The past 24 hours have been relatively stable for Bitcoin – but not too stable for the combined cryptocurrency market cap. Speaking of, the market has dropped by $2 billion and went from $215 billion to $213 billion, as Bitcoin and Ethereum both demonstrated stability.
Most of the major cryptocurrencies such as Bitcoin Cash, Ripple, EOS, and Ethereum recorded gains in the range of 1 to 5 percent. The tokens including VeChain, Ontology, and DigixDAO also recovered quickly, recording new 15% gains to overcome the losses from yesterday.
Still, analysts fear another plunge such as the one we saw on August 18th – and the one in which Bitcoin managed to increase from $5,850 to $6,400. As the well-known BTC analyst Alex Kruger recently stated, the corrective rally was a beneficial move for Bitcoin which led BTC above the $6,000 mark.
As he stated:
“BTC was rejected at $6,600 and the whole crypto complex fell like a house of cards (-10%/20% this morning). A strong bounce out of massively oversold levels does not indicate a new bull run has started.”
Several other analysts have theorized that the minor corrective rally could lead the largest cryptocurrency by market cap to test the $9,000 resistance level in the near future – especially if Bitcoin produces a strong short-term rally.
In the end, it is also important to note that the tokens really affect the entire cryptocurrency market cap. If they manage to not record absurdly massive spikes like VeChain’s recent gains against the US dollar, a minor bubble could form which could prevent the Bitcoin price from testing major resistance levels over the next couple of months.
Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage
“This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low
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