BTC hits $18k and sets a new year high
Hi guys and welcome to another lovely week with Crypto Weekly, it has been one crazy week with the Crypto market spiking and reaching a new year’s high after years of no action.
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Crypto Weekly focuses on market price action with regards to BTC, ETH, and EOS.
As usual, today’s writeup begins with BTC
After years of no action and constant retrace, BTC finally hits a new high after 2 years and the market is starting to look bullish like never before.
Unlike 2017 where the market rally was mainly controlled by holders of BTC or whales like many call them, 2020 is a little bit different as records of new investors keep surfacing each week and this shows that interest in BTC is growing daily, simply an organic movement like never before seen.
BTC which is recorded to be highly volatile is currently one of the most outperforming investments as other industries gradually crumble creating unemployment on a daily and weekly basis.
From a weekly opening price at $16k, BTC was able to rally itself to a high of $18k that was last recorded in 2017, this brought joy to the entire crypto space for a brief movement until market correction took place taking it to a low of $17600 where it currently trades.
This is happening months after the entire market took a deep dive to $10k and below and everyone thought the beer was about to come out.
With the current price action, this just goes to show that interest in blockchain and cryptocurrency is gaining more audience and sooner or later the mass adoption we all crave is bound to happen.
Many call ETH to be above the $500 mark by now due to previous price action after attaining a previous price above $470 and above when BTC was barely above the $13k, the reverse is kind of the case now.
BTC is currently $17k+ and ETH is currently struggling to stay above the $470 mark.
This is currently creating tension and users are starting to believe this is simply a BTC dominated market and alts are yet to fully wake up.
If you recall the previous bull run that took BTC to $19k and more, ETH achieved a high of $1k and more, the entire crypto space is yet to see such actions even after BTC touched $18k.
From an opening week price of $459, ETH was able to rally up to $487 before retracing to $474 where it currently trades.
The market is quite volatile at the moment and totally controlled by BTC with slight movement bringing newer changes and better price action to alts coin.
The next few weeks will be a deciding factor as we gradually approach the festive seasons.
The Ethereum replacement or rather better model is currently on a standstill as it continues to battles it’s way to $3 but so far no luck.
Interest surrounding the EOS space continues to take a down line as investors begin to question their investment choices if truly EOS was the best bet.
If you recall the price action of EOS in late 2017 and now, a great difference can be observed and EOS is currently not living up to expectations.
Well, the same can be said about other altcoins, I guess we all just have to wait and hope for the best.
From a week entry at $2.47, EOS was able to rally itself to a week high of $2.71 before the market retrace took place taking EOS to $2.64 where it currently trades.
As individuals continue to wait for better price action and also altcoins movement, users are advised to do their own research before investing in any digital or offline platform