The crypto market seems to be recovering as the price of Bitcoin recently rebounded to $6,500 and Bitcoin Cash hit $605.
Still, the decline in the crypto market is present mostly because of the low market volume. Since July 29th, the price of Bitcoin has been freefalling. It dropped from more than $8,300 to $6,300 within two weeks.
Several other cryptocurrencies have started falling as well. The drop in value is steeper for tokens which lost 30 to 40 percent of their price in about 12 days. Over the past eight months, the crypto market and the most dominant cryptocurrency Bitcoin have seen similar trends and price movements in identical ranges.
Price manipulation is a huge possibility right now, especially because of the suspicious movement of BTC in the over-the-counter (OTC) market – which is two to three times larger than the cryptocurrency exchange market.
However, what many analysts agree on is the fact that a Bitcoin price drop is always timed exactly after an important piece of event or news such as the disapproval of the Winklevoss Bitcoin ETF and the VanEck ETF which both happened over the past 30 days.
Right now, it seems like the downward trend of the crypto market is strong and therefore, it is difficult to see a corrective rally initiated in the short run.
Bitcoin Price Stabilizes At $6,500, Tokens Record 50% Gains
The price of Bitcoin is again swiveling around the $6,500 which is not necessarily a bad thing – especially not after the recent market downturn. Over the past 24 hours, it seems like the BTC price is quite stable.
In other news, tokens such as VeChain, Ontology, and PundiX all recorded 50% gains which made them one-day winners as the crypto market recovered and Bitcoin showed some decent stability.
The biggest surge was recorded by VeChain, which spiked by over 50% against the US dollar and became the best performing digital asset during the week. This is mainly due to investors and their reallocation of the funds from major digital assets like Bitcoin and Ethereum to tokens like Ontology, VeChain, ICON, Pundi X, Nano, and Waltonchain, all in order to push the market valuation up.
The large spike in the price of tokens is definitely a sign of confidence of investors in the market. On the other hand, the positive developments in the crypto sector such as the introduction of the Tracker One Bitcoin ETN to US markets, the high probability of the approval of the CBOE Bitcoin ETF as well as the creation of BAKKT by ICE, New York Stock Exchange, Microsoft and Starbucks all seem to have an impact on the market.
Right now, the ideal scenario is for Bitcoin to remain stable in the $6,000 region. As such, it would establish a solid foundation for a big rally in the short-term.
VeChain (VET) Rises By 30% In A New Widespread Market Recovery
The price of VeChain (VET), which is one of the altcoins that are currently in the news for surging, has recently exploded and rose by more than 30% in what the analysts describe as a major widespread recovery on the market.
This recovery raised the cryptocurrency market cap by more than $5 billion over the past 24 hours – but also brought VeChain to the much-expected $0.010 threshold. The altcoin was previously struggling to secure momentum below $0.008 – and it rose to as high as $0.012 during the intraday trading before settling back to its price of $0.01 on Binance.
Still, the price of VET is down 7% against the dollar over the past week – which is another proof of how serious the recent crypto market crash was. Still, things are looking good now for the altcoin – which is now ranked in the top 20 with seven-day returns comparable to Monero (XRM) and Ethereum Classic (ETC) – both of which altcoins that rose over the past few days.
Even though there is no official confirmation or link on why the price of VET rose by 30%, Vechain trading is centralized on Binance, the leading cryptocurrency exchange out there. On it, users can trade the VET/BTC, VET/USDT, VET/ETH, and VET/BNB pairs which all account for 92% of the total VeChain trading. The other exchange platforms where you can buy and sell VET include LBank, Gate.io and Kucoin.
With a market cap of $571 million, VeChain is now propelling to the 20th position in the cryptocurrency rankings, coming closer to the 19th-ranked ZCash.
Analysis: Bitcoin And Ethereum Record New Gains After Mid-Week Drops
The past 12 hours have been positive for both Bitcoin and Ethereum. The two largest cryptocurrencies by market cap have risen more than 6% in value. Still, some analysts think that this is still not a confirmation that a positive short-term trend is coming.
The quick recovery was actually a correction which made the Bitcoin price climb to $6,445 and the price of Ether, the native cryptocurrency of Ethereum, to reach $295 (at press time).
Ether, which plunged by nearly 20% two days ago, has been in a stronger movement than Bitcoin and increased from $250 to $295 in less than 24 hours. Investors think that moving above $300 is the crucial level that ETH needs to secure right now. For Bitcoin, they believe that going anywhere near $6,700 will be a confirmation that a positive short-term trend is on its way.
Willy Woo is one of the investors and analysts who were right about the price of Bitcoin dropping below the $6,000 mark since May this year. As he recently stated, the market will likely experience another drop before the next mid-term rally.
Woo said that Bitcoin will test the $6,000 support level in the near future, even if it recovers beyond the $7,000 mark. As he stated:
“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday.”
Based on Woo’s analysis, a new drop would be a likely scenario for Bitcoin and the entire crypto market, before a proper rally comes on the way. This is mainly due to the lack of momentum, volume, and stability in the market.
Arthur Hayes, the CEO of BitMEX, has expressed his thoughts on the future of Ethereum, naming it a “sh*tcoin” and predicting “double-digit price levels” soon – mostly because of the market and its inability to support a huge spike with the current price trends.
Ethereum Classic Surges After Coinbase Listing Announcement
Ethereum Classic just rose 15% ahead of its Coinbase listing. The altcoin recorded gains two days in a row. After Wednesday’s 20% gains, it is now trading at around $14 on Bitfinex.
The surge in price follows Coinbase’s announcement in which the leading exchange officially listed ETC as available for purchase and trading on the platform. Ethereum Classic will actually be listed today (Thursday) at 5PM PST.
Starting at 5pm PT tomorrow, Coinbase Consumer customers will be able to buy, sell, store and use Ethereum Classic (ETC) on https://t.co/pl8Hu0qDiW and through the mobile app. pic.twitter.com/Qd7KgYpE0y
— Coinbase (@coinbase) August 15, 2018
After the two-month high which saw ETC climb to $18.50 earlier this month, the price dropped with the recent market crash. However, it seems like Ethereum Classic is recovering well – and the listing on Robinhood also had an effect in boosting its price.
The entire price frenzy started when the rumors about Ethereum Classic being listed on Coinbase began, which happened a few weeks ago. Throughout mid-June, the price of ETC almost reached $20 but fluctuated around $17, falling as low as $11 with the market crash.
ETC has had an all-time high of $45.51 in December 2017 and will hopefully climb to that point again this year, according to analysts. However, the theory of a massive dump is still a possibility – which is why traders need to be cautious. The price should creep up to its pre-listing levels and eventually stabilize in the short to mid-term.
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