It's possible the dog days are over but watch out for your alts!
Traders fell in love with bitcoin again over Valentine's day and it seems the six week-long downtrend is behind us. The days of a risky dip beyond £4.3k ($6k) look distant now that the original cryptoasset is trying to break the symbolic level of £7.2k ($10k).
After rising 10%, bitcoin lifted the overall cryptomarket cap by 9% and the top 100 projects appreciated 10% as well. This correlation is mainly due to the fact that most liquid trading pairs for alternative cryptoassets are denominated in bitcoin itself.
So in the short-term, these projects tend to follow price movements of its trading pair until the new trend becomes clear. Historically, however, note that whenever traders felt bitcoin was going on a bull run they often sold their alts to acquire more bitcoin.
One last thing to remember is that tomorrow is the first day of the Lunar New Year and some families are replacing their red envelopes of cash for bitcoin gifts! In each of the past three years, the crypto markets have experienced corrections three weeks before this important day. Can you guess what historically happened after this day passes?
The year ahead is a different battleground from the ones we've seen before
Not all projects appreciated over the past day, just like how not all couples enjoyed yesterday's romantic dinners! It seems three British newlyweds are facing high-value crypto divorces - one of them involving a portfolio currently worth over £600k, but was valued at £1 million in December!
Money is known to divide people and opinions and the vision of great profits usually creates conflict. In our 2018 market report we urged readers to review the developments of 2017 to understand what lies ahead and, while the Bitcoin Cash threat seems to have been tamed for now, other competitors are coming.
The latest attempt is the rebranding and re-forking of ZClassic - a popular privacy-focused fork of ZCash, into Bitcoin Private. Proposed a few months ago, it started to gain traction last December and the move has led to a solid pump. Some influential traders are critical of it though, so do your own research and don't just follow the herd!
Filter the noise and stay ahead of the pack
The Bitcoin, Ethereum & Blockchain Superconference is taking place tomorrow in Dallas, Texas! Check out the line-up of speakers and all other details here!
The past week's correlation between the crypto and stock markets might not have been that strong after all. Learn about it here but watch out for fear breeding fear!
The Tether fear, uncertainty and doubt might also not yet be over. A Redditor launched their own investigation into the matter.
An insight a day could give you more profits to play
Salon, a popular US media company, started offering their website visitors using ad-blockers the possibility to suppress ads just by mining Monero on the spot!
Marketwatch, a popular investment website, made a nice comparison of the current (or shall we say past?) market crash. It puts the correction into perspective!
Metcalfe's Law, a popular framework to explain the rapid growth of telecom networks, can also be used to value Bitcoin and Ethereum! More research is needed though.