Cryptocurrencies are in the green today after a broader selloff yesterday. Bitcoin (BTC) breached the resistance level of $8000 today after social media bans helped bears to control the market. Bears had strongly capitalized on pessimistic reports from regulators and advertisement companies – who are raising questions over the credibility of crypto markets.
Bitcoin price declined close to 11% in the last seven days, due to the impact of Twitter ad ban. The largest crypto coin is down more than 60% in the previous three months.
Traders and analysts are divided on how the markets will behave in the days to come. Some analysts believe that traders reacted aggressively to all the controversies, resulting in a free fall in prices. They also predict the crypto market volatility to extend in the next six months.
Jordan Hiscott, Chief Trader at Ayondo markets, said, “Certainly the halcyon days of performance gains from 2017 seem long gone, and in my view, this could be the situation for at least six months”.
Source Image: coinmarketcap.com
Altcoins also started posting gains today following a two-day selloff. Cardano (ADA), EOS (EOS), NEO (NEO) and Stellar (XLM) are among the most significant gainers. EOS price jumped more than 7% today to $6.31 at present, up significantly from 4 month low of $3.96 on March 18. The distribution of Everipedia coin to EOS holders supported the uptrend. NEO price surged more than 7% today after posting the loss of 21% in the last seven days.
Altcoins are soaring at a faster pace than bitcoin today, due to lower than expected response from Asian regulators. Asia accounts for the majority of altcoins trading volume. South Korea and Japan, the two largest Asian cryptocurrency markets, are hardly reacting to crypto mania compared to their previous hard stance. Japan has been taking steps to register crypto exchanges, while South Korea is planning to streamline cryptocurrencies in the days to come.