February has been one of the most hopeful months for
February has been one of the most hopeful months for cryptocurrencies since the first quarter of 2018. The market has seen some solid gains in what seems like a long time.
After the crash of 2018, it seemed that the market would take a long time to get over that period of slump. But people have been hopeful about 2019 and all the new possibilities that come with it.
January was a month of losses, but February fortunately saw a total market capitalization that displayed an upwards trend. It started out at $113 billion, and then rose by 14% to end the month at $129 billion. It clearly was one of the most promising months for crypto so far.
Talking about the different cryptocurrencies individually, Bitcoin showed a great surge of about 12.8%. Having started at $3,460 in the beginning of February, it went up to over $3,900. This was the first time that Bitcoin registered a green monthly candle since July.
Ethereum too had a promising run in February, surging 28% from $107 to $137 by the end of the month. It showed a recovery rate of almost 100% from its 2018 low in mid-December, and reached an impressive peak of $165 during the past month.
Additionally, Litecoin also had a great month surging 46% from $31.70 to $46.40. Bitcoin Cash rose up 17% during February as it went from $114 to $133 in wake of the market wide rally. One of the most significant pumps was that of EOS which went from $2.32 to $3.55 in a 53% surge.
Binance Coin showed a huge leap from $6.26 to $10.47 , recovering fully from the bear market. The surge was almost 67%, which is very impressive for the crypto. All other cryptocurrencies saw gains and inched upwards on the charts.
However, the last weekend of February took a sharp turn South, and a bloodbath ensued in the market. The market lost over $11 billion in minutes and most top coins saw losses. It was a complete chaos and the volume was very low.
Read further: Last Weekend of February Sees Crypto Market Lose $11b In Minutes, Top Coins In The Red
February truly was a very positive month for crypto, apart from the last weekend. Now we have to wait and see if the digital currencies can recover from this tragedy and avoid falling back into another bearish trend.