Bitcoin Now Finds Stability At $3400: Analyst Draws Line Between Dotcom Bubble And Crypto

After a week of lower lows, the entire crypto market on Tuesday and Wednesday stabilized, as Bitcoin was found today trading in the range of $3300 and $3500.

In the last 24 hours, the aggregate market cap of all cryptos barely made a movement; it rose by about 1.2% from $1.4 billion to $111.39 billion, compared to the $109.9 billion seen yesterday.

Just like the values of crypto asset, exchanges’ volumes have started slowing, with 24 hour volumes totalling $5.9 billion, indicating a loss of $1 billion, from its initial $6.9 billion.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$9,977.00
-2.85%
Ethereum (ETH)
$210.81
-2.20%
Bitcoin Cash (BCH)
$298.52
-3.27%
XRP (XRP)
$0.309742
-2.73%
Litecoin (LTC)
$90.22
-3.02%
Bitcoin Gold (BTG)
$22.31
-13.69%

Statistics from CoinMarketCap has revealed the volume dissipation, as its volume in the last 24 hours dropped to $11 billion to $13 billion. Though BTC experienced a small rise on the night of Tuesday to Wednesday morning, rising high to $3460, Bitcoin remained calm without falling or breaking out through any resistance or support key levels.

Currently, the asset is found at $3414.36 indicating that Bitcoin has found a stability semblance in the range of $3400. Over the last 24 hours, Ethereum (ETH), XRP, and Litecoin (LTC) Followed the footsteps of Bitcoin (BTC) with precision, making gains under just 1%.

Other noticeable outliers includes EOS, which saw a gain of 4.13% after experiencing a gloomy week, both Bitcoin SV (BSV) and Bitcoin Cash (BCH) lost 2%, and Tezos (XTZ) which surged by 15.42%, largely attributed to the announcement made by Huobi Global to support the network.

Investment director at AJ Bell, Ruis Mould, while discussing with Market Watch’s assistant market’s director, William Watts compared the boom and bust experienced by cryptos in 2017/2018 to the Dotcom boom.

Mould said that the performance of cryptocurrencies all through the year 2018is similar to the ones seen earlier, adding that the market status today will breed cruel bear traps, which will tend to take HODLers of crypto further below.

He then gave an explanation that Nasdaq during its 2003 collapse, on countless occasions, strived hard to break out, but couldn’t achieve this feat. This is not too different from the stints of Bitcoin at $10,000 then to $6200 and now $3500.

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