After taking a minor downturn on Tuesday, BTC was quickly able to bounce back carrying the entire cryptocurrency market along. It’s possible that the fall in price signified mid-term bottoms for all cryptocurrencies. Later, yesterday, BTC was trading in green above $3500. The $3400 level seems to be serving as a strong support for the cryptocurrency. This is evident from the fact that the price did not break this level even as it tumbled against the USD.
Experts Say There Is Nothing Special About The Bubble
According to a cryptocurrency analyst Russ Mold, there is nothing special about the current bubble as these bubbles have been formed in the past with no major significance. Mould made his opinion known while speaking to MarketWatch. He said that the mania is responsible for the 2017 bull run that took the price of cryptocurrencies above the moon. However, the fundamentals dragged them to their current levels. In his words:
“The brutal bear market is similar to many we have seen in the past even when dealing with other assets outside the industry. True believers and some speculators have been tempted to hold because of the succession of rallies. Some have even dived into the market during the deep. Unfortunately, those price surges backfire leaving them with great loses.”
Mould said that these kind of bubble occurred in the late 1990s with Nasdaq Composite. The asset crash was followed by multiple rallies and up to eight of these rallies failed dragging investors into deeper deeps. This was followed by a benchmark bottom in 2003 after the asset had lost 75% of its value.
Bitcoin (BTC) Price Today – BTC / USD
After the Nasdaq Composite peaked in March 2000, thanks to its high tech holdings, it didn’t recover back to the peak levels until April 2015. What Mould was trying to say is that BTC may experience a similar trend. He continued: “even if Bitcoin (BTC) has experienced a significant decline, it may still not reach its all-time-high anytime soon. Those who bought into the market near the top will have to wait a long time for a full recovery.”
Altcoins Rise With Bitcoin (BTC)
When the price of BTC was rising yesterday, the price of altcoins rose along with it. EOS made a record as the best performing altcoin yesterday as it traded higher by 10%. Even if the daily trend recorded gains, the seven day trend shows that it is down by 12%. Right now, EOS is trading at $1.92. This shows that it is up by 2.73% against the USD and up by 2.98% against BTC.
EOS Price Today – EOS / USD
XRP was up by 3% yesterday and it managed to stay above $0.30. This level may be the mid-term bottom for the cryptocurrency. Right now, XRP is trading at $0.303705. This shows that it is up by 0.04% against the USD and up by 0.18% against BTC.
XRP (XRP) Price Today – XRP / USD
Ethereum (ETH) was able to move back to $90 yesterday. Today, ETH is trading at $89.24. This shows that it is up by 0.18% against the USD and up by 0.40% against BTC.
Ethereum (ETH) Price Today – BTC / USD
Bitcoin (BTC) is trading at $3,425.73. This means that it is down by 0.09% against the USD. The 24 hour trading volume is $3,985,903,958 and the market capitalization is $59,676,448,391.