Cryptocurrency prices are continuing their downwards movement with top cryptos losing between 2 and 5 percent. eToro senior analyst shares the reason for the same while technical analyst still being bullish by going long on BTC.
Crypto Market takes a Hit
Since yesterday, the crypto market is suffering losses as the majority of the cryptocurrencies goes red. In less than two hours, Bitcoin fell down from $6,485 to $6,342. The top cryptocurrencies registered losses between 2 and 6 percent.
But why the prices fall?
Well, at the time of fall nothing substantial came into the view that could have affected the market. Though a Canadian Crypto exchange MapleChange did get hacked and lost all its funds including about $6 million (at that time) worth of Bitcoin, the exchange has been a small one and doesn’t seem to have affected the prices.
Looks like nothing triggered the price dump!
Mati Greenspan, senior analyst at eToro shared similar sentiments as he Tweeted that after proper analysis nothing was found behind this drop.
After a thorough examination, we have concluded that the 2.8% sell-off in Bitcoin today was caused by…. nothing!!
Let’s face it a year ago nobody would even be talking about a move in BTC that was less than 10%. pic.twitter.com/jyVt90SMQO
— Mati Greenspan (@MatiGreenspan) October 29, 2018
The prices have already started making its way upwards as Bitcoin trades at $6,349 at the time of writing. It went up to $6,364 at one point as well. Meanwhile, the daily trading volume has risen to $4.2 billion while 24-hours loss remains 2 percent as can be seen in the chart below.
The major cryptos are still down by 2 to 5 percent as the below-given chart reflects,
Only a handful i.e. about 10 cryptocurrencies are in the green with Dentacoin (DCN) making the highest gains of 9.44 percent. With about 12 percent loss, Revain (R) is down by the most. The red market has resulted in the entire market cap getting slid down by about $6 billion.
However, it is not keeping the Bitcoin bulls from being long on BTC as crypto enthusiast and popular technical analyst, CryptoYoda goes bold but with a caution.
opened another $btc long, feeling like a maniac though.
dont try this at home
— CryptoYoda (@CryptoYoda1338) October 29, 2018
CryptoYoda further explains, “Initially the plan was to enter at breakout support around $6400ish
still, a very risky trade IMHO as really anything can happen here. nonetheless, it is the scenario I waited for, so even if it’s risky, worth the shot.”