“This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.
Key Highlights:
- Bitcoin celebrates its 10th Birthday
- Bitcoin regains stability and remains range bound
- Altcoins see some strength after being in the oversold territory for quite sometime
Happy 10th Birthday Bitcoin
October 31, 2008, and January 3, 2009, are two days that are significantly important in the history of cryptocurrencies- the first being when Satoshi Nakamoto circulated his paper explaining the idea of a decentralized currency that we call Bitcoin and, the second being when the paper was implemented and the first Bitcoin was born. Yes, today is the day when Bitcoin Block #0 was mined which lead to the foundation of a network and a currency that was about to change the way the world functions in years to come.
Its almost a decade and the nascent form of ‘money’ is doing wonders. It challenges the way money is being looked at and is also questioning the existence of centralized authorities that have ruled the world for quite some time now. In short, the evolution of bitcoin and blockchain over the last decade is remarkable that even Satoshi himself could not have imagined the impact of his work. Once again Happy Birthday Bitcoin!
Bitcoin holding steady while Altcoin’s rise sharply
Gains across most of the popular crypto assets were rather mild lately. It’s good to see bitcoin holding steady and this type of market setup is more typical during a bull run. While the bitcoin stays rangebound, surges in altcoins are suddenly getting more common. Not talking about Paragon, a cannabis-related altcoin, that went from 16 cents to more than $10 and back within a few hours on Tuesday, but the actual serious altcoins like Ethereum, EOS, and Iota have actually seen sustainable double-digit gains this week. This is clearly indicating that there’s a large disconnect between crypto asset pricing and industry growth.
In general, the market is becoming more unpredictable and quite a few times analysts have tried to call the bottom of this market but have failed to find any success. While the prices remain sluggish and don’t give a correct picture, in this past 10 years crypto has evolved from virtually nothing into an entire budding industry.
