The cryptocurrency market plummeted sharply today after striking two months high during the weekend. The top ten coins are in the red today, and the majority of them are declining at a mid-single-digit rate. Trader’s profits taking combined with resistance from bears are helping in pulling back cryptocurrency prices from fresh highs that they achieved during the weekend.
The cryptocurrency market capitalization declined to $434 billion today; down sharply from two months high of $460 billion it touched during Sunday trading.
Bitcoin (BTC) dipped below $9400 level today, while Ethereum (ETH) and Ripple (XRP) are shedding previous gains at a high mid-single-digit rate. IOTA (MIOTA) is the biggest loser among the top ten coins.
Source Image: coinmarketcap.com
Bears expect the cryptocurrency market to sooth further in the days to come. Bearish calls from Wall Street analyst and declining trader’s interest is adding to their claims. Wall Street Analyst Nick Colas predicts bitcoin is overvalued and it tends to move lower.
But Brian Kelly Has Three Bullish Reason For Uptrend
Brian Kelly, founder, and CEO of BKCM LLC, appears bullish on cryptocurrency markets and their future fundamentals. He has previously predicted bitcoin price to reach $250k in the following four years. He now came up with three critical catalysts that will support the potential price growth in the short-term.
- Goldman Sachs involvement in cryptocurrency markets
- Regulatory clarity
- The upcoming Blockchain Week New York City event
Kelly believes that Goldman Sachs plan to start bitcoin derivatives trading is the most significant milestone for cryptocurrency market. He said, “Goldman Sachs and its plans to open the first bitcoin trading firm of any Wall Street bank pushes the demand higher.”
Brian Kelly also expects an increase in trader’s confidence in cryptocurrency markets, amid the initial trading guidance from key regulatory authorities around the globe.
Featured Image: Twitter