Where is the cryptocurrency market headed? The entire cryptocurrency market cap dropped to $253 billion last week, down from $100 billion. The price of major cryptocurrencies such as Bitcoin, Ethereum, Ripple and Bitcoin Cash dropped more than 13 percent on March 30.
Cryptocurrency market crash continues
In the past 24 hours, the Bitcoin price has dropped from $7,900 to $6,600, down 12.6 percent. With the market hitting $40 billion in two days, Ethereum, Ripple, and Bitcoin Cash are down more than 12%. did not see. Then, when it reached the $6,000 level, the Bitcoin price rose to $12,000 and hit $14,000 with significant premiums including South Korea and Hong Kong.
Analysts indicate a recovery from the cryptocurrency market
Bitcoin price Despite some resistance at $6,600, it also showed minimal signs of recovery. Volumes on most exchanges are relatively low, including Binnite, Bitfinex, Bithumb, Bitflyer, and Upbit. However, as previously reported, volumes in the futures markets are intensifying.
Many analysts, including Wall Street-based Fundstrat’s Tom Lee, are saying that Bitcoin’s 20,000 year ending year, especially if the market sees a medium-term recovery in the coming months.
The CEO of Abra states that the demand for the crypto money market will increase
The CEO of Abra, Bill Barhydt, has stated that the demand for the crypto money market will increase. He said that while the demand is lacking in institutional investors and retail businesses in the west, it is certainly not the case in Asia, adding:
There is really no large-scale Western institutional investor in the current cryptocurrency market. You can find this in Japan. Stay tuned as institutional investors in the West start to enter the market.
Where is the cryptocurrency market headed?
Given the lack of volume, the cryptocurrency market will continue to decline over the next few days. likely to. However, if Bitcoin fails to sustain its volumes and the price of the most dominant cryptocurrency in the market drops below $6,000, it could lead the market into another bear cycle. Bill Barhydt, CEO of Abra, headquartered in Silicon Valley, stated that hedge funds, institutional investors and investment companies are still actively looking at the crypto money market and are looking for ways to enter the market. He underlined that hedge funds will see a window of opportunity to enter the cryptocurrency market when the market stabilizes and Bitcoin and other major digital currencies have extreme volatility, and said the following about institutional investors:
With hedge funds, wealthy I talk to people and even market speculators. Everyone follows the sudden changes in the prices of cryptocurrencies and sees these changes as great opportunities.. As soon as these people take advantage of the sudden changes in the cryptocurrency markets, there will be chaos.