The bounce was expected however the magnitude of it is a very positive sign. Markets have been plummeting for weeks, and are still very low, however the rebound was far bigger than the previous one indicating that this could be the reversal everybody has been waiting for.
Bitcoin pumped $500 in about three hours which gives it a 9% gain on the day. Trading just below $5,900 this time yesterday it has now jumped back to the previous resistance level of just over $6,400.
The rest of the altcoins naturally followed their master back up, with Ethereum jumping 7% to $450. Levels are still very low and may resume bearish momentum but the big pump is welcome news this Saturday morning.
The biggest movements at the moment can be seen in Bitcoin Cash rocketing 14% from $650 this time yesterday to $755 at the time of writing. Litecoin has bounced 10% back over $80 again, and Stellar has also seen a 10% gain to a touch under $0.20.
Cardano, which has taken a bigger beating lately, is up 12.7% on the day to trade at $0.133. Also getting abused lately has been Neo but it too has made a small recovery by 11.6% to just over $31 at the moment. Read more from altcointoday.com…
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