Bitcoin stabilizes below $ 4,300
After a monumental rebound at the start of this week, which sent Bitcoin (BTC) above $ 4,300 after weeks of dismal sales pressure, while the plateaus followed closely, the cryptocurrency market generally found a sense of stability. At the time of writing, the aggregate value of all cryptographic assets amounted to $ 138.5 billion, supported by a respectable $ 17.3 billion trading (over 24 hours).
BTC, which has become the mainstream of mainstream financial media in recent weeks, is in a random $ 4,290, failing to outperform and maintain a position above $ 4,300. However, the asset has still recorded a gain of 2.75% in the past day, while showing no sign of reversal under $ 4000 for the umpteenth time in weeks.
The XRP, the native assets of the Ripple ecosystem, grew by just 0.17%, being slightly above the $ 0.380 per bar. Ethereum (ETH) saw a slight gain, posting a change of the top 1% to settle just below the $ 120 level of alleged resistance. From a holistic point of view, the rest of the cryptocurrency market has undergone a similar move, recording light gains at a single rate while BTC stagnates above $ 4,200.
However, as usual, there were some notable anomalous values.
ZCash (ZEC), for example, is up 11.11%, as the news revealed that the popular privacy-focused asset would be added to Coinbase Pro, the professional exchange platform. After the addition of ZEC on Coinbase, Stellar Lumens (XLM) saw its mini bull run, now increasing by 7.7% in the past day, as investors anticipated its possible listing on the aforementioned stock exchange.
The bullish breakout has yet to come, Bitcoin and Altcoins can continue to suffer
While the bitcoin that is stabilizing above $ 4,200, an alleged support line, is evidently a bullish signal, many are not convinced that BTC is clear, or at least not yet.
Fred Wilson, a respected venture capitalist who has prospered through Dotcom Boom and Bust, has recently conducted his world-famous personal blog to define bear markets for emerging industries. Referring to his decades of experience in emerging markets, Wilson noted that while the recent performance of cryptographic assets is "lenient", investors should not step back and breathe fresh air.
Using the age-old comparison that links the initial Internet and the current cryptosystem, the New York native said that during Dotcom Boom, Amazon (AMAZ) dropped from a high to $ 90 to $ 6 in months, a staggering drop of 93%. Expressing the report of this statistic with the cryptocurrency markets, Wilson wrote:
"But for those of us who were investing in technology and technology startups in 1999-2002, that time will remain forever etched in our minds – it was a brutal period during which our belief in the Internet and its potential were tough test. "
And although he seemed hesitant to express the following sentiment, the important investor added that, bearing in mind the sad historical drawdown of AMAZ, the Bitcoin under $ 4000 could only be a forerunner to lower the lows.
Michael Bucella echoed this claim on CNBC Fast Money. The BlockTower Capital Partner told the Fast Money group that the recent Crypto liquidity spell, along with market volatility, may indicate that Bitcoin has not yet completed the end of its "emergency cycle", but is approaching .
The former manager of Goldman Sachs Canada, referring to the historical action of Bitcoin prices, continued to point out that the last route of the cryptocurrency markets is normally the most volatile, but short-lived. And while he was reluctant to predict the level at which Bitcoin will end, Bucella explained that when the digital asset fund is either $ 2,000, $ 3,000 or otherwise, the viable purchase opportunities will be scarce.
However, there is evidently a positive side, as Wilson has concluded his already mentioned blog post with a metaphorical note. The long-time technology entrepreneur wrote:
"I think some cryptographic resources (and probably a number of cryptographic resources) will have a price chart like the current Amazon one in 18 years, but we'll have to do what Amazon did, squat down and build value and survive, for quite a while "To get there, and I think things will get worse before they get better".
Bucella also echoed this optimism, underlining that "the smartest money is" [still] entering, "and Bitcoin remains a bargain, even if it has not yet found its true long-term fund.
Title Image Courtesy of Icons8 Team Via Unsplash