Bitcoin and the cryptocurrency market entered 2019 taking the maximum brunt of bear pressure of 2018 with it. The irony with Bitcoin (BTC) traders is that they are long on Bitcoin massively. However, TA also suggests that fear of a bottom isn’t behind us.
The fears of a new bottom in Bitcoin [BTC] has kept the traders guessing the direction of Bitcoin for three months now. While regulatory progress has been slow, it has been mostly positive. However, the cryptocurrency projects and Exchanges are reeling under a massive liquidity crisis. While QuadrigaCX Exchange baffled the crypto-community as cryptocurrency worth $190 million went missing, Mt. Gox Exchange issue finally met its end after five years.
The 60-Day estimate of the volatility on Bitcoin is 2.20%. The monthly volatility index is even lower at 1.33% as Bitcoin primarily traded on the $3850-$4000 range.
The dominance of Bitcoin [BTC] at the beginning of the year was 51.7. During the second week of February, it reached a yearly high of 53.5%. However, it is down to 50.2% on 31st March 2019.
2019 Q1 High: $4186
2019 Q1 Low: $3401
Q1 Gain/Loss Percentage: 8.8% Gain
BTC/USD 2019 Q1 Chart on Coinmarketcap.com
Litecoin [LTC] is one of the most preferred cryptocurrencies as a medium of payment. This is primarily because of Litecoin [LTC] being completely decentralized and its efficiency as a payment system. As Charlie Lee, the lead spokesperson of the Litecoin Foundation marked the end of the scalability debate, Litecoin [LTC] embarked upon a new journey to add fungibility to the ‘digital silver’ protocol.
Charlie Tweeted on 28th January 2019
“Fungibility is the only property of sound money that is missing from Bitcoin &