Crypto Market Rebounds But No Major Recovery in Sight: Factors and Trends
2018年12月5日 - 7:12PM
ADVFN Crypto NewsWire
Throughout the past 24 hours, the crypto market has slightly
rebounded by around $3 billion, from $123 billion to $125
billion.
Bitcoin (BTC) has avoided a potential decline to the
low region of $3,600, as it stabilized at around $3,850. It reached
its daily low at $3,800 but rebounded by a small margin.
Other major cryptocurrencies apart from Bitcoin have recorded
fairly large losses against the U.S. dollar throughout the past two
days. Ethereum (ETH), Stellar (XLM), and Bitcoin Cash (BCH) demonstrated losses in the range of
1.5 to 8 percent on the day.
Since November 29, within seven days, the Bitcoin Cash price has dropped from $200 to $142, by
more than 29 percent. While the asset did not experience a large
single-day drop, it continued to lose its value against both
Bitcoin and the U.S. dollar over the past week.
What is Happening to Bitcoin?
Subsequent to achieving a new yearly low at $3,456 on
November 25, the Bitcoin price has struggled to show
any sign of a major short-term reversal or a corrective rally.
A cryptocurrency technical analyst known as “The Crypto Dog”
stated that a clearly defined range between $3,500 and $4,500 range
has been established by the dominant cryptocurrency, and the
probability of the asset maintaining that range has increased.
The analyst emphasized that currently, bears remain in control
of the market, explaining:
“Following the November sell off into the low $3,000s, BTC has
now carved out a clearly defined range between $3,500 and $4,500. A
consolidation event following a strong move is more likely to
result in a continuation than reversal. That means currently the
bears are in control.”
Based on the oversold conditions of major cryptocurrency assets
in the global market and the exhaustion the market has shown
throughout November, the analyst added that the market could be
going through the final stage of the bear market.
“It is my opinion that Bitcoin is in the final stages of this
bear market. I expect the price to range between an absolute low of
$2000 to an absolute high of $6,200 (more likely, $3000-5400) for a
substantial period of time,” the analyst said cautiously, saying
that a several-month-long accumulation period will likely follow
the bottom.
Companies Struggling
Many companies in the cryptocurrency sector have started to
downsize and adjust to market conditions. Even ConsenSys, the largest software development company in
the blockchain sector, has announced its plans to realign its
long-term strategy and vision to focus on delivering real products
and results.
“ConsenSys 2.0 requires us to evaluate our endeavors more
rigorously. We will seek to run leaner projects because often
better decisions are made in a context of more constrained
resources. Scarcity sharpens the senses and forces discernment in
decision making. Lush plentitude, while perhaps a noble goal in
many circumstances, should be hard won; otherwise it leads to
complacency and dull-wittedness.”
If an increasing number of companies move beyond hype to
focusing on the development of real products that can garner stable
user bases, it could provide a strong foundation to support the
next wave of crypto.
Source:
CCN
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