Crypto market recovers; Ethereum [ETH] up by 15%

The crypto market is on the road to recovery with the overall market cap up by $10 billion since yesterday. Most coins are changing hands in green and some major cryptocurrencies like Ethereum are featuring a double-digit gain. Speculations from experts suggest that the crypto price rise can be attributed to Morgan Stanley offering cryptocurrency derivative trading. Some also say that this might just be a dead cat bounce. Ethereum which has had a terrible downfall amid the recent crash seems to be on a bull rally. The coin which was trading below $180 is now trading above $200 posting solid gains and reversing days of declining value. The recovery of Ethereum led to the price rise of other cryptocurrencies, allowing Decentraland (MANA), VeChain (VET), WanChain (WAN), Aion (AION), ICON (ICX), and 0x (ZRX) to spike by 10 to 20%. Bitcoin is trading above $6500 mark and is rising by 2.7% against USD. While the market is on a short-term corrective rally caused by oversold conditions Economist and cryptocurrency trader Alex Kruger notes that this might not mean a complete trend reversal. According to him, there is a possibility that the current uptrend might be reversed in the coming days. “Direction of ETHUSD depends on BTCUSD. If BTC breaks $6,400 next levels are $6,600 – $6,650 and $6,850. ETH would break up much harder. Temporarily. Then expect selloff to resume, BTC to break the year lows, hellfire among alts, and ETH weaker than competing tokens. That’s my view atm,” said Kruger, according to a CCN report. EOS seems to be the second coin following Ethereum, among the top 15,  to recover in the market. EOS is posting 10% gains and the RSI indicator suggests that EOS is still oversold in the market. Tron follows EOS with 10% gains over the past 24 hours. The rise in prices has added $12.7 billion back into the crypto market. Speculations suggest that the institutional investment from Morgan Stanley has cast a bullish spell on the market. There is also a probability that the price rise could be due to day traders trying to make intraday returns.

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