Investors are beginning to worry that Bitcoin’s (BTC) uptrend could be in peril after the top-ranked cryptocurrency failed to pull above the $40,000. Some traders are afraid that a repeat of the crushing 2018 bear market is on the cards again if BTC fails to find bullish momentum.
However, a study of both the bull markets shows distinct differences that are noteworthy. Research from Pantera Capital found that after the current bull move, 86% of the crypto market’s value is concentrated in Bitcoin and Ethereum, largely because institutional funds have flowed into each cryptocurrency.
In 2017, the top two coins only held about 52% of the value, with the rest being held in several altcoins that turned out to be “non-functioning” coins. In the current bull market, retail investors seem to be largely absent so the type of speculation witnessed in 2017 has yet to appear in 2021.
Daily cryptocurrency market performance. Source: Coin360
Guggenheim Partners’ chief investment officer Scott Minerd recently said that his long-term Bitcoin price target of $400,000 remains Title: 1/18: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB
Sourced From: cointelegraph.com/news/1-18-btc-eth-dot-xrp-ada-ltc-bch-link-xlm-bnb
Published Date: Mon, 18 Jan 2021 18:44:40 +0000