Market Analysis

Cryptocurrency market analysis: the coinverse gains stability as more coins become bullish

The digital currency market has started to gain some momentum as more coins gains stability in the last 24 hours. The market has experienced three consecutive daily buy candles recorded by the leading digital currency, bitcoin (BTC). Other coins such as bitcoin cash and EOS gained above 12% in the last 24 hours.

Just recently, Google trends showed that web searches for the word bitcoin have reduced by 75% in 2018 so far. As such, it is evident that most people looking to make a quick buck have lost interest in the digital currency. While this may sound as bad news for momentum traders, it is good news for investors since they are able to buy at lower levels when most of the froth is out of the markets.

However, despite the looming rally surrounding bitcoin and other digital coins, the coin’s price recently recovered to $7,700. Additionally, the coin has stabilized at this point and may make a major movement in the near future. The coin’s increase means good news for other digital coins as it sets the pace for other cryptocurrencies.

Many times, stability in the market signifies a looming bull run, especially if there are daily green candles being recorded. The current signs showed by the relative strength index signify that the Bull Run may be sustained for long-term as the coinverse gains stability. The short-term stability, however, may require more support since bears are still fighting to gain control.

However, recent statements by important figures such as Jim Chanos who stated that he does not see any use for digital coins may mean otherwise for the market. Additionally, central banks feel threatened by digital coins. Recently, representatives from the bank of Canada agreed that cryptocurrencies may spell the end of fiat currencies if they do not step up.

Do you think the cryptocurrency market is due for a bull run?

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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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