The Crypto market rally continued on Sunday as the recovery got an additional impetus from the solid performances shown by all Altcoins. Ethereum and Neo led the recovery of the market by registering strong come back, pushing the market to test the new highs achieved during last one month. While Ethereum recorded a surge of 16.3%, NEO bounced back by 18% in the period of last 24 hours on Sunday. The recovery trend also signals the enhanced risk appetite currently being shown by the investors as the year 2018 heads towards the end.
A close look at the AltDex 100, a benchmark index for the cryptocurrencies with large market capitalization, reveals that all the major currencies including Qtum, Augur, PIVX, FCT, ZIL have registered gains of over 15% in the last 24 hours. In fact, the Altcoins like PIVX (up by 55.61%), QTUM (up by 21.45%) and DGD (up by 19.69%) bring much respite and cheer to the market. All of this resulted into the gain of 6.8% for the AltDex benchmark index on Sunday while the crypto market gained 5.2% to reach a market capitalization of $142.1 billion on the same day.
As far as Bitcoin is concerned, the gains are not as bright as NEO or Ethereum. Nonetheless, the coin performed fairly well, and with a boost of 4%, its trading value reached $4,191 on Sunday. The total market capitalization of the top digital coin now stands at $73.1 billion. It seems like Bitcoin is taking its cues from the rally in other altcoins which are finding renewed interest from the investors among the speculations of their comeback. So far, the Santa Rally has really boded well for the crypto market, and there is a strong possibility that crypto market ends the 2018 year on a high note. However, critics have warned that the present rally in the Crypto market is just a correction to its oversold status as there hasn’t been any change in the fundamentals of the industry to consider this surge as long-term. If these observations hold true in the future, then it might be difficult for the cryptocurrency including Bitcoin to continue their rally with their weak fundamentals and technical constraints. It is, therefore, mandatory for the digital currencies to boost their mass adoption and transaction volumes to have relevant future among the investors.