<p class=“MsoNormal“>Bitcoin is down 4.1% over the past week,
ending near $18,900. Ethereum lost 5.8% to $1290. Other leading altcoins in the
top 10 showed mixed dynamics, ranging from a 3.7% decline (Cardano) to a 27% increase
(XRP). </p><p class=“MsoNormal“>
Total crypto market capitalisation, according to CoinMarketCap, declined by
2.4% over the week to $928bn. Cryptocurrency Fear & Greed Index fell by 3
points over the week to 24 („extreme fear“).</p><p class=“MsoNormal“>
Meanwhile, the cryptocurrency market became a safe haven compared to the
collapse of major currencies and stock indices.</p><p class=“MsoNormal“>
The beginning of the week raises the question, what is behind the relative
resilience of cryptos? This market could be forgotten for a while, as all the
attention and capital flows are on flagship assets. Alternatively, it could
manifest traders‘ inner confidence that peak fear is near and cryptocurrencies
are already cheap enough for long-term investors.</p><p class=“MsoNormal“>News background</p><p class=“MsoNormal“>Former MicroStrategy CEO Michael Saylor said
that bitcoin would surpass the $69K reached in November 2021 in the next four
years. BTC could trade as high as $500K in the next decade if its market
capitalisation equals that of gold. Judging by bitcoin’s simple four-year
moving average, its bottom is at $20K, Sailor suggested.
ending near $18,900. Ethereum lost 5.8% to $1290. Other leading altcoins in the
top 10 showed mixed dynamics, ranging from a 3.7% decline (Cardano) to a 27% increase
(XRP). </p><p class=“MsoNormal“>
Total crypto market capitalisation, according to CoinMarketCap, declined by
2.4% over the week to $928bn. Cryptocurrency Fear & Greed Index fell by 3
points over the week to 24 („extreme fear“).</p><p class=“MsoNormal“>
Meanwhile, the cryptocurrency market became a safe haven compared to the
collapse of major currencies and stock indices.</p><p class=“MsoNormal“>
The beginning of the week raises the question, what is behind the relative
resilience of cryptos? This market could be forgotten for a while, as all the
attention and capital flows are on flagship assets. Alternatively, it could
manifest traders‘ inner confidence that peak fear is near and cryptocurrencies
are already cheap enough for long-term investors.</p><p class=“MsoNormal“>News background</p><p class=“MsoNormal“>Former MicroStrategy CEO Michael Saylor said
that bitcoin would surpass the $69K reached in November 2021 in the next four
years. BTC could trade as high as $500K in the next decade if its market
capitalisation equals that of gold. Judging by bitcoin’s simple four-year
moving average, its bottom is at $20K, Sailor suggested.
Bitcoin’s bear market has yet to reach its final stage, and investors should
prepare for further declines. Some participants expressed this opinion in a
Cointelegraph poll on Twitter.</p><p class=“MsoNormal“>
Ethereum co-founder Vitalik Buterin said all cryptocurrencies should switch to
the Proof-of-Stake (PoS) algorithm. He believes that over the next 18 months,
ETH will become much more scalable, which will significantly reduce transaction
fees.</p><p class=“MsoNormal“>Ripple CEO Brad Garlinghouse disagreed with the SEC that Ethereum could be
considered unregistered security after the move to PoS.</p>
This article was written by ForexLive at forexlive.com.