Long-Awaited Altseason Is Belated and Mini-Rally is Indicative of Renewed Interest
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.
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%.
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.”
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