The market leader jumps back above the USD 38,000 mark on Saturday and altcoin prices are calming down after the turbulence of the past few days. Despite the recent recovery phase, the mega-crash has left its mark, leading to a loss of confidence for many investors. We take a look at the current market situation.
At the time of this writing, the leading cryptocurrency is trading at USD 38101, an upward trend of + 4.1%. After yesterday’s decline to USD 33,000, today’s recovery phase again shows enormous volatility across the market. The “digital gold” suffered a series of bad news this week. After Tesla’s BTC payment stop, China announced that it would take action against cryptos and mining. A trading volume of USD 80 billion reflects the unresolved market situation. Does the current recovery turn out to be the famous “calm before the storm”?
From a bullish point of view, the $ 38,000 level could mutate into a major support from which the bulls could launch new attacks on the breakthrough $ 40,000 barrier. Exceeding this limit would reinforce the signal that the mega-reset is a correction in the bull cycle. On the other hand, it is quite conceivable that BTC will be pushed into the region again with another dump of USD 30,000.
Ethereum has seen a downtrend of -42.3% this week and has to say goodbye to the record levels of recent weeks. After the focus of investors has shifted back to Bitcoin, the altcoins are losing important market shares. With a market capitalization of $ 273 billion, Ethereum claims market capitalization dominance of “only” 16.71%, and more and more indicators point to the end of the altcoin season in 2021. A comeback of the smart contract coin shouldn’t fail due to a lack of interest: in the past 24 hours, ETH units valued at USD 150 billion have been traded.
A look at the crypto charts shows that the altcoins are still struggling with the consequences of the mega-crash. In the top 30 charts, only theta (+ 6.5%) can trigger a counter-trend. Projects like Cardano (- 4.4%), BNB (- 7.3%) and XRP (- 13.7%) continue to suffer from the mass panic of the last few days.
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