The biggest conference in the world of cryptocurrencies, Consensus 2018, came to its end on 17th of May. The conference was quite a success and the overall sentiments were positive. But despite all that, cryptocurrency traders and investors are still disappointed. The reason is that it was speculated that Consensus 2018 held in New York will trigger a long-awaited spark in Bitcoin and other major cryptocurrencies. Unfortunately, even a successful major conference couldn’t bring the much-needed traction as there has been no major upward move in major cryptocurrencies including Bitcoin and Ethereum.
A managing partner at Fundstrat Global Investors Tom Lee told in an interview that previous Consensus conferences have resulted in gains from between 10% and 70% in major cryptocurrencies. This is a huge reason why expectations were very high with this year’s Consensus conference. Tom Lee told that he expected that the attendance in this year’s Consensus will be very high as compared with the previous Consensus conference and the conference came at a time when the major cryptocurrencies were very performing very poorly and a shocking surge was being expected.
But what happened was totally unexpected by many: major cryptocurrencies including bitcoin, bitcoin cash, ripple, and ethereum are being traded with a negative bias. The two main reasons for this negative trend are speculated to be low liquidity of major cryptocurrencies, and lack of volume major cryptocurrencies that are being traded. After the big fall of Bitcoin, impatient and newbie traders and investors prefer trading small cap coins that provide a quick return on small investments.
On 18th of May – one day after Consensus 2018 ended – bitcoin was being traded at price levels between $8,200 to 8,500 and the cryptocurrency was expected to either make a jump to $9,000 resistance level or a drop to $8,000 resistance level soon. To a major disappointment to investors and traders, Bitcoin took a downward path and pretty soon stooped to the $8,000 resistance level. Bitcoin’s value kept going downwards; by 24th of May, Bitcoin’s price stands at the $7,500 resistance level.
Ethereum somewhat followed the same trend of ups and downs and settled at a lower resistance level in the end. ETH struggled to hold its value above $700, the highest price that Ethereum has been traded for since the end of Consensus 2018 is $720. After struggling for a while at the $710 and $720 resistance levels, ETH ultimately came down. The key resistance level that caused a huge downwards pace for ETH was the $690 level which caused ETH to quickly fall to $665. ETH’s performance hasn’t been too bright even after that and the cryptocurrency has only gone downwards. As of 24th of May, Ethereum is standing at $587. After a 24-hour low of $558, ETH is actually going up.
Many are still very disappointed about this negative trend of major cryptocurrencies while many other are still optimistic that this is just a bad phase which will be over soon.