Bitcoin & Crypto Experience A Sharp Sell Off. What Happens Next?
Good morning. The big news in crypto this morning is that there was a sharp crypto sell off in the crypto market last week which meant many crypto coins saw a steep fall.
Will this continue or are we on the brink of major rally?
Let me give you a quick round-up of the crypto market.
Bitcoin Price - $69,432.73 Up 0.5% over the past 7 days.
Ethereum Price - $3,669.66 Down 3.8% over the past 7 days
Bitcoin Analysis.
Bitcoin is still in its post halving re-accumulation period where Bitcoin is generally trading between the $70,000 to $65,000 range.
Bitcoin has risen slightly over the past 7 days and is up 0.5% over the past 7 days despite a strong sell off last week.
Bitcoins range high was $71,703 and the low $68,544.
Bitcoin has not seen a rise or fall in the past 24 hours.
Altcoin Market Update
The altcoin market took a bit or a hammering this week with many altcoins seeing a sharp reduction in price.
The altcoin market is starting to make a slight recovery this morning with many altcoins seeing minor gains.
The altcoin market range high this week was $1.38 Trillion and the low $1.30 Trillion. The altcoin market cap sits at $1.31 Trillion today.
Are we on the first post halving altcoin rally?
Technically when we see a sharp sell off, we see a recovery, rally as investors buy the dip however, in order to see altcoins enter the parabolic phase, we need Bitcoin to start it's parabolic move, then Ethereum then the larger altcoins and then the smaller altcoins will make a major move.
So I don't think we are there yet.
The altcoin market is still in an accumulation period and hence there are lots of bargain altcoins out there at great prices.
Crypto Coin To Watch
Today's crypto coin to watch is PYR (Vulcan Forged) which is a web 3 crypto game that is gaining in popularity and is part of the hot crypto gaming narrative.
Like many tokens, PYR saw a dip this week and is down 2.1% over the past 7 days but is down 6.2% in the past 24 hours.
The range high over the past 7 days was $6.53 and the low $4.66.
Key Statistics:
Price - $4.66
Market Cap - $111,325,368.
Top 3 Crypto Gainers
Below are the top 3 crypto gainers over the past 7 days -
1)Normie - 15011729.1%
2)Benjie - 310.9%
3)Chomp - 229.1%
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I hope you enjoyed today's crypto update and I'll update you again in the week.
Grant James - Crypto Investor & Analyst
Nothing in this email should be taken as financial or investment advice. This email is for educational purposes only.
Cryptocurrencies are volatile assets and there is a chance that you could lose some or all of your money.
If you invest in crypto investments do your own research and never invest more than you can afford to lose.