Last week was nothing but volatile for Bitcoin and the entire cryptocurrency market. Fortunately, the volatility did well. Seven days ago, Bitcoin was trading at around $7,950, while today, the cryptocurrency stands at almost $8,900. This marks an increase upwards of 13% for the past seven days.
It’s worth noting, however, that this time altcoins did a great job following. All of the top 20 cryptocurrency projects are trading in the green, with some marking more than notable gains. Bitcoin SV, for instance, increased by more than 100% at one point and even reached its new all-time high value. Ethereum Classic is also on a positive note throughout the past few days, gaining more than 80%.
Bitcoin’s dominance has been decreasing as well and it currently sits at 65.9%. This means that altcoins are able to reclaim their grounds and to note serious gains. In other words – 2020’s altcoin season might already be here.
There were a lot of interesting things that happened during the week. The world’s largest digital asset manager, Grayscale, published an annual financial report which revealed that they had raised upwards of $600 million during 2019. This shows that institutional investors might finally be getting more involved.
On another note, the SEC had turned its eyes on Initial Exchange Offerings (IEOs), warning investors that they might be offering unregistered securities. The Commission has so far been rather tough on ICOs and it’s entirely possible that it would begin looking at IEOs as well.
January is so far being a particularly interesting month when it comes to the cryptocurrency market. It has a lot of ups and downs and it’s curious to see where the market goes from here.
Market Data
Market Cap: $245B
24H Vol: $133B
BTC Dominance: 65.9%
BTC: $8,891 (2.53%)
ETH: $170 (4.66%)
XRP: $0.23 (3.86%)
Bitcoin SV Completes 80% Gains In Just 4-Days: Tuesday’s Crypto Market Watch. As the entire cryptocurrency market was on the move, Bitcoin SV managed to steal the spotlight, surging upwards of 80% in a matter of hours. The surge came soon after reports started circling that Craig Wright had received the keys for the Tulip Trusts.
Grayscale: The Largest Digital Asset Manager Raises More Than $600 Million in 2019. According to the yearly financial report of Grayscale, the world’s largest digital asset manager, the firm had received upwards of $600 million in investments during 2019. This made it a record-breaking year, showcasing that institutions might be leaning in.
Why Bitcoin? Angry Lebanese Protesters Attack Banks, Demand Access To Deposits. The political and economic situation in Lebanon got worse, as the country appears to be facing a serious crisis. Reports had it that angry protesters launched a night-time attack on several banks in Beirut. This highlights Bitcoin’s benefits and these of decentralization.
Whale Alert: $1 Billion (0.7% Of Total Bitcoins) Just Transferred For $80 Fees. At the beginning of the week, Bitcoin went through an impressive price surge. It was during the increase that someone had transferred upwards of $1 billion worth of BTC in a single transaction. Interestingly enough, for this vast amount of money, he only had to pay $80 fees.
US SEC Warns Investors About Initial Exchange Offerings (IEOs). The US Securities and Exchange Commission (SEC) has warned investors of the risks that come with Initial Exchange Offerings (IEO). The Commission explained that they might be subjected to federal securities laws and that they should be approached with caution.
CFTC Chairman Encourages Further Cryptocurrency Derivatives Regulations. In a recent interview, the Chairman of the Commodities and Futures Trading Commission (CFTC) of the US, Heath Tarbert, said that the country should work towards further cryptocurrency derivatives regulations. He outlined that this will make the market more mature.
Charts
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Tezos, and Ethereum Classic – click here for the full price analysis.
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Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.
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