Market report

ALT(S)ERNATIVE REALITIES

London Block Exchange

6th April 2018

Why is the traditional relationship between alts and bitcoin not holding?

ALT(S)ERNATIVE REALITIES

Why is the traditional relationship between alts and bitcoin not holding?

What a day — and what a weekend lies ahead. As we’ve seen, weekends are usually tough days for the markets so keep an eye on your charts and our latest Telegram news-only channel as it never sleeps. To begin, we are still bearish — and bitcoin can finally head to to £4.1k ($5.7k) this weekend. However, the space is far from a “multi-year bear trend”.

The volatility and opportunities in this space are too tasty for bigger players to neglect — so the claim goes. Other markets like corn have the same daily volume and viability. Nonetheless, we prefer a different kind of crop. Bear in mind, we are still trading sideways. The top 100 projects by market cap only moved 0.5% over the past 24 hours. Is something brewing?

In the past, whenever bitcoin traded sideways, alts boomed. That hasn’t been happening for a while now. A possible explanation is that all alternative cryptoasset cycles are a result of large players’ attempts to accumulate more bitcoin — a debatable claim, but also one which is easily evidenced. These players only feel ready to pump some alts after bitcoin performs well. Read the whole analysis here.

LIES, DAMNED LIES, AND ALL MEDIA

We can put our hands in the fire as media doesn’t care about reality.

Some say that society’s diminished trust in established institutions is fuelling the crypto boom. We’ll focus on pointing a potentially problematic situation that took place yesterday — the India non-ban FUD. Problematic, as both mass and social media prey on our cognitive biases — especially the ones that are important for traders to overcome.

We could also talk about the extreme narrative revolving around Verge’s attack, Coinbase’s announcement hype, and even dive into the concept of ubiquitous forks — can they exist or not? It depends on who you ask. Additionally, crypto funds are raising millions with fragile pitches. There’s lots to cover, however, the news in India were the biggest instigators to mass confusion.

The Royal Bank of India confirmed that banks couldn’t work with entities who deal with cryptoassets — a common tactic to brake (and break) the space. It may be perceived as an ineffective tactic since it’s been going on for some time without causing any harm.

These are the kind of news that scare away the remaining weak-hands that are still holding. To conclude with a silver lining, could this fuel the necessary capitulation before the expected market reversal? For that to commence, we might still need to wait until mid-April, due to the U.S. income-tax filling deadline. Will we finally see a bottom by April 15th?

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

WHAT TO READ TODAY

An insight a day could give you more profits to play

  • bitcoin
  • BTC
  • FUD
  • india
  • telegram
  • satoshi
  • brave new coin
  • verge
  • XVG
  • szabo
  • cryptoconomy
  • alts
  • crypto