After a drastic fell-off up to 10% or more for some coins, the crypto currency market finally found much needed stability on Wednesday. Over the past 24 hours, Bitcoin has hovered over $6,100 and $6,400 range, mostly settling to daily high at $6,400 after some deliberation in the mid $6,300. At the time of writing, one coin of Bitcoin is priced at 6,434.79 dollars, which is 2% increase from last
Investors see this short term price action as irrelevant, as the important lines of support reside at $5,800 and $6,000 which have been cited as key levels by analysts. Although Bitcoin performed well, some altcoins also followed the pattern today, with coins like Ehtereum and XRP gain of 3.75% and 4.% respectively. On the other hand, however, there are still few coins like EOS, Stellar Lumens, Cardano and Bitcoin Cash barely seeing any positive trend over few days.
Although ETH has seen a healthy bounce, it is still not in good shape, especially after 20% fell off and remarks from its co-founder. If you take Bitcoin’s 3,3% weekly fell off, it is a huge amount to discourage the investors. Many ICO showed disappointing performance, where platforms began to liquidate their crypto assets to secure a fiat position. A reported 153,000 ETH have been spent by projects in span over a wekk. This selling pressure is likely to be the one of the reason that saw Ether trumble throughout the past week.
Crypto is not dead – Says M. El-Erian
As reported by crypto-friendly Yahoo fiannce, Mohamed El-Erian, the chief economic advisor at Allianz revealed that he is bullish on the future of crypto industry. In an interview with Yahoo, El-Erian noted:
Crypto is not dead, and certainly the underlying technology is not dead. We’re going to see more widespread adoption, by both the private and public sector, of the blockchain technology and related technologies. In terms of crypto, what we’re getting is the realization that adoption is not going to be as big and as quick as the proponents of crypto would like. I think it’s going to be there, it’s going to last for a long time, it’s going to play a role in the ecosystem, but it’s not going to be the currency that a lot of proponents would like it to be.
Such statements from a foremost financial analyst is encouraging and it shows that despite the current not-so-favorable market situation, many still believe in the technology and what it can bring for us.