After days of deep red, the crypto market is seeing green today. Majority of the cryptocurrencies are recovering their losses but will this reversal last? Moreover, investor, trader, and venture capitalist, CryptoSqueeze believes next year is going to be an altcoin season.
Bigger Picture: Just a Retracement
Crypto market is registering greens with Bitcoin rising 3.13 percent to $4,628 while managing the daily trading volume of $7.5 billion. In tandem with Bitcoin, altcoins are surging as well. Out of the top cryptos, Bitcoin cash (BCH) is seeing the highest increase of over 11 percent.
Though the red could still be seen in the crypto market of about 2 to 4 percent, only a handful of altcoins are in the correction right now. The upward rise has the total market cap rising as well.
A relief rally is surely in as pointed out by eToro senior analyst, Mati Greenspan,
Relief rally is in!
Strong surge in alt coins, stocks are up, even USDT is up half a percent. 🤣
Let’s hope it holds. pic.twitter.com/luwzA7eMPJ
— Mati Greenspan (@MatiGreenspan) November 21, 2018
Today, Mati has shared in another of his tweet,
“We bounced off $4250 this morning. Next heavy support isn’t until $3000. So if it turns around here it will be a very bullish sign.”
Meanwhile, Nigel Green, the founder and chief executive of deVere group share investors don’t want to miss this chance as he said,
“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions.”
As of now, there is no assurance as to in which direction the prices would move and people are more tilted towards the bearish sentiment.
However, the industry experts are asking the people to just relax pointing out the fact that it is just a cycle. Binance CEO, Changpeng Zhao Tweeted,
Despite the rough seas out there, builders are building. New releases on GitHub today from:
(This is more than the usual we see from GitHub). Kudos!
— CZ Binance (@cz_binance) November 21, 2018
John McAfee shared the cause for this drop, “What caused this decline? Confusion. The embarrassment of public brawlings. Fear from institutions who took absurdly unenforceable measures to allay their fears. Uncertainty in the minds of traders. But mostly ignoring the implications of a massively growing base of Crypto users.”
People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth. But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring. Fucking relax.
— John McAfee (@officialmcafee) November 20, 2018
Moreover, popular crypto enthusiast, investor, trader, and venture capitalist, CryptoSqueeze believes next year is going to be an altcoin season, “Year 2019 will be the real alts season. Plenty of money to be made my frens! “
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.