To the surprise of many, the crypto market has managed to maintain a respectable position over the last five days. When the financial climate is as abysmal as it has been for as of lately, this should be considered a victory for traders and holders alike. These five days have given individuals a reasonable amount of time to help them plan their next moves financially and economically. Periods of quiet behavior allow people to make more level-headed decisions— when the market moves too fast people try to chase and outperform it, which rarely works well. The cryptocurrency market remaining stable is therefore favorable in uncomfortable times such as now, where fans are still pushing for the SEC to make a positive decision regarding the Bitcoin ETF.
Bitcoin has found its feet around $6,000
As of October 3, bitcoin is currently at $6,539, a low number when compared to the heights of late 2017, yet this should not be a cause for concern— traders are currently less focused on price and more on stabilization. The cryptocurrency market remaining stable is much more important news in the long run compared to sharp price increases as it signifies a level of maturity for the asset class. Of course, as BTC is the catalyst which led to the whole industry, analysts often value its movements as important for all other coins and tokens, and the relaxed state that it is currently in spells good news for the rest of October.
How long is the cryptocurrency market remaining stable for?
Most day and swing traders are interested in how long they can expect the market to remain stable. While a definitive answer cannot be given, there is enough information available to make reasonable predictions. The cryptocurrency market’s stability most likely relies on people taking a relaxed approach to their trading habits. This can only happen so long as there is no major news which rattles investors. Considering how the date for the next Bitcoin ETF proposal is not set in stone, and there are no huge upcoming events, this is overall good news. The cryptocurrency market remaining stable could last for many more days to come.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.