Cryptocurrency markets continued their slow but welcome rise, with Bitcoin hovering back above the $4,200 area having spent two short spells sub $3,800. There were fears that after collapsing back to $3,700 Monday that the same would happen again, but it has seemed a little more willing to stay in this area following its 11.5% jump earlier this week.
Almost the entire market has seen green shoots of a recovery, with the notable exception of Bitcoin Cash (formerly Bitcoin ABC) which has more or less flatlined.
Have the Bears Given Up?
‘Is this a trap?’ is the most commonly asked question when a rise like this occurs after a prolonged bear market, and with good reason. This could simply be another episode of whale games, where the price tanks just as optimism is finding its way into the market, but if Bitcoin can make it to the $6,000 area then a different complexion can be put on the situation.
There is every chance that the bears could send us right back down to our current yearly lows, or lower, but the truth is we won’t know until we are on the way down. For that reason, we may as well enjoy the green while it’s here.
Zcash Gets Coinbase Listing
Zcash holders got a doubly nice surprise when an announcement from Coinbase that they were listing the privacy coin brought about a sharp 14% jump, which was followed by a 10% drop. Overall this didn’t make much of a difference to the coin’s general progress, seeing it rise 14% in 12 hours , which in line with the market as a whole. News of the listing elicited a muted reaction on social media, with some having predicted it months ago, apart from holders of the again overlooked XRP token who were a bit more vocal:
@coinbase @coinbasepro @brian_armstrong A privacy coin which regulators have warned exchanges not to deal with, has been listed on your exchange before #XRP $XRP…The hate is truly real… #Disgusting
— cncpyro (@cncpyro) November 29, 2018
Tether Regains Dollar Parity
Another symbolic milestone was reached yesterday, which adds a little more fuel to the recovery fire – the USDT token is finally worth one dollar again. After spending fifty days below its dollar peg, the recent news that is has reopened fiat withdrawals seems to have brought a dose of reassurance back to the godfather of stablecoins, as it finally regained parity with the US dollar. Time will tell how it will act under stress, but for now it seems to be another card in the house of cards that is the crypto recovery.
