Here is my weekly market update after quite the rollercoaster of a week. Friday morning crypto market was creeping back up. Now it is running back up. We’ve been over a market cap of 700 billion since January 3rd. We had a dip on Thursday’s fake news to around 628 billion at one point. Now we are well over 700 billion once again.
Crypto Market Update
To call this a correction I think would be an exaggeration. I would say anything up to 20% of a loss is just crypto for you. Anything beyond that and you’re in correction territory. Anything approaching, umm, half. Ok that’s a crash.
Bitcoin has been quite stable for a while now. A week or so ago bitcoin was hovering around 16k where as today it’s about 14k. That’s about 14% less.
I’m going to talk about some things I think need to happen for bitcoin to spike again.
Anyone of these four things could make bitcoin spike a bit.
- Market cap needs to rise very quickly again.
- Bitcoin dominance needs to break out of the 30-33% levels.
- Major development or very positive news
- Lastly the market feels it’s time to take profit from alts
Ethereum has proven to be very resilient fake news or not. The price of Ethereum 7 days ago was 1000 USD. It peeked to around $1400 and was hanging around $1200. Real time ETH is just about to hit $1400 again.
Ripple tested it’s support levels at around $1.50 bouncing back to around $2.00 now. I am not a fan of Ripple and personally think this is overpriced.
EOS and Stellar is doing very well and I believe both could have a great year. These are long term coins. I am not a financial advisor but in my own opinion I would consider investing and holding these coins.
Stellar is one to watch closely. There are several ICO’s launching on its platform such as Mobius, Sure Remit, Kin and Fair X.
Electroneum is one of my favorite alt coins and you’ll see me mention it a lot. Just recently some big news has come out with ETN. Just in the past few days ETN has made some major moves. Looks as if Electroneum will be listed on some major exchanges in the foreseeable future.
Here is a screen shot from ETN’s official Facebook Page:
So big gains for many alt coins and many still recovering after Thursday’s big dip and Friday’s recovery.
Don’t build your crypto portfolio on emotions. Don’t let the market control the coins you want to HODL. They will go up and down it’s all part of it.
Crypto Market Update – Bonuses
Now I want to talk about what’s happening on January 15th. Why is that an important date?
This is the day Wall Street bankers get their bonuses paid out.
Which apparently for this year is going to be a record high.
These Wall St. bankers get quite a bit of payout. I’ve seen estimates of $150k USD on average but don’t quote me. I may be a bit off there.
As you would guess a lot of these Wall St folks follow and watch crypto. We could see somewhat of a spike if they decide to go in.
Crypto did see a boost last January around the same time. January is not just the bonus month of Wall St. people is bonus month for many people.
So if we had a boost last January with not even half the media attention. We could see quite a bit more this year.
Hope you enjoyed alt talk, Wall St info and price predictions. Tune in next Saturday for my crypto market update!
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