September 29th: the markets are on a standstill, with the broad somewhat evenly divided between gains and losses. Nonetheless, some digital currencies such as Litecoin (LTC) have experienced massive gains in the past 7 days. Additionally, despite the recent bearish signals, here’s why the market may see a massive rally by the end of 2018.
In the last eight weeks, Bitcoin’s price has managed to remain in the $6,300 to $6,800 range, rarely breaking out of the $6,800 resistance level. However, other cryptocurrencies such as Litecoin and Bitcoin cash have seen impressive gains within the same period, but amid high volatility.
The price of Bitcoin cash hovered around $420 on September 25. Nonetheless, it gained 20% the following day to trade at $540. This sudden surge prompted experts such as Voorhees that this might be the best time to start accumulating cryptocurrencies.
Additionally, other cryptocurrencies such as Stellar (XLM) and Cardano (ADA) have demonstrated high volatility on the upside, adding about 10 to 30% within short periods. Also, EOS recorded 18% gains during the week, and is trading at $5.72 as of writing time.
News and Developments
According to Mike Novogratz, a billionaire investor and hedge fund legend, the cryptocurrency market is showing signs of a bottom. However, this might not be the case since there are more signals of a massive rally by the end of 2018, than the opposite.
First, the current market trend and strong momentum showed by major cryptocurrencies indicate otherwise. This can be attributed to the recently increased adoption of cryptocurrencies in the various firms as well as interest surrounding these coins. In addition, more buyers are controlling the market with hopes of a bull run by the end of 2018.
Given that there has been massive adoption of cryptocurrencies without major price changes, what’s your take on the market’s direction by the end of 2018?
Share your views in the comments section below