Bitcoin has failed to stabilize above $3,600, which is leading the crypto markets to now face new levels of support. Today’s downwards move has led many altcoins to plunge 6% or more, and they are showing few signs of major buying support near their current price levels.

Analysts have mixed opinions regarding exactly where the markets will find support, but there is a general consensus that Bitcoin will find some buying pressure in the low-$3,000 region, which, if this level is to be touched, could result in a bounce.

Bitcoin Drops to Bottom of Trading Range

Currently, Bitcoin is trading down approximately 3% at its current price of $3,560, which is at the bottom of the trading range that Bitcoin formed earlier this week when it failed to stabilize above $4,000 for an extended period of time.

Mati Greenspan, the senior market analyst at eToro, discussed this range in a market update from last week, saying:

“It seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200.”

Bitcoin does appear to be respecting the bottom of this range as support so far, but the current lack of trading volume likely signals that further losses are imminent.

Crypto Markets Likely to Drop Further Before Finding Strong Support

In a recent tweet, Trading Room noted that Bitcoin’s next key support level exists between $3,292 and $3,396, which is approximately 5-7% lower than its current prices. If it does touch these prices, it will mark a nearly 10% drop from where Bitcoin began 2019.

They further noted that multiple altcoins are still above their support levels, meaning that they will likely drop further before stabilizing or possibly bouncing.

“ALTs market back to free fall. Waiting for majors to stabilize. Let’s see their reaction against major support before entering ALTs,” Trading Room cautioned, hinting that altcoins will face further losses in the near-future.

Josh Rager, a popular cryptocurrency analyst on Twitter, echoed a similar sentiment, noting that Bitcoin will likely find significant buying pressure at, or slightly below, $3,000. He further noted that the markets will likely range sideways for a while before dropping further.

“As the volume continues to slowly descend Bitcoin could see more sideways ranging… This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels… Nice support below $3,000 with lots of buyers waiting there,” Rager explained.

It is plausible that the crypto markets will find greater direction as their trading volume increases when the new week begins.

This post credited to News BTC. Image source: News BTC

In the last 4 hours, $9 billion were wiped out of the crypto market as Ethereum and Bitcoin Cash recorded a 14 percent drop respectively against the U.S. dollar.

The Bitcoin price dropped to $3,750, back to last week’s levels following a promising corrective rally on January 6 when BTC increased from $3,753 to $4,090.

Ethereum and Bitcoin Cash Remain as Worst Performers on the Day

Throughout the past two weeks, the Ethereum price nearly doubled from $85 to $160 in anticipation of the scheduled Constantinople hard fork that is set to be executed between January 14 to 18.

The volume of Ethereum spiked as the trading activity of the second most valuable cryptocurrency in the global market surged on ever major digital asset exchange.

However, large short-term gains leave assets vulnerable to large short-term corrections and in the last several hours, the price of ETH dropped by 14.9 percent from $154 to $131 in one of its biggest single-day drops in the past 12 months.

As sell pressure on the cryptocurrency market intensified and bears initiated a sell-off of digital assets, cryptocurrencies that demonstrated decent gains throughout December and January in the likes of Ethereum, Bitcoin Cash, and Litecoin portrayed the largest losses on the day.

As early as January 7, traders including The Crypto Dog suggested that the technical indicators of ETH suggest a short-term downward movement.

The trader said on Monday:

Maybe I’m just seeing what I want to see, but this chart is screaming to me ‘last chance to short ETH.’ It makes sense to see some bounce here, given this level on the ratio, so I hesitate to say this is a great entry. …and of course, I’m just thinking out loud, not trying to urge anyone to FOMO into a trade. I shorted ETH at $156 and sitting relatively comfy here.

Although both major crypto assets and small market cap tokens showed signs of short-term recovery in the last two months, several analysts suggested that without a breakout above key resistance levels, it is difficult to declare the establishment of a proper bottom in the cryptocurrency market.

In late December, Mark Dow, a trader who shorted Bitcoin (BTC) from its all-time high at $19,500 all the way down to $3,500, said that if Bitcoin fails to recover beyond $6,000  in the short-term, the market is in trouble.

“Still a beautiful chart. If bitcoin can’t bounce to at least $5k – $6k soon, it’s a really bad sign for the cyberbulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO,” Dow said at the time.

Trend Hasn’t Changed

Essentially, Dow suggested that the trend in the cryptocurrency market has not changed and crypto winter is still in full effect.

If cryptocurrencies continue to demonstrate a high level of volatility in a low price range, at least in the foreseeable future, a major trend reversal is highly unlikely.

Click here for a real-time bitcoin price chart or here to review our latest crypto market coverage.

Featured Image from Shutterstock. Charts from TradingView.

This post credited to CCN

Bitcoin Is Infantile, But It’s Revolutionary Nonetheless

Jeff Berwick, the so-called Dollar Vigilante (a skeptic of the U.S. fiat system), recently sat down with BlockTV, an up-and-coming crypto-centric media outlet, to discuss his optimistic outlook on Bitcoin (BTC). It should come as no surprise that Berwick was bullish on decentralized cryptocurrencies, especially considering his seeming distaste for government-issued currency, but his comments held credence nonetheless.

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BLOCKTV@BLOCKTVnews

@DollarVigilante Jeff Berwick says we have nearly reached a #crypto bottom and predicts a 2019 explosion. #bitcoinsummit #bitcoin2411:42 PM – Jan 9, 2019See BLOCKTV’s other TweetsTwitter Ads info and privacy

In a shortened version of BlockTV’s interview, Berwick first noted that once Bitcoin, long touted as a way for consumers to “be their own bank,” is well-known as a non-intermediated currency (rather than an asset for criminals), it will likely gain revolutionary-level traction. He added that the fact that you can essentially store BTC (private keys) in your head, even without governmental or bank control, may only add to this paradigm shift. Berwick explained:

Once even some people understand [Bitcoin’s potential], I couldn’t even possibly imagine where this movement could go.

However, the fiat skeptic claimed that at its core, cryptocurrencies are still in a quite infantile state, in spite of the recent ten year anniversary of Bitcoin’s first block. Keeping this in mind, Berwick noted that while many consumers have cast cryptocurrencies off, especially following the boom and bust cycle of 2017/2018, that was likely just a small blip in the grand scheme of things.

The decentralist isn’t the only industry insider to believe that BTC at $20,000 was just the start of something great. Per previous reports from Ethereum World News, Angel Versetti, the CEO of blockchain startup Ambrosus, noted that the real cryptocurrency bubble is when this asset class reaches an aggregate valuation of $15 trillion to $20 trillion.

Berwick, like Versetti, hinted at the sentiment that this technological development is game-changing, and is still undervalued from a long-term perspective. The BlockTV interviewee, who claims that he will be able to survive and thrive “during and after the Dollar collapse,” noted that “nothing can stop a good idea.” Even more so for an idea that keeps “currency out of the hands of governments and central banks.”

And this idea has already started to catch on. Per our previous reports, TIME Magazine lauded cryptocurrencies, BTC specifically, as a way to allow ‘average Joes to get out of the vises imposed by authoritarianism-centric entities.

Berwick noted that he expects for this thematic development to continue in the future, especially as governments continue to struggle to keep their jurisdictions in-check.

Institutional Money To Flow Into Crypto

Dollar Vigilante went on to touch on his short-term forecasts for this market, which has been beaten to hell and back in recent months. Berwick noted that while he cannot be 100% sure of about predicting this industry’s developments for 2019, he expects that prices have hit (or are nearing) the bottom by and large.

Yet, in spite of his bottom call, he noted that cryptocurrencies could remain in a lull until 2019’s end, echoing analysis done by other analysts, including Filb Filb and Murad Mahmudov. However, Berwick noted that with the arrival of institutional money (which he isn’t necessarily a fan of), via platforms like Bakkt, a potential Bitcoin ETF, and Nasdaq’s proposed futures, will “change the game completely.” He explained that as soon as institutional money starts flowing, cryptocurrencies prices will explode en bloc, as there are presumed trillions waiting on the sidelines.

He added that with equity markets on the verge of “the biggest collapse ever,” as predicted by a number of decentralists, cryptocurrencies will likely outperform.

This post credited to Ethereum World News.

Image source: Ethereum World News

Bakkt, a digital asset platform created by the Intercontinental Exchange, has completed its first funding round, securing an investment from Li Ka-shing, a renowned Hong Kong billionaire and one of the wealthiest men on the planet.

Li Ka-Shing Leads Investment Round For Bakkt

Bakkt, a cryptocurrency platform backed by the Intercontinental Exchange (ICE) had completed its Series A funding round on Dec. 31, 2018. Bakkt signed off more than $180 million raised, entering the new year with a bang.

The parent company of the New York Stock Exchange (NYSE) managed to attract heavyweight tech and venture capital investors, including Boston Consulting Group, Microsoft’s venture capital arm M12, and Naspers’ fintech company PayU, Bakkt’s Medium post revealed.

According to EJ Insight, one of the most notable investors in Bakkt was Horizons Ventures, a Hong Kong venture capital firm founded by Li Ka-shing. Ka-shing, who is the 23rd richest man in the world according to Forbes; he has been accumulating an assorted portfolio of tech startups over the last decade.

This, however, isn’t the first time Ka-shing has ventured into cryptocurrencies. In 2013, Horizons Ventures invested in BitPay, a bitcoin payment processing software, and in 2016 in Blockstream, a blockchain technology provider.

Investors Recognize Bakkt’s Potential

Bakkt’s plan to launch a digital asset platform that will host institutional-grade futures contracts for bitcoin and other cryptos seems to have resonated well with investors. Li Ka-Shing’s Horizons Ventures was joined by CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Pantera Capital, and Protocol Ventures, Bakkt’s CEO, Kelly Loeffler said.

Backing by some of the biggest names among institutional investors could help the cryptocurrency market gain much-needed recognition. Institutional backing could also reduce the volatility that has plagued the crypto market for years.

Physically delivered crypto futures will set Bakkt apart from the competition, as rival exchanges CME and CBOE settle their contracts in fiat. Bakkt’s contracts will also be warehoused and cleared through ICE’s US-based futures exchange and clearinghouse.

Many small time crypto traders are looking forward to the launch of Bakkt’s contracts on Jan. 24, 2019, as the initial launch was set for Nov. 2018. The company blamed regulatory setbacks for the delay, with Loeffler sayingBakkt has filed an application with the U.S. Commodity Futures Trading Commission and was waiting for approval.

This post credited to Cryptoslate. Image source: Cryptoslate

Monday, Jan. 7 — most of the top 20 cryptocurrencies are seeing slight to generous gains in the 24 hours to press time. Bitcoin’s (BTC) price has surpassed the $4,000 mark again, according to Coin360 data.

Market visualization

Market visualization from Coin360

At press time, Bitcoin is up nearly 5 percent on the day, trading at around $4,025. Looking at its weekly chart, the current price is above the intra-week high of $3,946 — registered on Jan. 2 — and is also notably higher than $3,841, which is the value of one bitcoin last Monday.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) remains the second-largest cryptocurrency by market cap. The divide between ETH and Ripple (XRP) — currently the third-largest crypto by market cap — is decreasing. Ethereum’s market cap is currently $15.9 billion, while Ripple is sitting at $15 billion.

Ethereum has seen its value decrease by about half of a percent over the last 24 hours. At press time, ETH is trading at around $153, having started the day around $154. On the weekly chart, Ethereum’s current value is significantly higher than $137, the price at which the coin started the week.

Ethereum 7-day chart

Ethereum 7-day chart. Source: CoinMarketCap

Ripple (XRP) is up over three percent on the day, trading at around $0.367 at press time. On the weekly chart, the current price is higher than $0.361, the price at which XRP started the week — but also lower than $0.378, the midweek high reported on Jan. 2.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the ones experiencing the most notable price action are NEO, up over 10 percent, Stellar, up over 6 percent, and ZCash, up about 4.5 percent.

The combined market capitalization of all cryptocurrencies — currently equivalent to about $136.1 billion — is higher than $128.8, the value it reported one week ago. The current value is slightly lower than the intra-week high of $138.7 reached on Jan. 6.

Total crypto market cap 7-day chart

Total crypto market cap 7-day chart. Source: CoinMarketCap

As Cointelegraph reported earlier today, a new bipartisan bill to exempt cryptocurrencies from some securities laws is currently being reviewed by the Colorado Senate.

Recently, news broke that several United States federal agencies reportedly raided the office of a Michigan-based science and tech center last month during a crypto-related investigation. The center’s founder was allegedly “commercially trading in crypto-currency (sic) without the proper authorization.”

This post credited to cointelegraph Image source: Cointelegraph

Bitcoin, which many investors and traders are hoping is going to begin 2019 with a bang, has leaped sharply over the last 24 hours, adding some 6% and climbing above the psychological $4,000 mark for the first time this year.

The bitcoin price, which has been languishing at around $3,750 for the last couple of weeks, moved sharply higher after a surge in bitcoin trading volume that sent the original cryptocurrency’s market capitalization up over $70 billion, according to CoinMarketCap data.

Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to so-called market whales moving large volumes of bitcoin at above or below the current market value.

Just ahead of the bitcoin market spike last night a bitcoin whale moved some 2,500 bitcoin (worth just under $10 million) on the Luxembourg-based Bitstamp exchange, according to the Twitter price tracking bot Whale Alert. The move pushed the daily bitcoin volume up to over $5 billion, a 2019 high.

The jump in the bitcoin price sent the wider cryptocurrency market higher, with ethereum gaining just over 2% over the last 24 hours, while ripple (XRP) added almost 5%.

“A surge of 6.5% in 30 minutes is not entirely uncommon for bitcoin and could very well be caused by a single large order on an exchange or even by a lack of liquidity in the market,” said Mati Greenspan, senior market analyst at brokerage firm eToro. “What’s interesting about this move is that it did bring us above the $4,000 level and so far is holding onto the gains.”

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Bitcoin isn’t the only major cryptocurrency to see large holders make big moves lately. Since Friday, more than $273 million in ethereum has been transferred in 21 separate transactions, with 10 of the largest transactions from the crypto exchange Bitfinex to unknown wallets, it was reported today by trade news site the Daily Hodl.

The largest ethereum move was worth almost $19 million.

Bitcoin, bitcoin price, chart

The bitcoin price jumped following a so-called bitcoin whale moving a large volume of the cryptocurrency.COINDESK

Meanwhile, the bitcoin price is being supported by news that CoinFlex, originally a part of the U.K. bitcoin exchange Coinfloor, has announced plans to offer physical bitcoin futures to Asian investors next month.

The move by CoinFlex, first reported by the Bloomberg newswire, will put it in direct competition with the New York Stock Exchange and Eris Exchange, both expected to be offering similar contracts soon.

The move to physical bitcoin futures is seen as important to help combat manipulation in the market, with some claiming cash-settled contracts leave unregulated bitcoin and cryptocurrency markets open to abuse.

The chief executive of CoinFlex and co-founder of CoinFloor, Mark Lamb, told Bloomberg CoinFlex will offer futures contracts for bitcoin, bitcoin cash and ethereum that can be leveraged up to 20 times.

“Crypto derivatives could become an order of magnitude larger than spot markets and the main thing that’s holding back that growth is the lack of physical delivery,” Lamb said. “Volumes are reduced because of a problem of trust when it comes to cash-settled trades.”

bitcoin, bitcoin price, chart

The bitcoin price jumped pulled up the wider cryptocurrency market.COINDESK

Elsewhere, bitcoin SV, a fork of the bitcoin cash cryptocurrency, looks close to be falling out of the cryptocurrency top 10 by market capitalization as the likes of tron, cardano, stellar, and litecoin make rapid gains.

Litecoin is up by some 10% over the last 24 hour trading period, leading the field.

Bitcoin SV has struggled with waning volumes and lackluster adoption since its battle with bitcoin ABC for control of the bitcoin cash network last year.

This post credited to forbes Image source: Forbes

Ethereum, TRON, and Iota have outperformed most other major cryptocurrencies by the 30-day Sharpe ratio, a measure developed by Nobel laureate William F. Sharpeto evaluate the return of an investment relative to its risk. Meanwhile, Bitcoin’s performance was dismal.

Within the last 30 days, the market has experienced a robust recovery after bottoming out in December. One indicator, the Sharpe ratio, calculates the performance of an investment adjusted for the risk-free interest rate per unit of volatility.

To calculate the Sharpe ratio, first, the risk-free rate is typically determined using U.S. Treasury Bills as a zero-risk benchmark. Then, over a given period of time, the rate of return of an investment is calculated. The risk-free rate is subtracted from the rate of return of the investment to produce the amount of excess return. Finally, the excess return is divided by the standard deviation (volatility) to produce the Sharpe ratio.

(Average Cryptocurrency Return – Risk-Free Rate) / Cryptocurrency Standard Deviation

The greater the returns over the risk-free return, the higher the Sharpe ratio. More consistent returns over time also produce a higher Sharpe ratio. Meanwhile, a negative ratio indicates that the return on investment was lower than the risk-free interest rate in a given period.

For comparison, U.S. Treasury Bills have a Sharpe ratio of zero. The S&P 500, an index of stocks from the largest 500 U.S. companies, had a rolling 12-month Sharpe ratio of approximately 1.0 over the last 25 years.

Chart courtesy of 6 Meridian

Understandably, cryptocurrency has a very low—and sometimes even negative—Sharpe ratio because of its extreme volatility. The chart below shows the lifetime volatility of bitcoin’s daily rate of return relative to the S&P 500:

Original analysis by CryptoSlate. Scrutinize our data on GitHub

The chart emphasizes the extreme levels of volatility experienced by bitcoin, even when compared to a moderately volatile index, such as the S&P 500.

On Jan. 4th, LongHash calculated the 30-day Sharpe ratio for various cryptocurrencies:

Chart courtesy of LongHash

Ethereum and Iota generated Sharpe ratios of 0.124 and 0.127, respectively. TRON lead the way with a ratio of 0.169. Over the last month, Bitcoin had a dismal ratio of -0.0722, indicating that U.S. Treasury Bills outperformed the cryptocurrency in the last 30 days. These figures have little to no bearing on how the cryptocurrencies in question will perform in the following months.

Whether the Sharpe ratio has any relevance for evaluating the merits of a cryptocurrency is another matter entirely. The new asset class is new enough and volatile enough that the ratio may not provide any useful information—but we’ll let the analysts in our audience make the final decision.

This post credited to cryptoslate Image source: Cryptoslate

In the past 24 hours, the crypto market added $3 billion to its valuation as Bitcoin (BTC) and Ethereum (ETH) performed relatively well against the U.S. dollar.

Several crypto assets in the likes of Litecoin, TRON, and Cardano recorded the largest gains on the day in the range of 6 to 12 percent.

Bitcoin Has Needs to Break Above $4,500

As the cryptocurrency market avoided a further drop below the $130 billion mark, Bitcoin defended the $3,800 level and stabilized at around $3,850.

According to a technical analyst with an online alias “DonAlt,” for the Bitcoin price to establish a foundation for a strong short-term rally, it will have to break out of major resistance levels above $4,500.

The analyst said:

Monthly: Still bearish, needs to break above $4,500 to even attempt a bullish recovery. Weekly: Rejected by weekly resistance but finally showing some bull momentum. I’d like to see us start closing above $4,300 before turning bullish.

Currently, despite the relatively stable past few weeks demonstrated by the majority of crypto assets, the market still remains down by around 43 percent from November levels.

To initiate a strong short-term rally, the cryptocurrency market would have to add more than $80 billion to its valuation, which is certainly possible if the Bitcoin price is able to sustain its momentum throughout the first two quarters of 2019.

Analysts generally expect cryptocurrencies to undergo the final phase of the year-long bear market prior to the end of the first quarter of this year as the asset class eyes a gradual recovery in the second quarter.

Crypto Still in Early Phase

Chris Burniske, a partner at Placeholder VC, said that the cryptocurrency sector is in the installation phase wherein builders are dominating the asset class and the mainstream is not heavily involved.

Until the asset class becomes more resilient and robust, it will continue to see a high level of volatility and wild price cycles.

He said:

But the mainstream? For most, crypto is still not relevant to their life. If they didn’t invest in 2017, they’ve forgotten. If they did, chances are they have a bad taste in their mouth and want to forget. I don’t say this to dishearten us. Quite the opposite. We remain in the installation phase of crypto where the primary users are developers & investors. There is so much left to build and promise to be realized, which is massively exciting.

With the emergence of custodial solutions and strictly regulated liquidity providers, the cryptocurrency market may see an inflow of institutional and high profile investors in 2019.

However, given the historical tendency of the asset class to initiate rallies based on cycles, some analysts expect cryptocurrencies to undergo a long-lasting consolidation period and demonstrate a high level of stability throughout 2019, as the bear market comes to an end.

Featured Image from Shutterstock. Price Charts from TradingView.

Saturday, Jan. 5 — the crypto markets are mainly in the green today, as Bitcoin(BTC) moves closer to the $3,900 mark, data from Coin360 shows.

Market visualization by Coin360

Market visualization by Coin360

Bitcoin has shown slight growth today, up by around 3 percent and trading at about $3,899 at press time. Over the month, Bitcoin is up almost 1 percent and almost 7 percent over the week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Ethereum (ETH) is currently trading at around $159, up more than 6 percent on the day at press time. The second-largest cryptocurrency is seeing around 35 percent gains over the week, and 47 percent gains over the month.

This week, developers from Ethereum discussed the possibility of implementing a new proof-of-work (PoW) algorithm that would raise the efficiency of GPU-based — rather than ASIC-based — mining on the network. The debate over whether to go forward with the implementation comes ahead of the upcoming Ethereum Constantinople hard fork.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Third-largest cryptocurrency Ripple (XRP) is up over 2 percent at press time, trading at around $0.36. Over the week, the coin has seen more than 7 percent growth, and almost 5 percent gains over the month.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

The total market cap of all cryptocurrencies is currently around $133 billion at press time, up from its weekly low of about $125 billion.

7-day chart of total market capitalization of all cryptocurrencies

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

Of the top ten cryptocurrencies, Litecoin (LTC) and TRON are showing the biggest growth, up over 12 and 15 percent respectively.

Earlier this week, the Gemini crypto exchange — founded by the Winklevoss twins in 2014 — released a series of ads calling for better regulation of the crypto space. The ads, which read “Crypto needs rules,” were received with mixed reactions from the crypto community, as some believe the space suffers from the intervention of regulators.

Also this week, five more crypto exchanges — including Coincheck — joinedJapan’s self-regulatory association of cryptocurrency exchanges.

This post credited to cointelegraph Image source: Cointelegraph 

Over the past 12 months Bitcoin has continued to fall, dragging the entire crypto market down with it. The daddy of all digital currencies hit a 16 month low in mid-December when it fell below $3,200. Things could be on the verge of a reversal soon though according to analysts.

Turning The Tide On The Bears

A positive start to 2019 and new technical analysis suggests that trends are about to turn for Bitcoin and its brethren.  An indicator used to detect trend reversals shows that Bitcoin is in its longest buying streak for six months according to Forbes.

The GTI Vera Convergence Divergence indicator has previously been used to highlight buy signals and it has not been wrong. Bitcoin had a month long rally the last time this indicator showed positive signals. “Should buying pressure persist as it has over the past 13 days, Bitcoin could continue to see a rise in prices,” Bloomberg added.

Bloomberg’s Galaxy Crypto Index, which tracks some of the top crypto assets, is similarly indicating Bitcoin’s longest buy streak since September when its market dominance climbed to 58%. This sentiment has been echoed by senior analysts such as eToro’s Mati Greenspan who said the market is much closer to the bottom than we are to the top, before adding;

“I’m seeing an industry that is growing at a very rapid pace right now where we see companies that are involved in bitcoin and blockchain hiring at a rapid rate. We see new projects coming online. We see all kind of indication that people are getting more and more involved in the market.”

While it is true that large scale mining operations have downsized, crypto exchanges such as Binance and Coinbase have continued to expand and take on new staff and new geographic locations. The looming promise of institutional investor involvement from the likes of Nasdaq and ICE is another signal that the market is not likely to fall any further.

Ethereum has led the rally so far this year with its upcoming Constantinople hard fork being the catalyst. A recovery of over 80% in just three weeks for ETH has bolstered crypto markets which have grown almost 5% since the new year started. Ethereum co-founder Joseph Lubin called the bottom in mid-December when most cryptos were at their lowest levels for 18 months;

Joseph Lubin

@ethereumJoseph

I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.

455 people are talking about this

The momentum at the moment is slow but recovery is a painful process and will not happen overnight. A steady upswing for crypto markets will be far healthier for the ecosystem than the mass volatility of 2017’s bull run. The snow from the crypto winter could slowly be starting to melt.

This post credited to News BTC Image source: News BTC