Crypto market players appear in a paradox as they return to bearish conclusions. While everyone hoped May’s menace ended, the crypto space welcomed declines again. June has only started, and crypto investors have all reasons to remain worried.
Ill-Destined Market Condition
The global cryptocurrency market cap took a colossal hit recently. The metric lost a staggering $100 billion over the past 72 hours alone. Meanwhile, Bitcoin meets continued failures with each attempt to overcome the resistance at $30,000. Top alternative tokens, including Solana and Ethereum, have also maintained downside trends.
Where is the Caution?
Bitcoin has attempted to overcome the barrier at $30K multiple times within the past few days. Nevertheless, regular rejections ultimately left BTC beneath the $29.8K mark. While publishing this content, BTC traded at $29,747.45, trying upticks within the past day. The world’s leading crypto has lost more than $40 billion since June 1.
Ethereum appears weaker than Bitcoin as it tries to overpower the resistance at $2K. Though it temporarily escaped the barrier, bears rejected the leg up, and Ethereum remains beneath $1.8K. Glassnode’s tweet showed addresses holding Ethereum tokens at a loss hit an ATH of about 35.2 million.
Experts Still Optimistic
Financial experts maintain optimism as far as crypto market revival is concerned, though under some conditions. Arthur Hayes’ latest Medium blog reiterates that ETH might hit $10K before 2022-end.
Hayes trusts bull market resumption is essential for such a leg up, and that would happen when the Fed smoothens its stance on interest rates. He added that the macroeconomic and political picture should blend before the cryptocurrency space presents substantial highs.
Lyn Alden, a crypto analyst, confirmed a potential bullish rally under some conditions. Alden also trusts changes in Fed’s financial policy might trigger surges for crypto assets. She cited that BTC has struggled amidst underwhelming economic conditions.
Meanwhile, bears have flourished in the crypto world recently. Assets have struggled to support upside actions as sellers erase all leg ups. It might take a while for the cryptocurrency space regains strength to back stable uptrends.
We have more crypto updates coming your way. Stay tuned.