Crypto Market Defends $100 billion!
December 18, 2018 5:35 am,
Since the crypto market was at risk, the market has slightly recovered as its valuation increased from $100 billion to $104 billion. But many traders and cryptocurrency technical analysts remain cautious toward the short term trend of an asset class.
On the one year anniversary of an all-time high, the. The market has kicked off with a surprise of $5 billion spikes. Analysts think this might be the new money entering the space and could help kick-start a sustained upward trend.
The surge came at the end of a grim weekend, in which the markets tested new lows. From approximately $104.5 billion, the total value climbed to $107.2 billion in twenty minutes.
Not a good period for crypto!
Since early December, the majority of cryptocurrencies and small market cap tokens have consistently shown extremely volatility in a low price range, demonstrating no signs of a trend reversal or a proper bottom. As the Bitcoin price dropped to a new yearly low at $3122, a fairly high number of investors were quick to call a bottom and begin accumulating the asset. The price of Bitcoin is in no way positive and no trend reversal can be confirmed until it breaks out several resistance levels below $4000.
2018 is about to go down in history as the worst year ever for Bitcoin as well as for the cryptocurrency market as a whole. The performance is horrible, but BTC is actually doing better than other cryptos. With a rapidly shrinking market cap and 30-day annualized volatility back over 100%, there is only one question to ask, if there is any hope left?! Its current price of $3400, is around 83% decline from the peak price of $19,891. During the past 7 years, there as only one year in which BTC lost value 2014 when the price dropped 58%.
In December 2017, the price of BTC was approaching $20,000 after months of miraculous growth had pushed its price by more than 2000 percent since the start of the year. There seemed no end in sight to the cryptocurrency being hailed as the future of money as newly minted early adopters encouraged newcomers to invest in the digital gold rush.
Until major digital assets undergo a consolidation period of several months at a similar rate as of August to October earlier this year during BTC showed the lowest level of volatility in recent years. The daily volume of BTC has nearly halved from $6.5 billion within a three-week span. The decline in the volume of the dominant cryptocurrency in a period of high volatility.
With a dump of around 87%, crypto markets are on the floor showing no signs of recovery. Many industry observers have predicted a further loss. Studies predict that the cryptocurrency accounts claiming this figure has jumped from 85 million in 2017 to 139 million this year.
2018 will go despondent in history as one of the most difficult periods of bearishness for the cryptocurrency markets. Though 2017 closed with a high record high at the price of Bitcoin and ushered in a new era of expansion in the altcoin markets, 2018 has been marked with a steady decrease followed by an unparalleled free fall in the price of nearly every cryptocurrency in the expanding markets.