The crypto industry observers suggest crypto market is in the process of “bottoming out”. Despite of few good news, the market experience mix trends. Spencer Bogart of cryptocurrency and blockchain venture firm Blockchain Capital suggest that Bitcoin is close to bottoming and once it rebounds, this week’s developments will fuel its climb. He further add, We are down about 70 percent from our highs, so I think that Bitcoin is close to bottoming and so is the rest of the Market.
The cryptocurrency market has had its big news. Warren Buffett made his first big bets on crypto, investing in two ventures dedicated to digital assets. Despite the good news, Bitcoin is hovering around $6,600 all over the week. But this good news seem to have no effect on market. Now the experts have to look at the other side of the news as well. Former Bitcoin analyst and VP at Needham called the developments “Important building blocks to leading more institutional capital into the space”.
Some digital coins experience gains while others have seen losses – maintain market as whole rather stagnant. On 7th October, the total cryptocurrency market capitalization is around $216 Billion, which means two things (1) The total crypto market cap has stayed as last week and (2) Market is still comfortably north of psychological $200 Billion barrier.
Bitcoin is down somewhat over the last few days, trading at $ 6,548 at time of writing – which is 0.40% downward over the past day. The Bitcoin dropped much sharply during the past day, only to regain much of its minor loss as the day process, showing a positive trend at the last couple of hours at the time of market closing.
Very much like Bitcoin, second biggest crypto asset Ehtereum also experienced fall dow and the lost around 0.18% during the day, traded at the $227.84 at the time of writing. Ethereum also dipped down, but has since jumped back to its position. Stellar has gained 0.40% to $0.24189 and Litcoin has increased by 0.23% to $57.76. Ripple experienced lost of 1.58%, decreasing to $0.47 and EOS to $5.71. However, the overall market loses were minor.