It's been a while, hasn't it? Taking a nice Sunday evening stroll through CoinMarketCap reveals some nice greenery:
Almost all the big names are back in the green today, and about 70% of the top 100 are in the green—a return to what we were used to used to seeing more last month. Bitcoin is pushing its $200 billion market cap once again and we're about to surpass $600 billion total market cap of all cryptos once again. I don't want to say I was right, but you know...
That was a comment of mine on @cryptovester's blog, make sure you check him out by the way.
But in all seriousness, will it even stay? While it certainly could all go down again, and I wouldn't be terribly shocked if we saw Bitcoin dip below $10,000, I just don't think it's going to happen this time. I get the feeling that the January Blues are finally moving on and the great predictions for 2018 are likely to get on their way soon. Of course, I could be totally wrong too, and I could be speaking way too soon by posting this right now, but I still think overall we'll be seeing the market doing better in the coming weeks.
Still there is cause for concern. Bitcoin's dominance is still markedly low compared to what we've seen in the past. It seems unclear right now what direction we're going to go in—whether Bitcoin will be the first to really blast up or if the altcoins will explode themselves without Bitcoin triggering before them. Still greater, the question looms will Bitcoin be surpassed by Ethereum or another altcoin this year? There's been plenty of talk and plenty of concern, but no clear conclusions yet. I'm still not completely convinced by this, and if Bitcoin can solve even a few of the problems it is having right now, it could be set up for a big explosion in price, and a future where it could actually have more use cases (Lightning Network maybe??)
Taking a look at the chart for Bitcoin looks promising:
That MACD indicator really looks great. If you take a look at that little blue line just about to surpass that little orange line, that is a great indicator that the price is ready to go up. The histogram is about to turnover as well, another good sign. Still we could be looking more at what the price did a week ago, as you can see that those two lines crossed over then and the histogram went positive as well.
Plus, the RSI indicator is still low and we're seeing a potential little increase as well as of right now, which could be a good sign that the price is ready to further go up as well. Overall it has approaching that oversold marker (under 30% below that purple shaded area) for quite some time now. A good chunk of other cryptos have as well.
Barring any significant macro event that could trigger prices to further plummet, Bitcoin is looking good and like it's ready for a jump up in price.
The question now, will it end up leading the whole market? And how's this Lightning Network really going to affect Bitcoin?