The market floats back into the green this morning, posting positive results as a bull trend moves bitcoin back into the green. Bitcoin grew 1.27 percent to trade for $6.728.31 at the time of writing, at 9am.
Ethereum jumped 1.54 percent to go for $277.92. Ripple rose 1.86 percent to trade for $0.329328.
Litecoin also increased 1.59 percent to trade for $57.58.
Experts warn that the positive charts could be a calm before BTC plummets again as the market waits for the Securities and Exchange Commission’s decision to ratify a bitcoin, Exchange-Traded Fund.
All timings are in British Standard Time.
The decoupling of Bitcoin & the alts
Luke Shipley, CEO of Zinc thinks bitcoin and the slew of altcoins will lowly separate and be independent of eachother.
Mr Shipley said: “In the wake of ETFs sparking wildfire in the cryptosphere, we’re seeing this trigger a new wake in the crypto waters.
“Traditionally we’ve seen Bitcoin strongly correlate with “the alts” moving at a relatively similar speed in either direction up or down. The accepted thesis is that alts are pegged against Bitcoin. Many believe that as Bitcoin slows down and settles upon its store of value, some alts will realise their utility and overtake the leader.
“However, they are no longer moving in longstep anymore. Bitcoin has been moving in the same direction as the entire market, but at a much slower pace. It becomes clear that nothing helps put the due in due diligence more than a bear market. The appetite for risk decreases and the money spent on crypto is going on the “safer” bets.”
Could BTC drop another $3,000?
Anthony Pompliano, founder and partner, Morgan Creek Digital Assets has predicted that bitcoin could fall as low as $3,000 in a complete turnaround from one of the market’s most bullish positions.
In a post, Pompliano stated that his January prediction of a $50,000 year-end bitcoin price was wide of the mark by as much as four years.
He stated: “Parabolic increases in price continue to take longer — each parabolic run is measured from the last all-time high to the new all-time high. The first rapid price appreciation took just over 300 days (2010-2011) and the second took over 900 days (2011-2013). The last parabolic price increase peaked at ~$20,000 (2013-2017) and took almost 1,500 days to complete.”