On Sunday, August 26, we saw a short recovery in the market and most of the coins showed green. However, the crypto market has continued to decline, and only three out of the top ten coin shows green.
The market continues to fall, and we see both good and bad news in the market. However, the sentiment certainly remains bearish. Some cryptocurrencies hold the ground better than others.
Bitcoin (BTC) holds up fairly well, with a price around $6,740. But according to Tradingview, we can see a major resistance level around this point, and the market struggles to make it higher. Having peaked at $6,778 yesterday, Bitcoin also had a bottom around $6,572. Bitcoin has held its weekly gains and even gone up by 2%. Even though they have been going down over 70% since the beginning of the year, there are some that are still very positive. Alexis Ohanian, the co-founder of Reddit, explained that BTC and ETH could see significant bull-runs over the next months.
“At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000. Great, now people can call me out if I’m wrong,” Ohanian said at the interview.
However, even though Alexis is very bullish on Ethereum (ETH) long term, the price certainly reflects a bearish sentiment. Yesterday, Ethereum went as low as $269 and is currently trading around $276. ETH has been falling 80% from the middle of January. However, Joe Lubin predicts a bright future for Ethereum.
“Lubin foresees an excellent future for Ethereum and cryptocurrencies where Ethereum will be significant, among hundreds of other protocols in a co-existing crypto world.”
Bitcoin keeps the market dominance at 53,3%, and the market capitalization for the entire crypto market lies around $217,3 billion. We currently see 1890 different cryptocurrencies listed on coinmarketcap.com.
Even though the market has fallen a lot since the beginning of the year, we could end the year “explosively” higher according to Fundstrat Global Advisor, Thomas Lee. He thinks that there is a correlation between the emerging markets and Bitcoin.
“I still think it’s possible,” said Lee. “Bitcoin could end the year explosively higher.”
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Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.