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Market News The prices of Ethereum, XRP, Litecoin, and Cardano may have reached a bottom

The prices of Ethereum, XRP, Litecoin, and Cardano may have reached a bottom

There is a possibility that the values of Ethereum, XRP, Litecoin, and Cardano are reaching a potential bottom

TOP1 Markets Analyst

2023-08-16

6581

Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), and Cardano (ADA) have seen one of the highest volumes of loss transactions compared to profit taking since March, suggesting that the price of these assets has reached a market bottom - or the lowest point after a downtrend - and that a rebound is on the way.

The bottom of the cryptocurrency market is flashing in ETH, XRP, LTC, ADA, and BTC

According to Santiment statistics, traders are growing increasingly comfortable while trading assets like as BTC, ETH, XRP, LTC, and ADA. Since the week of March 1, 2023, market players have been unable to gain traction on a rise in these cryptocurrencies.

According to Santiment statistics, the number of traders who report losses against those who record profits while trading various cryptocurrencies is at its highest level since March. Historically, a large ratio of loss transactions to profit transactions increases the likelihood of an asset price bounce.

Screen Shot 2023-08-16 at 4.43.42 PM.png

As seen in the chart above, cryptocurrency prices fluctuated within a fifteen-day window during the beginning of March, when loss trades were also prominent.

Despite macroeconomic drivers and other changes in the crypto ecosystem, there has been a jump in loss transactions in BTC, ETH, XRP, LTC, and ADA vs profit taking transactions by users during the week of March 1. If the trend continues, the prices of these assets are expected to rise in the near term.

Analysts place BTC at the bottom of the market

Crypto expert @CryptoJelleNL examined the Bitcoin price chart and saw that the commodity is acting similarly to the 2015 bear market bottom. If the analyst's forecast holds true, a rise is anticipated in the coming months.

According to his premise, the current cycle is an accumulation season for a prospective incoming bull market.

Macroeconomic trends such as CPI and PPI announcements in recent weeks have revealed that the Bitcoin price is likely susceptible to data releases and occurrences. This might be a factor in predicting where the asset will go next and if market players can expect a price rise in the near future. More information may be found in this post.