In this article, we talk about the current dynamics at crypto markets overall and our Noah Project. We focus on Bitcoin since it continues to drive the developments across all crypto markets with major TOP-30 coins closely correlating to its dynamics. February cryptocurrency exchanges show backward-roller-coaster character — now the market sentiment is bullish, and in 30 minutes bears take charge and tumble to fresh monthly lows.
The cryptocurrency market began the year 2019 with strong bearish sentiment, and that is despite the absence of bad news or new regulations and restrictions. Thus, everyone realized that eventually the market had to reverse and towards the end of the first week of the February, the process began — after finding a bottom slightly above $3300, Bitcoin gain more than 10% to its value.
Bitcoin taking a rebound?
In the next couple of weeks, Bitcoin’s price went slightly above $4000. Take into account that for the first time in over two months cryptocurrency has turned green again. In percentage, this growth represented a considerable 20% increase since the beginning of the month. As always, the rest of cryptocurrencies followed the same pattern and were able to record notable gains. In fact, it should not come as a surprise that the trading volumes and market capitalization have also increased significantly.
The vast majority of Noah Coin traders supposed that the market has finally revived, but the reality appeared to be the very opposite — on February 24 Bitcoin lost over $400 in less than 30 minutes! ETH has also seen heavy losses, down almost 9 percent over the last 24 hours, according to CoinMarketCap. No surprise that the top digital currencies subsequently lost more than 10% compared to the recent highs. Put simply, it means that the bearish sentiment still prevails.
Noah Coin meets a trader’s expectations
Nevertheless, one altcoin must be highlighted separately — Noah Coin. According to a recent report, it has traded 10.5% higher against the US dollar on February 6th. Meanwhile, over the last week, Noah Coin has traded up 21% against the US dollar. Currently, it has a market cap of $5.73 million. One of the reasons for such a positive outcome may be that Noah coin is trading on 13 active market(s).
What will happen next? Where will the market go? Technically, not a single indicator shows signs of a reversal, including MACD and divergence, so one should expect the trend to continue. What we have observed in February was the corrective movement. BTC was overbought and this correction was not a surprise.
But despite everything, many traders believe that we are still in Bullish Channel. One this is for sure — cryptocurrencies will have to spend a long time forming large bases, upon which the next bull phase will be built. For that reason, arm yourself with knowledge and storm the market.
Just stay in touch with the Noah Team to catch up the crest of a trading wave. All fresh prognosis within cold analytical flavoring awaits you in our Facebook, Twitter, and Telegram chat.
