has dropped nearly 1% today and has led the entire crypto markets to slide, with many major down 2% or more. Despite today’s drop, volumes on major exchanges has been holding steady, and are up significantly from where they were in early-February.
Now, one popular analyst explained that he believes most major cryptos will plunge as begins making bigger price swings.
bitcoin (BTC) Holds Above Support Around $3,900
At the time of writing, is down just under 1% at its current price of $3,900. This price level has proven to be a region of relative support, but currently has significantly greater levels of support down towards $3,700.
has continued to struggle to break above the $4,000 price level, which has proven to be a strong level of resistance that will require a significant influx of buying pressure to break decisively above.
Despite the less-than-positive action the has experienced over the past several weeks, it is important to note that the overall crypto markets have seen a notable rise in volume, while ’s volume only accounts for a fraction of the overall market’s volume.
Mati Greenspan, the senior market analyst at eToro, spoke about the market’s current volume in a recent email, explaining that ’s slight volume decline may be partially due to smaller cryptos incurring significant amounts of volume in recent times.
“Global volume across crypto exchanges is holding steady at around $30 billion per day, yet ’s volume is less than a third of that figure. Sure, exchange volumes are still about double what they were in early February, but some coins like , , and BNB have more than tripled their daily volumes in the same time frame,” Greenspan explained, also noting that the decline in ’s volume is “very telling of the current market conditions.”
Crypto Markets Likely to Sink as bitcoin Begins Making Larger Swings
Although has been seeing a decline in volumes along with a decline in volatility, one analyst believes that the overall markets will begin incurring greater volatility as begins making larger price swings in the near-future.
“$ update: This is the range I’m currently watching. The only reason why I think is important right now is that I expect a big dump the moment starts making bigger moves. are safe as long as stays lethargic. I don’t expect that to last though,” DonAlt, a popular analyst, explained to his over 85k followers.
update:
This is the range I’m currently watching.
The only reason why I think is important right now is that I expect a big dump the moment starts making bigger moves.are safe as long as stays lethargic.
I don’t expect that to last though.— DonAlt (@CryptoDonAlt)
As the week goes on it is very likely that traders and analysts alike will gain a greater understanding of where the market are heading next as the patterns surrounding volumes becomes clearer.
Featured image from Shutterstock.
Published at Tue, 12 Mar 2019 00:02:59 +0000
![Re: [wts] french press coffee bundle (reduced price)](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20223%2028'%3E%3C/svg%3E "Re: [wts] french press coffee bundle (reduced price)")