The crypto market has been nothing but unpredictable for the past month. A lot has been happening, the market was hit by a bear market, It tried to rise back subtly with the Ethereum rebound, ETC got hacked and as a result, the market dived back into the bear market once again. BTC, which barely made it back above $4,000 was dragged down to $3,500. Surprisingly, during the bear market, BTC seems to be fighting back to go above the $4,000 mark as the market shows healthy signs of greens.
Ethereum, which seemed to be the biggest prominent loser among the top 10 currencies, has also somewhat regained its lost valuation and is back from $115 to $130 with an increase of 11% overall as of press time, the trading volumes have increased and the currency is fighting back to reclaim its spot on the top of altcoins. Ethereum Classic, one of the controversial names of the market at the moment, has also surprisingly fought back the negativity and has shown an increase of 4%.
Sukhi Julta, founder and COO of MarketOrders was of the view that the market is still in the state of recovery from the volatility of 2018 and it would take time for stability to come back into the coin market. She stated,
Crypto’s are still recovering from the volatility of 2018, lots of uncertainty still remains and will continue to do so for the next 6 months.
According to the senior market analyst of eToro, Mati Greenspan, it is time for BTC to consolidate and it would move between the range of $3k to $5k. He said,
The broader range is between 3k and 5k. Most moves within the range are just noise.
Most of the analysts have predicted lower lows for BTC, while others are still positive that the bear market might be over. It is hoped that time brings a bull run for BTC, which is much anticipated by the investors.
