For all the clampdowns and negative press of late about Crypto coming out of Asia, specifically South Korea (worried about addiction to Crypto – ie it’s too popular) and China (worried about electricity consumption – ie it’s too popular), I cannot on chatboards, twitter and Facebook groups find sellers.
Even level 2 pricing on exchanges shows the major Crpto’s are well bid, with the 2017 strategy of ‘buy on dips’ still in favour.
Of course you hardly need yet another risk warning about volatility – at least as a Crypto trader you got a real-life education in trading volatility.
A Rising Rollercoaster Ride – To Repeat in 2018, or Derail?
2017 began as bland as the markets have been for some time with the alpha cryptocurrency Bitcoin
trading at just under a thousand dollars. And though there were ups and downs along the road, nothing interesting was happening in the markets until just around midyear, when a sudden unexplainable spike in interest in the industry saw prices rising with a few altcoins already recording hundreds of percents in gain of value. Bitcoin was not be left behind as the king of them all, also joined the fray making outstanding gains that no one could really understand or explain the reason for.
Despite huge scares from pronouncements of big banking chiefs like Jamie Dimon of JP Morgan who labelled Bitcoin as a fraud (Dimon by the way just recently retracted his claim), and the Chinese government’s crackdown on the proliferation of ICOs and forcing its big exchanges to close their Mainland shops, Bitcoin and the industry as a whole showed great maturity as they shrugged off these trying moments and continued their searing surge with Bitcoin peaking at over $20,000 mid December.
And like the epic movie you have never watched before, this is when Bitcoin began to have its worst week probably since its creation where it shed about a third of that outstanding value that saw some of its biggest backers like Mike Novogratz put on hold their mega plans for the currency in the New Year.
Although Bitcoin has not really managed to maintain its iron grip in the overall share of the market, as it has dropped from having over half market value to just over a third as at present, the industry overall has had a positive opening as it has increased in overall value from New Year Day till present of over $150 billion, according to CoinMarketCap.
Despite recent falls, Ethereum for example continues to break its own record prices, as it trades as at the time of writing this at around $1200 compared to the $600 it was trading in the last week of 2017.
Alpesh Patel
To watch a live free 90 minutes webinar by Alpesh visit www.alpeshpatel.com/great
