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The Recent Bitcoin and Altcoin Rally is Real, but There is a Catch by cryptoedify

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bitcoin · @cryptoedify ·
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The Recent Bitcoin and Altcoin Rally is Real, but There is a Catch
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The Recent Bitcoin and Altcoin Rally is Real, but There is a Catch

Cryptocurrency enthusiasts everywhere have been cheering the recent runup in Bitcoin and Altcoin prices. Bitcoin's historical volatility has been seen again and again, and last year Bitcoin ranged between $3,300 and $14,000. Is the recent rise the beginning of a bullish trend with legs, or is this just more of the volatility we accept as cryptocurrency investors.

Major cryptocurrencies including Etheteum, Ethereum Classic, Tron and EOS have outperformed the stock market by a wide margin. Bitcoin is leading the pack with more than a 30% rise in price year to date. When we look at Coinmarketcap, we see that Bitcoin's market dominance has falled to 64% while the marketcap of the cryptocurrency market has risen to $280 billion. Organic growth in the altcoin market along with a transfer of marketcap from Bitcoin shows a resurgence of interest in the market. This is great news.
What makes this rally different, "real" and a clear signal that more gains are ok the way? Simply put that we are in the historical "end zone" before the Bitcoin rewards halving. Add this to geopolitical instability, the newly launched Bitcoin options on the CME and institutional support from heavy weights Goldman Sachs and Citigroup and you have potential for a price "moon".

Now the catch...

We all know that Bitcoin is heavily influenced by leveraged traders and whales. We understand this, and we can assume that these players and market makers will use their influence to tank the price of Bitcoin and the altcoin market before the halving so that they can profit. The main event, the rewards halving, is where the weak hands will lose their wealth. This is known, and yet financial markets are so emotional that knowledge will be undone by emotion.

We know that a large driver of Bitcoin's price is the rate of inflation, during which miners who support the network are rewarded. Keep on holding and get ready to buy. I recommend dollar cost averaging in 2020.

Originally published in my Publish0x account I own at:
https://www.publish0x.com/introducing-myself-on-publish0x-wstanley224/recent-bitcoin-and-altcoin-rally-real-there-catch-xpeeon
 
Also published in my Weku and Steemit accounts I own.

Picture from Pixabay.

https://coinmarketcap.com/

https://www-bloomberg-com.cdn.ampproject.org/v/s/www.bloomberg.com/amp/news/articles/2020-02-06/fundstrat-s-top-chartist-sees-bitcoin-trending-above-10-000?amp_js_v=a2&_gsa=1&usqp=mq331AQCKAE%3D#aoh=15810433149661&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2020-02-06%2Ffundstrat-s-top-chartist-sees-bitcoin-trending-above-10-000

https://www.investopedia.com/tech/what-determines-value-1-bitcoin/
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@meyrep · 
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