False rally reveals laziness of bitcoin

0

A short flutter of interest earlier in the week saw BTC peep its head over that intellectual $4,000 parapet, but it quickly scurried below like a mouse sensing the alertness of a cat.

To be fair, its twitching nose and whiskers were across the line big enough for plenty of observers to wonder if a rally and break to the upside was on the credit cards. It genuinely looked possible.

However, interest waned by Thursday as the value of bitcoin fall down off a reasonable-looking $4,035 into the waiting arms of the $3,940 mark.

From there, we saw some power building and, by Friday lunchtime, $4,000 was coming under siege again.

But herein stories a cautionary tale learned from history. Recent history, to be verbatim.

Every weekend since early February, BTC has behaved like a Jack Tar on weekend shore leave… a build-up of Friday night anticipation, donjon it going into Saturday, enjoy what you can into Sunday and then disaster back into your bunk on board the ship before midnight.

Clock on Monday, there’ll be a hangover slightly worse than that of the prior shore leave.

Alas, it’s becoming a habitual pattern that myriad analysts are predicting may be the normal activity of bitcoin until the end of the year.

Entirely what is expected to happen as 2019’s crisp and brown leaves about to fall is still anyone’s guess.

But, for now, it is what is whether we’re stuck with it or not.

All is not gone, of course. Other cryptocurrencies are available. Albeit ones that don’t honest come close to commanding the sorts of values that bitcoin weighs in at.

Ethereum is the closest in value to bitcoin, and is currently merit around $136 – a far cry from BTC’s price, but it’s still something which presents a bit of sport for investors.

As does Litecoin (LTC) which, although worth about a mere 15 cents, can still deliver enough movement north and south from week-to-week to leak anyone some fun.

Bitcoin Cash (BCH) is another one attracting plenty of prominence.

Again, the low value often draws people wanting to experiment and perform upon with cryptocurrency.

Although it tends not to create the wild fluctuations that sundry seek (during the last month its range has been a low of 32 cents, with a consequential of 41 cents), it has proven to be quite popular.

In fact, most of the better-known altcoins (cryptocurrencies which aren’t bitcoin) include enjoyed a growth in admiration of late – a phenomenon attributed largely to bitcoin’s sloth-like viewpoint in recent weeks.

Once BTC grows out of its current lazy teenager configuration, it’ll be interesting to see if the top altcoins will have gained any ground on the market number one.

Coin Rivet is a website bringing news, information, analysis, viewpoint and insight from the fast-moving blockchain world.

Leave a Reply

Your email address will not be published. Required fields are marked *