The controlled nature of the moves in the bitcoin market are there for everyone to see. Ever since the introduction of the bitcoin futures around a month back, we have seen a large scale correction followed by some consolidation and now we are see some controlled uptrend, all signs of a mature market that is seeing the entry and playing of some large traders and investors. Ever since the futures were introduced, we had said that this was a seismic event in the growth of bitcoins and that it could change the way bitcoins are traded, forever. While it gave some additional credentials to the bitcoin industry, it also helped to draw in bigger players who would ensure that the market is kept under control.
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BTC Slows Down
This is the reason why we are seeing the prices moving much slower than usual, which isnt small in any case, as we see more and more speculators vacate the space for the bigger traders and investors and move on to greener pastures in the form of altcoins which are likely to reward them with quicker and better returns. This is why we are seeing many of the altcoins do well as the BTC prices hover around the $16,000 range.
We have been saying for long that the year 2018 could well be the year of ethereum and so far, it has been doing well. As the focus shifts from the BTC market due to the regulatory and other issues, the ETH market seems to have become the main beneficiary as the prices have been shooting higher. We have been mentioning that the prices would crack $1000 by the end of the first week of January and that has been the case as the prices have shot through $1000 and now trade just below the $1200 region as of this writing.
Looking ahead to the rest of the day, expect some more consolidation with a bullish bias in the BTC market. On the other hand, expect the bullishness in the ETH market to continue as we see more and more traders and investors shift to this market in the hope of better returns.