"Crypto Is not Dead" – Bitcoin hits $ 6,400, follows Altcoins


Bitcoin rebounds at $ 6,400, followed by Altcoins

After a drastic sell-off of over 20%, the cryptocurrency market has finally found a certain stability (relatively) on Wednesday, with Bitcoin (BTC) that seems to find some semblance support for the $ 6,300 range. In the last 24 hours, BTC has moved between $ 6,100 and $ 6,400, the most recent hit the daily high at $ 6,400 after making a decision at half of $ 6,300. At the time of writing this article, BTC is valued at $ 6,405 apiece and has increased by 1.5% in the last 24 hours.

But many consider this short-term round of actions irrelevant, since what is important is the price of the main crypto resource remains above the increasingly important support lines that reside at $ 5,800 and $ 6,000, which are they have been touted and cited as key levels to monitor the recent history of the crypt (last weeks / months).

Courtesy of TradingView [19659005] Although Bitcoin is doing well, some of the major altcoins have actually outperformed the BTCs today, with coins like Ethereum and XRP that have posted gains of 3.75% and 4.5% respectively. %. On the other hand, however, there were still some latecomers, with cryptographic resources like EOS, Stellar Lumens, Cardano and Bitcoin Cash who saw almost no price action in the past day.

Image courtesy of CoinMarketCap

Although ETH has seen a healthy rebound, as treated by Ethereum World News, Ethereum has become a rather contested subject within the cryptosphere, as the price of the asset is dropped by almost 20% in the last week, which is a noticeable amount when you take the bitcoin of -3.3% weekly yield into consideration.

Many have attributed the disappointing performance of the ETH to an ICO clearance, where projects have begun to liquidate their cryptocurrency war crates to secure a fiat position. ETHF 153,000 (about $ 30 million) were "spent" on projects over the last seven days, with this sales pressure likely to be one of the culprits that saw Ether fall during the past week.

Regardless of this, there are many who hope that the long-awaited reversal is behind the corner, which could greet in the next exponential race that many speculators have been waiting for.

Mohamed El-Erian: Crypto Is Not Dead

As reported by crypto-friendly Yahoo Finance, Mohamed El-Erian, Allianz's chief economic adviser and a respected financial market analyst, recently revealed that he is optimistic about perspectives of this nascent industry. In an interview with Yahoo, El-Erian noted:

Crypto is not dead, and certainly the core technology is not dead. We will see a more widespread adoption by both the public and private sectors, blockchain technology and related technologies.

This sentiment from a major legacy market analyst is undoubtedly bullish, as it shows that despite the correction of 80%, there are still many who believe in the long-term prospects of this sector and the technology that She supports.

He added that for multi-year positions $ 5,000 will be a large buffer zone for investors, referring to a call he made in June at the start of this year. Closing its segment in the show focused on finances, while still defending for this sector, El-Erian declared that the world of adoption will not take place in a short period of time, stating:

In terms of cryptography, what "Getting is the realization that the adoption will not be as big and fast as the supporters of the crypt would like. I think it will be there, it will last a long time, it will play a role in the ecosystem, but it will not be the currency that many supporters would like to be.

  Photo of Andre Francois on Unsplash 
  Girl in a jacket

loading …

Source link