- After it’s recovery from below the $7k level, people might be getting their hopes up on Bitcoin.
- Looking at today’s volume so far though, things have been pretty high.
- According to Joseph Young, Bitcoin is currently testing the conviction of its long term investors.
After it’s recovery from below the $7k level, people might be getting their hopes up on Bitcoin. However, the selling pressure is still very much in action.
Looking at today’s volume so far though, things have been pretty high. A good example is Bakkt, which has almost 2000 BTC in volume so far.
So the flagship currency looks like its getting rid of its weak hands. This is a term used to describe investors who lack the confidence and conviction in their strategies and eventually sell their position.
According to Joseph Young, the popular cryptocurrency analyst, Bitcoin is currently testing the conviction of its long term investors.
He said on Twitter earlier this week:
“The sell pressure on bitcoins seems to be too intense.
Now, most major cryptocurrencies like Ethereum, XRP, etc. are in the negative year-to-date.
This will test the heart of investors and entrepreneurs in the space, especially coming down from a big spike to $10,600.”
“$5k $4k $3k, I’ll always be here, confident in the long term growth potential of the entire space”.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Young noticed something important though.
The overall market cap currently stands at around $190 billion, this was a level that was also reached in April this year when the popular cryptocurrency was trading at just $5k.
In October, valuation of the crypto market was $255 billion. Today, it is $184 billion, down by more than 27% in less than two months.
It’s actually nearing April 2019 levels when BTC was $4,900.
Shows most small market cap cryptos have essentially nosedived in Oct-Nov.
— Joseph Young (@iamjosephyoung) November 25, 2019
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
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