As Bitcoin managed to stay at the $30,000 level, the altcoins saw slight dips and gains. The broader crypto market remains in wait-and-see mode. The total market cap was just above $1.23 trillion.
Michael Novogratz, the CEO of Galaxy Digital, sees a bumpy road ahead for crypto and equity investors in the next few weeks and months. Many experts share his views as warning signs regarding the US and global economic growth continues to flash in red. The weakening growth is attributed to markets emerging out of the ongoing COVID-19 pandemic, the Russo-Ukraine war, as well as recent Chinese lockdowns that have drastically hit global supply chain snags. These have also prolonged high inflation across the world.
But Novogratz remains optimistic about crypto in the longer term. Mass adoption continues to push digital assets forward. Experts believe the next major rally in the crypto space is possible when a new narrative emerges on the macro environment front.
Bitcoin, and the overall crypto market as a whole, is trying to fit in with the broader trading conditions. At the time of writing this article, the popular cryptocurrency was trading at $30,170. BTC is down by 0.29% in the last 24-hours as per data from CoinMarketCap. Ethereum, the second most popular crypto in the world, is down by 0.05% and trading at $1,795. Among the altcoins, Chainlink is the biggest gainer. LINK is up by 9.14%. Polygon is up by 7.67%, Solana 3.70%, Avalanche 2.68%, and Polkadot 2.37%. Cardano is the biggest loser. ADA has been down by 1.53% in the last 24-hours.
Crypto analysts believe that there are decent chances for the bears to take chart again soon. The market may go for another test at the low of May 12, near the $25,625 zone. A break lower would suggest a forthcoming lower low on the daily and weekly charts. There could also be scope for extensions towards the low of December 21, 2020.