The cryptocurrency market is not something to be taken lightly when you have money invested in it. As I have said before, patience and common sense play an important role when making buying or selling decisions.
As I wrote in the previous article, I thought that after the double top that was presented in Ethereum, the change in trend would not be as significant since its upward trend was healthy, as you can see in the following graph.
We must also take into account that the price of Ethereum has reached its all-time highs right now and that a trend change was expected at any time, however, I was optimistic because BTC had also reached a new high of US $ 58,640.77.
Now, a double top is a chartist pattern that indicates a change in trend, as in fact happened in this case that, after reaching a maximum of 2,042.93 we have seen its price fall to US $ 1,775.76 on 17 of this month.
Right now the price of ETH is at 1843.07 US $ and in my case, I will keep my position of holding this coin because I think it has not reached its highest price yet.
Comparing the ETH graph with the BTC, I can find a similarity in the price, which shows a relationship between the Bitcoin and the rest of the cryptocurrencies, at least the most main ones since we can see that in the Top 5 of the cryptos, new currencies have been positioned displacing Ripple, which continues to have problems defending itself against the accusation made by the Securities and Exchange Commission and taking it to position 7 since 3 coins have climbed vertiginously of which 2 have displaced Tether to the 5th position.
Despite having a volume of US $ 120,979,588,114 in the last 24 hours, Binance Coin and Polkadot managed to displace it because their market capitalization is much higher.
Another coin that is arriving at position 5 is Cardano whose difference with the Tether is 2021160,604 US $ and that it can soon equal and exceed.
This is not an investment recommendation. It is just an analysis that I do for myself as I am learning about this topic. Any suggestions that lead me to learn more will be well received and appreciated.
Header image from Pixabay
Images are screenshot of Coingecko
