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Crypto markets edged up slightly on Saturday but stock price movements were mostly subdued and relative gains faded away amid mixed outlook and prevailing bearish technical indicators.
Although subdued volatility was a relief, digital coin investors should not get too complacent due to the negative events and risk factorsthe negative events and risk factors of the previous week – which still keep many speculators at the edge of selling their holdings if the downtrend persists or prices edge above their break-even level. In either case, some volatility is still expected during the coming week.
All major coins except Dogecoin have ended up lower this morning.
Bitcoin (BTC) has started to lose some ground from the US $50,000 level and is just under US $49,900 now. Among the other 9 variable-priced digital currencies in the Big 10, Ether (ETH) is hovering over US $2,200, ripple (XRP) US $1.03, Binance Coin (BNB) US $495, cardano (ADA) US $1.10, ChainLink (Link) US $31, Dogecoin (DOGE) US $0.27, Stellar (XLM) $0.43, Vechain (VET) US $0.17 and Litecoin (LTC) US $226.
The clout of the Dogecoin fans speaks volumes about how cryptocurrency market is under emotional rather than fundamental influence, unlike the stock market.
The losses on the cryptocurrency market are still widespread and the alignment of several risk factors remains intact at the moment.
Investors should not be lulled by temporarily subdued volatility, and swings in volatility shouldn’t be read as a signal to buy or sell crypto assets.
The past week has been a costly lesson for the rookies who where stuffing their wallets with ‘upside momentum’ crypto coins, thinking valuations for everything they bought could only climb. The flush crash also showed novices the usually shrugged-off intrinsic vulnerability of cryptocurrencies to possible government regulations.
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