Crypto Recap March 15: Bitcoin Finds Buying Interest off Lows

in #blockchain6 years ago

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Market Summary

The crypto market kept the downside pressure, although this time led by the Alts complex, as Bitcoin found some solid buying interest sub $8k. From the top cryptos, Ethereum, Ethereum Classic, Lisk, Bitcoin Cash or Litecoin managed to print some marginal gains, while the rest of Alts slid into even deeper oversold levels against BTC. The absorption off the lows in Bitcoin allows some glimpse of hope for a short-term recovery in the crypto markets.

The total market capitalization stands around $330 billion, near the lows seen on Feb 6th, while Bitcoin is still over 40% above its year-low, a reflection of how much capital has come off the Alts bandwagon. As repeatedly said, current market dynamics are dominated by a Bitcoin cycle, which implies that where Bitcoin goes, the rest of Alt coins follow, and as a result, it also means that Alts have a tendency to be more vulnerable to larger losses.

The most exciting news on Thursday came after Lightning Labs announced the first beta release of the lighting software implementation. Additionally, the absence of any negative fundamental-led headlines also helped the recent selling interest to abate. The market, especially in the Alts space, is quite oversold, and investors may perceive the opportunity to accumulate further coins ahead of a potentially more meaningful recovery in prices later this year.

There have been arguments made that the CoinDesk-sponsored Consensus conference on May 14 - the largest gathering of blockchain industry - may set the stage for a tsunami of new institutional money coming into the space. As we mentioned in yesterday's recap, the majority of smart money missed out on the latest bull runs, and they have certainly taken notice.

The News Research Group argues that the Consensus 2018 could trigger a major bull run in cryptocurrencies in a recently published article: "The Consensus event is a huge influencer to the market. Last years event resulted in 26% gain for the total marketcap and triggered the June bull-run. In 2016 the market gained with a small 2,7%. The biggest difference? In 2016 the market was very small (only 8 billion USD dollars), and there were only 1.500 attendees."

Besides, a recent survey conducted by Citigate Dewe Rogerson came to our awareness, in which they reveal that the violent volatility is not deterring retail investors and financial services professionals from owning and even increasing their exposure on cryptocurrencies. "There is also a feeling that the environment for investing in these currencies could improve as many expect new regulation to be introduced providing greater protection for investors, for example," Citigate Dewe Rogerson further stated.

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* Headlines below are listed in chronological order, as seen in CoinLive News Terminal

Top Headlines Industry / Regulations

Top Headlines Crypto-Asset Fundamentals

Key Events on Top Cryptos for Mar 16 (Fri)

  • BLOCKv (VEE) - Blockchain Unbound in Puerto Rico
  • Einsteinium (EMC2) - Weeee Cash Release
  • Factom (FCT) - Business Plan Presentation at Blockchain Business Camp in Tokyo
  • IOTA (MIOTA) - Business Plan Presentation at Blockchain Business Camp in Tokyo
  • Neblio (NEBL) - Trifid Airdrop
  • NEO (NEO) - Meetup and Workshop in Seoul, Meetup in Sydney

source: www.coinmarketcal.com

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