The hope of market recovery has not ceased despite the dump that the crypto market has taken since the beginning of the year. The stability that has trailed the top value Cryptocurrency, Bitcoin in the past four months within the range of $6,000 and $7,000 has further raised the high expectations of a recovery any time soon. However, the recent further dump the Cryptocurrency market has taken has dashed the possibility of a recovery in the remaining period of 2018. Though this is still debatable, the crypto market has seen a shed of $14 billion within the last 24 hours, and the bearish trend continues.
Opinions on the Crypto Market
Over the past 24 hours, Bitcoin has experienced a loss of about 10%, a dump that was also effective on other top Cryptocurrencies. Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Stellar (XLM), Litecoin (LTC), EOS, and other major digital currencies also experienced loss between the range of 7% and 15%.
Having tested the range of $6,000 for a while before the recent dump below that level, Bitcoin’s possible rise above the position is likely not in the offing, considering the low volume and the intensity of the market dump.
Also, the possibility of value rising has a high probability of negativity. However a gradual surge could take place due to the anticipation towards bakkt early December, and there is even a greater tendency if the bakkt attracts massive investors in the U.S. regulated market.
This view was emphasized by a Cryptocurrency trader and technical analyst, Hsaka, that in the days to come a retest of the $5,600 is likely to take place with a possible recovery back to $6,300. He stated that if the price can reclaim the zone around $5,400, a retest of $5,600 looks likely.
Effect On The U.S. Stock Market
As the Crypto market has taken further fall since November 15, speculations of the reversal of the United States stock market has also contributed to the speculation of the Crypto bearish trend.
Major technology stocks such as Nvidia has seen a drop of 10% to 30% of recent which makes the drop of the U.S. stock market rifer. This has also been experienced in equities, stocks and other traditional markets.
Despite the recent drop in value, the Crypto Market has not stopped seeing innovation as well as optimists on the reversal of the bearish trend, though it has taken longer than expected.