The current price of Bitcoin is $4031 (Coinbase Pricing), with 24 hour volume leveling around 5.75 billion USD (via CoinMarketCap.com). Bitcoin rose nearly 4.66% over the course of the past 24 hours, resulting in a $300 price increase as the new year cheer looks to bring ample opportunity and excitement back into the crypto asset markets.
Bitcoin has now rallied nearly 30% from 2018 lows, which was achieved on December 15th, and crypto itself has seen a 36% increase in total market cap as 36 billion USD has flowed back into the market as it currently sits at $136.58 billion total.
Our team is short-term bullish in recent price action. Bitcoin is a leading indicator for how we believe alts will perform. As of right now, Bitcoin has broken above multiple points of control, including one such level around $3800 .
We believe this rally will continue so long as $BTC can remain above $3966 (Bitmex Pricing) on 4hr time frames and higher.
At this point in time, to generate profit from greater potential upside (90% crypto, 10% fiat), our team is adding to its longs and increasing its exposure to alts. We will be utilizing the index strategy that we have previously mentioned to aggregate ourselves across top 30 market cap cryptos.
Case and point, we want to have high exposure to alts, here, as they typically act with more volatility than $BTC, in whatever way the market trends. If $3966 (Bitmex Pricing) doesn’t hold, then we will hedge ourselves neutral with shorts to protect against ensuing downside.
We will circle back with you guys this afternoon (PM U.S. Central Time) to discuss updated price action and relevant news in the cryptocurrency space.
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