The week started with a violent correction when Bitcoin had briefly touched $9,000 before dropping down to below $8,000. So far, the situation persists, and the increasing volatility had an impact which was felt across the entire market.
At the same time, Bitcoin’s hashrate is approaching an all-time high value, suggesting that miners are back or that new miners are joining the network. It currently is difficult to understand whether the trend remains positive as resistance increases while the volume has decreased slightly in the last days.
The trend, however, is mixed as some of the altcoins, including Grin, Chainlink, Litecoin, GXChain, and others, have seen significant increases. This brings more confidence to the market, suggesting that 2019 already has seen an attempt to end the prolonged bearish trend.
The market is looking for opportunities, and it feels that there’s a growing accumulation of Bitcoin in anticipation for the halving event, estimated to take place in May of 2020. Meanwhile, the market also is seeing an increasing amount of news, which rising prices already reflect. That’s clearly something which attracts new interest from the masses. The question, however, is whether these investors will stay for the underlying technology’s potential, or are here for quick gains (pump and dumps).
We can also see that the strong hype around Initial Exchange Offerings (IEOs) persists and is only growing stronger. We’ll see if more funds are raised with this mechanism shortly and if the fad spreads to various cryptocurrency exchanges, which will determine whether the trend is still hot.
G20 Reaffirms It Will Apply Expected Tough New FATF Rules on Crypto
Bitcoin Can Skyrocket to $20,000 Amid US-China Trade War According to Analyst
As the trade tension between the US and China continues to boil, some analysts believe that this can be beneficial for Bitcoin and could even catapult its price to $20,000. They see the cryptocurrency as a viable alternative and a hedge against the tumbling stock market.
Venture Capitalist: India’s Ban on Bitcoin Will Only Increase Interest in the Country
Last week we saw reports outlining that certain government departments in India support a fully-fledged ban on the sale, purchase, and issuance of all kinds of cryptocurrencies, an article detailed. According to popular VC Barry Silbert, this will have the opposite effect and only increase the interest towards Bitcoin and the field, in general.
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and GRIN – click here for the full price analysis.
Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.