Crypto Currencies Recover Over The Weekend
All major crypto currencies staged a minor rally over the weekend with prices climbing by 5-7% in some cases especially Ripple and Ethereum which also saw an 11% rise at one point. However that rally was seemingly short lived as Monday brought about a slump with Ripple, Bitcoin Cash, Dash and Litecoin all dropping by similar amounts so all the gains made over the past two days were erased, albeit temporarily. Bitcoin has now been trading for weeks at the $10,000-11500 level with a lot of talk on regulation seemingly harming the market. Price fluctuations are extremely slow with percentage movements varying from 1 to 3% and in some cases the crypto currency is stuck for almost days on end in the same price levels. It appears that the negative comments made by the super wealthy hedge fund managers and other influential financial figures at the Davos summit have had a hugely negative effect on the price of Bitcoin and it will surely struggle to reach the $20,000 mark again anytime soon. The same could be said for Ripple which has been mired in the $1.10-1.35 mark for weeks now, even dropping to below $1 at one point triggering huge amounts of currency into panic selling. The exceptional rise which saw Ripple gain 100% in a few hours in December when its price reached no less than $3.80 at one point have led to a completely distorted market and now the real value of the coin is taking its toll on those who invested at high prices. In fact although it reached $1.37 in the past few hours, it slumped again to $1.24 and seems to be falling further down. As previously reported, the only positive story was Ethereum which saw its price rise by at least 10% to highs of around $1200 although it fell back in early Monday trading to around $1100. However that’s still an impressive gain of around 30% over the past few days when Ethereum’s price was down to the $700 mark at one point. Dash and Litecoin have seen moderate gains in the past days with the former approaching the $800 mark while the latter was even at $190 however these gains were almost all reversed by Monday with the price dropping by over 5% in both cases. Bitcoin Cash saw moderate gains with the price rising by about 7%. The major coins had a relatively calm week, especially following the early sell-off as the largest currencies all held up above their crash lows and entered a low-volatility period. Thanks to the stabilization, and a slight breakdown of the correlations between the coins, some early strength is already obvious in some of the altcoins, as we expected. That said, the long-term setup in the case of BTC, and most of the majors are still bearish, and caution is advised for traders, as volatility can spike higher again. An analysis on Hacked.com reveals that all major crypto currencies could drop even further to levels well below their current prices with lows of $6500 mentioned for Bitcoin and even further drops for Dash, Ethereum, Ethereum Classic and Litecoin expected.
Market trends – still very volatileWhile the cryptocurrency market has demonstrated optimistic signs of short-term recovery over the past week, it is still down $240 billion from its monthly peak at $820 billion. At $586 billion, major cryptocurrencies in the global market such as bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano will have to record massive gains in the upcoming weeks to bring the market to its previous highs. But, cryptocurrencies like Ripple and Bitcoin Cash are down by more than 50 percent from their all-time highs and the with the exception of bitcoin and Ethereum, most major cryptocurrencies have not performed well after their previous spikes. Based on a variety of factors such as the entrance of institutional investors through bitcoin futures and the adoption of cryptocurrencies by large-scale financial firms, analysts remain enthusiastic regarding the short-term growth trend of the cryptocurrency market.
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