Has The Crypto Market Bottomed After Bitcoin’s 50% Collapse?
[NEWS BLOG]: Has The Crypto Market Bottomed After Bitcoin’s 50% Collapse?
Cryptocurrency analyst Thies recently drew attention to a clear sign that the bottom in the cryptocurrency market is finally here. He noted that according to TradingView’s Total2 trading pair (all digital assets sans Bitcoin), “last week alone showed the highest buying volume for the altcoin markets ever recorded.”
While some say that this data masks reality in part, there is no doubt there has been a lot of buying pressure in the cryptocurrency markets as of the past week, hence the absolute explosion in the price of Ethereum Classic, Bitcoin Satoshi’s Vision, and many, many others.
Bitcoin Preparing to Burst Higher
So, is the cryptocurrency market ready to head higher after seemingly finding a bottom? Well, it already has, with the price of digital assets surging by dozens of percent since mid-December.
And fortunately for bulls, the indicators suggest more upside is on its way.
The Lucid SAR indicator, which “signals a stop and an entry in the opposite direction,” just printed a bullish signal; the indicator printed its first buy signal since March 2019, which was prior to a 330% rally that brought BTC above $10,000 and crypto assets dozens of percent higher.
And, Glassnode data shows that Bitcoin’s network hash rate has just reached a 1-year high of 125 exahashes.
OTHER RELATED NEWS
Early Ripple Investor: I “Never Really Saw” the Use Case for XRP as Currency
While XRP is a topic of conversely for many in the space, the asset is undoubtedly a powerhouse in the industry, with the third-largest market capitalization of all cryptocurrencies. XRP also has an active fanbase on social media platforms.
Yet the cryptocurrency, critics suggest, doesn’t have a use case. Former Wall Street trader Tone Vays said in an interview with BlockTV that the “Ripple token itself has absolutely no place,” adding that everything about the altcoin “is bad.”
Kevin Rose, a venture capitalist who led Google Ventures’ 2013 investment in Ripple, recently weighed in on this debate in an interview with TechCrunch, contracting the - read more.
Billionaire Investor Henry Kravis Makes First Crypto Investment
Billionaire investor and philanthropist Henry Kravis is dipping his toe into the world of crypto assets.
According to a piece by Bloomberg on Friday, Kravis – who is co-founder of global investment firm KKR & Co. – is said to have invested in a cryptocurrency fund offered by ParaFi Capital.
The news comes via ParaFi founder and CIO Ben Forman, a former KKR employee who left to form the San Francisco-based digital asset startup. Bloomberg said a spokeswoman for Kravis has declined to comment on the investment.
Forman describes ParaFi Capital as an “investment firm focused on the blockchain ecosystem” - read more.
Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers.
Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.
Buying Sentiment on Hold
Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. - read more.