Cryptocurrency market recovery reveals key trading patterns
As coin prices recover, many of the most popular cryptocurrencies are showing identical price movements down to the hour.
After around 48 hours in a pronounced downswing, during which the value of almost all top-market-cap coins tumbled, the cryptocurrency markets are recovering quickly. At the time of writing, 7 of the top 10 coins are showing positive change over the last 24 hours, according to CoinMarketCap, with only bitcoin, Ethereum and Bitcoin Cash being shy of recovery.
In the last approximately 36 hours:
- Ripple (XRP) dropped to its lowest price in over a month, dipping from US$1.71 to US$0.90. It then recovered to US$1.40.
- Bitcoin (BTC) dropped from about US$11,500 to a recent low of US$9,500, then rose back to its previous US$11,500 price 12 hours later.
- Ethereum (ETH) dropped from around US$1,125 to a recent low of US$785, then climbed back over US$1,000 quickly.
Over the last 36 hours, in the case of Ripple, Bitcoin and Ethereum and other coins, they all started their main drops at around the same time (15:00 to 16:00 UTC on 16 January), hit a distinct trough around 22:00 UTC on 16 January, and then hit a high recovery price almost exactly 24 hours later around 21:00 to 22:00 UTC on 17 January.
After this high recovery price, all coins are showing another downturn. That might be the result of people selling off their recent purchases to consolidate their gains for the day.
These down-to-the-hour movements are almost identical across other coins, including Litecoin, Cardano and Stellar Lumens. These market movements may reflect popular trading times in Western Europe and the USA.
If it can help you predict price movements down to the hour, it's potentially worth paying attention to these popular trading times and being aware of the countries your coins of choice are most popular in.