After Bitcoin's meteoric rise, a small, healthy correction gave the approval for the rally continuation of Bitcoin price which is already painted green again. It is important to note that fundamentals did not change much in Bitcoin, and it seems that the price is influenced by existing players within the industry because it still does not appear that Bitcoin is in under accumulation and new money is not really felt in the market. Relying on past experience, new money will come in masses only after Bitcoin breaks new price highs. Nevertheless, the discourse and interest around digital currencies has recently increased, mainly due to Facebook's announcement. While it is impossible to ignore the interest that has been created around Libra, this is not the reason why Bitcoin has risen since the beginning of 2019, and it is not certain that there are clear reasons that can be pointed out when it comes to Bitcoin's volatility. In any case, the discussion around cryptocurrencies is expanding and touches on the need to improve the global monetary system, and it seems that Bitcoin's effect contributes to this by setting up an alternative system that apparently does not go anywhere, as Bitcoin's mining difficulty breaks new records. On the other hand, the situation around the alternative currencies, or altcoins, is not particularly bright. They continue to lose their dominance in favor of Bitcoin. Egretia (EGT) was one of few Altcoins that continued the rising trend and were not affected by the rise of Bitcoin. While the market is waiting for another Alt season, 2019 appears to be a dark year for Alts, so far, falling to old lows against the surging Bitcoin. |
Bitcoin Just Unstoppable: Altcoins Bleeding To Death Amid The Rising BTC Dominance – Crypto Weekly Market Update