Bitcoin last week recorded a remarkable rally in excess of a thousand dollars. Moreover, the market for altcoin tried to rise from the dead. There was not even hope for this for a long time. All the right things, though, had ended once. Perhaps in our case it is just interrupting. Bitcoin lost nearly 5 per cent at the beginning of the working week and traded about $8,650 on Monday morning.
Investors regarded the $9 K excess as sufficient level to take profit. In the short term, not falling below $8.5 K and remaining above the 200-day average will be important for Bitcoin to. Altcoins similar to bitcoin also fall.
There was, however, a significant precedent: the buried by almost every asset class unexpectedly soared and showed speculative demand, at least. So, despite the Bitcoin's impressive growth, it was still the altcoins that have been the main event of the past week. The Ethereum Price (ETH), the second most capitalized cryptocurrency, has risen by 22%, Though Bitcoin Cash (BCH) soared by 48 per cent, reaching its peak.
Bitcoin-maximalists also believe, from a broader perspective, that the "altcoin season" will be relatively short. But it will provide the ability for its holders to benefit from major volatility spikes.
Again, the main star of 2020 should be Bitcoin, where the $10 K threshold could fuel new wave due to internal factors (halving, institutional trading, partnership with real-world companies), as well as external factors from the traditional financial market. We should name, among the latest, short-sighted monetary policies that depreciate national currencies, geopolitics, populism, and the imminent approach to stock market correction. Cryptocurrencies could become a kind of "second pole" in the financial flow world, if the investment infrastructure continues to improve.
It should be understood that these digital assets will become much more "down-to-earth" and the market will always play against the feelings of the masses, as before.