Many people had high expectations for how the market would react to this past week’s eventful schedule. With talks rumoring amongst several “Cryptocurrency experts” that following the Consensus event we’d see huge spikes of price growth across the board during, and following the event. The annual crypto “convention” while informative, ended up delivering no significant result for short term market growth. Ironically what ended up happening for the market throughout the week was seen as a slight sell off. While most cryptocurrencies lost roughly 3% each during the course of the week leading up to it, very few outside of the top 100 saw exponential growth. Few would say that these growth spurts had been due to orchestrated groups attacking small market cap projects to lead average traders into the back end of a classic “pump and dump” cycle. Although many well known traders and “blockchain experts” are continuing to hold to a bearish view on the coming market, I continue to believe in the potential of a bullish market following this past week’s event. As the weeks come, more and more money is looking to enter the market at a prime $8k bitcoin. With just recently a $250 million tether transfer between two addresses that have been moving tens (50-70) and hundreds of millions(100-250) of dollars back and forth and to other accounts possibly setting up huge buys. Yet currently those accounts only hold about .01btc, its too soon to say what they are up to since those transfers have been going on for a while now and no action has taken place.
China has come out with their rankings of public blochchain with Ethereum being the number one spot, Bitcoin being 13, Stratis at 10, and Ripple at 17. Not so surprising Bitcoin Cash did not make the top 20. China based their ratings off practical use for consumer lifestyle as well as innovation in how their projects can implement growth within their current, and ever-growing tech industry. When it comes to a trading aspect this ranking list shows no significance to much at the moment. What I found interesting is the China did not include VeChain in their rankings, when VeChain is partnered with China in a way.
The CME Group has had rumors of them launching ETH and possibly LTC future contracts as crypto slowly starts making its entrance into everyday lives and trading. With BTC futures happening only months ago with a healthy audience participating, it’s safe to assume that America and American traders/investors are becoming more confident in the crypto related industry and see the potential of what blockchain can bring. Now with these events unfolding several rumors have surfaced, as CME wants to be the first offering futures in the crypto world. Current investors not wanting to miss the next wave of new investors and new money that CME could bring, should take a skeptical but optimistic approach in securing another foothold prior to such events taking place.
Since the “beginning” of BTC getting out of the downtrend, volume has been the deciding factor on how the price reacts. The volume has been nothing special, as it really hasn’t been there to what we’ve seen the previous quarter. On the daily chart, starting around Christmas and ending around the beginning of April, volume was that of back in 2016-2017. But as of recently April volume has picked up again, showing half of what the volume was before bitcoin exploded to $20k.
With the bearish one larger trend we currently are in, Bitcoin knocked at the 10k door. But as volume is still missing to really shoot for the moon, Bitcoin will not see $10k until volume returns to the market. Until we see significant volume or other significant catalysts, expect Bitcoin price to stay around its current levels.