Hot crypto-autumn: in the search for a bear-maximalist


Although Bitcoin is declining more than growing at the moment, the overall market sentiment is very bullish. It is quite difficult now to find a maximalist bear, and nobody wants to look for them in general. A long side trend raises some concerns about a possible decline under "what does not grow, then falls".  Nevertheless, everybody admits that the probable stagnation near the current levels is connected with the fact that the BTC faced a very hard resistance and at the same time a psychological level of $10,000. After the end of the bear market, Bitcoin has come a long way up in a relatively short period of time: it is not surprising that now we see the consolidation process.

At the same time, altcoins attract a more ambiguous reaction. There are much more "sad bears" in this sector. However, this weekend showed a very unexpected spike in altcoin prices: at some point, they were clearly rising while Bitcoin was falling.

For the first time, the BTC dominance index showed a downward trend, and now it has broken through the round level again, reaching 69.6%. Unlike in 2017, when a cryptocurrency was mentioned with a reference to its purpose and technology, it is now less and less common: no one seriously considers digital coins as a means of payment on an "industrial scale", only noting any qualities that may contribute to or impede price growth or decline. Only Tether (USDT), which is stable and has the necessary properties of cryptocurrencies, is now used as a means of payment. All the rest have become a kind of semblance of slot machines in Las Vegas. And everyone is happy with it.

The Bitcoin fear and greed index is now at 41 indicating at "Fear". The lower this level, the stronger the fears of market participants and the more profitable it is to buy a cryptocurrency. But the higher this value is, the closer is the moment of market sale. Now the index indicates that there is still room for growth.

As a preparation for the big dynamics, we can also highlight a transaction on an unidentified wallet in the amount of 94.5K BTC, which is only a little short of a billion dollars at the current rate. Some believe that this operation is connected with the launch of Bakkt, others see the preparation for sale-off, while others believe that this is another market manipulation. Perhaps all parties are right at once.

News from Telegram is added to the overall positive picture in the market. The company finally announces the imminent launch of the project. Under the terms of agreements with investors, the developers must launch blockchain by October 31, otherwise, they will have to return the money. Hardly any of the participants of the closed ICO will ask for money back, given the prospects of the project in the market, but the completion on time would be a demonstration of a very good tone. Taking into account all the launched projects, this autumn can be very hot for cryptocurrencies.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

Uniswap price is on a journey to retest $25 after the recent downswing. On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84. A daily close below $17.75 will invalidate the bullish thesis.

More UniSwab news

Three major overlooked factors why Ethereum price is about to skyrocket

ETH price has been consolidating after the cryptocurrency registered a new all-time high on November 10. A few factors suggest that the token may be preparing for a massive take-off. 

More Ethereum news

Solana price to trigger a 15% upswing as SOL retests crucial support level

Solana price appears to be making a comeback after it slipped into a steep correction since its all-time high on November 7. This downswing has stopped after retesting a crucial support level and is on a journey to head higher.

More Solana news

Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

More Shiba Inu news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP