“As the decade ends, the biggest unicorn of the 2010s wasn’t Uber, Airbnb, or Snap. It was Bitcoin.” ~ former Technical Director at Coinbase, Balaji Srinivasan
As of today, December 12, 2019, the entire cryptocurrency market capitalization sits at US$196 billion with 24h traded volume of US$59 billion. These numbers are down from a June 26, 2019 market cap high of US$364 billion with 24h traded volume of $100billion on that day.
Bitcoin price today is $7,218 vs its yearly high price of $13,000 on July 10, 2019.
Bitcoin market dominance remains high at 66.6% today vs its peak in mid-September at 69.7%.
By comparison, this time last year when $BTC was making its cycle bottom at $3,300 on December 13, 2018 Bitcoin market dominance was 55% with a total cryptocurrency market capitalization of US$46 billion and 24hr trading volumes of US$7.2 billion.
In summary, over the past 12 months the overall market has increased in value by 326%. $BTC is up 118%. 24hr traded volume is up 1288%. Asset values and transaction volumes show that Bitcoin and the overall crypto asset market have strengthened and grown year-over-year despite the bearish momentum in recent months following rapid price appreciation mid-year.
Looking at the performance of the Bitcoin network, progress has been steady and upward over the past year as clearly seen in the Hash Rate which measures the amount of computing power used by the network and the total number of transactions over the past year.
I am waiting for lower prices and additional technical indicators of a bottom to switch to a long bias. $6,300 is my bottom target range which I give a 20% likelihood. It is more likely that price will consolidate in the current range between $6,900 - $8,800.
Having failed to regain and sustain prices above $10,000 over the past three months, Bitcoin has been drifting sideways and lower throughout November and into December. This loss of momentum and low volatility seems likely to persist into the first quarter of 2020 and form a strong base of support for the next leg higher moving into or following the halving in May 2020.
Baring a black swan event in markets external to bitcoin that could cause a price surge, growth and adoption will continue in equilibrium with subdued prices until the supply of new bitcoins is cut in half next Spring (or traders being to front run the expected impact).
Current prices are good levels to accumulate for long term holdings, but I would like to get through the year without seeing a break down through the current support zone where we now sit.
As January is seasonally a weak time for Bitcoin prices, I anticipate that late January through March will be a good dollar-cost-average buying period for $BTC and top alt coins which I still expect to significantly outperform bitcoin over 2020-2021.
Until Bitcoin starts to shine, however, alt coins will continue to underperform overall so heavy allocation to $BTC is warranted going into the halving.
NOTICE & DISCLAIMER:
All #fhomoney content here and elsewhere is for educational and entertainment purposes only. I do not guarantee the accuracy of any information posted, linked to or shared. Pretty please (with sugar on top), D.Y.O.R. - DO YOUR OWN RESEARCH. As a nascent technology and emerging asset class, all things “crypto” are extremely RISKY and VOLATILE. I do not accept sponsors, advertising or compensation of any kind for what I share or discuss.
Nothing I post here or on any other channel is investment advice, a solicitation for any investment or legal advice. I am not your investment advisor or your attorney unless you have retained me pursuant to appropriate conversations and signed client agreements.