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Bitcoin price and its peer group have continued today, with a vigorous price uptrend BTCUSD has surpassed $3,900 mark (i.e. up about 6.01%) gaining intensified bullish momentum, ETHUSD rebounded to $110 or 6.06% and so is XRPUSD is flashing at 0.4010 levels (i.e. 10.85%).
Well, on the back of such buying sentiments, we witnessed quite a few commentaries in this domain that highlights some sort of lingering optimism around cryptocurrency space.
Spencer Bogart of Blockchain capital capitalizing on blockchain as a technology, reckoned that the crypto-assets are gaining their traction in terms of valuation. It’s quite imperative to empathizing about boom cycle of the price behaviour, reminiscing that all asset-class, in every avenue, sense a process of price discovery and that cryptos are no exception.
Well, since the asset class has been dominated by retail speculation, the Blockchain Capital Partner says it isn’t surprising to see wild price swings.
In a similar vein, Guy Hirsch, U.S. managing director, eToro, says: “Late 2018 has seen the cryptocurrency market take a huge tumble, but that has not stymied investors’ interest in the asset class and its potential. Online investors are still keeping their eye on cryptocurrencies, but this survey revealed that there is a serious lack of educational resources available to those who would like to invest in or learn more about crypto. As we move toward a future where assets will become increasingly tokenized, it’s important to give investors access to the resources they need to invest in the assets they want and truly consider crypto-assets as part of their long-term investment plan.”
While Mati Greenspan of eToro said that BTC is still in the determinative phases of price discovery.
Technically, the minor trend of BTCUSD shows little strength from last 1-week or so upon dragonfly doji formation, rallies likely to drag further on bullish momentum & MACD crossover.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 114 levels (which is bullish), while hourly USD spot index was at -21 (mildly bearish) while articulating (at 13:38 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
