Bitcoin & Crypto Market See Further Falls.
Good morning. The news over the past 7 days is that the crypto market has seen further falls and it looks like crypto is in a shakeout phase. Will the dip continue?
Let me give you a quick round-up of the crypto market.
Bitcoin Price - $60,745.43 Down 7.5% over the past 7 days.
Ethereum Price - $3,350.01 Down 2.8% over the past 7 days
Bitcoin Analysis.
Bitcoin has seen further falls this week and is down 7.5% over the past 7 days.
The range high for the period was $66,060 and the low $59,945.
There has been a slight bounce in price to the upside in the past 24 hours but Bitcoin is still in its post halving re-accumulation phase trading between $60,000 to $70,000.
Altcoin Market Update
The altcoin market has seen further falls this week and it seems that the altcoin market is in a real funk at the moment.
The range high for the altcoin market was $1.209 Trillion and the low $1.108 Trillion.
On analysis of the market and listening to various other crypto analysts it seems that the problem at the moment is that there is an over supply of crypto tokens flooding the market which is diluting the capital entering the market hence the altcoin markets sluggish performance.
Also, we have not seen the retail investors enter the crypto market yet and its the retail investors capital that generally drives the bull run.
So at the moment, it is time to sit and wait the crypto funk out.
A recovery and the parabolic phase of the bull run will happen but market conditions don't support this just yet.
Crypto Coin To Watch
Today's crypto coin to watch is Injective (INJ) which is a layer 1 blockchain and the INJ token powers the Injective token.
Injective is a highly promising crypto token that's touted to do well in the crypto bull run.
Whilst Injective has suffered over the past month, it has made a strong recovery lately and is up 12.3% over the past 7 days.
It has also started a strong rally in the past 24 hours and is up 13.3% in the past 24 hours alone.
This makes Injective a coin to watch over the coming weeks and months.
Key Statistics -
Price - $23.17
Market Cap - $2,249,585,213
Top 3 Crypto Gainers
Below are the top 3 crypto gainers over the past 7 days -
1)PLT - $3.50 114.9% Gain
2)MOG - $0.0000013 87% Gain
3)LFT - $0.20 85.8% Gain
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I hope you enjoyed today's crypto update and I'll update you again in the week.
Kind regards,
Grant James
The Investment of The Decade
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.