The crypto market has added more than $10 billion in the past several hours as all major crypto assets including Bitcoin, Litecoin, and Ethereum jumped by massive margins.
Bitcoin, which struggled to demonstrate any major movement in the past two weeks, surged by well over 8 percent, recovering to the high $3,000 region.
WHAT’S CAUSING THE CORRECTIVE RALLY?
On February 8, following a long period of stability and a lack of volatility in a tight price range, traders said that they foresee a strong corrective rally playing out.
Some traders such as DonAlt publicly disclosed the filing of long contracts on Bitcoin and Ethereum, expecting the value of the dominant cryptocurrency to jump higher.
Luke Martin, a cryptocurrency technical analyst, said prior to the 8 percent rise of BTC that a breakout above the…
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