BTC re-testing mid-term trend line
Updated
BTC retesting the mid-term trend line. We expect it bounce around this trend a little but if market sentiment finally prove bullish BTC will have exited the correction and settle again this mid-term trend line. I don't think BTC will recover the super bullish short trend line that made it reach the 20k $ in two weeks.
BTC, despite being the main cryptocurrency, is loosing dominance (33.3) slowly in favor or the alt coins (furthermore a lot of the new money that entered on December is going to coins out of the top20 by market cap.). This means that new investors are willing to risk more money on alt coins rather than BTC. Maybe this is a consequence of the difficulties that BTC is facing (scalability, slow transactions, high fees) and with no real adoption yet of the lightning network (which still have to prove itself as a valid solution) while the alt market have better solutions implemented on their coins or at least the ability to implement them easily.
Does this means 2018 is the alt coins year? We will have to wait and see, but as BTC was the one that reached the masses and giving exposure to the cryptocurrencies world, once people get into crypto, they spread their investment around the alt market with the idea of making easy money or diversifying their portfolio, so we will see a huge rise on the alt coin market even if BTC makes a run like November's.
Crypto is revealing itself to the world, it still need to be implement on companies and prove its applicability, but there is no doubt on the blockchain usefulness and that it will spread all around on every industry.
BTC, despite being the main cryptocurrency, is loosing dominance (33.3) slowly in favor or the alt coins (furthermore a lot of the new money that entered on December is going to coins out of the top20 by market cap.). This means that new investors are willing to risk more money on alt coins rather than BTC. Maybe this is a consequence of the difficulties that BTC is facing (scalability, slow transactions, high fees) and with no real adoption yet of the lightning network (which still have to prove itself as a valid solution) while the alt market have better solutions implemented on their coins or at least the ability to implement them easily.
Does this means 2018 is the alt coins year? We will have to wait and see, but as BTC was the one that reached the masses and giving exposure to the cryptocurrencies world, once people get into crypto, they spread their investment around the alt market with the idea of making easy money or diversifying their portfolio, so we will see a huge rise on the alt coin market even if BTC makes a run like November's.
Crypto is revealing itself to the world, it still need to be implement on companies and prove its applicability, but there is no doubt on the blockchain usefulness and that it will spread all around on every industry.
Note
Market corrections isn't over, so as expected the BTC price will bounce between the correction and the mid term tren lines. Mostly keeping around the correction trend (or below) until Thursday and to retest the mid-term trend on Friday, maybe reaching 16000$ if the correction is ending. Also we will have to keep in mind the Futures contract reopening the 26th.
Note
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