More

    Crypto Bulls Definitely on Parade, Bitcoin Is Attracting ‘Very Substantial Buying Power'

    • After 2019’s choppy recovery, the crypto market is now “launching what could be a far more sustainable bull market”
    • Mid-cap cryptos showing more strength than the Bitcoin-dominated large-cap cryptos index
    • Bitcoin performance attracting “very substantial buying power,” and surge in the absence of political catalysts is a “healthy sign”

    In 2018, the crypto market went through a long brutal bear winter. Last year, we managed to recover from some of those losses by seeing the gains of about 85%.

    After the choppy recovery of Bitcoin in 2019, the crypto market is now according to Weiss Crypto Ratings, an independent crypto ratings provider “launching what could be a far more sustainable bull market.”

    Juan M. Villaverde of Weiss Ratings points out signs in three places that reflect “Crypto Bulls on Parade.”

    • Breadth in terms of all price indexes jumping by double digits and showing momentum is the first one.
    • The second sign is seen in the confirmation and reconfirmation of an 80-day Bitcoin cycle that consistently helped pick critical bottoms.
    • And lastly, since hitting the last 80-day-cycle lows, Bitcoin is up 35% and altcoins by 53%.

    Greater strength, however, is seen in leading altcoins including Bitcoin Cash, Bitcoin SV, Ethereum Classic, and Dash. However, it is the mid-cap cryptocurrencies that are showing even more strength as Weiss’ mid-cap crypto index is up a whopping 43.7% in comparison to Bitcoin dominated large-cap’s 18.04% surge.

    Small caps meanwhile aren’t getting much attention from investors even in a very bullish week, up only 15.96% the index is underperforming.

    What to Expect Going Forward?

    The market is looking bullish and going forward Weiss Ratings sees Bitcoin rally is encouraging despite its relative underperformance.

    Given the fact that “it takes a heck of a lot more money to move Bitcoin than any other crypto asset,” and the world’s leading digital currency is recording over $1 billion in trading volume, this means it is attracting “very substantial buying power.”

    Another positive sign is that last week Bitcoin surged in the absence of geopolitical catalysts, China’s announcement that it’s “all in on blockchain” and the fear of a US-Iran war. Bitcoin’s surge without these kinds of price boosters, Weiss Ratings says is a “healthy sign.”

    More importantly, there are not a few outliers that are leading the market rather the “rally is broad-based.”

    All of this good news but Juan feels we are still not 100% out of the woods yet. And to confirm the bull run, most cryptocurrencies need to cross significant resistance levels.

    “The bulls are definitely on parade. They just need another week or two to cleanly break out to the upside.”

    Bitcoin (BTC) Live Price

    1 BTC/USD =$9,674.5699 change ~ -2.79%

    Coin Market Cap

    $176.3 Billion

    24 Hour Volume

    $6.81 Billion

    24 Hour VWAP

    $9.72 K

    24 Hour Change

    $-269.4522

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,281FansLike
    2,757FollowersFollow
    4,128FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Danone Launches ‘Track & Connect' Putting Baby Formula Supply On Blockchain Technology

    Danone is applying for the first time blockchain, aggregation and serialisation technologies for its infant formula packs. David Boulanger, the company’s senior VP of...

    Deribit Exchange Launches Ethereum Daily Options After Success With Bitcoin Contracts

    The Deribit Exchange specializing in crypto derivatives has launched daily Ether (ETH) options, an announcement from Monday and made on Twitter says. https://twitter.com/DeribitExchange/status/1229345670492016640 The strike price...

    Central Bank of Russia Proposes Amendments To Legal Framework for Tokenization

    The proposed cryptocurrency legislation in Russia could change a lot, now that a new bill for tokenization has been filed. On February 17, the Central...

    Ripple (XRP) Price Analysis (February 17)

    Key Highlights XRP market is under a falling force by the US dollar price valuation. XRP/USD pair’s value now averages a low point at...

    Binance Applies for Singapore Crypto License Under The New Payment Services Act

    Binance crypto exchange through its parent company has applied for Singapore’s new operating license. This follows an upgrade of laws governing crypto in the...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.