This Indicator May Take the Crypto Market on an Unprecedented Parabolic Rally

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[NEWS BLOG]: This Indicator May Take the Crypto Market on an Unprecedented Parabolic Rally

The crypto market has been caught within a firm uptrend throughout the past six weeks, with its cumulative rally being fueled by steady gains seen by Bitcoin, coupled with parabolic gains seen by many major altcoins.

Examples of this can be seen while looking at major cryptocurrencies like Tezos and Ethereum, which have both seen massive gains over the past several days that are emblematic of the type of rallies seen during full-fledged bull markets.

Now, one elusive indicator that has flashed before the crypto market’s previous parabolic uptrends is flashing again, suggesting that the markets could be on the cusp of seeing a 2017-esque movement in the months ahead.

Crypto Market Sees Intense Uptrend as Analysts Eye Further Gains.

It’s no secret that 2020 has been a great year for the crypto market, with Bitcoin’s climb from lows of $6,800 to highs of over $10,500 allowing the markets to see some intense momentum.

This uptrend has allowed the aggregated crypto market capitalization to balloon, rising from year-to-date lows of $185 billion to its current size of over $300 million.

The fact that this climb has come about as the result of money pouring into both Bitcoin and altcoins concurrently suggests that fresh capital is entering the markets, and that a fundamental shift in market structure is occuring.

Financial Survivalism, a prominent crypto analyst on Twitter, explained in a recent tweet that he anticipates altcoins to see further momentum due to bullish patterns that they have been widely forming as of late.

“Can’t help but salivate when looking at the Big W patterns that are taking shape in alts. Most haven’t confirmed yet but they are already very well defined. First entry occurs with a close above point D. Second entry occurs with a close above point A,” he said while pointing to a collection of charts seen below."

This Indicator Shows an Unprecedented Altcoin Rally is Around the Corner

One key factor that should be on the forefront of all investor’s minds is the fact that there was a 50/200 EMA golden cross on the aggregated crypto market cap, with Bitcoin being excluded.

This formation preceded the alt rally seen in 2017, suggesting that a major movement could be inbound.

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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.

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.

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 - read more.

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