MSM Celebrates Crypto Crash, Altcoins Recover and Bitcoin Steadies

0

Last Updated on 24 April 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

The worldwide mainstream media, which earlier this week noted the stellar rise of Dogecoin, was filled with screaming headlines on Friday about a crypto crash as the main cryptocurrencies shed hundreds of billions of dollars in a matter of hours.

Although double-digit falls within a 24-hour timespan are nothing new for the cryptosphere and people who’ve been following this market, the newbies journalists in the MSM were quite surprised.

Forbes spoke of the fear of a 50% correction, The Independent talked about the crash and The Sun also copied that title.

By Saturday morning, the market seems at first sight to have recuperated.

Advertentie.

$50k support level

Bitcoin finds support at the $50k level though, with many analysts agreeing that there was sufficient buying power there to keep it at that price for the time being.

Elie Le Rest of trading firm ExoAlpha declared that:

Bitcoin broke the $50,000 support, going back to early March price levels with a drawdown of 25%.

Holding ground at $50,000 would confirm the accumulation pattern by institutional investors at or below $50,000, leaving room to grow for bitcoin in the coming weeks and months.

It will be interesting to see whether Bitcoin can hold that level until stock markets open again on Monday

Alts recover

Ether, which had been growing faster than Bitcoin in the past few weeks, also fell faster during the selloff on Thursday and Friday, but has still managed to hold above the $2k level.

Other altcoins also found support at levels that have only been breached in 2021, making analysts believe that the number of entrants into the crypto market is still greater than those that fear a further selloff.

Cardano (up 16%), XRP (up 9%) and Dogecoin (up 31%) were all showing healthy gains for the past 24 hours, signalling to investors that they were still meeting buying demand.

As we’ve mentioned a few days ago, there is an urban myth that crypto has a tendency to run up on Saturday and sell off on Sunday. Given the correction we’ve noticed at the end of last week, the coming 24 hours will therefore be very interesting to watch. Once again the cryptosphere is bound to lack sleep.