The past 24 hours have proven to be quite challenging for the values of cryptocurrencies across the board. Here is a little bit of recap of what the crypto market has faced; amongst the cryptos that have fallen dramatically, there is Bitcoin (BTC), which is currently at a 2.3 per cent loss, thus falling to the price level of $3,500, for the umpteenth in weeks.
Joining Bitcoin, are Altcoins, which, believe it or not, have had a much tougher time. Ethereum, (ETH) has witnessed its value reduce by 5.8 per cent collapsing under $110, while Ripple’s (XRP) value dropped by 4.2 per cent.
The cryptos at the bottom of the crypto market ladder have had to trudge through some rougher waters, TRON (TRX) toppled big time with a 9 per cent loss only in the last 24 hours. Others like Stellar Lumens (XLM) and Cardano (ADA) are pretty much on the same boat.
Safe to say it is a tough time for both the crypto market and the investors. However, while some investors are ready to jump the crypto ship, there are some who refuse to budge. You read that right, despite the overall bearish price action; there are some really optimistic crypto heads that have apparently managed to find the silver lining.
One of those highly optimistic people is Alex Melen, an American entrepreneur with a whole lot of love for cryptocurrencies. He shared some crypto sunshine this Saturday on Twitter, regarding Bitcoin. Melen drew from Bitcoin history and noted that the last time things were this bad, when the currency crossed under the 50 and 200 moving average for the four-day chart was when 2014-2015’s bear season finally bottomed.
"Last time the 50 and 200 average crossed on the 4 day chart was at the bottom of last bear market."
Credit: Alex Mishkin pic.twitter.com/F7SmvVVY4g
— Alex Melen (@amelen) January 28, 2019
Now if he turns out to be right about history sort of repeating itself, then Bitcoin and the crypto market will be able to breath again. Besides, investors and analysts alike have predicted that Bitcoin price will plummet further down, so there is a good chance that the currency could find a longer-term bottom in the upcoming weeks.
Joining Melen in his crypto optimism on Twitter is Armin Van Bitcoin, who is a diehard Bitcoin fan from Canada, revealed that despite the current circumstance of BTC, he is bullish.
Price of $BTC is $3,550.
All these guys are pros. Professional traders and experts on technical analysis.
I'm not… I'm bullish. ?#Bitcoin
— A v B (@ArminVanBitcoin) January 28, 2019
The number of persistent crypto enthusiasts isn’t limited to just these two. There are more Bitcoin optimists out there, who have faith in Satoshi’s currency, despite the odds.
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