Bitcoin and Ethereum going to the extreme ends of the trend chart is not new. Every kind of uptrend and downtrend in the cryptocurrency market begins optimizes and ends with BTC and ETH and it gets further reflected in other Altcoins.
The Friday crypto crash bought down the price of BTC, ETH and that of several other Altcoins with it. There is a selling spree in the market. Trades have picked up, but mass selling has not stopped. Those who are used to buying their dip are continuing their part in the ecosystem.
The 40% crash is making several believe that the overall market is heading to a break market that will be all stretched out. However, those who have been in the trading market through several market cycle have to state that the current downtrend is only temporary and that things are going to resume.
The worse dips do not shake the optimistic views of some analysts who have witnessed past dips to skyrocket back in the trend chart.
The volatility has been cited as a reason for why BTC will never make it to be a good store of value. Reportedly, Bitcoin volatility has been a rollercoaster. BTC tends to surge and decline between 4% and 10% when the volume is high; however, with more adoption happening the volatility is expected to decrease. The properties which are needed for Bitcoin to go mainstream is improving quickly.
Past history tells us that what goes down will come up and it is very true with BTC.
Analysts who have put some serious thought in to the status or BTC and ETH continue to be overall bullish for Bitcoin and Ethereum.
When there is a market pullback it has always been seen that Bitcoin comes off better out of it and also Ethereum. The price will surely recover. The optimism related to BTC and ETH does not however extend to other altcoins.
There are meme coins like the Doge Coin which attracted undue support and went abnormally high. And, when the reality dawned, it so happened that the story will never repeat again.
Joseph Lassen expressed: “Dogecoin Doge. The Elon Musk led chain is the second most overvalued by Metcalf at 51.2%. To be honest, any true investment analyst would say its intrinsic value is zero, but Metcalf knows nothing of financial analysis, only number of nodes.”
It is funny that meme tokens rise to such high price without any fundamentals, valuation strength or utility. Dogecoin and similar coins are the riskiest of assets with no promise. They are full of hype.
Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.
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