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It appears the bulls are getting their wishes granted today as the market turns decidedly green. So what’s going on? Is this finally the end of the bear market?
In a change to the status quo, Ethereum (ETH) is leading the market, currently up 10.47%, with a 24 trading volume of $5,102,955,062, bursting through yesterday’s price point of $125, right up to $138, looking to test $140, imminently.
Many believe that this may be the cause for the overall boost to the market, with many speculating on the overall trend for ETH:
$ETH 287 d bearish trendline is over pic.twitter.com/VEHn22kmNw
— CryptoHispano (@CryptoHispano) February 17, 2019
Wow, ETH just pulled the entire market up by itself overnight.
— DonAlt (@CryptoDonAlt) February 18, 2019
Vitalik flexing the first time this year.
One user on Twitter believed the breakout could have been something to do with the block halving which is said to occur after the Constantinople hardfork towards the end of this month:
$ETH block reward reduction in less than 2 weeks
— Moon Overlord (@MoonOverlord) February 18, 2019
⌛️⏰
Of course, this boost could simply be in anticipation of the long-awaited upgrade.
$ETH UPDATE
— XL (@XL59402000) 18 February 2019
I' m still long, i thing that, with the fork at the end of the month, eth can pump until the liquidity's zones and then, it can does the ultimate dump, the same thing of $BTC.
We want the end of this bear market. pic.twitter.com/FRdcDlBJXD
It seems things aren’t going too well for everyone though…
Here I am stuck in a #ETH SHORT and the entire market (looks to be) in a LONG 😬😔 pic.twitter.com/RrAsoHnns8
— Gold & Crypto (@Gold_and_Crypto) February 18, 2019
ETH isn’t the only one making a run for it, similarly, BTC is up, citing a 2.93% increase in 24 hours, currently at a price point of $3,755 with some conjecture of more to come:
Just saw a $1.7B worth of #BTC $BTC derivatives trades on #BitMEX in the past 24hrs. Still lots of movement (buying) happening. pic.twitter.com/WqHQJbhjlI
— My Crypto Advocate (@tomr_crypto) February 18, 2019
however, this is but a drop in the ocean compared to some alts.
Bitcoin Cash (BCH) is just behind ETH with an impressive leap up 6.71% in 24 hours, breaking through the $130 mark, with a few asserting there may be a breakout for BCH imminently:
$BCH #BCHABC
— Trading Room (@tradingroomapp) February 18, 2019
Waiting for a break above 134,
Potential Short Term 28% and mid term 67% Gains after a clean break above 134
As always DYOR#Crypto #Bitcoin pic.twitter.com/8ujASY8mL7
$BCHABC $BCH looks extremely good on HTFs, a perfect inv. H&S if we break the red trend line. My target for this is 162. Consider loading up in 2 batches, 127-130 first, then on a retest when we break out. pic.twitter.com/qoBiHoSkrb
— Blue (@bluexbt) February 18, 2019
Outside of the top 10, there is even more optimism, with some cryptocurrencies citing an increase of up to 50%.
One such coin is WAX up a supreme 49.90% in the space of 24 hours, WAX positions itself as a marketplace for online video game assets and launches its mainnet launch in just 2 weeks.
$WAX #WAX WAX takin off baby!!! Real project already in use with a TON of transactions and the mainnet coming Q2!!
— Crypto Roger (@CryptoRoger2) 18 February 2019
ARK is also citing highs in the mid 40’s up 43.90% on the 24 hour charts
$ARK
— rektcapital (@rektcapital) 17 February 2019
- ARK has rallied 80% in total since its breakout from the flagging pattern$crypto $BTC pic.twitter.com/PyuGNA97bS
SO what is going on? Is this truly the end of the bear season? Are we entering a new phase?
What’s behind all these rando #crypto moons? ONG, GAS, ARK, STORJ, WAX have all seen 40+% bumps in the past few days.
— The Shanghaipreneur (@shanghaipreneur) 18 February 2019
The gas for @OntologyNetwork (ONG) even did like a quick 10x in one day over the weekend.
Is the #bitcoin bear market over?
It certainly seems that way after repeated bullish moves over the past two weeks from BTC, ETH and numerous other altcoins - many of which have consistently held their gains and even pushed through new levels of resistance. Either way (for now at least) volatility is back, and it feels good!
Read more: Is Bitcoin getting ready to make its next strong move?; Is the market turning bullish this week? BTC breaks above $3,700