Home Altcoins News Steady Recovery of the Cryptocurrency Prices from the Year 2018 is Encouraging

Steady Recovery of the Cryptocurrency Prices from the Year 2018 is Encouraging

cryptocurrency price

The price of BTC in correlation with Altcoins indicates that the cryptocurrency market has already touched upon the bottom.  The report reinstates that a high correlation exists between the price movements of Bitcoin and the Altcoins over the past 90 days.

The report from Binance Research states, “Within this period, the composite altcoin correlation with Bitcoin also hit an all-time high (13 Mar 2018). That coincided with Bitcoin’s fall from the $6,000 range to the $3,000 range.  This high correlation suggests that market sentiment has already found a local maximum during that period, and a trend reversal may possibly ensue.”

The report also mentioned that it is quite early to talk about institutional investors as they hold only 7% of the cryptocurrencies.

Meanwhile, a new fully regulated crypto-exchange is to be launched in Japan.  The FSA of Japan has permitted the listing of cryptocurrencies like Ethereum, Litecoin, XRP, Bitcoin Cash and Bitcoin.

Binance research further claims that the bear market might be over after analyzing the market structure and the correlation between the crypto assets.  The turnover rates are very high in the cryptocurrency market. 

The investors who are in the cryptocurrency market are highly sensitive to market changes.  They are prone to being overconfident or over pessimistic and therefore leading to higher volatility and transaction volumes.

From a comparison point of view, the turnover rate is six times more than the US stock market, and it is three times more than the Chinese market.

Investors of all sizes whether they have invested on the Bitcoin or the TCAT tokens tend to HODL when the prices drop.  This is a very notable difference when compared to the other markets that have institutional investors.

A lot of regrouping had taken place in the year 2018 when the market was going through transitory phases of all-time highs and all-time lows.  The market has however ensured the bearish phase.

Regardless of several investors shunning cryptocurrencies, the appetite for digital money is here to stay.

Monark Modi, entrepreneur Bitex UAE, stated: “There are a lot of investors who want to invest, but they do not have a platform and don’t have an exchange where they can exchange cryptocurrency for local currency.”

The issues with cryptocurrency exchanges being stolen and the official websites getting hacked are continuing to happen across the globe, but this has not prevented the cryptocurrency from being a happening market.  The steady recovery of the cryptocurrency prices from the year 2018 is encouraging though.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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