Crypto market overview: Bitcoin hovers above $6,600as crypto experts wait for upcoming bull’s assault
|- Crypto market is rangebound during early Asian hours.
- Experts point out the sellers fatigue, buyers are on the way.
All major coins are trading marginally higher on Monday, but low trading volume and non-existant volatility implies that we are in for a rangebound trading at least until the European and American crypto traders join the game.
Bitcoin is hovering above $6,600 handle mostly unchanged both day-on-day and since the beginning of Monday. Ethereum, the second largest coin by market value is changing hands at $233, having recovered from Sunday’s low at $225. Ripple’s XRP is still the best-performing altcoin out of top-10 with 3.5% gains since this time on Sunday. XRP/USD jumped to $0.6227 on Sunday, but the movement proved to be unsustainable as the price retraced to $0.5920 by press time. Stellar (XML) and IOTA showed nearly 2% growth on a daily basis, while the rest coins in top10 stayed mostly unchanged.
What’s going on
While the coins are snoozing in tight ranges, crypto experts and analysts brace for a strong recovery, pointing out market’s seasonality and a number of technical factors that signal about the upcoming rally.
“September is coming to an end and a very interesting quarter is about to start. Does it remind you of anything? Oh yes, it reminds me of last year’s bull rally. It appears to me that a similar momentum could be building up again. This must be music to those who are suffering from heavy losses in the crypto market,” Naeem Aslam from Think Markets U.K wrote.
Meanwhile, Mike Novogratz and Tom Lee - both are famous crypto enthusiasts - have pointed out that the sellers are exhausted. This theory is confirmed by the fact that Bitcoin price stayed above $6,000 handle during the recent sell-off and created a series of higher lows.
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