Over the past 24 hours, Bitcoin adds more than 8% and trades around $3,500, showing the strongest rebound in the latest 3 weeks. Along with the growth of the BTC price, trading volumes are also growing, which confirms the serious mood of buyers. Together with the benchmark cryptocurrency, as always, the entire altcoin market has also returned to growth. The main altcoins add from 9% (ETH) to 26% (EOS).

Bitcoin Tries To Interrupt Its Downward Spiral

Bitcoin adds more than 8%, the strongest rebound in 3 weeks

According to Trustnodes, in November alone, finished ICO projects sold 416,000 raised ETHs, while about 3 million coins remained in their hands, which directly indicates the prospect of further sales.

We observed a similar rebound (albeit not confirmed by volumes) in November but rebound was short-lived and further sale-off push the cryptocurrencies to new multi-month lows.

So far, it can only be said that the foundation for steady growth is has not started yet.

In recent days, there have been some optimistic statements from well-known crypto enthusiasts, including early investors in Bitcoin and the founders of the largest crypto exchange – Gemini – Winklevoss twins. In an interview with Bloomberg, they confidently stated that they were quite comfortable with such bear market, having long been accustomed to being pragmatic about cryptocurrency.

It should be noted that over the past year many companies have prepared products for easy investment in cryptocurrency for both retail and institutional investors. It seems that there are fairly large number of investors on the market waiting for the start of a new rally, but unlike last year, these are not random people in the market.

Given the high recognition of cryptocurrency and ongoing infrastructure development, the investment volumes can also grow significantly. However, this time there may be no rush, as big business does not have excessive emotionality and relies only on the most favorable conditions. In this case, the maximum benefit is the minimum prices, or investments in projects with a proven business model.

Alexander Kuptsikevich, the FxPro analyst

LEAVE A REPLY

Please enter your comment!
Please enter your name here