For the first two weeks, the market rose for about 4-5%, which is not so great but still gave a sign of relief to investors, but this sudden drop could turn out to be fatal.
By the end of the week, on Sunday, the market stabilized a little bit, but the losses over the weekend still stood up high and the day ended without getting bullish. Over the analysis of the International exchange books, the buy-side is thin. This phase of the market cannot turn around in just a few days with such conditions.
As expected, Monday was also served by a weak market. During the day, about one-third of the coins in the Top 100 gained around 1-2% whereas, coins and tokens based on metaverse and attention on browser lost around 5% in their prices.
By the end of the day, bitcoin endured a loss of about 0.5%. This is not the first time the market has taken such a dramatic turn, though its impact was seen globally.
A turn-around was seen in the crypto market globally on Tuesday where popular coins like bitcoin gained 0.5%, whereas, others like Ether and bitcoin cash gained 4% and 8%, respectively.
This uptrend in the market was unpredictable which left the spectators in awe and even after deep analysis, no pattern was observed. Around 80 coins out of Top 100 Coins and tokens, were seen in the green zone even though the price raise was less than 2%.
Tuesday brought new hope for the investors and traders as a lot of losses were recovered. The uptrend started on Tuesday continued on Wednesday as well with its slight bullishness. The market stayed quite stable compared to the rest of the week and by the end of the day, the price variation was close to 1 to 2%. The top gainers were Ether and Elrond with a rise of around 4-5% and the coins which took the hit were Bitcoin Cash and Tron tokens.
Experts predicted that the stability would continue for the rest of the week based on the graphs and patterns studies with all coins and tokens. Though the gains were not significant, a better gaining market was seen on Thursday. The gains for most coins were seen in the range of 0.5% to 2%. A part of the Top 100 coins and tokens saw a decline in prices such as Synthetix which lost about 5% in price mostly during the later part of the day, whereas meme coins like Shiba Inu saw an increase in price by close to 4.5%.
The stability of the crypto market continued on Friday as well. The variation of prices was in the range of 0.2 to 5% overall. Around 80% of the top 100 coins and tokens saw a price increase, whereas some coins were lost, but the loss was insignificant.
The weekend brought some relief to the investors and traders as the marketing stability continued and no signs of a bullish market were seen. The upcoming week is also expected to continue with the stability and a slightly uplifting in the prices can be expected globally.
Though some fluctuations are expected with coins and tokens based on the Ethereum blockchain considering its merger, the direction is currently unpredictable but the results will be out soon and better judgements can be made accordingly.
(Sathvik Vishwanath is Co-Founder and CEO Unocoin.)
