For the first time in 2021, the global market behavior has remarkably started to weigh in on whether cryptocurrencies are a holdable store of value or not.
While past events have taught everyone to panic sell in times of uncertainty in most cases, a major chunk of crypto-owners and traders refused to sell their assets in the past 4 days, signaling steady market growth in the face of emerging regulatory measures and restrictions imposed by numerous governments across the world.
More and more people are using crypto.
— CZ 🔶 Binance (@cz_binance) June 17, 2021
Although it isn’t much, Bitcoin fell just 2 percent overnight, owing to stimulus from bullish investors who believe that a big stretch of green will soon arise from July onwards. At the time of press, one BTC was trading at $38,944, a little shy of the $40,000 round-number level seen as key by most chart watchers, according to Glassnode.
#Bitcoin Liveliness is a macro indicator for market spending patterns
Uptrends indicate more Coin-days are being destroyed than are accumulated (bearish)
Downtrends indicates more coins are dormant, HODLed and accumulating lifespan (bullish)
— glassnode (@glassnode) June 17, 2021
The story was similar in the lower caps, with coins such as Ethereum, Binance Coin and LTC withstanding one or two hits in the last 24 hours. At the time of writing, Ethereum was down 3 percent to $2,403, LTC 1.4 percent to $172.9 and Doge 1.6 percent to $0.31.
Binance Coin, the fourth biggest cryptocurrency by market cap, was trading at $363.2—a slight recovery from last week’s undulating dips.
Cardano recently broke the trendline resistance of a falling wedge pattern as well, ascending a few levels to $1.54, after falling by 1.9 percent on Wednesday night.
Polkadot, the ninth largest cryptocurrency by market cap, is perhaps the performer of the past two weeks, despite taking a miner dip of 1 percent to $23.9 at the time of press.
Many analysts had predicted this movement at the start of the week due to countless positive news in the crypto space, because in a volatile market, more positive news spells doom for investors in the near-term. However, this week’s bull and bear market for Bitcoin is showing positive signs for a sound closing on Friday evening, something that the crypto streets have been avidly looking forward to.