Daily crypto: Slight correction and bitcoin analyst urges not to buy crypto right now

Analyst urges from buying bitcoin right now.

Analyst urges from buying bitcoin right now. Image source: Shutterstock/Google/Trijo News

Totte Löfström

totte.lofstrom@trijo.co

The crypto markets have been seeing a slight correction downwards for the last 24 hours, but bitcoin cash continues its bull run. Also: an eminent Wall Street analyst urges not to buy bitcoin or other cryptocurrencies right now.

The American Wall Street analyst Nick Colas urges investors to be careful on the cryptomarkets right now. This despite the recent period of steady growth.

Nick Colas has been following bitcoin since 2013 and has also been writing the very popular Morning Market Briefing for Convergexs for over 14 years.

Colas explanation to why investors should be careful is that the recent market growth has not been backed with a similar growth among new investors. One example is that the number of crypto wallets only grew about 2.2 percent last month, which could be compared to a monthly growth of 5-7 percent last year.

The number of Google searches has also declined drastically. The levels of searches we see today are around 85-90 percent below the levels we saw when the hype was at its maximum late 2017.

You find the full CNBC-interview here.

Prices go down for the first time in a couple of days

On the price side, we have been seeing broad dips for the last 24 hours. On the top five, the only exception was bitcoin cash (+6,86%) who managed to continue the bull run of the last few days.

Worth to mention is that the declines have been quite mild. Bitcoin (-0,97%) and ethereum (-2,22%) did best among the losers, while eos (-7,28%) and ripple (-3,18%) lost the most.

On the top 100 elastos (+10,28%) was the clear winner, but bnktothefuture (+6,70%) and populous (+6,53%) also performed well.

The biggest losers were bytom (-14,23%), iostoken (-13,85%) and cortex (-13,84%).

Prices the last 24 hours

Asset Price % (24h)
Bitcoin $9 713,99 -0,97%
Ethereum $789,65 -2,22%
Ripple $0,876540 -3,18%
Bitcoin cash $1 712,51 +6,86%
Eos $16,90 -7,28%

Follow Trijo News on FacebookTwitter and Telegram.

Keep up with the latest news

Read more