The recent market crash sent the prices of all top major cryptocurrencies tumbling. As the market now shows signs of recovery we can expect that panic selling stops. Bitcoins along with the major tokens including Ethereum, Cardano, Ripple and Dogecoin are showing an upward trend. However, the positive price changes are averaging not more than 5%.
Until last week, the speculations were high. Ethereum, which has been a rockstar so far, was expected to hit the $5,000 mark in May. While the hopes have been shattered, it would be still too early to negate the possibilities of Ethereum crossing the $5000 mark later this year.
Panic Selling
Those new in the market had already started panic selling once the major tokens lost 30% in less than three days. It should be noted that extreme volatility is not a new phenomenon in the crypto market. The price adjustments and corrections are rather usual.
The current crash is impermanent. Now, the signs of recovery are already giving more confidence to those investors who have been under a lot of pressure this week.
At the time of writing this article, Bitcoin is trading above the $40,000 mark and Ethereum is slightly short of crossing $3,000. Compared with the start of 2021, the current position is not “too bad” and temporary swings are just a part of the game. While caution is advised, experts are betting the markets will bounce back.
