrencies that have legitimate utility but have suffered against a broad market selloff.

Bullish sentiment and news accompanies price action

In a total reversal of news and sentiment from one day ago, there has been a flood of positive news for Bitcoin and the entire crypto market. Bloomberg reports that Morgan Stanley is entering Bitcoin derivative trading by providing swaps for their clients. And Vitalik Buterin walked back on comments earlier in the week where he said, ‘There’s no room for 1000x price increases’ in the cryptocurrency market. He clarified that he believes there would not be a literal 1,000 increase of cryptocurrencies at their recent valuations – but that cryptos would still generate substantial growth.

The flood of the inverse news today is a total inverse of the news from yesterday. The September 12th news from Bloomberg reported that the cryptocurrency crash of 2018 was officially worse than the dot-com crash in 2000. Additionally, news pepper traders with repeat articles and old quotes from major critiques such as Warren Buffett and Jamie Dimon. Traders should expect to see some continued positive news releases in September and moving on into December – cryptocurrencies have a seasonal bullish trend during the last quarter of the calendar year.

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Source : https://www.exchangerates.org.uk/news/22978/altcoin-market-massive-rebound-ethereum-bitcoin-rally-positive-news-supports-price-action.html

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