Crypto Market Cap Down $150 Billion from May’s High
In the beginning days of May, the cryptoeconomy’s rise to a market capitalization of $464 billion USD from April’s low of $247 billion had many hoping a bull run was forming. That sentiment’s been dispelled in the three weeks since, though, as $150 billion has left again, bringing the crypto market back to levels seen in mid-April
Up We Go … Down We Go
At press time, the cryptoverse’s market capitalization is hovering just over $311 billion, with the grand question now for traders being whether the slide will continue below $300 billion.
No one knows for now, of course.
It’s clear that the market has moved into the territory of its April 2018 levels, which have been conventionally seen as forming the bottom of the cryptoeconomy’s collapse from its all-time high of $835 billion on January 7th, 2018.
What remains to be seen is what is fundamentally driving this acute slide. It could simply be the organic ebb of the market’s processes, crypto projects selling off their raised funds for liquidity, MtGox trustee activities, bitcoin futures, or even the kinds of market manipulation that the United States’ Department of Justice is now probing.
The beginning-of-the-year theories no longer suffice, of course. It’s not the Chinese Lunar New Year this time. Nor Tax Day sell pressure. Now the space’s analysts and soothsayers will have to arrive at new conclusions, especially seeing as how developments on the adoption front have been rather excellent as of late in the ecosystem.
This Week, BTC’s Fared Better Than Other Big Caps
Unsurprisingly, bellwether cryptocurrency bitcoin (BTC) has weathered the downward market chop over the last week better than almost all other big-cap cryptos, having lost 13.84 percent in value in that span.
In comparison, ether (ETH) lost 24.84 percent this week. Other big short-term big-cap losers include Cardano (ADA), IOTA (IOT), Tron (TRX), and Bitcoin Cash (BCH), which lost 26.55 percent, 19.35 percent, 19.32 percent, and 23.82 percent respectively over the past seven days.
That’s very little time in the grand scheme of things. But it shows that “promising” doesn’t mean constant “performance.” The fledgling world of crypto trading is largely inscrutable. Sometimes you’re up, sometimes you’re down.
And then sometimes everything is down, with some, like bitcoin, just less so than others. We’ll have to wait and see how the market reacts from here. It could get worse before it gets better. Or not.
No one knows for sure.
What’s Ramiro Say?
Bitsonline’s resident technical analyst Ramiro Burgos naturally has his own ideas about where bitcoin is going in the short-, mid-, and long-term.
If a reversal movement picks up steam, Burgos thinks the BTC price objective “would be considered over $12,000.” Conversely, “if prices dip below the supposed bouncing levels, traditional supports are at $6,800 and $5,000,” he says.
If you’d like, take a further dive into his analyses for this week below.
What’s your take? Where do you think the market cap is heading as we enter into the summer months of 2018? Let us know in the comments below.
Images via CoinLib, Zeppelin