Despite The Bearish Tendency, Crypto Market Is Stable At $137 Billion
Though the overall digital asset market showed stability around the parameter of $135 to $137 billion, the day belonged to TRON and NEO as they recorded 7 and 5 percent increase respectively.
Even though Bitcoin has found it difficult to shatter its resistance levels, it has still added $5 billion to its worth in the last two weeks.
New products inaugurated in the last few weeks has worked as catalysts for currencies like Ethereum and TRON who have also seen a considerable rise.
Ethereum blockchain network is all set to witness Constantinople, a hard fork on January 14 and 18. This has led to the Ethereum price to almost double itself since the middle of December 2018.
Similarly, TRON has also shown positive momentum after BitTorrent token has all set to hit the market. It is the crypto’s widely acclaimed torrent which was inaugurated on the TRON blockchain channel.
The original paper of BitTorrent Token stated that using the already present BitTorrent protocol was just a start and it does not fail to make a great impact.
The Official white paper of BitTorrent stated: “Optimizing the existing BitTorrent protocol is an obvious first step in the introduction of a cryptographic token, but it barely scratches the surface of what is rapidly becoming possible.”
Many economists still believe that downfalls will face the digital market before the stabilizing period. Till then the market will remain in its price range which is not all that impressive and will not be able to gain large momentum forward.
Though cryptocurrencies namely Ethereum and TRON are likely to surge in the predictions of new upcoming launches, the others in the group have failed to show enough potential to risk too great numbers owing to disheartening volumes.
According to a crypto trader with an online company by the name of “The Crypto Dog” – Ethereum has won the short-term race and promises to be the best digital asset in the last month. He stated that he would be happy to be proved wrong though he still feels that the market trends are bearish.
Travis Scher, Vice president of Digital Currency Group that has put its money in the giant cryptocurrency company such as Coinbase, said that the current year would be full of ups and downs along with uncertainty. He was sure that the investors would stick on to the cryptocurrency market and wait for the market to bounce back.
The second half of 2019 could see a reversal in the downtrend in the market, provided that the first two quarters show decent progress, though going by the current scenario the chances of a trend reversal looks very bleak as of now.
