The top two cryptocurrencies in the market rated by market capitalization or market cap, are reaching a critical point in their lifespan. Over the course of the beginning of October, the two currencies aforementioned, Bitcoin and Ethereum, traders began selling off their coins for several reasons. Due to this, the amount of share that Bitcoin has on the market went above the halfway mark. Many are wondering whether or not this trend will continue, but only time will tell.
The uptick in Bitcoin price over the weekend is obviously a good thing for those invested, but does the uptrend mean that this is the time to sell?
At the level of $4680, the currency saw a large amount of resistance. Could this be a psychological barrier, or a fear that if the currency hits $5,000, it will drop suddenly? The recommendations by experts say that those who hold it should sell around half of their coins, and hold the rest at a stop loss of $4,250.
This ensures that one can still make profits if the coin continues to go up, but one is also cutting their losses if the price drops. This is not saying that Bitcoin will not get stronger, just a suggestion to ensure security of finances. If the support breaks at the level of $4,400, the coin may go down to a lower support zone of between $4,150 and $4,250. If the coin begins to trade below $4,100, it appears as though it will continue to go down.
Looking at Ethereum, the suggestion from several experts is that the recent losses means it may be time to sell. Ethereum often works similarly to Bitcoin, so using the two in tandem can often be a solid strategy.
Hopefully the two currencies can continue to rise with the demand they present in the market place of cryptocurrencies.