Bitcoin, Ethereum Leads Crypto Market Rebound; Renowned Traders Prepare for Another CrashAug 15, 2018 at 22:03
The entire crypto market is on the rise as two of the biggest cryptocurrencies managed to recover their value in the past 24 hours but some traders are still skeptical whether the cryptocurrency’s rebound will be a long-term scenario.
Bitcoin led the overall positive moment of the crypto market as it improved by 4.6 percent with a value at $6,300 territory with a market cap at $109 billion.
Meanwhile, Ethereum recorded a 7.2 percent growth with a value now at $285 and market cap of $28 billion.
Top altcoins, XRP grew by 9.12 percent while Bitcoin Cash went up by 4.11 percent with values now at $0.29 and $516 a piece, respectively.
On the other hand, EOS is now at $4.68 (5.83 percent growth), Stellar at $0.22 (3.26 percent growth), Litecoin at $55.77 (6.53 percent growth) and Cardano at $0.0975 (4.84 percent growth).
Despite the overall positive development, renowned crypto investor, Willy Woo claimed that the market may experience another drop before its next mid-term rally.
He noted that Bitcoin will likely test the $6,000 support level again, even if it reaches past the $7,000 mark.
Likewise, BitMEX chief executive officer, Arthur Hayes expressed that the lack of momentum, volume and stability in the market has decreased the probability of a mid-term rally in the near future and that the market will not be able to support a huge price upswing with its current price trend.
He warned that it is possible that Bitcoin continues its corrective rally towards the $7,000 mark and record a strong bounce before the next fall, but also mentioned that possibility that if BTC fails to secure momentum in mid-$6,000, it will once again fall below the $6,000 mark.