Bitcoin is currently experiencing a mini-rally that has seen its price climb above the $ 4,000 price tag. This surge is indicative of what is currently a day of positive price movements from many coins in the market.
Up by $ 400 and Counting
The top-ranked cryptocurrency started the day trading at $ 3,800 but has since added $ 400 within a few short hours to go back over $ 4,000. As at press time, BTC appears to be set for an assault on the $ 4,500. However, the opening up of the short sales volume at that moment could cause a rejection of over $ 4,500.
Today's rally sees BTC increase by more than 12 percent over the last 24-hour trading period. A fortnight ago, Bitcoin and the rest of the market began experiencing massive price declines. Since then, the BTC has fallen below both $ 6,000, $ 5,000, and $ 4,000 in quick succession.
After falling below $ 4,000 on the previous Saturday, top-ranked cryptocurrency double tested the $ 3,500 psychological level. BTC was able to back on both occasions, setting successive highs. This present mini rally seems to be an extension of the second attempt to test $ 3,500.
Apart from BTC, the altcoin market is also enjoying significant price gains with all top-ten coins in the green at press time. Stellar (XLM) and Monero (XMR) are the top gainers among the high-ranking coins. Both cryptocurrencies are up by more than 16 percent in the last 24 hours.
After nearly falling below the $ 100 mark on Sunday (November 25, 2018), the third-ranked Ethereum has gained 12 percent, taking its price closer to $ 120. Verge (XVG), TRON (TRX), and ICON (ICX) are the top gainers among the top 100 coins. The trio are up 43 percent, 25 percent, and 22 percent respectively.
No Bitcoin ETF Approval, Says SEC
Wednesday's price push comes even as the SEC chairman; Jay Clayton, seemed to dampen enthusiasm about BTC ETFs. According to the SEC chief, the Commission will approve any cryptocurrency ETF, unless the market undergoes significant improvements in terms of investor protection and manipulation of prices.
The bear market does not seem to have severely affected the enthusiasm of BTC enthusiasts as well as institutional players. Stakeholders like Anthony Pompliano of Morgan Creek and Spencer Bogart of Blockchain Capital maintain that the current bear market is not anathema to BTC's long-term success.
Furthermore, institutional players like Nasdaq and Bakkt say they are still going ahead with their plans to offer Bitcoin futures contracts.
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