Industry analysis

Here’s why the market is near ‘implosion’ according to research

The recently concluded PreMoney San Francisco 2018 saw venture capitalists, investors and officials from various crypto companies give their views regarding the future of the crypto market. Some were quite optimistic, while others feared that the market might not recover. Additionally, reports from the Juniper revealed that the market could ‘implode’.

State of the Crypto Market

The crypto market has continued to stagnate after falling back a fraction during the morning’s Asia trading session. The total market cap has dropped back below $220 for the tenth time in the past month.

Currently, bitcoin’s price is trading at $6,562 after dropping 2% in the last 24 hours. It’s not clear whether bulls or bears are getting their teeth into the coin’s price at the moment. Also, Ethereum declined 2% since yesterday and is currently trading at around $226.

Almost all digital currencies are in the red, but the losses are marginal and the market is still quite volatile at press time. However, from last week’s positive news surrounding the crypto market, traders had expected things to be different but seems prices are dropping even further.

News and Events

The recent conference at San Francisco had experts give their opinions regarding the state of the cryptocurrency market. For instance, Jordan Clifford, the co-founder of Scalar Capital stated that the crypto market is in its cool off phase. He added that the valuation pump witnessed last year was not sustainable and was bound to come down to the current point.

However, reports from the Juniper research indicated that the current market setup indicates the possibility of an implosion. Also, the report revealed that transaction values have dropped and the industry failed to take advantage of the major events that have happened.

Do you think that the crypto market has more ground to cover before we see another bull-run?

Share your views in the comments section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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