Much to the relief of traders, the crypto market's decline has been halted and gains are being seen largely across the board on Thursday morning.
This has led to the value of the entire market climbing almost 5% over the last 24 hours to US$147.4 billion according to Coin Market Cap.
What has been happening?
Bitcoin managed to keep its head above the US$4,000 mark yesterday despite some heavy selling pressure. This appears to have given hope to many traders that the selloff is over.
However, one analyst that isn't convinced that Bitcoin has bottomed just yet is Jani Ziedins from CrackedMarket.
According to MarketWatch, Ziedins believes that Bitcoin could fall down towards the US$3,500 level in the coming days before recovering.
The news outlet reports that he has said: "Look for the selling to continue over the next few days, but a bounce off of $3.5k-ish that returns to $5k is likely."
Before adding that. "This is not for the faint of heart, but there will be nice rewards for those willing to jump aboard the inevitable bounce."
While Ziedins makes a fair point, I wouldn't necessarily agree that a bounce is "inevitable". In fact, many analysts think that the Bitcoin price will drop through the US$3,500 level and then down to US$2,500. Some even believe the crypto giant's price could then fall as low as US$1,500. This certainly does make it very, very risky buying on the dip.
Time will tell which analyst is correct, but for now, here is the state of play on the market compared to 24 hours ago:
The Bitcoin (BTC) price has risen 5.1% to US$4,502.34, lifting its market capitalisation to US$78.3 billion.
The Ripple (XRP) price is up 1.9% to 43.83 U.S. cents. This gives XRP a market capitalisation of US$17.7 billion.
The Ethereum (ETH) price has risen 3% to US$133.69. This has increased the ETH market capitalisation to US$13.8 billion.
The Bitcoin Cash (BCH) price has pushed 3.7% higher to US$232.53 per token, lifting the BCH market capitalisation to just under US$4.1 billion.
The Stellar (XLM) price has rebounded 5.3% to 19.83 U.S. cents. This gain means the Stellar market capitalisation has lifted to US$3.8 billion.
Outside the top five the gains continued with EOS (EOS) rising 0.8%, Litecoin (LTC) climbing 0.15%, Tether (USDT) up 0.9%, Cardano (ADA) pushing 1.6% higher, and Monero (XMR) gaining 3.1%.
