Bitcoin, Litecoin and Ethereum – European Wrap 26 October

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Bit­coin price has shown con­sid­er­able bull­ish momen­tum over the past 24 to 30 hours, which has result­ed in a mas­sive ral­ly for many alt­coins. This devel­op­ment is like­ly to con­tin­ue after a minor pull­back. So investors that missed this ral­ly should be cau­tious about enter­ing the mar­ket late and get­ting caught in the wrong direction.

 

Litecoin price goes nowhere as traders are trying to reassess their next move

Lite­coin (LTC) price sees traders try­ing to wrap their minds around what hap­pened on Tues­day when bulls man­aged to pierce through an impen­e­tra­ble wall that bears had cement­ed at $65.08. Unfor­tu­nate­ly, on the breach of it, bears quick­ly rushed in to run price action back down, mak­ing it a very expen­sive bull trap with a max 13% loss for bulls that entered above $65 and wait­ed until the close of the day to off-load their entered long positions.

Ethereum price rises to $1,500 as CFTC chairman declares BTC and ETH as commodities

For the first time in weeks, the cryp­to mar­ket did well for itself, adding over $40 bil­lion to mar­ket cap­i­tal­iza­tion with­in 24 hours. Many cryp­tocur­ren­cies joined the ral­ly led by the king coin, Bit­coin, and alt­coin king, Ethereum. Although along with the pos­i­tive mar­ket moves, the two assets not­ed the bull­ish response from an inter­est­ing announce­ment as well.

 

 

 

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