Some experts believe that we are just in a 'crypto fall'.
Fears about Cardano reaching $0.20 are looming.
Analysis
Some people say yes, it has arrived; some others say no, it has not happened yet. The fact is that the term ‘crypto winter’ has been widely discussed during these times when the cryptocurrency market has been suffering a bloodbath in its price action across the board.
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and the rest of the crypto sphere have been heavily hit by a strong selling wave as a result of a loss of steam in the market capitalization.
One of the most significant losers amongst the top cryptocurrencies by market cap is Cardano (ADA), which is currently hovering around $0.54. Its price action stood above $3.20 last year when it peaked.
Since then, the price has been losing ground in an unstoppable fall that is far from being blocked by demand in the near term. Then, around March this year, the altcoin suffered another sell-off due to the bearish momentum that the cryptocurrency market had.
Now, eyes are on the floor established by Cardano around the zero area, with the first hurdle at around $0.20, which is ahead of such a critical psychological zone, with fears of more selling pressure coming in the near term.
According to the weekly chart, the RSI indicator is nearing the oversold territory, implying that a possible floor is coming. Still, questions about the crypto winter remain unanswered: has it already started? And if so, when will it end?
Likely a 'Crypto Fall'
Neil Bergquist, the CEO and Co-Founder of Coinme, told Finance Magnates that we are likely in a ‘crypto fall’ rather than a crypto winter. “With that said, the flowers will bloom again, and there should be higher valuations in the future, and everyone will wish they had purchased more when fear was heightened. It’s important to remember that we’re still in the early days of crypto adoption, and billions of dollars are being poured into building crypto-based experiences that will substantially increase global utilization,” he commented.
Additionally, Bergquist talked about transitioning to a bear market as, according to him, we are currently witnessing a sideways stage across the crypto sphere. “As we transition to a bear market, I believe that BTC, which currently represents about 45% of the total crypto market cap, will help lead the crypto recovery, along with Ethereum as ETH2.0 gains public favor this summer. The general public will become more aware of the difference between proof-of-work and proof-of-stake, and many will see proof-of-stake as the future. Generally, altcoins tend to be more volatile than the large-cap cryptos, and during this recent sell-off, we saw them take the biggest percentage [in] losses. In all market conditions, it’s always best to take a balanced, long-term approach and dollar cost average of your purchases.”
It's Here...
However, speaking with Finance Magnates, Daniel Polotsky, the Founder and Chairman at CoinFlip, believes that the crypto winter is already here after Bitcoin dropped over 50% in its price from its all-time high of nearly $70,000 in November.
“However, it is important to keep in mind that large traditional finance institutions are also down 70-80%+ from their all-time highs. Historically, when we’ve seen cryptocurrency dip the economy has been strong. Now, in an economy that faces uncertainty, it’s actually showing resilience by comparison,” Polotsky said.
He added: “As of now, cryptocurrency bull and bear markets are indeed cyclical. They have typically revolved around the Bitcoin Halving, an event that takes place roughly every four years. During each halving, the block reward for mining a block of Bitcoin gets cut in half, meaning that the supply of new Bitcoin emissions is lowered, while demand remains the same.”
Moreover, Polotsky talked about projects like Uniswap, and how they were born during the crypto winter, as he argues that such a stage of the cryptocurrency market provides a ‘great opportunity for investors’ to accumulate cryptos at bargain-level prices.
“Projects like Uniswap began during [the] crypto winter, and plenty of massive companies such as Microsoft were born during recessions; building a fundamentally sound project or business will always triumph over hype in the long run. Even though Bitcoin and cryptocurrency are cyclical in nature, the highs and lows of each cycle have been higher than the previous one as the space continues to gain trust and utility."
Furthermore, the CEO and Co-Founder of Coinme clarified that trying to time the market can be ‘risky’ and emotionally taxing and asked to exercise caution during such times.
Some people say yes, it has arrived; some others say no, it has not happened yet. The fact is that the term ‘crypto winter’ has been widely discussed during these times when the cryptocurrency market has been suffering a bloodbath in its price action across the board.
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and the rest of the crypto sphere have been heavily hit by a strong selling wave as a result of a loss of steam in the market capitalization.
One of the most significant losers amongst the top cryptocurrencies by market cap is Cardano (ADA), which is currently hovering around $0.54. Its price action stood above $3.20 last year when it peaked.
Since then, the price has been losing ground in an unstoppable fall that is far from being blocked by demand in the near term. Then, around March this year, the altcoin suffered another sell-off due to the bearish momentum that the cryptocurrency market had.
Now, eyes are on the floor established by Cardano around the zero area, with the first hurdle at around $0.20, which is ahead of such a critical psychological zone, with fears of more selling pressure coming in the near term.
According to the weekly chart, the RSI indicator is nearing the oversold territory, implying that a possible floor is coming. Still, questions about the crypto winter remain unanswered: has it already started? And if so, when will it end?
Likely a 'Crypto Fall'
Neil Bergquist, the CEO and Co-Founder of Coinme, told Finance Magnates that we are likely in a ‘crypto fall’ rather than a crypto winter. “With that said, the flowers will bloom again, and there should be higher valuations in the future, and everyone will wish they had purchased more when fear was heightened. It’s important to remember that we’re still in the early days of crypto adoption, and billions of dollars are being poured into building crypto-based experiences that will substantially increase global utilization,” he commented.
Additionally, Bergquist talked about transitioning to a bear market as, according to him, we are currently witnessing a sideways stage across the crypto sphere. “As we transition to a bear market, I believe that BTC, which currently represents about 45% of the total crypto market cap, will help lead the crypto recovery, along with Ethereum as ETH2.0 gains public favor this summer. The general public will become more aware of the difference between proof-of-work and proof-of-stake, and many will see proof-of-stake as the future. Generally, altcoins tend to be more volatile than the large-cap cryptos, and during this recent sell-off, we saw them take the biggest percentage [in] losses. In all market conditions, it’s always best to take a balanced, long-term approach and dollar cost average of your purchases.”
It's Here...
However, speaking with Finance Magnates, Daniel Polotsky, the Founder and Chairman at CoinFlip, believes that the crypto winter is already here after Bitcoin dropped over 50% in its price from its all-time high of nearly $70,000 in November.
“However, it is important to keep in mind that large traditional finance institutions are also down 70-80%+ from their all-time highs. Historically, when we’ve seen cryptocurrency dip the economy has been strong. Now, in an economy that faces uncertainty, it’s actually showing resilience by comparison,” Polotsky said.
He added: “As of now, cryptocurrency bull and bear markets are indeed cyclical. They have typically revolved around the Bitcoin Halving, an event that takes place roughly every four years. During each halving, the block reward for mining a block of Bitcoin gets cut in half, meaning that the supply of new Bitcoin emissions is lowered, while demand remains the same.”
Moreover, Polotsky talked about projects like Uniswap, and how they were born during the crypto winter, as he argues that such a stage of the cryptocurrency market provides a ‘great opportunity for investors’ to accumulate cryptos at bargain-level prices.
“Projects like Uniswap began during [the] crypto winter, and plenty of massive companies such as Microsoft were born during recessions; building a fundamentally sound project or business will always triumph over hype in the long run. Even though Bitcoin and cryptocurrency are cyclical in nature, the highs and lows of each cycle have been higher than the previous one as the space continues to gain trust and utility."
Furthermore, the CEO and Co-Founder of Coinme clarified that trying to time the market can be ‘risky’ and emotionally taxing and asked to exercise caution during such times.
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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