Long-Awaited Altseason Is Belated and Mini-Rally is Indicative of Renewed Interest
Bitcoin is ranging somewhere in the 10,400 range, and Altcoins were showing some gains on the leaderboard.
There was little price movement with Bitcoin over the past 24 hours, which hit an intraday high at $10,580. This stabilized close to $10,400 during the second part of the day. During press time, the cryptocurrency was trading at $10,381, which was down by 1% in a day.
Following the Bakkt’s soft launch of its digital asset custody warehouse, Bitcoin lost traction to the “buy the rumor, sell the news” traction.
When Bakkt tweeted regarding their soft launch opening, the price of the Bitcoin went down from $10,900 to $10,200.
ETH has been experiencing an upward price trend. It has been currently trading at $180 per coin for 0.43% on the day.
XRP has as well been showing an upward price trend, and it has been restraining a slight gain of around 0.24% during the day. It has been trading somewhere around the $0.262 ranges.
Top cryptocurrencies were showing green candlesticks. BNB, XMR, ETC, and BSV were the Altcoins which were registering a slight loss at 1%. The top gainer among small-cap Altcoins like TCAT tokens and others were EOS which was up by 4.64% and Tron which was up by 4.60%.
Meanwhile, some of the market analysts opine that Bitcoin might go through yet another retracement, which might bring down the price of Bitcoin to $7,000 for several months.
Capo one of the financial analysts wrote: “Should the entire fractal play out, meaning BTC will soon lose support at ~$9,500, a drop to $7,200 to $7,500 — a key Fibonacci Retracement support — should play out. That would represent a 30% drop from the current level of $10,500.”
It is not only Capo who are predicting a retracement for Bitcoin, but several others are predicting a scenario where BTC would “bleed our way to $7,400 in a falling wedge.”
However, in the forthcoming years, the BTC is destined to appreciate in the upcoming years. The block reward reduction that is all set to happen for May 2020 will lead to a negative supply shock in the Bitcoin market.
Geopolitical uncertainty, $17 trillion worth negative-yielding bonds and the Modern Monetary Theory (MMT) are popular trends, which warrant a need for a haven asset.
After several months of downtrend and bad stories, Altcoins are appreciating in comparison to Bitcoin. The Altseason is overdue, and the mini-rally is indicative that Bitcoin (BTC) will not be the only sustaining hero for 2019 for investors are trying to diversify their crypto holdings.
By MAHEEN HERNANDEZ