Crypto Market Recap: Bulls Make A Holiday Comeback

2021/12/27 12:00:00

Crypto bears have dominated the market since early November, resulting in a declining market cap. The bearish momentum has so far been so strong that it has neutralized any bullish attempts, leading to a continuous price decline for most of the top cryptocurrencies. However, it appears that the bulls have prevailed for the last few days, leading to a significant increase in the global crypto market cap. Here’s a look at how some of the top cryptocurrencies have performed in the last 7 days.

Bitcoin

Bitcoin has jumped back above the $50,000 price level after struggling to get back above that level for the last few weeks. It is currently trading at $50,914 after rallying by 2.17% in the last 24 hours at the time of this press, and it is up 9.41% in the last 7 days.

 Source: Decoin

The ongoing bullish wave has pushed BTC back above its 200-day moving average and is currently approaching the 50-day moving average. The trading volumes are within the normal range, suggesting that the current bullishness is likely not the result of institutional or whale activity.

Ethereum

ETH is currently trading at $4,053 after rallying by 0.59% in the last 24 hours and 5.83% in the last 7 days. A significant recovery considering that it traded below $ 3,700 a few days ago.

 Source: Decoin

ETH's current price level has previously been tested as the zone of structural support and might become a zone of resistance if the current bullish momentum is short-lived.

Solana

Solana is one of the top-performing blockchains and its native cryptocurrency SOL is one of the best performing cryptocurrencies this year. It is currently trading at $199 after rallying by 3.29% in the last 24 hours and 13.41% in the last 7 days. A significant recovery from its recent local low of $148.

Source: Decoin

SOL’s bullish recovery is currently pushing back above the 200-day moving average but the price is currently in a zone of critical support and resistance. SOL has maintained its bullish trend for the last two weeks, which means it has a significant probability of retracement at the current price point.

Cardano

Cardano’s native cryptocurrency ADA is the most bearish of the top cryptocurrencies given its downward spiral in the better part of Q4. However, it has also been among the top candidates for a strong bullish comeback and it looks like its latest performance is a reflection of those expectations. ADA is currently trading at $1.50 after a 5.63% rally in the last 24 hours and it is one of the top weekly performers after registering a 21.93% gain in the last 7 days.

 Source: Decoin

ADA’s price action is currently approaching its 50-day moving average from below, reflecting the ongoing strong bullishness in the market. However, it still has some ways to go before crossing above its 200-day moving average. It has experienced a significant increase in trading volume, suggesting that traders have been buying the cryptocurrency at its significantly discounted prices.

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