BY Fintan Ng - October 11, 2018
Bear grip on crypto markets continue to loosen
There is a sea of red in the crypto markets with only tether among the top 10 coins eking out a gain over the 24-hour period.
Bitcoin’s price fell by 4.72% to US$6,309. 03 over the period, according to CoinMarketCap data while ethereum declined 9.33% to US$205.60. Tether saw a gain of 0.26% to just under US$1.
Analysts continued to point to the low market volatility as an indication that the bears are weakening, especially when, measured from bitcoin’s price, another higher low was achieved at close on Oct 10.
Bitcoin’s lowest close was on June 28 at US$5,903.44. Since then, it has closed above the crucial US$6,000 level.
“The lower volatility is an indicator that sell pressure is subsiding,” an analyst says, adding that the volatility levels since the beginning of the month is around 1% or trading volume of just under US$4bil over a 24-hour period.
Another analyst says the low overall market volatility has actually been good for certain altcoins, which have gained versus bitcoin.
However, the analyst cautioned that as long as bitcoin cannot break above US$6,800, investing in altcoins carries a lot of risks.
“Don’t bother putting money in those that have shown gains, its better to look at some of the other promising altcoins that have not seen much gains,” the analyst says.
The analyst noted that altcoin prices have so far held against bitcoin, with the drop in prices mainly coming from trading against the greenback.