Digital currency markets have been consolidating since the initial price drop on February 26 that saw $25 billion shaved off the entire cryptocurrency market. At the time of publication, the cryptoconomy is hovering just above the $245 billion zone and a few coins today are making slight gains.
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As Crypto Markets Consolidate, Traders Await the Next Move
On Sunday, March 1, 2020, most digital currencies have been consolidating into a triangular pattern and a slew of assets have been forming firmer support zones. During the course of the last five weekdays, global stocks have crashed significantly. The crash has been widely blamed on the coronavirus (COVID-19) and stocks haven’t been routed this hard since 1987. Every market including safe-haven assets like precious metals and uncorrelated assets like cryptocurrencies has felt the wrath. Currently, the entire market cap of all 5,000+ coins is around $245 billion and there is $130…