Now its official, the bear market we’ve experienced in the past year is the longest that the crypto market ever knew in its short history. Despite the relative stability we see since the beginning of 2019, around $3500, we need to remember that Bitcoin tends to be volatile and unpredictable and we had already seen such stability around $6,500 just three months ago. Since then, the price has been cut by almost 50%.
In the alternative cryptocurrencies market or Altcoins, the charts are starting to change in direction, while the trend reversal we reported on our previous updates is taking place following the hype around cryptocurrencies based on Mimblewimble protocol. This together with the crowd sales which on Binance Launchpad platform: the past week BitTorrent (BTT), rose 10x, a rare figure that reminded crypto traders of the happy days in 2017.
Binance token (BNB) is affected by the latest fundraising of BTT, and traders are starting to understand the potential of holding it.
Also, we have witnessed other Altcoins that have risen sharply during the past week, this is just another sign of the market’s awakening, even though this may be a bullish trap or a dead-cat bounce.
The ETF is again on the main stage of the crypto news. However, the market is no longer excited about it. After CBOE’s decision to withdraw the ETF application, it has been reported that the application was resubmitted. Judging by the price of the Bitcoin, no one seems to be enthusiastic or expecting any approval soon.
The trading volume is low but stable, while Bitcoin dominance is 53.4% in favor of Bitcoin.
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The post Crypto Market Update Feb.5: Time of ICOs? BitTorrent is 10x Already, While Bitcoin Consolidates Around $3400 appeared first on CryptoPotato.