HomeNewsBitcoin Could Revisit 2017 High as Analysts Predict 22% Downward Move

Bitcoin Could Revisit 2017 High as Analysts Predict 22% Downward Move

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  • Notable altcoins, namely XRP, Litecoin (LTC), and Stellar (XLM), hint at promising recovery paths after a rough week in the crypto market.
  • Data from analytics firm Santiment suggests that despite significant losses, there’s evident resilience in specific digital assets.

Altcoin Resurgence Amidst Broader Market Turbulence

In the always-evolving landscape of cryptocurrencies, a silver lining emerges following a notably challenging week. Standout altcoins – XRP, Litecoin (LTC), and Stellar (XLM) – are indicating potential rebounds, offering some solace to the crypto community.

A recent analysis by the esteemed data analytics firm, Santiment, underscores this sentiment. Despite the overarching decline in the crypto market capitalizations, these three digital assets present promising recovery signs. Santiment’s sophisticated metrics, which discern the disparity between the market and realized value, point to substantial trader losses. This suggests a prevailing downtrend, yet the enduring robustness of specific altcoins gives reason for cautious optimism.

Navigating the Numbers: Understanding the Shifts

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Over the preceding seven days, XRP exhibited a decline of 16.2%. Yet, a notable uptick of 1.9% in the last 24 hours shines a spotlight on the potential optimism surrounding this digital asset. This surge is particularly noteworthy given the more extensive market contraction.

To provide a broader perspective, behemoth cryptocurrencies such as Bitcoin and Ethereum also faced their share of the downturn, registering declines of 11.2% and 9.0% respectively. Binance Coin (BNB) wasn’t spared either, witnessing a 10.3% drop.

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Regulatory Ripples in the Crypto Realm

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Context is paramount when interpreting these shifts. The cryptocurrency realm, renowned for its volatility, experiences brisk and substantial price changes. External influencers, from regulatory overhauls to global economic events, play a pivotal role in steering the industry’s direction.

The Securities and Exchange Commission’s (SEC) recent actions underscore the sector’s intricate regulatory landscape. As chronicled by U.Today, the SEC has launched an appeal against a July verdict that deemed Ripple’s XRP sales and offerings didn’t steer investors towards expecting profits based on third-party endeavors. Furthermore, the contention that XRP’s distributions for services don’t equate to monetary investments stands at the appeal’s core.

On the horizon, significant developments loom for Bitcoin Exchange-Traded Funds (ETFs). Industry expert Nate Geraci’s tweets underscore the mounting anticipation surrounding the Grayscale lawsuit’s impending verdict and the SEC’s looming decisions on multiple filings, notably from giants like BlackRock. The Grayscale ruling’s expected timeline, preceding the SEC’s resolution, heightens the anticipation enveloping these events.

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Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
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