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After the generalized plunge yesterday in the crypto-cryptography market, most major crypto-currencies have rebounded slightly today, but they are still down from what they were a week ago. The recent market volatility has led Tether, the largest stable piece by market capitalization, to briefly overtake EOS to become the fourth most valuable cryptocurrency currency in terms of market capitalization.
Today's rebound in the markets was not surprising, and many badysts had previously speculated on their overvaluation.
Analysts expect the crypto market to rebound and market capitalization soars
Yesterday, most crypto-currencies fell by at least 5%, and many fell by more than 10%. This drop is a direct result of Bitcoin's inability to maintain itself above the region of its previously existing support at around US $ 3,550, which caused cryptocurrency to drop to US $ 3,400 before finding support at this price and climb slightly.
Today, Bitcoin has managed to stay above $ 3,400, which has allowed most cryptos to surf and recover some of their recent losses.
Although the rise in the current market is certainly positive, it was not so unexpected, as noted Mayne, a popular cryptocurrency dealer on Twitter, who expected that most crypto-currencies rebound today while adding that it would cause them to be short-circuited. back.
"We expect a rebound in all areas to catch up with some late shorters. The opening of some long margins on $ btc $ xrp $ eth and will look to reduce all 3 down, "explained Mayne.
Waiting for a rebound across the board to catch some late shorters. Opening a long margin $ btc $ xrp $ eth and will look short all 3 down
– Mayne (@Tradermayne) January 28, 2019
Other badysts shared a similar feeling of falling short-term, with Alex Krüger, a popular economist on Twitter, noting yesterday that the break in Bitcoin's support level is distinctly bearish.
There is absolutely nothing bullish, neither technically nor fundamentally, for Bitcoin and the main cryptographic badets. Bitcoin broke the support overnight and showed no signs of exhaustion. The graphics are decidedly bearish. Long = scalping against the trend.
– Alex Krüger (@Crypto_Macro) January 28, 2019
The recent market downturn caused many traders to hedge against volatility by transferring funds to Tether (USDT), which briefly outpaced EOS to become the fourth largest market-cap cryptocurrency. Since then, Tether has fallen behind EOS by less than $ 30 million and its market capitalization.
Mati Greenspan, Senior Market Analyst at eToro, e-mailed the increase in Tether's market capitalization, pointing out that it is neither bullish nor bearish, but rather an indicator of traders' fear.
"As a general rule, if traders are concerned about the volatility of the cryptography market and want to reduce their exposure, the default option for many stock exchanges is to keep the money in USDT … To be clear, it's not a problem. This does not mean a bullish or bearish signal, that means the traders have a little downside, he explained.
Crypto markets climb slightly
At the time of writing this article, Ethereum is trading just under 1% at its current price of $ 105.72. ETH has not yet fallen below $ 100, which seems to be a level of support for cryptocurrency.
Ethereum (ETH) found support around $ 100.
The XRP has declined slightly today and is currently trading at just under $ 0.29. XRP previously had some support around $ 0.31, but it is likely to see no significant support until it reaches its lowest level of 2018 around $ 0.25.
EOS is one of today's top performing crypto-currencies, up 2.5% to 2.28 USD.
Featured images of Shutterstock.
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