- Crypto experienced a small dip recently after weeks of its main assets increasing in value.
- The crypto market is experiencing low volatility when compared to other markets such as stocks.
- Last year, the crypto space lost more than $2 trillion in valuation after heavy speculation and bankruptcies.
Crypto Experiences Small Dip After Weeks of Growth
In early February, crypto experienced a small dip after weeks of its main assets (such as bitcoin) riding the bull wave and increasing their prices. On or around February 5, the crypto space fell by a little over two percent and wound up stuck at just over $1 trillion. Several analysts felt that sentiment was still strong enough to keep the industry stable.
Comparisons with Other Markets
Edward Moya – senior analyst at OANDA – explained in a recent interview: It is rather shocking to see how little crypto is moving considering all the volatility across fixed income, stocks, FX, and commodities. An impressive jobs report is driving rate hike calls and pouring cold water on those rate-cut bets for the end of the year. Bitcoin seems content hanging around the $23,000 level, and that should be viewed as good news for crypto traders. With yields likely to continue to rise, bitcoin might struggle taking out [the] $25,000 level over the short-term.
Tech Dev’s Prediction for Crypto
Tech Dev – an analyst known for sharing his crypto thoughts on Twitter – mentioned that when liquidity flows, bitcoin moves. He then made five predictions based on CN10Y/DXY breaking above its one-year moving average and its monthly MACD crossing bullish five times in a row.