A casual observer might think this week was quite dull in cryptoland, as leading coins like Bitcoin and Ethereum traded mostly sideways.
The sideways action is reflected in the Weiss 50 Crypto Index (W50), which posted only moderate gains of 2.19% on the week.
If we remove Bitcoin from the equation, the picture is somewhat better: The Weiss 50 Ex-Bitcoin Index (W50X) moved up a more respectable 4.91%.
This is our first clue that altcoins are again leading the way, after the important Oct. 23 low in Bitcoin.
But here’s where it really begins to get interesting …
The Weiss Mid-Cap Crypto Index (WMC) posted solid gains on the week, moving up 7.61% and ...
And the altcoin bullishness was most apparent in the Weiss Small-Cap Crypto Index (WSC), which jumped a healthy 9.88%.
By comparison, the Weiss Large-Cap Crypto Index (WLC) was basically flat, up 1.38%.
Overall, this is in sharp contrast with what we’ve seen throughout 2019, when Bitcoin and large-cap led the market higher. That was a sign of investor caution, as they focused mostly on top-tier projects.
But ever since the recent pro-blockchain China announcement, the picture has changed. Now, the small- and mid-caps have been leading the way, just as they did this week.
This is precisely the type of price action we see in secular crypto bull markets.As we’ve been pointing out, it adds credibility to the idea that Oct. 23 wasn’t just a temporary turning point in crypto markets. It was an important low.
So, while they might not be raging just yet, the mood is slowly shifting toward the bulls, step by step. I’ll be keeping an eye on how this development progresses.
Weiss Ratings does not accept any form of compensation from creators, issuers or sponsors of cryptocurrencies. Nor are the Weiss Cryptocurrency Ratings intended to endorse or promote an investment in any specific cryptocurrency. Cryptocurrencies carry a high degree of risk. The SEC, CFTC and other regulators have expressed concerns with the volatility of the market and the actions of sponsors of specific cryptocurrencies. Be sure to review their official consumer alerts such as the public statement on cryptocurrencies by the SEC.
Recommended Content
Editors’ Picks
Ethereum attempts recovery following first rate cut in four years
Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.
Bitcoin offers diversity for traditional investors: BlackRock
Bitcoin (BTC) is trading above $60,000 on Wednesday following the release of BlackRock's latest white paper, which addresses some of the top crypto assets' unique advantages to investors compared to traditional asset classes.
XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD
Ripple (XRP) shared details of its stablecoin project Ripple USD (RUSD) in a blog published on Tuesday. The cross-border payment remittance firm discusses relevant legislation and plans to support the digital asset economy through RLUSD.
Bitcoin traders keep powder dry ahead of Fed decision on interest rates
Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve, which is expected to lower interest rates for the first time in more than four years.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.