- October 22, 2019
- Posted by: icoblock
- Category: Uncategorized
Bitcoin continues to lose ground and in the meantime, the price is holding up in the range that it dropped to at the end of September when we saw the last sharp correction. It didn’t scare the market away and money continued to flow towards altcoins which are starting to see a change in the trend. The altcoin market shows positive signs but it is still impossible to say that we can expect an altcoin season anytime soon.
This week, the 18 millionth bitcoin was mined and the halving is already around the corner. It will be interesting to see how miners will behave as mining, in general, will become less profitable and they will have to rely increasingly on transaction fees on the network.
The cryptocurrency market sentiment is changing from one moment to another. As the price goes down, media is getting flooded with Bitcoin obituaries, while as the price climbs 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, however, clearly maturing but there is still a long way to go before any kind of mainstream adoption.
Of all the altcoins that stood up this week, BSV surged by 25% after a bug which got discovered on the Lightning Network. Chainlink is also seeing continuous increases. Market analysts estimate that if the trend continues, new money won’t be late to enter and this could bring the next bubble. It’s perhaps worth noting that this time, however, there are a lot more exchanges and trading options compared to before. Nevertheless, in any market, liquidity problems exist when the trading is low. We’ve seen, though, many cryptocurrencies like Dogecoin, that have already gone through many cycles and will probably go through more in the future.
In the coming week, the market seems to be heavily affected by Bitcoin’s price and if it loses its recent levels of support, this could affect the condition of many altcoins. It’s important to keep this in mind.
Market Cap: $224B
24-Hour Volume: $58M
BTC Dominance: 66.5%
BTC Shorts (BFX): 7K BTC
BTC Longs (BFX): 25.5K BTC
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This week we’ve analyzed the Bitcoin, Ethereum, XRP, Monero, and Beam markets – click here for the full price analysis.