Cryptocurrency market has entered a phase on neutrality following last weekend’s sharp upsurge. While the crypto market has begun to see signs of exhaustion in ongoing positive price rally, selling activity is yet to heat up. Given high level of real-world adaptability and back to back headlines in recent past which hints at solid progress in approval of some of the most highly anticipated crypto assets in the financial market, investor sentiment has taken a positive turn and risk appetite has boomed in the crypto market. Given the fact that crypto market has been home to speculative traders and investors with gambling spirit, the promise of high returns has resulted in most traders sticking with current position in hopes of taking maximum returns.
Gambling Spirit Keeps Crypto Market Range Bound Despite Signs of Exhaustion in Ongoing Rally
Given the fact that market was trading near historic lows following 2017’s crypto bubble and prospects of a high volume of fund flow in the market, retail traders have begun stocking up on Bitcoin and other major legacy crypto coins. While some have decided to sell a part of the horde to see profits on recent price rally, investors are holding their position in hopes that the crypto market will see another boom in near future. Out of the top 10 crypto coins in the market, 6 coins have managed to hold positive price action when looking from a weekly performance basis. As of writing this article spot Bitcoin BTCUSD is trading at $3586.7 down by 0.29% on the day.
Meanwhile, spot Ethereum ETHUSD is trading at $121.78 down by 0.31% on the day. However, given the price action over last six weeks and headlines which hit market Ethereum is likely to retain its positive price action longer than Bitcoin as much awaited network upgrade – Constantinople hard fork is expected to see successful execution late this month while debut of Bitcoin ETF & futures are likely to be delayed similar to recent past. This suggests Ethereum has better fundamental support when compared to Bitcoin and if bears hit the market hard, Bitcoin is likely to see sharp loss while Ethereum’s loss is likely to remain limited above critical support levels. In immediate future, both Bitcoin and Ethereum are expected to continue rangebound price action across the weekend.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
More From FXEMPIRE:
- S&P 500 Price Forecast – stock markets rally to close out the week
- Silver Price Forecast – Silver gap higher on Friday
- S&P 500 Weekly Price Forecast – stock markets show signs of strength again
- Stock Market Forecast – Trade Deal Hopes Push S&P 500 Higher; Targeting 2,875
- Silver Weekly Price Forecast – Silver markets test support
- Gold Price Forecast – Gold markets continue to try to break out