Growth without dips or just calm
Bitcoin is getting closer to the $4K threshold, but the growth momentum at the beginning of the week has fade away. However, given the weak dynamics of recent months, even this looks like good news, since we managed to avoid correction after the rally.
There is a view that many market participants simply want to take profits after touching an important level of $4K. Altcoins show almost zero dynamics over the past 24 hours, holding the reached positions.
The stablecoins power
The stablecoins race continues: the Japanese banking holding Mizuho Financial Group (MHFG) also launches its token called J-Coin along with a mobile payment application. Next, you need to understand whether the market really needs such a number of stablecoins. It is very likely that during the fierce competition, several of them will survive, as was the case with mobile operating systems. It is not enough to be first, it is vital to be the most comfortable.
Steady transaction growth
The current dynamics of the crypto market is gradually being analysed. So, DataLight found that the Bitcoin trading volumes increased to the levels of April 2018, and the daily volume of transactions reached the levels of January 2018. In addition, this indicator has been growing since the middle of last year, which coupled with other positive news stimulate positive market sentiments. It is likely that speculators have hopes for new highs.
Not all tests passed
However, many experts still urge not to be too inspired by the current crypto rally. Stabilization and the uptrend often begin only after all the negative events happen and large-scale correction of errors is done.
The SEC is faced with the huge task of clearing the market of undesirable elements; this laborious and related with unpopular decisions work can cause the market to feel a sense of depression and provoke corrections.
Waiting for the weekend
In the meantime, it remains to enjoy some positive lull, and certainly, market participants are waiting for a new weekend, since the last 2 times the market has shown a significant rally. Of course, this does not mean that this time will be the same.
FxPro UK Limited is authorised and regulated by the Financial Services Authority, registration number 509956. CFDs are leveraged products that incur a high level of risk and it is possible to lose all your capital invested. Please ensure that you understand the risks involved and seek independent advice if necessary.
Disclaimer: This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. FxPro does not take into account your personal investment objectives or financial situation. FxPro makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of FxPro, a third party or otherwise. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of FxPro. This communication must not be reproduced or further distributed without the prior permission of FxPro. Risk Warning: CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary. FxPro Financial Services Ltd is authorised and regulated by the CySEC (licence no. 078/07) and FxPro UK Limited is authorised and regulated by the Financial Services Authority, Number 509956.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.