The cryptocurrency market is looking stable to around $250 billion since from the start of this week. And its looking that market is struggling to sustain its position in coming week. Now according to many experts what's required for pushing bitcoin back to its all time high position.
Do you know that many of the short term investors are now feeling helpless in this stuck in situation. And even they have found no way to escape.
Many of experts said that this corrective rally requires strong volume. On June 25 the daily trading volume of ether the native currency of ethereum blockchain protocol has gone to $1.3 billion on June 28 (over 56% decrease). Meanwhile, the volume of Tether has risen, signifying the high volatility and uncertainty in the cryptocurrency sector.
So overall to break this situation many of the top experts gave their opinion that at this rate, the bitcoin price could dip as low as $5,800 in the short-term, especially if the daily volume of BTC does not spike by a large margin in the next 24 to 48 hours. So, more new investment is required to increase a substantial surge in both price and volume.
Referring Article:
Now this is the one reason which I think the cause of downtrend of crypto prices, what's are the others if you know any other reason, which you think is the reason of this downtrend.
Please share your opinion in the comment below.
Thanks,
@syedaamir