Altcoins Look Heavy, But Bulls Refuse to Waver

The bearish trend continued almost uniformly down the charts, as fewer than 10 cryptocurrencies managed to rise against the value of the US dollar.

In fact, Tron — currently ranked 10th by total market cap — was the only top 25 coin or token to return a single-day gain (excluding Tether, which is a stablecoin). Tron rose just under 10 percent for the day, raising its price to $0.05 and market cap to $3.2 billion.

bitcoin cash price
Source: CoinMarketCap
But though the bears are currently having their way with the charts, the bulls have not been deterred from their optimistic long-term forecasts.

As CCN reported, Wall Street strategist and Bitcoin bull Tom Lee advised clients in a recent note to HODL rather than attempting to time the market. He predicted that positive catalysts, including clarity on regulatory matters, will spur on a new market rally later in the year.

Abra CEO Bill Barhydt, meanwhile, recently predicted that institutional investors are poised to begin making a splash in cryptoassets, raising Bitcoin and altcoins alike.

“All hell will break loose,” he said adding that “Once the floodgates are opened, they’re opened.”