It has been a crazy 24 hours for the crypto markets which saw the markets look the bleakest they have done for a while to a sea of green as nearly $300 billion is pumped back into the markets. A quick glance at the top 100 cryptocurrencies will show that the momentum is back within the markets and the natural question being posed now is, what’s next?
Yesterday the price of Bitcoin fell all the way to $47k. This was touted by many technical analysis experts as a possible low and while many of them predicted a bounce no one as far as I can tell predicted how dramatic and fast that bounce will be.
About a week ago, the crypto market had a value of around $2.3 trillion dollars, at one point yesterday that value was slashed to $1.75. At the time of writing the market is now worth almost exactly $2 trillion which emphasizes what a rollercoaster ride it has been for crypto holders.
At the time of writing Bitcoin has passed the 1 trillion dollar market cap once again with its price hovering around $53.5k. Meanwhile, Ethereum is close to breaking all-time highs. XRP, Cardano, and Chainlink are just some other coins that have seen gains of over 10%.
We don’t really know what to expect over the coming days but it would be good news if we were to find some price consolidation at these levels. The amount of money that has left the crypto space should mean that there is an awful lot more to be put in and we expect to see all-time highs for Bitcoin and several altcoins in the coming month.
