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The Top Performing Altcoins This Year so Far

The Top Performing Altcoins This Year So Fa

With the first quarter of 2019 gone, here is a look at the top performing altcoins so far this year, taking into consideration Bitcoin’s bullish strides in the last week or so:

Highest adoption rates: 1)EOS, 2)Tron, 3)BitShares, 4)WAX

Research from Weiss Crypto Rating shows these four altcoins have experienced the highest adoption rates in the last year, proving most sustainable throughout the predominantly bear market time period.

EOS transactions ranked top of the list, the volume increasing from 7,000 per day to about 4.6 million. Tron boasted an increase from around 3,000 to 1.9 million in this time, while BitShares boasted a gain totaling nearly 1.5 million. WAX, with the fourth largest transaction increase, claimed a total of 4.4 million.

Overall, the top 10 cryptocurrencies by transaction volume had an average daily volume increase of 245% within the last year. Weiss’s calculations were based on a seven-day moving average of daily figures.

Highest value increase since the Bitcoin pump

The cryptocurrency market has finally made a rebound thanks to Bitcoin’s bull run, hitting highs not experienced in over a year. Taking with it many of the altcoins, here are the top performers from the top 100 by market cap:

1) VestChain – 95.02%

If you have not heard of VestChain before, that is not surprising; it holds the 98th position on CoinMarketCap. However, since the most recent Bitcoin boom the project has been showing real potential, gaining a huge 95.02% in just the last few weeks

2) Bitcoin Cash – 89.66%

Unsurprisingly, Bitcoin’s recent performance has given investors renewed faith in Bitcoin Cash also, with the altcoin gaining 60% in the 24-hour market rally alone.

3) IOST – 66.19%

On top of the benefits brought from Bitcoin’s performance, IOST has been enjoying a pump triggered by the launch of its mainnet several weeks ago.

4) Dogecoin – 63.77%

After a non-eventful start to the year, Dogecoin has turned it around, climbing over 60% thanks to the bullish market. Tesla founder Elon Musk has also thrown his support behind the token, describing it as ”pretty cool” and probably his favorite cryptocurrency.

Altcoins separate from Bitcoin’s movements

Despite Bitcoin pulling up altcoin performance in the last few weeks, new research has shown that the prices are no longer as correlated as they once were. In 2018, 75 percent of the top 200 coins had a strong correlation with Bitcoin, something comparatively lower this year. This is a good thing for those with or looking to gain diversified portfolios as uncorrelated investments frequently cancel each other out.

This could affect the performance of altcoins throughout the year, with stronger projects likely to be able to make significant gains even if Bitcoin loses momentum.

The research notes, however, that correlations change with time so it is important to keep an eye on the ongoing market trends.

 

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How Google May Prove the Bitcoin Bull Is Here to Stay

economist Joost van de Burgt.

Google searches for the term ‘Bitcoin’ have reached the highest levels since the last November. Researchers have found significant evidence that when there is a spike like this in searches, it reflects a positive market sentiment and buzz around the cryptocurrency which spurs on the bull.

There are several theories behind this:

Google searches show FOMO

Dutch economist Joost van de Burgt found a direct correlation between Google searches and fluctuations in Bitcoin price-the more Google searches of the cryptocurrency spiked, the higher it took the value.

“If the buzz is everywhere, it doesn’t matter exactly what the news is about… nobody wants to miss out and everybody’s trying to get a piece of it,” said van der Burgt, explaining the colloquial theory of fear of missing out, or FOMO, which is often used by the community to explain a bull market.

The economist also noted that regardless of whether mainstream media coverage was positive or negative, whenever Bitcoin was widely reported on, the price increased.

Investor attention can indicate price changes

Researchers from Yale University in Connecticut attribute investor attention as one of the top ways to predict the price movement of cryptocurrency assets. Investor attention can either be a good thing and show hype around a certain asset, or it can relate fear, uncertainty, and despair (FUD).

The research found that a spike in the number of times Bitcoin is Googled can consistently predict a price increase several weeks before it materializes. An increase in negative search terms such as ‘hack’ or ‘crime’ alongside Bitcoin was found to be indicators for a drop in the price quickly after.

Both Ripple and Ethereum were found to display similar trends in line with Google searches, albeit alongside a different timeline.

What is going on this time around

The most recent surge in Bitcoin Google searches occurred on 2 April, alongside the 20% price increase that saw Bitcoin reach the highly anticipated USD 5,000 ceiling.

Google does not share precise numbers of how many times a term is searched for, but data is available on which countries the searches are coming from. And the top nations are somewhat surprising: Nigeria, South Africa, St. Helena, Ghana, followed by the Netherlands. The US, UK, and Canada failed to reach the top 10. This may well show growing support for Bitcoin in markets it has yet to reach.

However, the Google spike has fallen by around 20% in the last few days meaning it is possible that either 1) the reason for the surge falls out of the parameters of both theories, or 2) the bullish trend will be shortlived.

Google searches are still well above any level seen this year and Bitcoin is performing well in the market, sitting around USD 5,150, so there would seem to be a good chance the price will remain at least steady for the time being.

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Vitalik Buterin Concedes Ethereum’s Price Does Matter

Vitalik Buterin Concedes Ethereum's Price Does Matter

Ethereum co-founder Vitalik Buterin has conceded that the price of Ether (ETH) is important for the future of the ecosystem, despite past comments contradictory to this.

Speaking at the Columbia Journalism School earlier this week, Buterin admitted that in the early days of Ethereum the developers were not focused on the price of ETH. Instead, the efforts were focused on pushing forward the development of smart contracts. They even felt it gave them an edge over other cryptocurrency projects that were promoting ”lambo-ing”, as Buterin put it.

First @laurashin asks @VitalikButerin if he thinks the price of #ETH is important, and then she polls the audience. #unchained pic.twitter.com/8xNIQ0XzJc

— Columbia Blockchain (@ColumbiaCBA) March 20, 2019

Now, however, his outlook has changed. “I’m going to be really candid,” he told the full-house audience, acknowledging that the developers now see that “projects will be better if prices go up”.

ETH currently stands at around USD 135 — a 90% loss from its December 2017 peak, so it is perhaps not surprising that Buterin is concerned over funding for future Ethereum protocol development.

When the Columbia Journalism School audience was polled over whether they believed Ethereum developers were focused enough on the price of ETH, only 13% said yes. About 28% said they believed they should focus more on ETH price, while 39% said they did not care.

 

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Bitcoin Hash Rate Hits 4-Month High, Sparks Optimism

Bitcoin Hash Rate Hits 4 Month High, Sparks Optimism

Bitcoin’s hash rate has reached the highest levels seen since November 2018. The increase in mining power suggests profits available at the current spot price as well as potentially expectations for a future price increase.

Surpassing 52 quintillion hashes per second Tuesday 19 March, mining difficulty has changed little for the last month or so, meaning new miners have had an easier time bringing their rigs online.

As well as benefiting the security of the Bitcoin network by adding more hash power, it shows growing confidence in the network’s future as more resources are invested in mining operations.

Taking to Twitter to comment on hash rate movements last year, Casa CTO Jameson Lopp proclaimed:

”Hashrate follows price… Miners are speculators too!”

Hashrate follows price. Some folks believe price follows hashrate, possibly because hashrate doesn’t simply track ~spot~ price, but rather tracks some ~speculative~ future price. Miners are speculators too!

— Jameson Lopp (@lopp) June 23, 2018

Concerns were raised over low hash rates in alignment with price plummets in 2018 as less efficient mining rigs were disabled to avoid operating at a loss, although the remaining miners benefitted from steady difficulty rates.

Mining difficulty is expected to increase again shortly, however, given this hash rate peak with more miners expected to join the network.

 

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George Samman Exclusive: Global Inequalities Created Need for Alternative Financial Solutions

Exclusive: Global Inequalities Created Need for Alternative Financial Solutions

Barely a decade after the last global economic crisis of 2008, economic pessimists continue to predict another impending crash on a global scale, brought on by the persisting inequalities in financial systems around the world.

Bitcoin News caught up with prominent cryptocurrency advisor, investor, and author George Samman to explore how a move towards full decentralization in the blockchain sector would be possible, why things may be looking better for the market in 2019, and why algorithmic stablecoins may be the real future of money.

George Samman has a versatile role in the blockchain industry and is currently running a proof of concept with the development team and holds the role of technical advisor for a project that is currently still in stealth mode. He is also working on a tokenomics and government model with another project, alongside his continued role as an advisor to blockchain companies. Samman often co-authors cryptocurrency reports and writes on his blog, with most of his work focusing on market trends and strategy as well as collaborating with teams on blockchain architecture and design.  

Moving towards full decentralization

As increasing numbers of institutional investors enter into digital currency, centralized exchanges like Coinbase and Binance are scooping up more traders through the promise of convenience. But many in the cryptocurrency community are concerned that centralized forces are beginning to play a major role. Samman firmly believes, however, that the future of cryptocurrency is bound to be more decentralized. This can not happen all at once though he said, pointing out that decentralization needs to be staged and it is not something you can start off with fully.

On the journey to total decentralization, Samman explained that there are trade-offs and in order to have real use cases and adoption emerge most systems will be- and are being designed to- gradually get to fully decentralized systems.

But the author had another note to add, linking the failings of the current global political system to the cause in the rise in popularity of decentralized models:

”I think the era of centralized systems is coming to an end. I don’t think it matters whether institutions come or not, the long arc of history is veering towards decentralization and I believe people are waking up to this now. Global inequality has reached levels where alternative financial systems are desperately needed. Riots and populism are the beginning of the end of centralized forms of governance as they have existed and centralized forms of money.”

Market performance

The shadow of 2018’s bad market year is still at the forefront of many investors’ minds, with nothing that looks too promising on the horizon for 2019. Samman explained what he believes went so wrong last year, pinning it down to overzealous investors and initial coin offerings.

”For me, the bull markets time ran out which ended with an irrational exuberance and market caps reaching unrealistic levels. Too much money was raised at crazy valuations  and one of the functions of bear markets is to always punish that and purge out the good projects from the bad and that’s where we are now.”

He has hopes that these negative factors have largely passed, saying the ”downside [this year] is limited”. Lots of poor projects are failing and real use cases and projects that have been working hard are going live; he pointed to these as encouraging signs. Breaking down what to expect in 2019 further, he continued: ”You also have some signs of institutional money coming in, ie Fidelity Custody and Bakkt launching. I think we can expect a long drawn out year of boring price action where lots of things are happening under the surface.  Volumes have dried up and stealth accumulation is happening.”

Samman advised investors to look out for interoperability solutions like Cosmos (a decentralized network of independent parallel blockchains)and Polkadot (a heterogeneous multi‑chain technology), saying they will ”be big deal and bring crypto to the next level”. And watch out for Bitcoin’s trading volume starting to rise again, as it could be one of the first telltale signs of the next bull market.

But for 2019, Samman really hopes to see big, solution-finding projects work and benefit from some type of adoption. As for what industry blockchain will conquer next, ”what hasn’t it conquered already?” he jokes.

The future of money

Samman’s hopes for decentralized currency are high and he has faith in their ability to replace fiat currency. He explained, ”I think the future is money systems which are not government owned, these will take many shapes and forms as we move through a giant experimentation phase but ultimately I believe some will emerge as the decentralized central banks for the internet.” The vision is for digitally native internet technologies to power the decentralized web.

But centralized currency is here to stay for a while, at least until algorithmic and cryptocurrency backed stablecoins prove they can remain stable to their namesake while maintaining the demand side. There is also the possibility that if a new bull market emerges, a lot of these stablecoins will lose value as traders and speculators use them to purchase cryptocurrency and don’t want to be “locked-up”.

That may not be a bad thing, however, as Samman explained: ”This actually would be a best-case scenario as it would be like Quantitative Easing for the crypto markets as there are billions of dollars locked up in stablecoins which could move the market much much higher.”

He recently worked as the lead author on the State of Stablecoins 2019 Report in which he explored in more depth why he believes stablecoins will evolve past the asset-backed subcategory dominant today, to be replaced by crypto-collateralized and algorithmic stable coins. Primarily, it goes back to his lack of faith in fiat currencies and his belief that an alternative form of currency will prevail.

To read more about George Sammans work and views, visit his website, LinkedIn or Twitter

 

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Crypto Fund Strategies Edge Out Hedge Fund Models

Crypto Venture Fund Strategies are Beating Hedge Fund Models

A report from Bloomberg shows the changing nature of cryptocurrency investment, with crypto venture fund strategies surpassing their hedge fund counterparts for the first time.

The reason for this shift is suspected to be the changing conditions brought by the ongoing bear market and the collapse of initial coin offerings (ICOs) in the wake of the increased regulation from the US. The prices of tokens fell up to 90% last year, meaning investors wanted out and venture funds replaced them, entering with purchases at cents on the dollar.

Jeff Dorman, partner and portfolio manager at Los Angeles-based Arca, explained to Bloomberg the benefit for the venture capitalists, saying that it was an opportunity to ”buy below even the cash value of the company”.

Last year, 125 new cryptocurrency venture funds launched, compared to 115 investment-oriented cryptocurrency hedge funds — a stark difference to 2017 that saw 136 hedge funds and just 85 venture funds emerge.

This change is perhaps not surprising; Eurekahedge Crypto-Currency Hedge Fund Index reported average losses of around 70% for crypto hedge funds in 2018.

Despite poor performances, several hedge funds told Bloomberg they are seeing an influx of institutional investors. “We are talking to a lot”, one contributor added.

 

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ABCC Exchange Launches 1 Hour, 6 Hour, and Daily Bitcoin Options Markets

ABCC Exchange Launches 1 Hour, 6 Hour, and Daily Bitcoin Options Markets

ABCC, a cryptocurrency exchange with tens of millions of USD of daily trading volume and over 100 trading pairs, has launched Bitcoin options markets. The ABCC options markets allow traders to make profits by betting on Bitcoin’s price going up or down, and traders can leverage these short or long bets to maximize their earnings. 1 hour, 6 hour, and daily contracts are available, giving traders the ability to bet on shorter-term or longer-term variations in Bitcoin’s price.

A ‘call’ option on ABCC corresponds to a bet that Bitcoin will go up, also known as going long. A ‘put’ option corresponds to a bet that Bitcoin will go down, also known as a short. If a trader is successful in their bet that Bitcoin will go up or down they will be paid with ABCC Token (AT) or Tether (USDT).

The minimum price that can be bid for a contract is 0.0001 AT or USDT, and when a trader succeeds in their bet they receive 1 AT or USDT. This means up to 10,000X leverage is possible, or 1,000,000%. This far exceeds the 100X leverage on the Bitcoin derivatives exchange BITMEX. This leverage versatility on ABCC gives traders the opportunity to make massive profits if they are certain that Bitcoin’s price will move in a certain direction.

There is zero risk of contracts defaulting, since options contracts trading is peer to peer, and the AT or USDT needed to payout the contracts are frozen in the seller’s account until expiration and delivered to the buyer if the buyer of the contract wins their bet. ABCC merely takes a 0.5% trading fee, and the payouts for contracts do not come from ABCC’s own reserves.

The daily options contracts are ideal if a trader expects an event over the next 24 hours that will cause Bitcoin’s price to go up or down. Similarly, the 6-hour options can be used if a trader expects an event to occur in the very short term that will impact Bitcoin’s price. The 1-hour option is ideal for betting on Bitcoin’s momentum and making money from it, such as betting on Bitcoin going up when it is in the middle of a rally.

With the addition of the Bitcoin options markets, ABCC is now a one-stop shop for cryptocurrency traders, fulfilling both their spot market and derivative market needs.

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BitcoinNews.com Daily Market Analysis 3rd January 2019: Crypto Market Declines Despite Stock Market Crash

BitcoinNews.com Daily Market Analysis 3rd January 2019: Crypto Market Declines Despite Stock Market Crash

The cryptocurrency markets are in the red today, with Bitcoin regressing from the USD 3,900 level to USD 3,780 as of this writing on the evening of 3 January 2019. In the 2 January market analysis, it was explained that USD 3,900 is a critical level since that is possibly the level where Bitcoin futures traders on the Chicago Mercantile Exchange (CME) took out short positions. It is an ominous sign that Bitcoin was not able to break through that level despite a crash on the stock market today, and possibly confirms that CME traders have collectively shorted Bitcoin from the USD 3,900 level.

The Dow Jones Industrial Average (DJIA) crashed 660 points today, and every major stock index on the planet is in the red. This was spurred by Apple announcing that iPhone sales in China are far below expectations. Further, global manufacturing saw its sharpest decline in December 2018 since the Great Recession. The USD weakened as well according to the dollar index. With both stocks and the USD declining, this creates a perfect storm for investors to seek safe-haven assets. Indeed, silver is approaching USD 16 and gold is nearing USD 1,300, after a long period of time during 2018 where silver and gold were at USD 15 and USD 1,200 respectively.

It is theorized that investors will take their money out of stocks and put them into Bitcoin during a stock crash as Bitcoin is independent of the stock market and can be considered a safe haven asset like gold. However, the tight grip of the CME Bitcoin futures on the price of Bitcoin may be overwhelming that effect. It has been observed that if CME Bitcoin futures traders take out shorts at the beginning of the month then Bitcoin generally declines all month, and gets beat back from increasing beyond the level where short positions were taken. That may be what is happening during these first days of January, strong upward pressure from a bad stock market may be getting suppressed by CME Bitcoin futures traders.

All things considered, Bitcoin may retest lows around USD 3,100 that were witnessed during mid-December, since apparently even on extremely bad stock market days Bitcoin cannot get past USD 3,900. If Bitcoin goes lower generally the other cryptocurrencies head downwards as well, and that is exactly what has happened today.

The total cryptocurrency market cap has declined from USD 133 billion to less than USD 131 billion. Ethereum, Ripple, Stellar, Litecoin, Monero, Dash and Bitcoin Cash are down 4%. Ethereum is still in 2nd place in terms of market cap, with a USD 900 million lead over Ripple. EOS is down a more severe 7%; it is common for EOS to decline more than other major cryptocurrencies on down days. Dogecoin is only down 1.3%, and it seems Dogecoin has been far more stable than other cryptocurrencies in recent months.

In summary, despite a bad stock market crash which should have led to upward pressure in the cryptocurrency markets, all major cryptocurrencies have seen significant declines on 3 January.

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Bitcoinnews.Com Daily Market Analysis 2nd January 2019: Bitcoin Hits Hard Resistance at USD 3,900 Despite Increasingly Gloomy Stock Market

BitcoinNews.com Daily Market Analysis January 2nd 2019: Bitcoin Hits Hard Resistance At USD 3,900 Despite Increasingly Gloomy Macroeconomic Situation

The price of Bitcoin steadily rose today from USD 3,720 to as high as USD 3,920, before pulling back to USD 3,870 as of this writing on the evening of 2 January 2019. There appears to be strong resistance for Bitcoin at the USD 3,900 level, which is exactly the level Bitcoin was at after the 28 December 2018 Chicago Mercantile Exchange (CME) Bitcoin futures contract expiration.

Data indicates that the CME Bitcoin futures have had a strong influence over the Bitcoin market since their launch on 17 December 2017, with each month defined by futures traders going long or short, with most months going short and Bitcoin’s price declining. Based on the strong resistance level at USD 3,900 for Bitcoin, it is possible that the CME futures traders took out short positions at USD 3,900, and are manipulating the market to keep it below that level. If this is true then Bitcoin could see a retesting of the USD 3,100 minimum reached in December 2018.

It is not yet certain that this month is a short. The key level to watch is USD 3,900, since if Bitcoin exceeds that level consistently and rises further, then perhaps January could go long.

The macroeconomic situation in the global economy certainly appears to favor an up month for Bitcoin. It has been theorized that Bitcoin would be a safe haven asset during bearish stock markets since Bitcoin is independent of the market. This effect had not been relevant until recently, as the stock market has been consistently gaining since October 2018, making Bitcoin an unnecessary safe haven.

The current stock market situation seems overwhelmingly bearish. The market has become divorced from the 10-year treasury bond yield, and the current charts suggest stocks need to undergo a 10% crash to reach equilibrium, with this percentage growing every day. This increasing lack of equilibrium is due to overt manipulation of the stock market which is leading to gains despite all the negative economic news. Manipulation is being fueled by banks buying tens of billions of USD worth stocks with pension funds, and the feds are wash trading the volatility index (VIX) to make the VIX drop, which causes automated trading bots to buy stocks. The Dow Jones Industrial Average has already dropped 4,000 points off its highs and is very close to bear market territory, and this manipulation is the only thing holding it above a technical bear market.

Worsening economic conditions in China have led to a decrease in demand for Apple iPhones, and Apple stock plunged so hard after hours that trading has been halted. Futures are down 350 points for the DJIA after hours, which is a similar situation to this morning, before the market ‘miraculously’ went positive during trading hours despite all of the negative indicators.

Back to the point, despite the obvious negative macroeconomic situation in the global economy, Bitcoin is struggling to rise above the USD 3,900 level, possibly because that level is a short position level for CME Bitcoin futures traders. The Bitcoin market cap is only USD 68 billion, much smaller than the USD 10 trillion gold market, which is known to be controlled by Globex futures on COMEX. Therefore, futures traders on CME, which use the Globex platform, can easily manipulate the Bitcoin market.

Perhaps the flavor of the month for Bitcoin will be obvious upwards pressure as people look to buy Bitcoin during worsening stock market conditions, while CME Bitcoin futures traders suppress the price at or below USD 3,900. If this is true, then Bitcoin will be in a relatively narrow trading range during January.

Rest Of The Crypto Market Rallying

Ethereum is the biggest winner of the day, with a 9% increase bringing Ether’s price to USD 154, which is opening up a nearly USD 1 billion market cap lead over Ripple (XRP). The latest Ethereum rally is perhaps being spurred by speculations for the Constantinople hard fork in the middle of January, further amplified by the general positive trend in the crypto markets today.

Litecoin has rallied to USD 33, Monero is up to USD 52, and Dash sits at USD 84. In general almost all of the top 100 cryptocurrencies by market cap are up, which is common on days when Bitcoin goes up. The total crypto market is near USD 133 billion, up from USD 125 billion on 1 January. It seems that all the altcoins generally follow Bitcoin’s lead, whether it goes up or down.

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Bitcoinnews.Com Daily Market Analysis January 1st 2019: Crypto Market Much Healthier Than This Time Last Year

BitcoinNews.com Daily Market Analysis January 1st 2019: Crypto Market Is Much Healthier Than This Time Last Year

In-Depth Crypto Market Analysis For January 1, 2019

The Bitcoin and cryptocurrency markets are relatively calm today on January 1, 2019. The price of Bitcoin is oscillating in a narrow trading range between USD 3,670 and USD 3,750, yielding a market cap near USD 65 billion. Ethereum has declined a couple of dollars to USD 135, with a market cap of USD 14 billion, although activity is expected to pick up in the Ether market in the coming 2 weeks as the Constantinople hard fork approaches. Litecoin is near USD 31 with a market cap of USD 1.8 billion, with the slightest of downtrends in the day.

The only major cryptocurrencies observing a more significant decrease today are privacy oriented coins like Monero, Zcash, and Dash, which are all down 2%. Some of the blockchain company tokens like Binance Coin, Maker, Tezos, VeChain, OmiseGo, and Basic Attention Token are seeing losses of 3% or more. It is quite common for tokens to fall more drastically than major cryptocurrencies on down days.

One serious outlier today is Paragon (PRG), the token of a marijuana oriented blockchain company. PRG is undergoing an extreme pump and dump, with the price rising from USD 0.11 to USD 10.28, and now crashing to USD 1.27 with the decline continuing, all in less than a day. PRG is only listed on decentralized exchanges (DEX), which are ripe for pumps and dumps since they have relatively low volume and little oversight.

The stock market in the United States saw some gains on New Year’s Eve at the end of a volatile trading session, and this coincided with Bitcoin dropping from USD 3,800 to as low as USD 3,630. The stock markets are closed for trading on New Year’s Day, and perhaps most cryptocurrency traders are taking the day off too since the movements of 1-2% for most major cryptocurrencies is less volatility than usual.

There has been an increased correlation noticed between the stock market and the Bitcoin market. It is theorized that Bitcoin can be used as a safe haven asset during times of trouble on the stock market, since Bitcoin is independent of the stock market. This is perhaps finally being observed as 2018 was by far the worst year for the stock market since Bitcoin was created. If this effect holds true then the crypto markets would be expected to decline on days that stocks go up, and a crypto rally would be expected on days that stocks go down.

The Crypto Market Is Much Healthier Today Than 1 Year Ago

Although prices of cryptocurrencies are much lower today than on New Year’s Day 2018, with Bitcoin being below USD 4,000 versus in excess of USD 15,000, the market is much healthier. On New Year’s Day 2018 the Bitcoin and crypto markets were a bursting bubble, and most investments that occurred 1 year ago led to heavy losses. Now the crypto market is possibly close to a bottom after an entire year of heavy losses. Numerous tokens collapsed in price during 2018, leaving only the tokens attached to the strongest blockchain companies as major cryptocurrencies. Essentially, only the most rugged and unique blockchain companies have survived, and these are the companies which have the best potential long-term.

Before it was thought that USD 5,800 was a true bottom for Bitcoin since that was a level which was approached multiple times during 2018, but not breached until November when Bitcoin cash forked. During the middle of December, Bitcoin went as low as USD 3,100 but has since then pulled back off lows despite negative market sentiment.

It is possible that Bitcoin will retest the USD 3,000 level, and it is hard to pinpoint where exactly the bottom is. One thing that is true is Bitcoin has always returned to its all-time highs and exceeded them given enough time, although it can take 2-3 years for that to occur. The current Bitcoin bear market is only a year old, and if past trends hold true, then 2019 could be a year of consolidation and relatively stable prices, mixed with some volatile months, as the bear market continues. It would be unusual for Bitcoin to suddenly recover after only 1 year of bear market conditions.

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