The cryptocurrency market has been quite volatile over the last few months and it seems traders are tired of holding on ‘false’ hope of an upcoming bull run. Like last year, traders had expected a massive bull run toward the end of 2018, but it seems there are no signs for the same. However, despite the waning cryptocurrency fever, here’s what to expect in the future.
Price Analysis
Currently, Bitcoin and all major cryptocurrencies are in the red, losing from 1% to 5% on a day-on-day basis. Bitcoin’s price is below $6,500, but the upside momentum is too weak to take it above critical resistance. Ethereum and XRP have lost 2% since this time on Thursday amid growing downside pressure. ETH is testing waters below $203 handle, a stone throw from $200, while XRP is trading at $0.4623 with a bearish bias.
Almost all other digital currencies are in the red at the time of writing, with very tiny gains for a handful of them. The top ten altcoins are all in red, expect for Tether which is still trying to claw its way back to a dollar. Leading the losses are XRP, Bitcoin cash, and Cardano. All falling over 3% during the morning’s Asian trading session.
Reports of waning cryptocurrency fever and future forecasts
According to the head of Russian central bank, Elvira Nabiullina, in a report, he stated:
“Fortunately, the crypto fever has began to diminish. Technologies such as blockchain have inspired great enthusiasm, but now, as far as we can see, the approach to them is soberer.”
However, according to Pantera Capital’s co-CIO, cryptocurrency markets could increase ten times over from 2020. Speaking in an interview, the co-CIO Joey Krug stated that scalability improvements for Bitcoin were essential to spark a shift in the deflated prices seen throughout 2018.
Do you think Bitcoin’s scalability will make a huge difference in the current market?
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