Bitcoin and the cryptocurrency market entered 2019 taking the maximum brunt of bear pressure of 2018 with it. The irony with Bitcoin (BTC) traders is that they are long on Bitcoin massively. However, TA also suggests that fear of a bottom isn’t behind us in the short term.
The fears of a new bottom in Bitcoin [BTC] has kept the traders guessing the direction of Bitcoin for three months now. While regulatory progress has been slow, it has been mostly positive. However, the cryptocurrency projects and Exchanges are reeling under a massive liquidity crisis. While QuadrigaCX Exchange baffled the crypto-community as cryptocurrency worth $190 million went missing, Mt. Gox Exchange issue finally met its end after five years.
The 60-Day estimate of the volatility on Bitcoin is 2.20%. The monthly volatility index is even lower at 1.33% as Bitcoin primarily traded on the $3850-$4000 range.
The dominance of Bitcoin [BTC] at the beginning of the year was 51.7. During the second week of February, it reached a yearly high of 53.5%. However, it is down to 50.2% on 31st March 2019.
2019 Q1 High: $4186
2019 Q1 Low: $3401
Q1 Gain/Loss Percentage: 8.8% Gain
Litecoin [LTC] is one of the most preferred cryptocurrencies as a medium of payment. This is primarily because of Litecoin [LTC] being completely decentralized and its efficiency as a payment system. As Charlie Lee, the lead spokesperson of the Litecoin Foundation marked the end of the scalability debate, Litecoin [LTC] embarked upon a new journey to add fungibility to the ‘digital silver’ protocol.
Charlie Tweeted on 28th January 2019
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
2019 Q1 High: $63
2019 Q1 Low: $30
Q1 Gain/Loss Percentage: 99.1% Gain
Ethereum had lost its second position w.r.t market capitalization to XRP in late 2018. However, resurrection of the updates on Ethereum towards Proof of Stake (PoS) and Plasma implementation with the Constantinople update revied the investor confidence in Ethereum (ETH) again. Ethereum is ranked second with a total market capitalization of $14.8 billion.
2019 Q1 High: $165
2019 Q1 Low: $103
Q1 Gain/Loss Percentage: 5.9% Gain
Tron (TRX) and EOS were recently ranked above Ethereum (ETH) is many surveys by technology and feature. EOS gained nearly 100% of the value since the beginning of the year. It was recently ranked number one cryptocurrency in two independent pieces of research on cryptocurrencies. Tron (TRX) has been quiet in terms of price in 2019, trading primarily in the $0.022-0.027 range.
The trading on XRP has subsidized considerably since the beginning of 2019. Moreover, XRP has lost 12.2% of its value since the beginning of the year.
The volatility index of XPR is low as trading has been mostly concentrated in the range of $0.299 and $0.33 since the second week of January. It can mainly be attributed to the fact that Ripple’s partnerships and diversification now have little effect on XRP. However, it remains to be the most popular cryptocurrency backed by a centralized institution and over 200 banks.
2019 Q1 High: $0.378
2019 Q1 Low: $0.288
Q1 Gain/Loss Percentage: 11.7% Loss
Bitcoin Cash (BCH)
Bitcoin Cash has been one of the most volatile cryptocurrencies in the top ten market cap in 2019 in terms of direction. The price of Bitcoin Cash (BCH) has both bottomed at $108 and again attained a value of $170 after the increase started from the second of March 2019 from $120 range.
2019 Q1 High: $173
2019 Q1 Low: $108
Q1 Gain/Loss Percentage: 6.36% Gain
Total Market Capitalization
Stellar Lumens (XLM)
Stellar Lumens (XLM) attained a low of $0.0737 during February as the bottoming fear in Bitcoin, and the entire cryptocurrency increased considerably. However, the market sentiments for Stellar Lumens (XLM) improved significantly after the announcement of wide-scale implementation in IBM’s world wire which has initiated partnerships with 72 banks in more than 40 countries.
Stellar Lumens High: 0.117 in March (Post IBM announcement), $0.128 in January
2019 Q1 Low: $0.0737
Q1 Gain/Loss Percentage: 2.5% Loss
Final Market Updates
Binance (BNB) Coin was trading at $6.10 at the beginning of the year. The price of Binance (BNB) coin on 31st March 2019 was $16.93. Hence, a rise of almost 180% was recorded in three months. The other popular Exchange based cryptocurrency, Huobi Token (HT) also gained over 175% in the same period. The price of Huobi Token (HT) on January 1, 2019, was $1.07 which increased to about 2.74 on 21st March 2019. The cost of HT on 31st March was $2.54.
Some of the other top performing cryptocurrencies were Basic Attention Token (BAT), Crypto.com chain (CRO), Enjin (ENJ) Coin, Raven coin and Tezos (XTZ) with maximum gains.
The total market capitalization of the Bitcoin market attained at low of $111.86 billion.
Moreover, it has gained 13.9% since the beginning of the year. The total market capitalization of the cryptocurrency markets on 31st March 2019 was $144.2 billion.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com