Crypto News: The Market Cap's Back Baby! Over $500 Billion!
We all just watched something extraordinary in cryptocurrency markets. A nosedive crash that scared many to the point of thinking it could go all the way to zero (for many people it was a much more emotional ride because they had just bought the top) only for the market to experience rapid recovery and retake a lot of the ground that had been previously lost. It has been a crazy month for the crypto market indeed.
Today I'm proud to report that the total market cap of all cryptocurrencies has again broken $500 bln. The total market cap is currently around $502 bln at the present moment and I couldn't be more pleased!
So what do we owe this massive recovery? Well I've been looking into this question and have found many possible answers. Firstly is that the general trend is up and has always been up since the market's inception. Secondly is the fact that many asian investors who normally exit in Jan. are getting back in early! Blockchain technologies have fueled this cryptocurrency frenzy but beyond that, it seems to just be good fun for folks that want to get a piece of the action!
Another potential reason for the steady uptick in prices may be contributed to the bullish news that an anonymous trader purchased around 41,000 Bitcoin between Feb. 9 and Feb. 12, worth around $440 mln today, Marketwatch reported. The purchase reportedly brought the BTC address total up to over 96,000 BTC, or little over $1 bln.
Now that it appears that there is a lot of potential to enter yet another bull market what do you guys expect to happen in regard to BTC and alts? Will it be BTC's time to shine alone or will ALTs get their massive recovery and spring ahead leaving BTC to catch up later?
Please leave your opinions below.
Thanks for dropping by @Techblogger!
Source:
Total Crypto Market Cap Back Over $500 Bln, Bitcoin Pushes $11K - CoinTelegraph
Image Source:
CoinTelegraph
I think the altcoins have a direct correlation with bitcoin due to the fact that most altcoin purchases require bitcoin - therefore bitcoin should recover alongside the derserving altcoins.
That is an interesting theory. I've seen it go many ways. I've seen BTC run on ALTs and I've seen it the other way around. Sometimes they both go up together and on a downtrend ALTs seem to dump much faster...
That makes sense because in a broad sell off altcoins are seen as riskier assets to hold given their smaller share of market compared to BTC and also most people receive BTC when selling their alts, providing relative demand for BTC.
Altcoins are the future check out SmartCash with its Node count approaching Bitcoins
I think that 2018 will change everything. Perhaps bitcoin will not have such an impact on the other cryptocurrency, as it has now.
I personally believe in smartcash. They have recently introduced SmartCards and this will give very cool features! Perhaps, they will become a very common cryptocurrency for quick purchases.
Altcoins are improving and perhaps they will take the lead. 🙃
Bitcoin is emotion. it will never be replaced because it is accepted by the majority and earned the most trust.
While other coins have rallies which end very fast (even with the best coins like ETH) Bitcoin goes only up and up. There is no stop.
Bitcoin has outperformed most alts. Just look at their Bitcoin value, it goes only DOWN when the pump is over
This makes sense. I've seen this happen many times so I tend to agree with your points here.
I think that BTC and cryptocurrency, in general, are long-term economics. The currency is new and it's evolving, with plenty of backers trying to create a workable infrastructure as they currency grows exponentially. If you're bullish on its future, it's because you understand that thvalue of a decentralized currency and can see the vision and value of what it will do. If you're anti-crypto you're most likely risk adverse.
The whales caused panic in the market by spreading FUD and dumping. Then they scooped it all up again at massively discounted prices...It's how the market has always worked.
So true, small investors should therefore invest long term. Because in the long term there will be profits. Or be fulltime day traders. There really is not much else in between these two that will yield significant results.
Only who doesn't know crpto market will scare by the downtrend. What happened almost 2 months ago is pull back of the up trend . Now I believe we are in young uptrend. If you can't resist the volatility in Crypto currencies market don't trade it.
Exactly, this is a time for the brave and long term investment.
With Americans getting their tax returns coming in around this time, I'd imagine a decent amount of USD going into the crypto space!
Despite the sea of red, we still are maintaining at $490 billion total market cap! I am very hopeful for the coming months and years. BUT... if I was just now entering the market, or I now wanted to convert more USD to crypto I would definitely wait until BTC is done correcting (hopefully in the next few days). I believe we will see BTC sub $10k again, but only time (and Elliott waves) will tell. I am not a financial advisor, this just my opinion based on research.
Alright. I'll be watching for your crypto prophecy to come true. Personally I'm hoping its all up from here but who knows?
Good post