The Market For Cryptocurrency Hits Support
So this may be the first time that we can define a “lull” in the cryptocurrency market. The hype is still in the market but now many are starting to say that this is the first signs of cryptocurrency “growing up”. Though the prices of many cryptocurrencies have recovered, overall values have not seen gains.
Let’s explain: what’s been now known as “Legacy Bitcoin” was just under $4,000 on September 20 but far from its previous highs of the summer. Ethereum’s ether clocked in at just under $290. Dash had a strong move of more than five percent and Monero jumped over the ninety seven dollar mark.
Despite this move, many of the other cryptocurrencies didn’t find the same momentum. The Block Tribune Volatility Index stands below average at 45.7. The index measures the swings in price for bitcoin.
There’s still a lot of uncertainty in the markets after China’s fiasco and the halts that have happened in light of those events. While other news triggered the cryptocurrency landslide last week, some financial institutions have insisted that investors should not panic at the current news flow. Instead they say that investors should look at the long-term proposition displayed.
So what happens now? Many rumors have sparked up about how the Chinese will address the issue that they’ve spawned. Some think China will let institutions trade and mine cryptocurrency like bitcoin. Others suspect that the banning will be permanent as to all cryptocurrency in the market today.
But until there is real, solid news released, now one will really know.