Post-Christmas eve, the crypto market lost more than 18 Billion Dollars within a time span of a mere 48 hours. This stark fall pulled down the world’s largest cryptocurrency and at press time its rate was 3,800 Dollars, after its high node on the crypto graph when it reached 4,300 Dollars. On the other hand, the decline touched Bitcoin Cash rates too. It fell from 230 Dollars to 170 Dollars in the last seven days period. This downturn made it lose 26 percent of its rate. Such massive turbulence and that too within such a small-time span, is a matter of great worry.
Bitcoin and other main cryptocurrencies were showing promising signs on the short-term trend of Bitcoin when it crossed the mark of 4000 dollars in the last seven days. Still, due to the bear market, many crypto market analysts were warning that there is a strong possibility of a surprising downturn in the rates of the cryptocurrency, despite the promising signs. Although the corrective rally catalyzed the crypto market to add more than 40 Billion Dollars to its valuation, before this add up, a cryptocurrency trader (‘The crypto Dog’) expressed that a rally which is above key resistance is ‘unlikely’ in short-term, no matter how much momentum crypto assets gain.
It will take a good time period of strengthening and aggregation for the cryptocurrency to become stable. Only with such gradual strengthening, will the worth of the cryptocurrencies will rise against the U.S. dollar.
The four months from August to November showed major turbulence in the crypto market, but the market could not strike any real stability or define a clear low point. The volatility will only stop when the crypto market shows good levels of stability over a good amount of time.
