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Cryptocurrency Market Continues Rebound, Reaches $420 Billion Valuation

February 13
09:54 2018

For two straight days, the cryptocurrency market has continued to demonstrate signs of short-term recovery. Although volumes remain low, the price of most major cryptocurrencies like bitcoin, Ethereum, Ripple, and Bitcoin Cash remain relatively high.

Bitcoin

Earlier today, on Feburary 13, bitcoin surpassed the $9,000 mark for the first time since February 10. While bitcoin has not been able to recover beyond $10,000, which many analysts consider as the psychological threshold, bitcoin has recorded an optimistic weekly performance.

In the beginning of the week, on February 6, the price of bitcoin dipped below $6,500, moving dangerously close towards $6,000. Today, the price of bitcoin remains well above $8,000, and it is preparing to initiate a short-term rally to break the $9,000 mark.

Bitcoin and other major cryptocurrencies are in an ideal position to record new gains in the upcoming days. But, the volumes of major cryptocurrencies must hold up. Over the last 12 hours, the daily trading volume of the market in general has been relatively low, and bitcoin will need more volume to breakthrough $9,000 and prepare recovery towards the $10,000 mark.

Continue Reading at CCN

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