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Bitcoin continues to lose ground, and the price has remained in the range into which it fell at the end of September when the last sharp correction occurred. It didnât scare the market away, and money has continued to flow into altcoins which are starting to see a change in the trend. The altcoin market is showing positive signs, but we still donât expect an âaltcoin seasonâ anytime soon.
This week, the 18 millionth bitcoin was mined, and the halving is just around the corner. It will be interesting to see how miners behave, as mining will become less profitable overall and they will increasingly rely on the networkâs transaction fees.
The cryptocurrency market sentiment changes from one moment to another. As the price goes down, the media is flooded with Bitcoin obituaries, while as the price goes up, everyone becomes bullish again. This is another hallmark of a young market and technology which is at the beginning of its path, surrounded by uncertainty. The market is clearly maturing, but there is still a long way to go before mainstream adoption.
Among the altcoins that stood out this week, Bitcoin SV surged by 25% after a bug was discovered on the Lightning Network. Chainlink is also seeing continuous increases. Market analysts estimate that if the trend continues, new money wonât be late to enter, and this could bring the next bubble. However, there are a lot more exchanges and trading options compared to before. Nevertheless, in any market, liquidity problems exist when trading is low. That said, weâve seen many cryptocurrencies like Dogecoin that have already gone through many cycles and will probably go through more in the future.
The market seems to be highly correlated to Bitcoinâs price, and if the latter breaks beneath its recent levels of support, this could affect many altcoins.
Market Data
Market Cap: $224B 24-Hour Volume: $58M BTC Dominance: 66.5% BTC: $8,284 ETH: $174 XRP: $0.29 BTC Shorts (BFX): 7K BTCBTC Longs (BFX): 25.5K BTC
Stop HODLing, Start Spending Your Bitcoin: John McAfee on His $1 Million Prediction, Altcoins, And His DEX. In an exclusive interview with CryptoPotato, John McAfee reiterated his prediction that Bitcoin will reach $1 million by the end of 2020. He also weighed in on his newly created decentralized exchange and shared his views on other blockchain-based projects.
Huobi Global Strengthening Its Presence in Turkey and Argentina: Exclusive Interview With CEO Livio Weng. Huobi is strengthening its presence in Turkey and Argentina. The exchange intends to capitalize on the increasing importance of cryptocurrencies in troubled markets. Read more about this and other interesting insights in CryptoPotatoâs interview with CEO Livio Weng.
10K Bitcoins Sent to Binance Hours Before the Recent BTC Price Plunge. On Friday, Bitcoin shed about $200 of its value in a matter of minutes. As it turns out, however, more than $80 million worth of BTC, or about 10,000 bitcoins, had been sent to Binance shortly before the plunge.
Stable? Trumpâs Ex-Federal Reserve Nominee to Launch a Stablecoin. President Donald Trumpâs former Federal Reserve nominee, Stephen Moore, is launching a stablecoin. However, it wonât be directly pegged to the USD but rather receive fractional reserve backing. This begs the question of how stable it will actually be.
Poloniex Spins Off From Circle With New Backing & Global Focus. Popular cryptocurrency exchange Poloniex has branched out of Circle into a new company called Polo Digital Assets Ltd. It reportedly has the backing of a major investment group. The exchange introduced 0% trading fees on the spot trading platform through the end of the year.
California Man Sues AT&T Over Loss of $1.8M and Crypto Accounts. A resident of California, Seth Shapiro, has reportedly filed a lawsuit against wireless service giant AT&T. He alleges that the companyâs employees helped in a SIM-swap operation which resulted in the theft of more than $1.8 million, including cryptocurrencies.
Charts
This week, weâve analyzed the Bitcoin, Ethereum, XRP, Monero, and Beam markets â click here for the full price analysis.
The post Weekly Crypto Market Update: The Calm Before the Bitcoin Storm? appeared first on CryptoPotato.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.