Cryptocurrency market sentimental analysis: The bulls have awoken

The cryptocurrency market has been trading below a descending trendline since the beginning of the year. There have been a lot of developments in the industry this year, besides regulations continue to take shape in various jurisdictions around the world.

Both the third and the fourth quarter of 2018 has witnessed the push for a Bitcoin exchange-traded fund (ETF). The market reaction in a bear swing on several accounts following the rejection of BTC ETF proposal by the U.S. Securities and Exchange Commission (SEC). The speculation surrounding the ETF has left the market stagnant for a while as the regulatory authority continues to delay the approval.

Moreover, the institutional investor herd has been another significant driving force in the market. It is believed that this special category of investors will see a fresh influx of funds into the market igniting a bull run towards the end of 2018 and the first quarter of 2019. Moreover, the giant Wall Street investment giants like Goldman Sachs and JP Morgan Chase are working on introducing Bitcoin trading services while still looking into custody services for cryptocurrencies.

At present, the market is slightly in the green. The recovery is mostly fueled by both social media sentimental change and the investor focus on blockchain developments in the industry. The market has also been stable in the past couple of months led by Bitcoin and Ethereum. The mundane trading is not attractive to many in the industry especially speculators.