The Calm Before the Bitcoin Storm?

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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 didn’t 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 don’t expect an “altcoin season” 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 network’s 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 won’t 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, we’ve 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 Bitcoin’s 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 Shorts (BFX): 7K BTC

BTC Longs (BFX): 25.5K BTC

Market-Update52-min

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 CryptoPotato’s 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? Trump’s Ex-Federal Reserve Nominee to Launch a Stablecoin. President Donald Trump’s former Federal Reserve nominee, Stephen Moore, is launching a stablecoin. However, it won’t 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 company’s employees helped in a SIM-swap operation which resulted in the theft of more than $1.8 million, including cryptocurrencies.

Charts

This week, we’ve analyzed the Bitcoin, Ethereum, XRP, Monero, and Beam markets – click here for the full price analysis.

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