Market Outlook: Golden Cross Invalidated, Andreessen Horowitz Predicts ‘Fourth Crypto Cycle’

The price of bitcoin and a number of other popular cryptocurrencies have been collectively holding a market valuation of around $255 billion. The fiat value of these cryptocurrencies has slipped downwards during the last four days. Despite the weekly losses of around 3-6%, many digital currency proponents are still very optimistic. Mainly because of how well crypto markets have performed during the coronavirus outbreak and the global economy’s current hardships.

Entire Crypto Market Cap Still Hovers Above a Quarter of a Trillion US Dollars

Digital currency supporters can safely say that so far, crypto assets have performed extremely well since the March 12, 2020 market carnage, otherwise known as ‘Black Thursday.’ The entire crypto economy of over 5,000 cryptocurrencies is currently worth $255 billion using today’s exchange rates. Today, BTC is trading for $9,156 per coin and has around $4.8 billion in 24-hour global trades.

Bitcoin Cash (BCH/USD) Market Action

Bitcoin cash (BCH) lost its footing price wise, as well on Wednesday, May 20, 2020. At that time, BCH was trading for $247 per unit, but today each coin is swapping for $233. The BCH market cap is worth $4.3 billion today and tether recently eclipsed the coin’s market share. In fact, close to 100 million USDT was created on May 23, 2020 according to Whale alert data.

On Sunday morning, 70% of BCH trades are in tether, which is followed by 17.4% worth of BCH/BTC swaps. Additionally the top trading pairs with bitcoin cash include the USD (3.06%), KRW (2.35%), ETH (2.32%), GBP (1.50%), and the stablecoin USDC (0.59%). Bitcoin cash has around $99 million in total global trades on Sunday.

Bitcoin (BTC) price on Sunday, May 24, 2020.#BTC/USD##Todayanalysis##BitcoinBelow$4300#

Golden Cross Decline

Despite the recent “golden cross formation,” BTC prices saw a 3% loss since May 20, 2020. This particular golden cross predicted a bullish scenario for BTC. Essentially, the 50-day moving average (MA) and 200-day MA initiated the golden cross, but the price never followed the traditional northbound outcome. Even though the golden cross came to fruition, the Moving Average Convergence Divergence (MACD) has not shown any bullish signals whatsoever.

A chart that shows the coming of the “golden cross” four days ago.