In the past seven days, the valuation of the crypto market has increased from $131 billion to $137 billion as the Bitcoin price slightly recovered to $3,960.
BITCOIN STAGNANCY SHOWS NO NEW MONEY ENTERING CRYPTO MARKET
The minor movement in the price of bitcoin despite the significant surge in the price of alternative cryptocurrencies suggest that existing money in the cryptocurrency market is moving – but new money is not flowing in.
Speaking to CCN, a cryptocurrency technical analyst known as DonAlt said that there exists a newfound optimism in the cryptocurrency market which may have been primarily triggered by the spike in the price of ethereum.
The bitcoin price has been relatively steady over most of the past three months. (Source: Coinmarketcap.com)
But, until bitcoin breaks $4,600 and makes its way towards $5,000 to $6,000, the trader said that it’s difficult to conclude the bear market is over.
CRYPTO MARKET SENTIMENT IS IMPROVING. WHY IS BITCOIN STALLING?
In recent weeks, prices of many crypto assets and tokens in the likes of litecoin and enjin coin have surged substantially against both bitcoin and the U.S. dollar, recording gains in the range of 20 to 100 percent.
Still, the price of bitcoin has remained in the tight $3,800 to $4,000 range, unable to cleanly break out of the key $4,000 resistance level for months.
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