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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My name is Dennis Sahlström, I have been trading and investing since 2012 and have since June 2017 made between 3-6% a month. I have been watching the crypto market since the beginning of 2017 and saw the great returns a lot of people had gotten. I thought I needed to do my research! Since then I have been studying the crypto market and realised the great potential Blockchain have. Some say it’s internet 3.0 we are looking at and I am sure its here to stay. It is already changing industries and the world. Also, I am running a crypto education platform because I think people should educate themselves about the opportunities we have in front of us.