The current state of the crypto market is slow with markets still slumbering. There has still been no movement for most of the major digital currencies leaving markets at the same level around $210 billion. What should we expect in the coming weeks?
State of the crypto market
Bitcoin, which is known for its volatility has been uncharacteristically quiet today, the coin’s price has remained stable in the range of $6,300 to $6,500, struggling to initiate a major movement on the upside. Additionally, the volume of bitcoin has declined substantially over the past 24 hours from $3.6 billion to $3.1 billion on CoinMarketCap, by nearly 20%.
The other cryptocurrencies are mixed and there really isn’t much to write about. Nothing is gaining more than 1% on the day in the top ten and Stellar has declined that most falling back over 2% to $0.228. The top twenty shows equal torpor with more red than green. Iota and Nem have dropped just over 2% and Dash is not far behind.
Growing down the chart, there are no cryptocurrencies making major gains until we reach way down, and even those are insignificant gains.
What to expect in the coming weeks
According to Willy Woo, a prominent crypto analyst and operator of Woobull.com, based on the current market indicators, including the NVT Ratio, the crypto market is likely to be in the middle of a long-term bear market.
“If you’re into timing games, then my own NVT Ratio is saying we are still in the middle of a bear market. NVT is simply the ratio of volume carried by the blockchain to the historic price. (This indicator is due for recalibration after the Liquid Sidechain Launch).”
However, with the increased adoption, we hope that the market prices will reflect these adoptions soon.
Where do you think the market is headed?
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