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Are the markets ready for another crypto revolution?


Crypto experts predict that the current season of crypto prosperity shows it has nine more months of a bull market for Bitcoin and altcoins such as Ethereum, Ripple and even Dogecoin. However, regardless if the bubble is destined to burst at some point or not, speculators are more than excited to take advantage of the volatility for gains in the near term.

Below we will take a look at the recent performance and what the future holds for Bitcoin and other prominent digital currencies.

What’s next for Bitcoin?

Bitcoin is currently trading near the $47,000 mark – a new record high that’s nothing short of remarkable considering that last year prices were ranging near the $7,000 level.

The catalyst behind the latest bull run was Tesla and its recent announcements of a massive $1.5 billion investment in Bitcoin and its claims of allowing clients to buy their cars with cryptocurrency.

Now, Bitcoin bulls appear determined to push for $50,000 and beyond. Optimistic on-chain data points and the current market structure is compelling analysts and traders to anticipate a new BTC all-time high with some forecasts pointing well above $60,000.

One on-chain data point that adds to the positive outlook is the increase of whale addresses, which refer to accounts holding more than 1,000 Bitcoins. These addresses have continued to accumulate and gain profits despite price hikes.

Bitcoin has been moving sideways for the last few months, but now it has enjoyed a string of upward moves. Hopefully, it will clear the $50,000 resistance and try to look for new highs.

The Dogecoin rally

Another surprising development is DOGE’s recent rise. DOGE is the cryptocurrency behind Dogecoin, which has been developed as a meme crypto and first gained international attention back in 2014 when Reddit decided to sponsor a Nascar race car. Redditors raised enough money to put the iconic Doge meme – feauting a Shiba Inu - which also happens to be Dogecoin’s logo - on the car’s hood.

Lately, the meme coin has gained a lot of publicity due to a string of tweets by Elon Musk and even Snoop Dog, who tweeted recently as "Snoop Doge" and thereby adding even more fuel to the coin's mounting speculation.

After a price surge of 1150% in just two days in January, DOGE is sitting in a bull pennant. If technicals prove accurate, this may lead to a significant price hike for DOGE in the future. Analysts expect the price to hit $0.12 in the next few months, which would be remarkable for a cryptocurrency created mainly as a joke.

What is driving Ether?

Ether has hit its all-time high of $1,700 this month, and it is looking strong enough to sustain the upward trend. Ether volumes are also on the rise, and they showed an all-time high with a 320% increase in trading volume for December.

Alongside new volume highs, centralized exchanges have been running low on ETH, which shows an increased buying pressure. Also, the exchange outflows show that the buyers are interested in holding ETH for the longterm rather than selling.

According to Laevitas (crypto data analytics platform), 80% of option volumes are dominated by calls, which gives a major bullish outlook for Ether.

According to Ben Zhou, Ethereum is competing with Bitcoin in terms of volume and demand. Volumes of ETH/USDT and ETH/USD have not been too far away from those of BTC/USD.

All these market trends and signs point to a promising future for ETH across the board.

How to start trading cryptocurrencies?

CM Trading provides clients with an attractive crypto offering that includes the four major cryptocurrencies under 5:1 leverage.

Clients get access to cryptocurrency trading through CFDs (Contracts for difference), which allows traders to benefit from speculating on assets regardless of rising or falling prices.

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Source: https://www.cmtrading.com/en-US/Blog/Article/ehereum-for-2000/
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