Posted on

BTC is Pumping, But This Reports Tells You Why You Shouldn’t Be Overly Excited

BTC’s bullish movement generated an aura of optimism in numerous analysts and crypto currency enthusiasts. Reports from various experts around the world speak of a possible end to the bearish trend and even mention that the market could be close to the next bullrun.

The performance of BTC influences the rest of the markets, and these days the situation has not changed. Ever since BTC showed signs of stability, an increase in the volume of altcoins trading, as well as a consistent rise in the value of tokens led many to declare that the alt season had begun.

However, a recent report by the London Block Exchange (LBE) calls on investors to take some level of caution. Without providing a complete bearish picture, they warn that bears still have some degree of influence and that it is difficult to see an exponential growth similar to that experienced during 2017:

“Bitcoin just hit its yearly high around 5am BST— briefly  reaching $5.65k (£4.35k) after rising 3.5% since midnight. But only two of the top 50 alts haven’t lost value against BTC over the past 24 hours — with others seeing a 3.2% average loss.

This was a small move, but the relationship also holds in more explosive times — hence the need for care in case bitcoin bulls decide to attempt breaking the mythical $6k (£4.6k) level. That’s unlikely to happen so soon though, as BTC still has to prove its worth at the current level”

Careful With Your BTC, Careful With Your Alts

The LBE team likewise explains that it is not yet possible to speak with a high degree of certainty about the beginning of the alt season.

“It’s also key to keep in mind that for most cryptoassets this means pumps are a zero-sum game. In other words, this is still not alt season,”

This criterion was explained again in a report published a few hours ago where they argue that possibly this week’s famous “bull run”, is actually a “bull trap”.

Meanwhile, the alts dump has halted. But note that Ripple’s XRP – one of the five large cap alts that failed to appreciate this year – revisited last December and February lows. On USD terms that is; because against BTC it might have been the short of 2019! This scenario is exciting bears. Some are even claiming April’s rise was a bull trap.

The LBE
approach advocates for some prudence, however most major crypto traders and
analysts are rather excited about the current market situation.

So much is the overall sentiment that a recent poll by the famous analyst Willy Woo showed that out of almost 20 influencers only 5 have little confidence that BTC will have a bullish performance.

The post BTC is Pumping, But This Reports Tells You Why You Shouldn’t Be Overly Excited appeared first on Ethereum World News.

Posted on

Altcoins bleed as crypto markets fall to new 2018 low

The entire crypto market seems to be behaving like one big pump and dump at the moment. A brief rally sent Bitcoin climbing over 25% in July only to dump it all again on an anticipated announcement by the US Securities and Exchange Commission.

Crypto pundits and industry experts had already warned that the likelihood of the SEC approving a Bitcoin ETF this year was very low. Yet panic has swept over the crypto sphere once again as sellers couldn’t get rid of their digital coins quick enough.

The resultant FUDfest has caused markets to fall to their lowest levels in 2018, which was $229 billion a couple of hours ago according to coinmarketcap.com. This beats the previous low of $233 billion on June 29 and the one prior to that of $244 billion on April first. The new lower lows indicate that we are still not out of the bear market and the down trend may well continue.

While Bitcoin has lost almost 70% since its high of $20,000 late last year it is the altcoins that have suffered more. BTC is still higher than its price levels this time last year but many of the altcoins are almost back to those prices wiping out an entire year’s gains.

XRP has taken a huge hit today dropping 14% to $0.35. Since its ATH of $3.70 in January, Ripple’s digital token has crashed a whopping 90% to current levels. EOS has not fared much better with a drop of nearly 15% on the day to $6.05. Since its ATH of $21.46 in April EOS has plummeted 72% in just three months to its current levels. Litecoin has fared even worse with a collapse of over 82% from the ATH of $372 in mid-December. LTC is down 11.5% on the day to $66.18.

Iota is having a really bad week, falling 33% in just four days from $0.98 on Saturday to $0.66 today. This IoT based altcoin is back to early November prices and still falling. No crypto is escaping the bears today as a sea of red envelops the markets. Bitcoin Cash, Ethereum Classic, Tron, Monero, Neo, Nem, Tezos and OmiseGO are all down double figures. Neo has crashed back to September 2017 levels, and XEM is back to its July 2017 price range of $0.12.

As altcoins wipe out an entire year of gains recovery will be a long and slow process, and one which may not occur during the rest of 2018.

loading…