ASKER, Norway – All throughout March, Bitcoin and the cryptocurrency market have shown signs of consistency on their graphical trends. This is not, however, the kind of consistency you’d like to see as the market has been consistently volatile within the $280 billion to $350 billion range for the whole month. This type of volatility in the market is a dim filter for profit-hungry eyes to look into.
In any case, this state would be preferable over the potential downward trajectory the market is threatening to head into. With news of minimal volume in daily trading in the coming days, it is unlikely that the market will be able to maintain its volatility and, instead, head into a downward slide. This state would be credited to the cryptocurrency market’s inability to show signs of life through short-term recovery.
There’s Life in the Smaller Market
Bitcoin and its volatility in the market are contrasted by the smaller, alternative cryptocurrencies like 0x and Ontology with them showing a good trajectory over their major counterparts. This could, however, be attributed to a short-term pump. Be that as it may, the whole market is moving in vague unison among each other with major cryptocurrencies like Ethereum, Bitcoin, Ripple, EOS, Cardano, and Bitcoin Cash showing the same highs and lows with each other.
No Justification for the Trend
The recent news of Twitter banning cryptocurrency ads on their website has been the primary scapegoat for this recent volatility. This would, however, be a futile reasoning by the media because advertisements on social media do not directly correlate with the events transpiring within the crypto market.
With the news of the Twitter ban going on, the market gave a steady volatility instead of a steady trajectory, which it would or should show if the ban was indeed the main factor for the unstableness.
The volatility in the market will likely continue for a few weeks. With Bitcoin experiencing their third largest correction at 72 percent, the currency will be seeing stagnation for a few months just like any market in the past that saw such a large correction.
This sets up the door for hopes that a large buy volume spikes and sees the market’s preferred upward trajectory.