Crypto Markets Crash Sharply in Just A Few Hours
Despite recent market optimism & positive news of large corporations adopting cryptocurrencies, the charts have been painted red. The price of Bitcoin has dropped from $4,200 to $3,800 reducing its market-cap from roughly $73,206,332,932 to $67,263,932,886 in less than 24 hours.
Other cryptocurrencies have followed Bitcoin's lead. Ethereum was trading above $160 and is now roughly at $140 which is a 12.5% drop. One of the hardest hit cryptocurrencies was EOS which managed to drop from $4.40 to a mere $3.59 which totals out to a near 18% dip.
Binance Coin was one of the few coins that managed to dip the least, with a drop from $10.53 to $10 a 7.66% stumble. Tether and other stable-coins are in the green with minor gains.
Many crypto experts and leading influencers are at a loss of words over the drop. Most are simply ignoring the drop, in hopes that the market will recover.
Barts & How They Affect Crypto
It is clearer now more than ever that what we have experienced in the past 72 hours was not a bull run, but a Bart.
Barts are a pattern observed in technical analysis that are recurring & common in crypto-trading in 2018-2019. They can be defined as a price surge, followed by a relative stable period & then followed by a sharp drop. They get their name from the cartoon character, Bart Simpson, as they oddly resemble his head.
Barts can fool many traders into believing that they are in bull-run territory and that prices are on the increase, only for the price to drop sharply.
As for the price of BTC in the long term? Despite the drop, the sheer flurry of public interest and corporations adopting cryptocurrency seems to signify that the market is heading up. One could very realistically see Bitcoin trading at $5,000-$6,000 by August 2019.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado