Cryptocurrencies: 7 reflections on the current market
The last week the crypto market has been immersed in high volatility, being the positive data that the Bitcoin did not lose at any time the barrier of US $ 5,000.
Next I will summarize what I think of the current market in 7 reflections:
1- The Bitcoin has established a support in US $ 5,000 that will be very difficult to beat in the short term. It was demonstrated in recent days with the attempt of some “whales” to drill that value.
2- The crypto market continues its purge, being increasingly evident that Tokens will survive in this wild market. As I said there at the end of January, BNB, the native currency of the Binance exchange, is still one of the crypto with the most potential.
3- The first 12 cryptocurrencies of the CoinMarketCap ranking, exceed 147 billion dollars, capturing 86% of the market in its total. I do not think any more words are needed …
171 Billion Market Capitalization as of April 27, 2019
4- You have to follow closely everything related to the exchange of Bitfinex, since it weighs an accusation against you for the cover-up of funds for around $ 850 million. In addition, its relationship with Tether’s stablecoin is still unclear.
5- Volatility will continue to be the order of the day, although I think the short-term uptrend will continue. May may be for Bitcoin a month of new annual highs. It seems that the US $ 6,000 is just around the corner.
6- A fact that few pay attention to is the amount of daily transactions in the Blockchain of Bitcoin, which remains above the 300,000 in the last month. It is not a minor fact.
7 – My last reflection on the current market, is that every time I see it more mature, and not so impulsive with in 2017, where it unleashed a bullish madness that lasted little, since it was only speculation. Now you can see that there are professional players in the ecosystem, trying to find the “right prices”.
Finally, in recent weeks, I had the opportunity to attend various conferences related to the Crypto / Blockchain world, and I noticed how there is a kind of “consensus” that the worst of crypto-winter has passed, to which I adhere.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.