Crypto Fundamentals: What is Driving The Massive $20 Billion Rally

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bitcoin rally

In the past 3 weeks, the assessment of the crypto market has increased by more than $22 billion from $111 billion to $123 billion.

Source: Coinmarketcap.com

There is no scarcity of technical charts, indications, experts and observers attempting to predict where crypto markets and Bitcoin will go next. They are far more volatile than traditional stock or forex markets so many of these indications may not be applicable in the very same way. A lot is just guesswork so a mix of basics and technicals may offer us a much better concept of what is going on.

A Fundamentally Strong Environment for Crypto

While most analysts agree that from a technical standpoint the bearish market is not over yet, basically things could not be much better for Bitcoin and crypto. Late 2018 and thus far this year the news has actually all been respectable for Bitcoin and its brethren despite the opposite taking place to prices.

Now that the United States government has been switched back on, progress can be made at the SEC and CFTC on regulative approval for a variety of extremely anticipated crypto investment products. Big names consisting of the Intercontinental Exchange (ICE) and Fidelity remain in the holding pattern alongside others such as ErisX waiting to launch Ethereum futures. It is anticipated that one of these will be approved within the next month or 2 which might be a huge driving factor for market momentum.

bitcoin on the upDigital asset guidelines are progressing in many countries in the Middle East and throughout Asia as doors slowly open to the availability to crypto. 2 years ago the space was an overwhelming quagmire for lots of governments and only China appears to have slammed the door on it totally. Today more countries have actually welcomed the nascent market than previously.

Huge banks getting involved are unlikely to drive momentum for specific cryptos however things like the JPMCoin serve to increase total awareness and acceptance of them. Digital currencies are here to stay and the fintech and web giants require to be a part of it. Samsung’s next flagship smart device, the Galaxy S10, will have crypto wallet functionality built in. Google and Facebook are actively hiring blockchain groups and Rakuten, Japan’s equivalent of Amazon, is reportedly thinking about crypto payments.

Lightning Network Growth

On the technical side Bitcoin’s Lightning Network continues to grow in terms of special channels which are now numbered at over 25,000. Ethereum is due for a network upgrade at the end of the month when Constantinople gets released and development is being made with a great deal of the major blockchain dApp platforms such as EOS, TRON, and NEO.

Some crypto assets have actually already turned around and have launched a trending pattern because their lowest points were in 2015. Cryptos that have actually made over 100% considering that mid-December include Litecoin, EOS (on today’s rally), TRX, Binance Coin, and Ethereum is close with a recovery of 80%.

Basically things are looking good for the market so if this present rally does not last, do not stress, the next one most likely will.

Image from Shutterstock

The post Crypto Fundamentals: What is Driving The Massive $20 Billion Rally and How Long Will it Last? appeared first on NewsBTC.

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