Yesterday, we posted an article where Philip Nunn a crypto expert reported that he stands strong with the Bitcoin reaching the cap of $60,000, we saw the market swooping down from $7,608 to $6,493, 17% of a drop in a day. But yesterday the market saw an uplifting trend, $12 Billion in 24 hours, where the market seems to recover by the average of 3-4% spread.
The slump in the prices of Bitcoin and other alt-coins which was followed by the hack in one of the South-Korean exchanges where almost $40 million worth of altcoins were stolen, this made the investors short their investment where the market dropped by 17%.
It was not expected that Bitcoin and other alt-coins would get a bullish favour when we saw the slump in the prices due to a fundamental reason, it was expected that if Bitcoin would not be able to cross the $6,300 cap, we can further expect the prices of Bitcoin to slump. But now with the little correction factor that pumped the price of Bitcoin and other crypto-currencies can hold on for a little longer.
The prices and market cap with the trade volumes of the top 10 coins as on CoinMarketCap Image Source: CoinMarketCap
Bitcoin right now is at 3.8% positive change, Ethereum at 4.78%, Ripple at 3.87%, Bitcoin Cash at 5.20% and EOS at 2.18%. Most of the coins are experiencing a positive change.
So far, BTC has been able to remain relatively stable in the mid-$6,000 zone, with stable volume and moving averages demonstrating some momentum for the dominant cryptocurrency. But, if BTC falls back down to the $6,400 region in the upcoming days, it is likely that BTC will continue its downward trajectory.
Investors have become more optimistic and bullish on the market, due to the abrupt surge in the volume and price of BTC within a small 2-hour period. If investors want to see BTC remain above the $7,000 mark in the short-term, it will have to reverse the bearish sentiment by restoring the volume and continuing the current upwards trend of BTC.(CCN.com)
With the positive trend seen in the past 24 hours, we can expect the prices of the Bitcoin and alt-coins to sustain if the bullish trend remains stagnant within the investors, if the continued momentum and volume of trade sustains for 2 to 3 days achieving the $6,700 to $6,800 spread, investors can expect that the price of Bitcoin and altcoins will not slump rather it has the potential of reaching the $7000 cap.
Let us know what you think about the recent events that are making the market so unpredictable and volatile.
Image Source for featured image: guoguiyan.com
Disclaimer: The opinions presented here are of the Authors’. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. CoinScenario.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.