BTC, ETH, Altcoins – A Volatile Weekend?
Most cryptocurrencies stage a retreat ahead of the weekend in most countries, including the US and the UK. With the high volatility surrounding the cryptocurrency market, you cannot discount whippy price fluctuations in the coming days. The current crypto market cap is about $1.6 trillion, 40% off from its highest peak. That indicates that the market has a long way to recover from the recent massive losses. If you are an investor, acknowledge that extreme volatility and low volume translates to wild swings. Moreover, you cannot rule out further losses as the crypto market sentiment seems dented.
BTC continues to have it hard in the market. There is a need for any rally to subdue the 200-day moving average, capping BTC/USD at the moment. Keep in mind that for the past year, BTC has always been above the 200-dsma. That is why the recent collapse worries crypto investors. Currently, the 200-dsma sits at about $40,700. Although volatility is off the recent limits, the $4,650 level comparable to the $37,000 spot price will bother crypto investors.
BTC/USD Price Chart
The ETH chart indicates more positivity than BTC, highlighting the ETH/BTC positive performance in 2021. For now, Ethereum is far above the 200-dsma, though the recent dip under the 50-dsma indicates a near-term negative. The asset will achieve the $3,000 quicker by regaining from the slip. Moreover, volatility is at $443 high against the $2,600 spot price.
ETH/USD Price Chart
The altcoin space is still blue with the potential of sellers in case of any high deviations. It is undeniable that the lucrative attitude shifted from the altcoin market to the meme stocks. AMC Entertainment doubled over the past week with a massive volume. GameStop, another favorite meme stock, went high by almost 50%. Shifting the crypto market waves to altcoin space, Ethereum and Bitcoin will have to achieve stability.
As much as this is an unpredictable marketplace, analysts expect high volatility with the current situation. What do you think – bearish or bullish? You can comment on your views below.
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