The last 12 months have seen the crypto sphere get battered for the first time in the cryptocurrency history and this could be for a good reason not only for the observer but the investor as well. The Bitcoin value fall has dragged the entire market to the drain; however, there are indications that the market is set to recover.
Barely four days into the New Year, Bitcoin is turning the tide on the bears and according to the digital money market analysts; the ripple effect is set to spread across the entire crypto verse. The current market positivity with BTC headed for a buying streak in Q1 and 2 and this is what the ardent investor is banking on.
Crypto Green Light Ahead
With increased buying pressure on Bitcoin, the next few months will see a clear correction pattern in the market. The steady BTC price rise is a clear indication that the market is ready to take off and according to Bloomberg
“Should buying pressure persist as it has over the past 13 days, Bitcoin could continue to see a rise in prices.”
Since September, the Bitcoin buying streak has been impressive and the current price gains and the current performance have been supported by Mati Greenspan, an analyst at eToro:
“I’m seeing an industry that is growing at a very rapid pace right now where we see companies that are involved in bitcoin and blockchain hiring at a rapid rate. We see new projects coming online. We see all kind of indication that people are getting more and more involved in the market.”
Market Indicators of an Impending Crypto Boom
The hype around large-scale mining is on the down trade and some mining outfits are downsizing to maximize on their resources. On the other hand, major crypto exchanges like Binance and Coinbase continue to venture into new zones whilst adding support staff.
The entire crypto verse is still anticipating the institutional investor influx into the market and this has brought in a lot of activity around select platforms with Bitcoin taking the leadership. Other players like ICE and NASDAQ are also warming up to invest in the technology which is a positive signal.
Already, Altcoins led by Ethereum are leading the rally and the year should not disappoint. With the upcoming Ethereum hard fork, the Constantinople, the market is warming up to a better year. The current recovery of over 80% for ETH is also something to keep the investor ears glued on the next Bitcoin bull run.
Market Recovery Boost by Ethereum
The Ethereum price spike in the last few days has seen the entire market grow by almost 5% and this is set to continue for the short term and a spike anticipated towards and after the fork. With the volatility in the market, high ranked coins tend to affect the performance of upcoming ones and this supports the Ethereum co-founder, Joseph Lubin’s December tweet when the majority of crypto coins were at their lowest ebb:
I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.
— Joseph Lubin (@ethereumJoseph) December 21, 2018