At the present moment, the crypto market is in a positive mood. The market sentiment is as optimistic as it was during a similar period last year. Till this point, the market was gloomy and hardly a few people were expecting it to come off the bottom. Going by the present scenario, crypto traders, and investors expecting the market to enter the bull trend and this time, it could be bigger than before.
There was a time, around a couple of years ago, when very few people knew about the crypto money and its functions. Bitcoin was the only know, and very few were aware of what it really is. People were looking at it as a scam or new bubble. It was a toy for computer geeks, and it did not have much of market value or consideration. At that point in time, the value of one unit of Ethereum was $15, and the rest of the altcoins were not even under consideration. Total market capitalization was about $20 billion which is about 10% of what it is at the present.
But then the market saw which it wanted to see, the bull trend was active Crypto prices got exploded, and charts went into parabolic structures. May 2017 was really a great month for the crypto market. The momentum market caught in May lasted until the end of that year.
Travis Kling said,
“In late 16 the vast majority of the world had no idea what any of this was or what its potential is. This time is different. Awareness is massively higher. That’s going to make a reflexivity act that much crazier.”
But, now even mainstream media is also taking cryptocurrency seriously and is following its movement regularly. Separate slots, space is kept for this new form of money now, and even social media platforms have created constant discussion on the real-time crypto prices and future of them.
People are more aware of the crypto than ever before, and they are interested to know more about it. Most of the crypto enthusiast plans on investing in the market or trade in them. The market is still in the accumulation phase. As per the claims made by a few analysts, “The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs.”