The crypto market is now worth more than 1’000 billion USD. However, the market capitalization of altcoins is still just about 60% of how much it was at its peak at the beginning of 2018. In other words, an altseason could be around the corner if a pattern already seen in the past is going to be repeated. Actually, the past week has already seen a very good performance of altcoins, as you can see in our table above.
Whatever the case, mediatic exposition is booming for BTC and cryptos, and this is a great occasion for the blockchain technology to showoff the developments of the past couple years.
It finally happened. After three long years, BTC approached again the 20’000 USD level. In December 2017, it wasn’t able to catch it. Even worse, 20’000 acted as a strong resistance and Bitcoin fell back rapidly. This time around, things went differently. BTC crossed 20’000 USD on December 16th and didn’t stop there. It actually approached USD 24’000 in a crazy two-days rally. Bitcoin eventually fell down but was still able to close at around 22’500 USD.
The past week was a negative one for the cryptocurrency market. BTC uptrend appears to be losing some steam going into the end of the year. However, finding a sound ground in terms of price around 18’000 USD is an aimportant achievement. The first time BTC crossed the 15’000 USD marks, it was actually able to keep it for less than a couple months. Not pushing considerably back would be a great result in itself.
The past week was a very positive one for the top cryptocurrencies we cover. Last week proved to be nothing more than a temporary retracement and Bitcoin recovered from it and drove the whole market up. Altcoins were able to follow for the major part, with the whole market capitalization now well over 560 billion USD and very high volumes overall.
The cryptocurrency market is living its greatest moment since late 2017. BTC is creating the buzz and dominance is increasing. However, altcoins are rising soundly as well, with total marketcap excl. BTC sitting at levels basically not seen since summer ’18. All seems set for an altseason once BTC slows down a little bit.
The past week was very good for the cryptocurrency market. BTC price kept climbing without stopping and was able to cross and hold the 15’000 USD level. Altcoins generally lagged the movement but still were overwhelmingly in the green for the period.
Currencies, Platforms and Tokens were able to overperform BTC and close with very significant gains. BTC halving was followed by a very sharp rebound of the market, which is additionally now not anymore focused on the much anticipated event. Therefore, gains are much better widespread between sectors than they were during the pre-halving week.
The halving frenzy was in full swing for BTC and cryptocurrencies in general during the past week. The event was in the spotlight even in mainstream investment channels. Past halving events were followed by important price increases over time. This and fundamentals related reasons like decreasing BTC inflation led some to think that the halving could have been a catalyst for a rally of BTC price. That could still very well be the road, but it does look like some more time will be needed.
The last seven days were the days of the halving for BTC: the market obviously waited for the event and was hugely conditioned by it. Investors hoping for an acceleration of the uptrend going on for weeks were, however, disappointed. Small projects overperformed the field once again but were just marginally positive, with Mid-cap lagging and Top projects falling behind.
In the after-halving day, we take a look at the technical setting for BTC. Our selection of indicators is clearly affected by the movementof the last weekend. MACD has just turned negative, while both RSI and CCI are not giving a clear indication. ADX is also signaling a weakening uptrend, while Vortex is signaling the same and could be near to a sell signal.