The top coins in the cryptocurrency space by market capitalization, bitcoin, ethereum, litecoin and other cryptocurrencies continue to hit a rough patch in the most recent bout of crash that the market is seeing. Back in November, another crash occurred which resulted in many of the coins in the space hitting new highs that they had never before seen. The coins saw a virtuous rotation, which helped to bring some of the attention back to the alternative coins in the crypto space, as opposed to just the top few players. This helped to show a bullish technical sign for those investing in the cryptocurrency world, helping to keep a large amount of momentum in the space.
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According to a new report “The worse days were early this week when the sell-off in major cryptocurrencies spread across the entire sector. This means that money cashed out from one cryptocurrency didn’t flow to other cryptocurrencies, but moved to cash or to other investments.” This continues to show the aforementioned bearish signaling for the market, helping to ensure that prices will likely continue to rise into the near future. Momentum in the space has continued to charge forward as is characteristic with the cryptocurrency industry, and not many other investor markets.
Although this technical analysis isn’t alone enough to understand that the market still has a large amount of potential, it does seem like the increasing influx of investors will help to keep the sector alive. As the market is able to grow in strength and age, the hopes are high that these coins that have started the cryptocurrency revolution will continue to display how their groundbreaking technology has a high ability to transform the crypto space. Until then, only time will tell what occurs in this volatile and lucrative market.