Stable Bitcoin Price is Showing Maturity as Crypto Market Looks for Next Bull Run Catalyst
In a post shared by CCN, the news outlet explored recent trends of Bitcoin [BTC], along with altcoins and the impact the fluctuating market has on them. Based on the reporting, it appears that the crypto market has lost another $6 billion during the current correcting phase of BTC. At the time of writing, BTC has gained 1.26 per cent while most of the remaining top ten coins have dropped anywhere between 0.5 and 5 per cent.
A Quick 3-Day Look At Crypto Values
As per the report, Bitcoin was quick to recover on August 17, as its value increased by 9.4%. At the same time, many of the altcoins have seen massive gains – i.e. anywhere between 20 and 80 percent. However, the positive trends did not seem to set in for altcoins, as the moment BTC got into maintenance phase, the rest of the market started seeing downward trends. CCN notes that some of the tokens to have taken a relative hit include that of “Aion, DigixDAO, OmiseGO, BAR, and 0x.”
On Sunday, August 19, the market saw its prices dropping and sitting in the red zone for most of the day. It seems like most investors are taking the corrective phase as being a possible “bull run”, which has been reported as being the main cause for the downward trends, as many are trying to recover from their losses.
CCN noticed coins that have managed to make gains of at most 20 percent, which include the likes of Ontology, Tezos, and Nano. However, they have failed to maintain the growth due to decreasing values in trading pairs (i.e. ETH).
Another point that has been addressed is that of BTC dominance during the crypto market’s downward trends. In particular, the assumption is that many are turning to BTC as a store of value, as it is considered the most stable compared to all existing currencies. At the moment, Bitcoin’s volume is approximately USD$3.5 billion and Ethereum’s 1.48 billion, which has supposedly halved since June.
Do you think the crypto market will overcome this enormous hit? Are we likely to see rising prices compared to December 2017? Share your thoughts on what might be driving crypto prices down in the comments below.