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Cryptocurrency prices continued to fluctuate close to Saturday's 14-month lows, as the sentiment of injured investors and the decline in trade volumes kept the market activity subdued. Although most of the cryptoassets are severely oversold based on the relative strength index (RSI), a short-term rebound seems less likely to materialize as the search for a fleeting fund continues.
Market update
The total value of all cryptocurrencies is currently $ 138.7 billion, a slight increase from the minimum of 14 months on Friday. In the last 24 hours, market capitalization reached a peak of $ 142.6 billion before retiring to current levels. Commercial volumes decreased by about $ 3 billion at that stage.
Most of the top-20 core businesses were slightly down compared to Friday. Bitcoin hit an intra-day low of $ 4,210 on Coinbase and has only modestly recovered from that level. At the time of writing this article, the San Francisco stock exchange had priced at $ 4,230, down 1.2% from the previous day.
Bitfinex, another major digital currency exchange, is citing a bitcoin price of $ 4,365. Bitcoin regularly trades with a big premium on Bitfinex, probably due to the preponderance of BTC / USDT transactions executed on the platform.
The aggregate data provided by CoinMarketCap shows an average bitcoin price of $ 4.306.
XRP, which is now the second largest cryptocurrency by market capitalization, has fallen by 1.5% to $ 0.4038. The price of Ether was slightly changed to $ 122. Bitcoin money fell 1.6% to $ 205 and Stellar XLM lost 1.6% to $ 0.1776.
Did we find a fund?
The crypto flash crash has triggered widespread fears that bitcoin and the broader market may never fully recover. The collapse of prices also put an end to months of stability that saw bitcoin trading in a much more predictable range, largely supported by the futures contracts offered by CBOE and CME.
According to the economist Alex Kruger, the bitcoin could finally have reached a minimum after prices exceeded the oversold conditions on the daily charts.
"Yesterday, BTC activated my main oversold signal on the newspaper," Kruger tweeted on Saturday. "This signal was printed only once before: January / 17 / 2015. Very close to a fund that was held for eight months, and was only violated once later, briefly, during the crash of 18/15 / 2015. "
While the presence of historical data makes the technical analysis more relevant to cryptocurrency traders, the recent flash crash has challenged the logic. This usually occurs when market participants capitulate and begin to close long-term positions. As reported by CCN last week, investors who bought bitcoins for $ 1,000 started selling their bets during the last selloff. At the same time, the number of traders who shorted the bitcoin through the futures market rose to a record level last week, setting the stage for a volatile end to the month before the ECM contract expires.
Based on these factors, the search for an elusive bitcoin fund and a broader market will likely continue next week. Meanwhile, investors are reminded that bitcoins have experienced worse selloffs over the course of its short history and have come back stronger every time. The biggest difference this time is the size of the market and the number of eyeballs that observe it.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
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