In the newest round-up of crypto news, we are focusing on an in-depth Bitcoin analysis where all of the indicators show that the valuation of the crypto market has increased from $137 billion to $140 billion after a minor recovery of around 2%.
Both the major cryptocurrencies such as BTC and XRP, as well as the small cap tokens ended the day with relatively minor losses from 1% to 3%, while the volume of Bitcoin dropped from $5.5 billion back to $4 billion which is now a good indicator, especially since the selling action has minimized.
According to the cryptocurrency trader and economist named Alex Kruger:
“Yesterday, BTC triggered my main oversold signal on the daily. This signal printed only once before: Jan/17/2015. Very close to a bottom that held for eight months, and was breached only once ever after, briefly, during the Aug/18/2015 flash crash.”
Generally, after a drop like this, major cryptocurrencies tend to recover in the mid-term as seen in the case of Ripple (XRP). A similar trend, according to analysts, could also be portrayed by BTC in the upcoming weeks if the asset begins demonstrating stability at a low price range.
Bitcoin is still down 78% from its all-time high which is relatively low when compared to the drop in the price of BTC from the all-time high in previous major corrections. For example, in 2011, 2013 and 2015, BTC recorded average drops of over 85% in every major correction that it experienced.
Still, the pressure from the SEC is high and the dozens of pending cases against initial coin offerings (ICOs) prove that the price of tokens is expected to drop in the weeks to come.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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