What Does Crypto Twitter Say About Bitcoin Price Right Now: A Fresh Look on Past Experiences
Bitcoin moving towards $3,690 while top cryptos are down 3 to 7 percent leading to a loss of $5 billion in the overall market cap. Meanwhile, crypto analyst says, crypto isn’t seeing mainstream user traction rather attracting the mainstream developers.
A Weak Start Of A New Week
Bitcoin has fallen below $3,800 and slowly inching towards $3,750 with 24-hours loss of 2.51 percent, as per the data provided by Coinmarketcap. Meanwhile, the daily trading volume of leading cryptocurrency has spiked in the last few hours from $7.7 billion to $8.4 billion.
A high volume indicates an active market, however as a general rule an increasing trading volume with decreasing price signals a bearish trend.
Bitcoin 1-day price chart, Source: TradingView
In tandem with Bitcoin, altcoins are taking even a bigger hit. Among the top cryptos, EOS is the biggest loser with over 9 percent loss. Ethereum, Bitcoin Cash, Litecoin, and Tron are down by about 6 percent. Stellar is in the red by the least that is 1.20 percent.
Crypto market in deep red, Source: Coin360
Today’s biggest gainer is Ravencoin which is surging by more than 13 percent while Theta is down the most by over 14 percent. This red market has led to a loss of $5 billion from the overall market cap.
With the way Bitcoin has been stuck around $3,800 and is currently seeing the red, according to crypto trader Sawcruhteez, we might end up seeing BTC below $1000 range, at about $800,
“The longer we stay stuck in this range the more I feel like we will mirror the price action from September 20, 2018 – November 25, 2018.”
Crypto Twitter right now: pic.twitter.com/8myzpRempV
— Murad Mahmudov 🚀 (@MustStopMurad) March 3, 2019
While with crypto prices at such discounted prices, this might be a good time to accumulate as Bitcoin OG, Mandrik says,
“The best way to accumulate bitcoin is by providing a good or service to the market in exchange for BTC. The best time to accumulate bitcoin is during a bear market.”
— Luis Vaello (@luisvae) March 3, 2019
Cryptos Not Seeing Mainstream User Traction
With the current market trend, accumulation might be in process but mainstream adoption is still far away. Crypto analyst, Chris Burniske says instead of user traction, the market is actually gaining traction from mainstream developers which are precursors to users. This according to the technical analyst, Willy Woo is a pattern where open web attracts the best talent.
This is a kind of history repeating pattern where all the best talent was attracted to developing on the open web as nobody wanted to play in someone else’s sandpit and have their work trampled on. Paraphrasing @timoreilly https://t.co/goVaRHB4p7
— Willy Woo (@woonomic) March 4, 2019