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Bitcoin price shows signs of recovering as it hit $6,700 level, even as the stock market continues in the sell-off. Major cryptocurrencies like XRP and ETH have followed the rally, as the market cap has risen by $23.8 billion in 24 hours.
The crypto community can afford a smile, after days of market price free fall. Led by the mother coin Bitcoin, the cryptocurrencies rose by nearly 20% in 24 hours, rejuvenating the lost hope. At the time of writing, Bitcoin was trading slightly above $6,700, Ethereum was trading at $145 while XRP was trading at $0.17. As a whole, the crypto market cap saw a sharp uptick of about $23.8 billion to clinch on $175.98 billion.
A senior analyst with RoboForex, Dmitriy Gurkovskiy, recently shared his analysis on major crypto assets with Coinspeaker. According to him, for Bitcoin to continue with the bull rally, it must break the resistance level and fix above $6,250. In his analysis, he had shown that on the weekly chart, Bitcoin was clinging on the rising channel’s downside border. Well, it seems to respect the strong upward channel, and the rally may soon be on the cards.
The new crypto rally is proving some independence of the crypto market with the stock market that has experienced the worst sell-off in the past few years. The crypto free-fall was attributed to most institutional sell-off that over $25 billion wiped out from the crypto space at the beginning of the week.
However, despite the rise, Bitcoin and other major crypto assets are still trading below the price level they began with as the calendar flipped. Before the crypto free fall in the past week, Bitcoin and the altcoins family had vehemently denied the urge to respond to the coronavirus effect. This is because they were still afloat until the oil prices suddenly dipped down almost by half and the US president shut down air travels from certain European countries.
Are the Bad Days Over for Bitcoin Price and Other Crypto Assets?
Since the inception of Bitcoin over a decade ago, BTC and altcoin market prices have been significantly affected by speculative trading. Anti-Cryptos like Peter Schiff and Warren Buffett, have in the past said that they are never going to own any crypto-assets since they do not have any value other than the demand from people buying and selling.
However, it is now clear that the crypto blockchain is here to stay and solve some of the problems facing the current society. With coins like XRP venturing the cross-border payments, it’s clear that they have some value at the end of the day.
Despite the high volatility and recent comeback in the crypto space, some analysts, however, think this might not be the lowest we are going to experience. A crypto analyst Michael Van de Poppe said:
“I’d love to have the bottom on BTC here, but I doubt we’ve seen it. I do believe we’re close. And these prices give you opportunities to long the most bullish asset of the next 5 years. Be wise and use that opportunity. Our economic system is screwed due to the virus.”
All said and done, patience in the crypto market is the answer to see what happens next as it is a very volatile and unpredicted space.