It would appear that we’ve had another bearish weekend in the cryptocurrency market. Weekends like this happen often. Bitcoin fell 1,500 USD again and at one point it traded at 11.396.08. The US stock market also appears to be dealing with a loss too, so this is an important point to take note of. Bitcoin lost 2.05% of the daily trade but when you look at the weekly trade, you will soon see that it’s been somewhat stable. It’s down by 0.10% over the week but this is actually neutral for the most part. The technical analysis for the week remains to be bullish, however. The US chairman went on the record to say that Bitcoin is not being used to make payments that much. It’s hard to understand this point of view because the trading volume for Bitcoin is the same as Visa or even Mastercard. This could mean that Bitcoin is a speculative asset, very much like gold.
ETH remains to be the second-biggest currency around when you look at the market capitalization. In third, you have XRP. This stands at 14 billion USD. ETH appears to have lost over 1.68% in value when you look at the last 24 hours and it is now trading at 270.31 USD. Ripple’s XRP is in the red zone too, it’s been at 3.68% in the last 24 hours. When you look at the week, however, you’ll soon see that it’s been at 14.92%.
It would appear that only two assets out of the top 20 are in the green. This includes Monero and ChainLink. Monero appears to be up by 0.51% and LINK is up by 2.81%. This is especially the case when you look at the daily scenario. That being said, it is now down by 4.06%. The market capitalization is of $311 billion for the US market and this has a trading volume of $64 billion USD. It went down by 4.5% in the previous week too.
Mihai Alisie is worried about the Libra project from Facebook, however. He believes that the social media company is trying to outwit their regulators, as this would give them the chance to bring a currency that isn’t decentralized. This could also pose a risk for users too.
So it would appear that the market is in the red this weekend, but there isn’t anything to be worried about. Sure, the last few weeks have been very profitable, but the market tends to go bearish at the weekend. This is a slow weekend for a lot of digital assets but there is a chance that the market is going to be picking up again on Monday. In the meantime, it’s important that you keep on observing the market just in case the other coins start to trend. The most important thing is for you to do your own research on the market, so you can make a great decision based on facts alone. It is also critical for you to have your own trading plan so that you can carry it out with patience and even discipline too. You might not be able to make a profit in a matter of minutes, but you will know what you are doing, and you will also be able to do it responsibly.