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Market Report: 12/20/18

CryptoChats - Tortoise and hare

The market has continued to rise over the past 24 hours and all of the top 10 coins and all of the top 100 coins are reporting in the green save for six coins reporting losses.

Today’s top performer is once again Bitcoin Cash which has only continued to grow exponentially in price for the past 48 hours with a current 24 hours increase of 45.7%. Bitcoin Cash is now valued at near $190 and its market cap has grown severely at it has now stolen the number 4 position from EOS with a now near $1 billion lead.

The runner up for top performing this morning is Bitcoin Cashes estranged sibling, Bitcoin SV. Bitcoin SV has struggled to gain permanent traction much like BCH since the hard fork back in November and has recently been missing out on the market pumps. BSV has miraculously climbed 27% over the past 24 hours and currently shows no sign of stopping.

Bitcoin has also continued to grow steadily in value and is up another 7.5% in the past 24 hours bringing its current valuation near $4,120. XRP has managed to maintain its $0.38 price with a 24 hour increase of 1%. Ethereum is up another 10% today finally pushing it over the $100 valuation mark to $115.

Total crypto market capitalization spiked over the last 24 hours adding over $10 billion dollars to the market. BCH’s rise greatly attributed to this increase in the market cap and has added a good amount of cushion between itself and the $100 billion cliff.

What the future holds

While Bitcoin has managed to surpass multiple resistance levels already this week, it doesn’t mean that we are clear of the bears yet. This current market corrective rally is nice for the time being, it’s important to note that the market is significantly below where it was a month ago. Total market cap has fallen over 50% over the past month as has Bitcoin’s price. A full trend reversal is unlikely to come in the following weeks just because of a small uptrend.

The crypto Twitter personality ‘The Crypto Dog’ reminds us in a tweet this morning that the bears still remain in the market.

“If this turns mega bullish and we start to reach 5-6k: DO NOT FORGET we are in a macro bear market. It’s not going to just go up and break out and go on to new ATHs. Rallies will fail, prepare for it!”

The best possible future for the crypto market at this time would be a slow build up continuing on into 2019. While market spikes are always exciting, they are always followed by major sell offs and drops. High market volatility is what creates market uncertainty and causes asset classes to drop.

Investors also tend to steer away from investing during time of high market volatility, and the market needs more investors. Therefore the best possible thing for the market, is to be the tortoise and win the race, not the hare.

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