In fewer than 4 days crypto lost around 45 billion dollars. Bitcoin is priced at $8050 and Ethereum at 166$. But is this really the bottom?
To answer this question, the first thing we should check is trading volume. The last 7 days, from 20-9 to 27-9, the total trading volume on the top 10 cryptocurrency trading platforms is calculated at 549.27k bitcoins. The daily average trading volume is 78.46k bitcoins.
If we compare the current trading volume with the first week of April, where volume was 475k bitcoin in only just two days, we can safely say this period’s trading volume is considered normal.
What To Expect Now That Crypto Lost 45 Billions?
So, what are the expectations? We go up or down? If the trading volume doesn’t give a good indicator about the future trend, things are uncertain. As far as I know this dump may have been caused by just one individual.
The fact that some are been terrorized by such news, it means they can’t understand what bitcoin is. And what bitcoin is, does not only contain the basic money properties but is also extended to the ability to move value (money) at will. Understanding this will make you understand some of these price moves.
If we take a look at one of the latest bitcoin chart analysis, we can see that bitcoin had broke below the descending triangle that was forming the past few weeks.
So, I guess the price will move according to what the whales will decide to do now. Remember, as we said above, the power to move value at will is a strong one. If it is either grabbing the opportunity and buying in or panicking and selling out, both of these can cause a lot of volatility at the current state of bitcoin.
Don’t be surprised if you see a $7k bitcoin soon or going back the previous level of $10000. Crypto lost 45 billions in four days. It can do the same again for both ways.
This article does not intend to give any financial advice to its readers and it is purely educational and informative.
Image by Hans Braxmeier from Pixabay