The overall digital currency ecosystem is experiencing a slip, with the combined market cap dropping by 0.59% to $1.17 trillion. Noting this trend, renowned trader Peter Brandt took to Twitter to share his thoughts that it might indicate the bubble is already bursting. Brandt also criticized crypto traders’ positioning and decision-making.
Brandt, who has a substantial following on Twitter, called Changpeng “CZ” Zhao, the CEO of Binance, the “scam of the decade.” As an experienced crypto and stock market analyst, Brandt’s opinion carries weight in the industry.
Many analysts argue that the growth rates of most digital currencies reflect a bubble that does not align with their underlying price levels and value propositions. Therefore, any price decline should be seen as an anticipated trend, urging caution among users.
Currently, several cryptocurrencies have seen their prices drop. Bitcoin (BTC) is down by 0.32% at $30,160.23, while Ethereum (ETH) slipped by 0.17% to $1,862.23. Tron (TRX) emerged as the biggest loser among the top 10 tokens, experiencing a 4.01% decline to $0.07683.
Although the market outlook remains bearish, the volatility seems to be subsiding. Many of the mentioned digital currencies experienced more significant price slumps earlier but are now gradually stabilizing. Some observers believe that a recovery in the near future would strengthen the argument against Brandt’s claim of a market bubble.
