Monumental Volumes and meaningful moves predict that Altcoins would outperform Bitcoins in AltseasonFebruary 20, 2019
Mati Greenspan, when commenting about the recent spike in volume stated, “more meaningful moves” were seen hand-in-hand with the high volumes.
A crypto volume reading at a whopping $35 billion is a “level not seen since last April.”
It was the highest volume day in 2019 on Monday showing staggering volumes, which were spiking through the roofs in several notable exchanges.
Kevin Rooke in his tweet explained how the $9.9 billion in exchange volume on Monday was the highest reading ever since May 3, 2018.
These monumental volumes have created a new belief that a further breakout in on the dice. However, there are a few crypto pundits who have predicted a probable pullback in the short term. The spike in the Sunday and the Monday volumes indicate that there is likely to be further upside.
Recently, a leading crypto analyst stated that it was the “altseason” where other kinds of cryptocurrencies would outperform Bitcoin.
Despite the positive note from the different analysts, it is not the least breath for the bearish market. However, those who are going to be looking at the market through the bearish lenses are going to miss out on the eventual rally.
The strong sentiment data has now led to a situation where none of the cryptocurrencies exhibit a negative daily sentiment.
When looking at the 50 largest cryptocurrencies only Ox, Paxos, and Decred show a negative daily sentiment.
Joe DiPasquale, CEO at BitBull Capital, stated, “While we are very optimistic about the long-term prospects of Bitcoin and the crypto market, we agree that the bear market is not quite over yet.”
He elaborated stating, “We believe there will be a steady rise of Bitcoin through the year, passing $5K by the end of the year.”
The bear market has not retreated, and it is very much actively in play. In any investment market, the bears do not go away. They perhaps do hibernate to make a bigger come back.
With ICOs having caused losses in millions with just a few success stories, it continues to be one of the most evolved crowdfunding mechanism. The major issues with ICOs were that high-profile scammers and fraudsters took advantage of the general lawlessness in the crypto market.
Retail investors are already scared about the market trends; however, institutional investors are stepping in to establish their dominance in the market. Regardless, ICOs continue to be a force in the industry. The cryptocurrency sector is working to revive confidence in investors concerning ICOs. Everything is here to stay with a touch of legal parameters set in place, soon to be.