Cryptocurrency market lull is over, what comes next?
|- Bitcoin and major altcoins stay in red during early Asian hours
- eToro's Mati Greenspan waits for Bitcoin to recover from lethargy.
Bitcoin and all major altcoins are in red, losing from 1% to 4.5% on a day-on-day basis.
BTC/USD stays marginally below $6,400 during early Asian hours. The digital coin No. 1 has recovered from Thursday's low at $6,354, but the upside momentum is too weak to take it above critical resistance.
Ethereum and Ripple's XRP are losing over 2% since this time on Thursday amid growing downside pressure. ETH/USD is testing waters below $203.00 handle, a stone throw from $200, while XRP/USD is trading at $0.4623 with a bearish bias
IOTA is the worst performing coin out of top-20. IOT/USD is changing hands at $0.4927, down 4.5% on a day-on-day basis. A sustainable movement below $0.5000 clouds the short-term technical picture for the asset.
Lull is over
According to Mati Greenspan, a senior market analyst at eToro, the crypto market lull is coming to an end as the rising transaction speed creates a new wave of excitement on the market, which will eventually let us escape the tight ranges.
“Of course, the flatline pattern could easily remain for another few months and that wouldn’t be a bad thing, however, there are signs of excitement boiling underneath the cool price action exterior. This is a classic indication that we’re nearing the end of the flat cycle,” the expert explained.
Transaction speed is currently regarded as a major roadblock on the way to cryptocurrency mass adoption since it is out of the way, the industry development will gather pace.
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