What has this working week brought for the cryptocurrency market and what will the next one bring? Today we will answer this question.
Cryptocurrency Market Correction
Rapid growth, which began on April 12, 2018, could not last forever. That is why, on April 25, 2018, the recession began. It was not about any dump. For those who had been on the cryptocurrency market for a sufficient period of time it was obvious that a correction was taking place. Today, we can say with confidence that a new stage in the growth of the bitcoin price is beginning (notice, is begins, not has begun and not in full swing). The growth of altcoins will be even more rapid. Although, of course, do not expect that at the weekend it will grow “to the moon”. We expect the growth of the bitcoin price up to 11 thousand dollars. 20 thousand dollars would seem achievable. If someone really thinks so let him sell bitcoin and go home. The next correction will throw bitcoin back to the rate of 9 – 9.5 thousand dollars per coin. The same will happen with the entire market.
Investments in Cryptocurrency
Today is the right time to enter the market. If you do not go into details, then the dynamics of the whole market shows a fairly transparent pricing. This is a good sign.
The information space is sometimes filled with panic messages about the coming fall. Many media resources were happy to speculate about the sale of 16,000 bitcoins by the stock exchange bankrupt Mt Gox and about the disaster which would follow. Unfortunately, for the sake of raising the ratings, even top resources do not want to focus on the fact that nothing threatens the cryptocurrency market. We have already written about this in more detail.
The Best Altcoins
The fact that the alts that would show the best results of growth became clear a week ago. Correction has not changed this situation.
Let’s look at one of the growth leaders – EOS. The price of EOS has long attracted the attention of traders and investors.
It seems that EOS did not even notice the total correction. The situation is very unusual, especially if we consider the colossal volumes that this crypt shows. 10% capitalization per day. Is it only caused by EOS’s going to launch its own core network? We are accustomed to talking only about what we know for sure therefore we are still watching this crypt. Although there is no doubt that in the near future it will continue its growth.
We would like to draw your attention to Verge (XVG), which was abruptly forgotten a couple of days after integration into Pornhub.
Verge (XVG) was feverish throughout the whole week and now growth has begun. We already wrote about the fact that such growth was inevitable. The most important thing about the weekly dynamics chart tells us is the relatively strong position of Verge (XVG), which could well have dropped to 5 cents, but still did not fall. In addition, the 3-month chart shows that the change in the vector occurred in March. That is why it was clear that the recession was temporary and related to profit taking on the part of thousands of investors and traders. The price of Verge (XVG) is still good for its purchase.
The creators of TRON (TRX) are conducting a good advertising campaign now. Yes, the price of TRON (TRX) will grow. Here is a lesson on how not to notice the correction of the market:
It is altcoin that will determine the behavior of the entire market next month. Someone is launching mainnet, someone is preparing for fork, and someone promises a good airdrop. If you have bitcoin investments, then for a short period (about 40 days), some of them should be converted to more dynamic alts.
P.S. Bear in mind that we carry out the investment analysis of the market. It will be useful to anyone who wants to understand the features of the world of cryptocurrency. But if you want to seriously engage in trading, this review will not be able to fully satisfy your information appetites.