The fundamental market way of thinking around cryptocurrencies is a lot more positive now than it was the same time last year. A pullback was anticipated but not many in the industry estimated things would drop so low and pretty much all gains would be wiped out. As markets appear to be coming off the bottom, crypto traders, analysts, holders and investors begin looking in the direction of the next big bull run and it could be a monster.
Crypto Goes Mainstream
Back in early 2017 very few people had knowledge of what cryptocurrency was. A few had become aware of Bitcoin but it was still something that computer geeks played around with their garages. Ethereum was trading at $15 and the rest of the altcoins were blips on the horizon. Absolute market capitalization at that time was approximately $20 billion or around 10% of what it is nowadays.
Then came the bull run which saw prices blow up and charts go parabolic. Things actually started to increase in May 2017 when market cap quadrupled from January's levels. The momentum went on until the end of the year in spite of a lot of negative news and clampdowns in Asia.
As chief investment officer at Ikigai Asset Management and crypto pundit, Travis Kling, points out;
“In late 16 the vast majority of the world had no idea what any of this was or what its potential is. This time is different. Awareness is massively higher. That’s going to make reflexivity act that much crazier.”
The last bull market was crypto’s first time on the global stage.
In late 16 the vast majority of the world had no idea what any of this was or what its potential is.
This time is different. Awareness is massively higher. That’s going to make reflexivity act that much crazier
— Travis Kling (@Travis_Kling) April 18, 2019
Traditional media has taken an interest in Bitcoin and it is these days reported on regularly, though not always in a good light. TV slots on business shows are now committed to crypto and the top assets have now become household names. There was in fact, a movie released about crypto this month.
As well as the huge increase in public awareness has been the institutional interest where the whales prowl. This is where the big money is and they are likely to be the agitator for the next major bull run. As soon as it is initiated, which could still be a few months away, the retail investors will come back.
At the moment we are still in the accumulation phase which could last for a while yet. As some analysts have pointed out;
“The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs,”
Either way anybody that has had their eye on the space for the past year or two is likely to be calmly accumulating now preparation a major surge that will tower above what took place in 2017. To place some perspective on things this chart reveals a compressed view of the past decade;
“Bitcoin is always going down”
Here is some perspective in the form of a yearly chart for you folks. pic.twitter.com/1XB5UZyPyD
— DonAlt (@CryptoDonAlt) April 18, 2019
Presently there have been limitless price predictions for the future market peak, and very few of them are lower than the last. Buckle up, it is sure to be one helluva ride!
Image from Shutterstock
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