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The Crypto Bubble is Back

Alexander Kuptsikevich

Optimists believe that since the BTC has not fallen into the abyss over the past three days, then everything is fine and this is an achievement. In general, they are right. However, there is also a camp of pessimists who are sure: the growth momentum has dried up, Bitcoin is “treading water”, and the RSI index is slipping down, which indicates a pullback approach. The daily trading volume, which also gradually decreases adds oil to the fire.

The top 10 altcoins fluctuate between growth and decline. ZCash developers have announced the launch of a test mobile wallet. Typically, such events lead to price spikes, as was the case with WAVES in December 2018 (almost 300% within 20 days after the launch of the application), but not this time.

It is worth paying attention to what is happening around ZEC: this project rarely becomes a newsmaker. In the cryptosphere, they believe that this coin is one of the most undervalued on the market.

In general, participants continue to analyze the crazy rally during last week. In this context, Tether (USDT) and its close ties with Bitfinex were again in the focus: yesterday morning, 20% of BTC short positions in the amount of $34 million were closed. Investors immediately remembered the crypto bubble that Tether inflated in December 2017, when it “printed” coins for $2 billion. However, the main difference between these events is that there are no new tokens on the market: only the existing emission. But, of course, it is not the end of this history.

This article was written by FxPro

This article was originally posted on FX Empire

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