Crypto markets have been going crazy since the New Year began and more crazy volatility has been seen in the last 48 hours. As at Jan 8, the BTC price was trading at a record high of $42,000 only to take a plunge that saw it trade below $33,000 before a recovery back to around $35,000.
The volatility suggests that there are a massive number of sell orders being booked even though the bulls are still dominating the game. The rocket rise of crypto markets over the last few weeks has been attributed to growing institutional interest and this could be an indication that a considerable number of them are beginning to cash out. As we start a new week of uncertainty in the crypto markets, here are a few coins you may want to look out for.
Bitcoin has been looking strong for the past few weeks; the last few hours have had tongues wagging and pens scribbling. The sudden fall from $42,000 to under $33,000 is seen by some as an indicator of a major correction. This may be true, or it just may be an opportunity for BTC holders to get a discount and acquire some Satoshis much cheaper before the next push north. There is a worry that a further correction downward could see some sell-side panic which might see prices fall and profits shrink in the next few days or weeks.
Cardano is quietly consolidating in an uptrend when everyone is concerned about BTC. ADA has been stuck at the 0.2632811 and 0.3542857 range for the past few days. There is a feeling that if the coin can break the 0.34 resistance wall, a string rally could begin. The sellers are coming in strong but the ADA market is looking more and more like a bull arena at the moment.
Theta is consolidating in an uptrend that could see some price movement north in the next few days and maybe even weeks. Though bears have shown some aggression, the bulls have managed to hold above $1.76. A rally towards the $2.20 mark could see a bull run forming soon.
With XRP going through its struggles, Stellar is the token being looked at as the new XRP. A 30% gain was experienced last week as XRP tumbled pending the SEC case. As anxiety and uncertainty continue to fester in the Ripple community, now could be a good time to look at XLM which is now trading at $0.29.
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