Crypto Market Rallies, Are The Bulls Back?
A quick look at the trends on Twitter earlier today reflects bullish sentiments of the cryptocurrency market. This have been a missing sentiments for quite some time now with bear market being dominant giving rise to Fear Uncertainty Doubt (FUD), losses and as far worse as people taking their lives following the LUNA/UST crash.
At the time of writing this post, the global cryptocurrency market capitalization is now over a Trillion with 4.3% rise in the last 24 hours according to Coingekco good to see positive price movement giving the market cap a healthy look.
Looking at coins of interests Bitcoin, haven dipped to a seven day low of $19,113 the king of cryptocurrency have been displaying bullish momentum from last weekend to a current price of $22,239. The question is, was 18k the bottom back in June or the current rally is just a short term pump? It is always anyone's guess when it comes to cryptocurrency price movement.
It is often Altcoins reacting to Bitcoin's movement either bull market or bear market, Ethereum have been on the charge for a coin trading at $897 precisely 30 days ago ETH currently trades at $1,485 a 36.7% jump against BTC's 8.5% 30 days price movement.
Hive had its impressive rally earlier on back in June peaking at 60 cent and doesn't seem to be having bigger jump currently but a gradual kind of bullish momentum which sees the token at the moment exchanging hands for $0.45.
Have a look at LEO currently trading at $0.073, a week ago you would have picked some LEO at $0.058.
SPS at a seven day low of $0.043 now breathing a sigh of relief from the bearish beating currently trades at $0.052 which is equivalent to 0.85 South African Rand, you get to realize this tokens aren't doing as bad as they look if paired against national fiat currencies.
From a personal perspective I think it is too early to say the bulls are now in charge of the market. I would like seeing this long bearish season over especially for those making a living through crypto.
It is just difficult to predict the next movement of Bitcoin, can't say if we might see a push towards $23K or a pull back down $19k. Testing 23k might be a good momentum we can do with.
Dollar Cost Averaging (DAC) remains a better option for those having trouble timing the market for buying the dip. (Not a financial advice)
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Bears are crying while waiting for another 75 Basis-Point rate hike.
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I hope the tears last longer they have dominated the market too long.
!PIZZA
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It seems the time to send the bears to sleep is approaching. The bulls are getting ready!
By the way, it's great that we're expressing our own opinions on a similar topic today.
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Nice seeing the market get a breather which is much needed, hopefully the bullish break isn't far off, or it could well be this is the beginning.
!PIZZA
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It is necessary to see this week in general, it will be clear by the end of the week whether this is a momentary rise or whether the bulls are taking the initiative back. Such rises are always exciting. I hope bull season is approaching. :)
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It's has been an exciting day for crypto Twitter, my feed was dominated buy bullish sentiments
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People need excitement, and such rises increase excitement. A little more rise can increase the speed of the rise.
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Lol yes it's been less exciting lately
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Very interesting buddy I read your article and I was like wow, similar thoughts!
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Exactly my friend. In general, our ideas and goals are similar. So it's normal for us to say similar things.
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Lol yes! Hivers, Lions, Splinterlanders we are 😃
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We're in the same community, we're in the same lodge, we're in the same discord group. And more.! Hahaha!
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Hahaha 😃😃👌
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I hope they are back!!
I hope so too!
!PIZZA
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You are welcome Rose
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DCA is a great idea.
I do however think the difficult time is not over yet.
The interest rate continues to go up, the cost of living continues to increase, my thesis is there may not be enough hot money to reverse the down trend for now.
There's just no that extra funds left to save let alone invest, cost of living is increasingly becoming unbearable, it requires a lot of discipline to stay afloat and away from debts.
We might not be out of the bear market yet, we will see.
!PIZZA
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I’ve been seeing the same things as you …I’m happy to have a market recovery. But I’m also neutral about more downside’s
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On the development side the bear market have had some coding away, which I wish the crash could wipe out more of those projects with nothing to offer but if the bulls are ready to take charge they are more welcome
!PIZZA
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True that. People will remember these days of purge in the future, I hope more viruses haven’t attached themselves to crypto more by then
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No doubt this have been one hell of a purge that will be remembered for a long time.
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Yipppee! I love this post so much. Thank you for writing about the current trends in the market. I am feeling your exact same sentiments. My hope is we are moving out of the bear market, but it seems too early to really say that it is. Do you believe the war is having a substantial impact on crypto or is this the result of COVID still on our global economy?
Thank you Rose 🙂
I am hoping this is the momentum needed to move the market to bullish season. Bitcoin almost test 23k in the last 24 hours which is a promising sign.
I strongly think the war is destabilizing the global economy in several ways with crypto market feeling the effects as well, Covid might have subsided but the effects still lingers most that were retrenched due to the pandemic are still at home unemployed like myself, there's almost nothing leftover to invest in crypto for the average and less average person.
It's crazy out there, thankfully we have the entire Hive ecosystem to keep us going in hopeful ways.
!PIZZA
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Yes I understand the feeling right now. It's crazy times and the Hive ecosystem is very helpful. I hope crypto continues to rise. It would be GREAT timing. :)
Prices are way too hard to predict and I agree that DCA is easier for anyone who doesn't want to time the market. People just need to do their research and invest into something with a solid roadmap and development.
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It does boils down to projects being invested in, every bull market calls for shitty projects come to life, this is where most fall into scams followed by lose of money.
!PIZZA
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