Arnaud Masset
Swissquote Bank Ltd
During the last few weeks, both investors and media have put aside cryptocurrencies to focus on traditional markets. This came quite naturally as equities suffered a substantial sell-off and volatility exploded. Meanwhile in the crypto market, it was the time of consolidation. Indeed, after a rocky start into the year, Bitcoin and its peers finally took a breather and stopped free-falling. In fact, the crypto market has even started to recover recently. After falling as low as $276 billion, the total market capitalisation bounced back to around $481bn this week as the price of Bitcoin crossed the $10,000 threshold to the upside.
We are definitely positive regarding the outlook for cryptocurrencies. This year will be key for this new asset class as several teams behind crypto projects are expected to deliver either beta version or final product. Even though we believe the positive momentum initiated a couple of weeks will continue, one may have to wait for the Chine New Year to end before seeing an acceleration. Now is therefore the good time to make the final adjustment to your portfolio before the next rally.
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This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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