Crypto statistics and trends #8 – turning from bear to bull

Since its massive growth in November and December of 2017, Bitcoin underwent a major correction. The fall of the Bitcoin price, after the new ATH at 20k, has already reached 4x to $ 6000 support zone. However, this price has already been massively purchased, so $ 6,000 can be considered as longer-term support.

As Nichloas Merten said in his video explaining OTC markets, the demand for Bitcoin is massively higher than the supply at a 6k-6,5k zone in OTC markets, due to his sources from OTC markets. He also mentioned that the volume of purchased Bitcoins is much higher on OTC markets than in the crypto exchanges like Coinbase. So we see only the tip of the iceberg and not what is below.

But who are the sellers? Early adopters, people who bought or mined Bitcoin in the early stages and have a large stock of BTC. Those who bought it for $ 1, $ 10 and even $ 100. Then also the miners, whose mining costs are between 3000-6000 USD per Bitcoin, but those are not forced to sell below the price if they do not need some fiat.

Who are the buyers then? Large institutional investors like banks and investment groups.
Does this mean that the $ 6000 can be the bottom price of Bitcoin? It might because the support zone was tested already 4 times from February of this year. And this is also the price at which institutional investors buy bulk in the background to enable Bitcoin to make use of in the future in trading and speculation.

Bitcoin

The dominance of Bitcoin is still around 53 % with sideways movement. This means that when the Bitcoin rise, Altcoin follow him. Well but when we will see some big spikes in Bitcoin price, we might expect the rising dominance to maybe 55 % – 60 %. Last time the dominance was around 60 % was between November and December last year. When the Bitcoin bull run happened.

Altcoins

Who is the biggest gainer of last week of TOP 100? Nano with 55 % rise, IOTA also made a beautiful movement of 43 %. We saw 38 % rise of the price of ICON also. But not all TOP 100 coins went up last week, MOAC price dropped of 16 %, this is the biggest loser of TOP 100 cryptocurrencies.

The bear market might be over and possibly turned into a bull. 4 times confirmation of the support of Bitcoin and the huge demand of institutional investors might turn into FOMO of those institutional investors, while there will be no supply in OTC markets. And at that time will start a huge rally.

Disclaimer: This article is just informational. It’s not a financial advice. Before investing in cryptocurrencies, do your own research. The market is quite new, very volatile and speculative!