Investors aren’t sure whether cryptocurrencies are heading up, or nowhere near the bottom. And that’s reflected in the wild swings in price seen over the weekend.
Bitcoin was down as low as $3,400, then rallied above $4,000, and now sits at $3,600. Trading volume has been extremely high, indicating a vast degree of shuffling is going on. Someone, somewhere believes in its future, but there’s apparently an equal number of those who are capitulating.
The rest of the market is following that up-and-down approach. Either is now at $106 after being as high as $115, while Bitcoin Cash has rallied back to $173 after being in danger of falling below the $100 mark. The rest of the top ten is in the red column, losing 2% to 4% at the moment. The outlier is Ripple XRP, up a few tenths.
How long will it take the market to sort itself? Who are the true believers? How will the price drops affect companies with projects funded from initial coin offering revenue that has dropped in value precipitiously? All questions that linger and are uncertain for now.
Source: Read Full Article