Valuation of Crypto Market Slightly Declines But Bitcoin Price Shows Stability

[Zurcemozz]

Tokens are Showing Massive Volatility
Earlier this week, on August 17, VeChain, Ontology, DigixDAO, Nano, 0x, BAT, and other tokens recorded some of their strongest performances against Bitcoin. VeChain and Ontology in specific rose by over 70 percent against the US dollar, recording 30 to 60 percent gains against Bitcoin and Ethereum.

But, on August 18, the prices of tokens plunged, possibly due to the overreaction from investors to a minor corrective rally that led the bitcoin price to increase from $5,850 to $6,400.

Cryptocurrency trader and FX market maker trading analyst Alex Kruger suggested that investors overplayed their hands during a short-term recovery that was triggered by strong oversold conditions demonstrated by the crypto market.

He emphasized that while the corrective rally of Bitcoin was largely beneficial to the market as it provided breathing room for other major cryptocurrencies and tokens, the successful breakout of the $6,000 mark by BTC did not mark the start of a proper rally.

Source link : https://www.ccn.com/valuation-of-crypto-market-slightly-declines-but-bitcoin-price-shows-stability/