Exactly a year ago Bitcoin set a new record and crossed the $19,000 mark. However, the crypto market is unstable, and uncertainty regarding the correction is still present. Nevertheless, it is impossible to ignore the green wave of the last 24 hours as most of the market begins to climb back. Bitcoin is up 5%, and EOS is up around 30% and ranks fourth among the cryptocurrencies with a market cap of $2.1 billion, just after Ethereum, as it is being signaled as an alternative platform for smart contracts. However, it should be remembered that this may be a bull trap and another wave of falls may be waiting around the corner.
It is also important to note that recently the trading volume has not risen sharply and has remained quite stable. The large fluctuations indicate that fear has affected the market in recent falls and has hurt demand. As soon as the demand returned some investors woke up, and the rate started to rise again.
However, it is important to remember that the market is not yet sufficiently efficient and its overall value is affected by large players that can manipulate the price and it will take time until this reality changes.
Another interesting observation is the trend that while Wall Street signals falls, the crypto market is waking up. This is a recurring phenomenon, but it is not certain whether this is a causal relationship and it is possible that this is just a speculation.
Another thing to look at is the CME contracts. In fact, shortly after the start of futures trading, the bear market started in Bitcoin. The last contracts from July will end on December 28, and it will be interesting to see what the position will be this time.
The dominance is 54.4% for Bitcoin, and the total market cap is $112 billion.
The article was first published on Dec 18, 2018.
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This week we have chart analysis of Bitcoin, Ethereum, Bitcoin Cash and Doge – Read more here.
