For over four months, Bitcoin and most other cryptocurrencies are consolidating and trading in relatively narrow ranges.
One stunning exception is the Binance Coin, which has more than tripled in value over the last three months.
In spite of cryptocurrencies still trading way off their all-time highs, it seems like we might be on the verge of a new wave up.
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Two months have gone by since the last time I wrote about what 2019 holds for cryptocurrencies, but when I saw that Bitcoin (BTC-USD, COIN, OTCQX:GBTC) broke above $4,000 (even only briefly), for the first time since early January, I thought it might be a good time to catch up.
The new-hottest kid in the crypto block is Binance (BNB-USD).
Binance isn’t only a cryptocurrency coin, but it’s also a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Since early 2018, Binance is considered the world’s largest digital asset exchange by trading volume.
You might wish to take the above data with a grain of salt, as a new research report claims that most of the trading volume on the world’s largest crypto exchanges should be considered questionable.
Anyway, back to the Binance cryptocurrency coin.
The Binance Coin has more than tripled in value over the last three months to around $15.
Nonetheless, this is the exception, not the norm.
Looking at where cryptocurrencies are trading versus their all-time highs reveals a very bearish picture:
- BitConnect (BCCOIN-USD): -100%
- Qtum (QTUM-USD): -98%
- NEM (XEM-USD): -98%
- Iconic (ICON-USD): -97%
- Bitcoin Gold (BTG-USD): -97%
- Bitcoin Cash (BCH-USD): -97%
- Cardano (ADA-USD): -96%
- Lisk (LSK-USD): -96%
- NEO (NEO-USD): -95%
- IOTA (IOT-USD): -95%
- Dash (DASH-USD): -94%
- zCash (ZEC-USD): -94%
- Positron (TRON-USD): -92%
- XRP (XRP-USD): -92%
- Ethereum (ETH-USD): -91%
- Monero (XMR-USD): -89%
- Litecoin (LTC-USD): -84%
- EOS (EOS-USD): -83%
- Bitcoin (BTC-USD): -80%
The good news, if you’d like, is that Bitcoin is doing much better than the rest of the pack. The bad news is that the first US exchange company to launch Bitcoin futures has pulled the plug on them as enthusiasm wanes for cryptocurrencies.
CBOE (CBOE), the first mainstream exchange to offer Bitcoin futures, said that it’s reviewing its approach to crypto derivatives and doesn’t currently plan to list more.
Other good news is that Nvidia (NVDA) expects to clear out the chip inventory it built up in anticipation of cryptocurrency mining demand.
Of course, this is one small positive step for the company, which is struggling to earn anything close to what it used to in previous years, but not a game-changer.
All in all, it does seem as if prices of cryptocurrencies are at least stabilizing, following a horrible 2018.
Bitcoin seems set and ready to end this 4-month-long consolidation period that has seen a (relatively) tight trading range, roughly between 3300 and 4100.
Should the leading cryptocurrency succeed in holding its nose above the $4,000 level, and broke the recent months’ $4,100 top, the odds of a new, meaningful, move up from here will certainly be looking much better.