Traditional Investors Have Stepped Into the Cryptocurrency MarketJanuary 28, 2019
The focus is back on the fundamentals of the cryptocurrencies in the year 2019. The true potential of each of the currencies is what will bring the focus on the fundamentals of the digital currencies.
Traditional investors have stepped into the cryptocurrency market, and this will, in turn, have the cryptocurrencies to show trends like the traditional markets.
There is a widespread discussion going on about whether Bitcoin-based products are needed. Bitcoin being a network helps in storing value, and by its network properties serves as a medium of exchange. Bitcoin is considered to be unique because of its tamper-proof nature. Some investors favor Bitcoin as money, and there are yet others who favor the coming of Bitcoin related products. How things will unfold is something that reality should declare.
Sellers dominate the trend lines in the spot market for Bitcoin at 3.1 percent yesterday. It was 2.6 in the past week. Traders are feeling edgy because the BTC/USD trade plans are retesting their lower limits in the support zone. If the price drops below $3,500 or 78.6% Fibonacci retracement level, this can leave the opportunity for the price to touch upon the December lows at $3,200.
There is a deep correction as the bears are retesting the $3,500 support zone. It is expected for the price to recover and steady up in the days to come. However, sellers have not recovered from their December losses. Buyers continue to be in the trend though. BTC had a range bound week, and there were not any catalysts in the past week. Some of the analysts continue to opine that there is more of low in store for the BTC.
The delayed Ethereum network update is yet another thing that influences the minds of investors. The past week was a comparatively quiet week, and there was not a lot of news driving the trends. There were no groundbreaking stuff that analysts had to say of anything worth noting.
Some of the interesting talking points were that dApps generated $6.7 billion in the year 2018. There were talks of Samsung looking to provide for cryptocurrency wallets in their smartphones, and one of the US technology publication released the image of Samsung Galaxy S10 with a native Bitcoin Wallet.
Huobi, CEO opined that we could not be sure of for how long the bear market is set to be here. He further added that we will struggle to survive and that we have to spend money carefully.
NASDAQ CEO explained the current cycle by stating that the first state of cryptocurrency was over with pioneers, then hype, then the proliferation of newcomers, and then the reality.