According to a report published by an Israeli firm which is part of the First Digital Assets Group in the name of OneAlpha. The firm revealed in October that the Bitcoin Market was gaining strength after the correction that was made in 2018.
In the past few weeks there has been stability in the Cryptocurrency market which is a great sign of maturity among the cryptocurriencies. This comes after passing through the tough stage where there was a fall in their prices.
OneAlpha also stated that the bearish trend was necessary. They feel that the decline in the markets served as a “relief” and generated a “cleansing effect” on the ecosystem. They went further to say that “From our perspective, the prolonged bear market provided the sector with a much-needed relief”.
That might be true even though it lowered valuations to a more sensible level. Despite the considerable correction, a large portion of the value represents the future potential of the network rather than its current one.
The December 2017 and January 2018 boom and bust had a cleansing effect on the ecosystem, removing many of the speculators and leaving mainly real investors, operators and builders in the market.
“This is what was necessary to move forward and build a successful ecosystem”, OneAlpha noted. This could mean that the firm believed that Bitcoin strenghted in 2018, that’s not so far off from the truth.
We always see an increase in the price of Bitcoin towards the ending of the year at the ending of 2016, Bitcoin rose up to nearly $1,000. December 2017, Bitcoin shot up to nearly $20,000 which was very huge at that time and people are really anticipating on what the price of bitcoin will be in the next 60days.
November and December of every year, Bitcoin is always experiencing a great change in its price. The prices always go higher beyond expectation and as a result of this Crypto traders are keeping their eyes open to experience the great rise that will take place very soon.
However, within the past 24hours there has been some sort of fluctuations in the Cryptocurrency Market as some Cryptos gained more to their prices while some lost part of their prices.
Bitcoin, which is the largest cryptocurrency value has maintained its spot as it gained 0.93 % to its worth, it rose up from $6,564 to $6,536. Bitcoincash on the other hand which was the second best performing Crypto some days ago lost 0.33% out of it’s worth.
It went down to $628, after reaching a peak of $639. While Ethereum went up from $217 to $219 with about 0.27% increase in price. Ripple which was the best performing yesterday lost 3.43% of its price, it went from $0.552 to $0.531. Eos and Monero lost 1.01% and 2.15% respectively, Eos went from $580 to $568 while Monero went down from $113 to $110.
Some other major cryptocurrencies like Zcash and Litecoin where also affected. Zcash went from $133 to $127 losing 2.07% and Litecoin went from $56 to $55 losing 1.54%. On the other hand, Walton gained 2.12% to its worth. It went from $3.08 to $3.15, making it the best performer in the top 10.