Last week was a great week for major cryptocurrencies, especially for Bitcoin and Litecoin. Bitcoin was up 9.48%, ETH was up 5.52%, XRP was up 1.49%, and LTC was up 8.60%–see Table 1. Bitcoin rose above the key $10,000-mark.
Table 1
Seven-Day Price Change For Major Cryptocurrencies
| Cryptocurrency | %7d |
| BTC | 9.48% |
| ETH | 5.52 |
| XRP | 1.49 |
| LTC | 8.60 |
Source:Coinmarketcap.com 9/7/19 at 2:30 p.m.
That’s a big turnaround from the previous week, which was a brutal week, as discussed in a previous piece here.
The trouble is that the rally was narrow, with only 42 cryptocurrencies advancing out of the top 100— see table 2.
Table 2
Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks
| ptocurrencies Advance/Decline | Number |
| Advance | 42 |
| Decile | 58 |
Source:Coinmarketcap.com 9/7/19 at 2:30 p.m.
That means that money pouring into major cryptocurrencies wasn’t new money, but money coming out of other cryptocurrencies.
And that isn’t a good technical sign for the near future.
Still, Dave Hodgson, Director and Co-Founder of NEM Ventures, is bullish for major cryptocurrencies, and Bitcoin in particular. “I remain bullish on Bitcoin in general,” he says. “BTC has been trading within a defined range since mid-July, lightly testing support levels which have held and gradually increased. The range over the past 2-3 weeks has tightened and been largely sideways over the mid-term.”
Why is that bullish? “Traditionally, BTC doesn’t remain in a tight range for long periods of time, so I expect to see that change in the short-mid-term,” he explains. “Current conditions feel like a consolidation phase, and I anticipate changes in mid-late September, closing the year at a higher value than present.”
Christel Quek, the Chief Commercial Officer and Co-Founder of BOLT, is bullish on Bitcoin, too. “With crypto markets gaining strength over the last few months, Bitcoin has been the biggest benefactor, outperforming alt coins over the last three months and further consolidating market dominance,” he says. “The currency currently holds a 71% share of the crypto market cap, with the price stabilizing at the $10,000 levels.”
And things will get better. “Now viewing Bitcoin from a new vantage point of continued technical strength, there are blue skies ahead – it seems the conditions were right for such gains while overall market consensus assumes we have entered the early phase of the next bull cycle,” he says.
Quek has a mixed outlook in other major currencies. He sees Ethereum to continue to be subdued under a bearish market, and Ripple struggling to maintain its price levels and consolidate at $0.25 levels.
Christophe De Courson, CEO of Olymp Capital, has no clue on what’s going on with Bitcoin in the short-run. “When it comes to bitcoin or cryptocurrency price variations, I remain agnostic,” he says. “Reflecting on the last six months, we have witnessed a reversal of the bearish trend and seen Bitcoin skyrocket from $3,125 in mid-December to $13,880 towards the end of June. Since July, we are witnessing the consolidation of this long-term bull trend, with volatility stepping back and bitcoin price ranging between $9,000 and $12,000.”
But he remains bullish for the digital currency over the long-term. “Considering economic uncertainties for 2020 (including Brexit, QE from Central Bank, and the upcoming American elections), as well as the growth of crypto-based derivatives product offering for institutional investors (VanEck, Bakkt, and Seed CX) we are bullish on Bitcoin price in the mid- and long-term.”
John Powers, Chief Strategy Officer of Findora and former CEO of Stanford’s $25b endowment, is bullish for the long-term, too. “Thanks to the growing range of institutional-grade cryptocurrency (bitcoin, etc.) and blockchain investment products, investors are able to participate in cryptocurrency markets in a variety of ways,” he says. “As trade and economic tensions continue, we expect institutional investors to include a cryptocurrency component as part of their asset allocation, providing price support for crypto assets.”
Author: Panos Mourdoukoutas
Read more at: https://www.forbes.com/sites/panosmourdoukoutas/#6117383a6650
