RATE Group | Crypto Market Defends $100 Billion But Traders Generally Not Optimistic
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Crypto Market Defends $100 Billion But Traders Generally Not Optimistic

17 Dec Crypto Market Defends $100 Billion But Traders Generally Not Optimistic

Posted at 08:46h in Cryptocurrency News by

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On December 15, the crypto market was at risk of dropping below the $100 billion mark in total valuation for the first time since Aug 1, 2017.

Since then, the market has slightly recovered as its valuation increased from $100 billion to $104 billion. But, many traders and cryptocurrency technical analysts remain cautious toward the short-term trend of the asset class.

Not a Good Period For Crypto

Since early December, the majority of major cryptocurrencies and small market cap tokens have consistently shown extreme volatility in a low price range, demonstrating no signs of a trend reversal or a proper bottom.

As the Bitcoin price dropped to a new yearly low at $3,122 on Saturday, a fairly high number of investors were quick to call a bottom and begin accumulating the asset.

Hsaka, a cryptocurrency technical analyst, said that the price trend of Bitcoin is in no way positive and that no trend reversal can be confirmed until it breaks out of several resistance levels below…

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