Cryptocurrency Recap and Forecast for the week
It has been bullish all throughout the week and it’s just getting started, following the news of the approval of the stimulus package in the US several other bullish news emerged from several parts of the world to lend credence to our earlier forecast that the conventional dip in March may not be seen this time around.
The influx of institutional investors into the Cryptocurrency space has continued unabated, we have seen the Bitcoin Market cap surpass the $1tn mark and still climbing higher as we watched BTC hit a new ATH, the general market capitalization equally recorded new highs as it nears the $2tn mark.
Overall the Cryptocurrency market performed admirably well as expected but that’s not all, the latest trend in cryptocurrency which is NFT could also be fuelling this new confidence in this space.
As we look forward to a longer bull season, let’s take a closer look at what the new week holds. Oftentimes lots of traders get confused on which coins/tokens to buy, this is understandable given the numerous coins/tokens available in the market.
Historically, trends tend to last for a while in this space and quite bullish while at it, NFT is currently trending and traders are taking advantage of this opportunity at every hyped NFT, even the news of the native tokens tends to have the effect of positive price movement.
The real question here is, how do you spot a good buy opportunity?… What will the market be like this new week? The responses are in the affirmative given the relative stability we have experienced since January and of course, putting into consideration the growing adoption witnessed so far especially from the institutional investors. Bitcoin and generally the Cryptocurrency market will continue to grow and witness adoption. It’s also important to note that the long bear periods experienced in this space may not be around for a long time to come, let’s all consider this while making informed decisions on the best digital assets to buy.
We remain bullish throughout the week and beyond as we anticipate the influx of fresh funds into space from the recently approved US stimulus package. When the news of the approval filtered into this space, several cryptocurrencies experienced significant price movement with Bitcoin noticeably hitting a new ATH of $61,712 in its entire history of existence, now imagine what will happen when the funds from stimulus enter the market.
Furthermore, US lawmakers have proposed new legislation to clarify cryptocurrency regulations in the US and shed light on which qualities determine whether or not a digital asset is security. This is obviously a serious sign of growing acceptance of this class of assets and one that will remain valid for a very long time to come.
Often times fundamental analysis works more than technical analysis in cryptocurrency, keep that in mind while making your decisions as news can alter the price movement of any digital asset. Always remain to Do Your Own Research on any digital asset you want to buy.
Buy and hold your bag!