Red’s in the air again for cryptocurrency. Almost all cryptocurrencies show major losses. All are down by 10-15% with Bitcoin Cash taking the major hit in Top 10 currency charts with 18% decrease in value. Only Tether stays in green from the Top 10 and that’s because it’s a stablecoin.
Also, Ethereum is all set to take over the second place from XRP, again. The market cap. difference is in a few millions now.
Bitcoin’s (BTC) price has gone down to $3,664 from yesterday morning’s above $4,000. It shed this amount in two clean-cut dumps loosing $7 billion in market capitalization.
An interesting feature to note is the relation of sentiment about Bitcoin to the actual market variance.
This graph shows that market sentiment might have dictated the actual price volatility in Bitcoin’s case. Notice the all red in sentiment when the price starts to fall? Could this be a suitable indicator for market investors? Hint, hint.
For the rest of the top 10, they followed a similar pattern like Bitcoin, declining when the sentiment turned red.
Talking about indicators, almost all cryptocurrencies saw a high tweet volume than they usually do yesterday. This means that before decline, almost all cryptocurrencies were more tweeted about.
Could this bearish run prove as a stepping stone for a bearish one or is this a minor hiccup that would go away soon?
No one knows.
Hodl on!
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Photo by Jeremy Bishop on Unsplash
