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WEEKLY CRYPTOCURRENCY MARKET ANALYSIS
CRYPTONAIRE LYWEEK CRYPTO investment journal
Hello, crypto traders welcome to this week’s 157th edition of Cryptonaire Weekly. The overall Cryptocurrency Market Cap stands at $477 Billion. We have seen a $35 Billion increase in the Market Cap since last week. Bitcoin price is currently around $16,700 from $15,290 last week and has increased by 9.22% and Ether price is now at $465 from $447 last week and has increased by 4.07%. The current market cap for bitcoin is $310 Billion, and for Altcoins, the current market cap is $167 Billion.
Bitcoin has been inching higher towards the all-time highs. However, unlike the previous bull market in 2017, the euphoria and frenzy, mostly among retail traders have been absent. This is a positive sign as it shows that the current rally has largely been driven by stronger hands who are not buying cryptocurrencies to get rich overnight. Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, believes that the current rally is likely to continue in 2021, with the major hurdle being the alltime highs at $20,000. After that, McGlone opines that Bitcoin could hit a market capitalisation of $1 trillion.
In another bullish projection, Thomas Fitzpatrick, global head of Citibank’s CitiFXTechnicals market insight product, believes that Bitcoin could rally to $318,000 by 2021. Veteran trader Peter Brandt said that if previous bull markets are considered, Bitcoin could be in the early stages of the next bull cycle. The institutional investors may also be holding a similar view as they have continued to pour money into Grayscale Investments. The cryptocurrency fund manager reported that it now holds over 500,000 Bitcoin in its Bitcoin trust, an increase of over 50% in the past six months.
While these bullish projections are a positive sign, investors should not get carried away by them. Traders should keep their greed under control and wait for the right opportunity to invest.
