After a correlative rally on Christmas Eve, following Christmas and Boxing Day, in a period of 2 days, the market of cryptocurrency has lost at an approximate 18 million dollars. The price of Bitcoin has dipped below the 3,800-dollar mark after a promising surge in price of 4,300 dollars, and the price of Bitcoin Cash has indulged, suffered a huge decline from being at 230 dollars to 170 dollars within a seven day span, after losing a 26 percent value in the market against the U.S dollar.
Factors Behind Wild Volatility in Crypto
Investors in the cryptocurrency market have generally been positive in Bitcoin’s short-term trend and most of the other assets of cryptocurrency throughout the week has shown the dominating and strong recovery of cryptocurrency to the mid-range of the 4000-dollar mark although many analysts have already cautiously suggested that the market of cryptocurrency has still in a bear market and while it may be in the last phrase of a long downtrend year, a high level of volatility expected in a low-price range. Prior to a rally that has allowed to add over 40 billion U.S. dollars to its valuation on December 21, a trader of cryptocurrency with “The Crypto Dog” , the online alias said that a rally above the key resistance levels in the range of 5000 to 5500 U.S. dollar, which is unlikely in the short term despite some momentum major crypto assets that has showed.
Will Volatility Stop?
Until the market of cryptocurrency has shown stability at a high level in an extended period, the crypto market will continue to demonstrate the extremity in a volatile low-price range. In the past week, crypto assets volatility has shown was not accepted, due to the intensity of the movements on both upside and downside.
