Will March mark a turning for Bitcoin & cryptocurrencies?
On Sunday, February 28, Bitcoin (BTC) dropped to $43,165.78 its lowest price in 20 days, and losing about $2,944.20 in less than 24 hours before rising to trade above $4,600 on 1st March.
But the question at the back of the investors’ minds is when shall this bearish trend come to an end or are we witnessing the beginning of a long bearish trend the likes of the 2018 market drop?
The retracement affected most cryptocurrencies
Besides Bitcoin, all other cryptocurrencies experienced a free fall towards the last days of February. Ethereum for example, also dived to $1,329.46 from its all-time high of above $1,800 on February 28, before rising slightly on 1st March to trade above $1,400.
Although there are still chances that the current decline could be a mere retracement before the market bounces back, there are a lot of similarities between what is happening now and what happened towards the start of the famous 2017-2018 market decline that sent shockwaves among crypto investors.
The start of March sees most cryptocurrencies rise
Investors and traders could breathe once again after most cryptocurrencies registered a price rise in the early hours of 1st March. Bitcoin, for example, registered a rise of about $3,000 while Ethereum registered a rise of about $100.
Other common cryptocurrencies including Bitcoin Cash (BCH), Chainlink (LINK), Stellar (XLM), Litecoin (LTC), XRP (XRP), Polkadot (DOT), Binance coin (BNB), Tether (USDT), Dogecoin (DOGE), Uniswap (UNI), and Aave (AAVE) also registered a price rise in the morning hours of 1st March.
If this trend continues, we could be seeing a continuation of the previous bullish rally from cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).