- 4 days ago
Cryptocurrency prices continue to trend downward for the 10th day in a row, with worries of a Death Cross, as the top two cryptocurrencies Bitcoin and Eth fall below $32,000 and $2,000,.
Just a few weeks ago cryptocurrency enthusiasts were excited as Bitcoin and Ethereum’s Ether hit all-time highs. Bitcoin breaking $60,000 per coin and Ether climbing above $4,000. Those seem like the golden days. Bitcoin is down over 19% in the last 7 days, while Ethereum(ETH) and Cardano(ADA) are down almost a quarter of their value in the same time, and Dogecoin (DOGE) has lost almost 40% of its value in the last two weeks (i picked a bad time to buy that coin), the trend downwards has some worried.
The cryptomarket now in what’s called a death cross. A death cross means the average price movement for the past 50 days falls below the average price movement of the last 200 days. As such crypto-investors are not sure what to agree on towards what will come next with the market.
Some are saying it is critically important for Bitcoin, a standard-bearer in the cryptomarket, to hold above its spring low. That was just about $30,000. Falling below that would reinforce the crypto market death-cross and a not-so-bright future for the market.
While some have said that market death-cross have been precursors to market crashes, others have been more optimistic. The last death cross for Bitcoin was in March of 2020 where it lost 60% of its value. Then it droped from just below $10,000 a coin to just above $5,000 in less than a week. The happy ending to that death-cross, it then leaded to the highest historical rally in the cryptomarket. A 1,000% climb over the next year.
What will come next with the value of cryptocurrencies is anyone’s guess right now, but one cannot deny that what is happening with the crypto markets today will keep you on the edge of your seat, and have a definite impact on the future of this new marketplace.