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Bitcoin stabilizes at less than $ 4,300
After a monumental rebound earlier this week, which placed Bitcoin (BTC) above $ 4,300 after weeks of dismal selling pressure, followed closely by altcoins, the cryptocurrency market regained a sense of urgency. stability. At the time of writing this article, the total value of all cryptographic assets is $ 138.5 billion, with a respectable trading volume of $ 17.3 billion (over 24 hours).
BTC, which has become the target of mainstream financial media in recent weeks, stands at $ 4,290, but fails to overcome and maintain a position above $ 4,300. However, the asset still recorded a gain of 2.75% last day, without showing any signs of falling below the $ 4,000 mark for the umpteenth time in a few weeks.
The XRP, the native asset of the Ripple ecosystem, rose only 0.17%, slightly above $ 0.380. Ethereum (ETH) recorded a slight gain, rising 1% to just below the assumed resistance level of $ 120. From a holistic point of view, the rest of the cryptocurrency market experienced a similar evolution, recording slight gains of one percent while BTC stagnates above 4,200 USD.
However, as usual, there have been some notable special cases.
ZCash (ZEC), for example, is up 11.11%, while the news that popular asset-focused privacy was going to be added was going to be added to Coinbase Pro, the professional platform of the stock Exchange. After adding ZEC to Coinbase, Stellar Lumens (XLM) experienced its own mini-hike of 7.7% the day before, as investors anticipated its possible listing on the aforementioned stock exchange.
A bullish escape is yet to come, bitcoins and altcoins could continue to suffer
While the stabilization of bitcoin above $ 4,200, a supposed support line, is obviously a bullish sign, many are not convinced that BTC is clear, or not at all.
Fred Wilson, a respected venture capitalist who has thrived through the Dotcom Boom and Bust, has recently turned to his world-renowned personal blog to define the emerging industry's bearish markets. Referring to his many decades of experience in emerging markets, Wilson pointed out that while the recent performance of cryptographic assets is "bewildering," investors would be reluctant to step back and breathe a little bit. 'fresh air.
Using the age-old comparison that connects the Internet to its beginnings and the current crypto ecosystem, the New York native said that during the Dotcom Boom, Amazon (AMAZ) had dropped a maximum of $ 90 to $ 6 in a few month. 93%. Expressing this statistical relationship with the cryptocurrency markets, Wilson writes:
"But for those of us who are investing in technology and technology start – ups in 1999-2002, this time will remain forever in our memories. It was a brutal period during which our confidence in the Internet and its potential was hard put to the test. "
And although he seemed reluctant to express the following sentiment, the prominent investor added that, keeping in mind AMAZ's dismal historical slowdown, a bitcoin of less than $ 4,000 could only be a precursor from lower lows.
Michael Bucella repeated this statement on CNBC Fast Money. BlockTower Capital's partner told the Fast Money panel that the recent crypto liquidity wave, coupled with market volatility, may indicate that Bitcoin has not yet completed its "distress cycle", but that it's approaching funny.
The former leader of Goldman Sachs Canada, referring to Bitcoin's historic price history, then pointed out that the last stage of encrypted bear markets is normally the most volatile, but short-lived. And although he was reluctant to predict the level at which Bitcoin would reach its peak, Mr. Bucella explained that when digital assets reach their lowest level, whether it's $ 2,000, $ 3,000 or Viable buying opportunities will be rare.
Yet Wilson concluded his blog post on a high metaphorical note. The long-time technology entrepreneur wrote:
"I think some cryptographic assets (and perhaps a number of cryptographic assets) will have a similar price chart to Amazon's in 18 years. But we will have to do what Amazon has done, redouble efforts, create value and survive for long enough to achieve it. And I think things will get worse before they improve.
Bucella also echoed this optimism, noting that "the smartest money is [still] move in, "and Bitcoin remains a good deal, even if it has not yet found its true long-term fundamentals.
Title Image provided by the Icons8 team via Unsplash
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