The Crypto Market Manages To Stay At $104 Billion, Traders Still Remain Cautious

Just two days ago, the crypto market was at high risk of dropping below the $100 billion price point in total value since 2017. In today’s crypto news we see that the market has slightly recovered and its value increased to $104 billion. However, many of the crypto traders remain extremely cautious about the short-term trend of the assets.

Almost all of the major cryptocurrencies and other small market cap tokens have shown high volatility despite being in the low price range and they showed no signs of a reverse trend.

The price of bitcoin dropped to a yearly low at $3,122 and a lot of investors believed this to be the bottoming out of bitcoin and started to accumulate the asset. The crypto technical analyst Hsaka said that the price trend of BTC is not positive in any way and that a reversal trend can’t be confirmed until Bitcoin breaks above $4,000 resistance level.

 “The numbers next to the line are the spread b/w the open and close for that day. There is nothing bullish about this chart until BTC reclaims $3,300. Your obsession to knife catch a ‘bottom’ is directly proportional to your account erosion,’’ Hsaka said.

A similar sentiment is placed upon Ethereum as well as for Ripple when digital asset trader DonAlt said:

 “If ETH makes it out of that horizontal and diagonal resistance combination, I’ll be turning into a dip buyer. For big ETH bears, this is the place to look for shorts. If this resistance fails I think we’ll go quite far. I’ll just observe and see how it does.”

The daily volume of BTC has almost halved from $6.5 billion and the decline in volume shows a period of high volatility proving that most digital assets are dropping in price without a higher sell-pressure from sellers and bears.

It is very unlikely that in the following months, a new set of investors will join the crypto market which will provide the market with some breathing space.