Cryptocurrencies are going down... What may signal a recovery?
Bitcoin stands still
On Tuesday, digital currencies were intact because the market managed to stabilize in the wake of the previous week’s abrupt selloff that pushed most crypto assets to 2018 minimums.
The number one crypto asset, Bitcoin hovered over $8,000, sticking to an intraday maximum of $8,658.61. Last it was seen at $8,526.44, sinking up to 0.8% on the day.
It’s been rather a mixed day for other key digital assets with Ether heading south 3.3% showing an outcome of $538.47. As for Bitcoin cash, it has traded back overleaping the $1,000 level adding 0.8% on the day being worth $1,002.90. Additionally, Litecoin lost about 0.6% showcasing a result of $160.19, while Ripple gave up some early morning revenues hitting $0.69, decreasing 7.6%.
While the outlook for key digital assets is still uncertain with regulatory and advertising issues lingering, some experts have labeled the situation as the end to alt-coin bear market.
This year many investors in alt-coin faced enormous losses, with many losing approximately 80% of their investment portfolio. Such traders often opt for social media to share their tough stories of misery.
The extent of the selloff in the smaller coin market makes it equal to previous dives that many traders consider to be a good gauge for a bottom.
Market experts really don’t doubt that the bear market is over. It’s due to the fact their preferred measure, which is the percent of alt-coin equities, which have tacked on by over 3X for the last 90 days, has already headed south to 3%. They added that it appears to be the historical level at which alt-coins bear markets go to the bottom.
While the bear market might be over, some financial analysts are assured that the timeline will rebound because the alt-coin bandwagon's several months away.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.