Where is the cryptocurrency market heading?
In the last few days the cryptocurrency market has showed high levels of volatility and a clear bearish trend.
On February 28th, Bitcoin went down by a 5.84%, reaching the bottom at $43418.02. It lost $2,691.96 from the previous close. Meanwhile most of the altcoins followed the same trend.
Taking a look at the charts of Ethereal (ETH), Binance Coin (BNB), Polkadot (ADA), Litecoin (LITE), ChainLink (LINK) and Dogecoin (DOGE), it is clear that also the altcoins went down in the same period. In particular:
ETH fallen from a value of $1935.60 on February 21st to $1416.05 on the 28th of February
BNB fallen from $332.62 (February 19) to $209.57 on the 28th of February
DOT fallen from a value of $39.569 to $31.081 on February 25th
LITE on February 19th had a value of $236.68. On the 28th of February reached the lowest price of $164.93
LINK went down from $34.15 on the 21st of February to $24.66 on the 28th of the same month
DOGE fallen from a value of $0.0566 (February 24th) to $0.0481 on the 28th of February
However, after this recent pullback, Bitcoin crossed again above $50.000 (see the chart below).
Analysts believe that if the price of Bitcoin can stay above $50000, it would definitely put an end to the pullback moment and lead the entire cryptocurrency market toward a new all time high. Data related to the altcoins support this prediction. In fact today, as well on March 1st and 2nd, Bitcoin and most of the altcoins have been showing positive trends. In the map below you can see the 24H trending of Bitcoin and some of the altcoins.
Finally more and more companies as well as institutions are showing interest in Bitcoin and in cryptocurrency in general. Tesla, as well as MicroStrategy, have already invested Billions in Bitcoin.
This increasing of interest and the positive data collected from the market support the prediction of the analysts.
A new bullish season is expected to come.