Are we entering in Crypto Bull Market?
The cryptocurrency market has seen a lot movements now, depending on the time you entered you may be enjoying or not so liking this phase. But, we know there are a lot of investors who entered in the last bull market and have seen an almost 3 month long bear market.
We believe that time is near when we will enter in the bull market, it may be yes or it may be no but based on our research on the altcoins market, we think that we are entering in altcoin bull market.
Talking about Bitcoin, bitcoin showed a tremendous growth in 2017 after china ban, it went from 3k dollars to 19k dollars with the whole World FOMO’ing, then retraced to 6k dollars due to many FUDs, and the market makers booking profits and all the normies who tried to catch the flying jet or bought the top were left in huge losses or have been holding heavy bags taking more than 50–70% drawdown!
Btw, we saw a lot of people shouting 2k..3k but we always had our beliefs in the right place. 5400–5700 USD is a very strong support and it will stay that! Some people are still arguing about the same and it can happen, no denying that. But we do not agree with that, the market has grown a lot, there are various other things and factors that play a role in deciding the direction.
Now again BTC is increasing at a good rate now trading near 8k dollars. (All it took for the mass opinion to change was a 1k USD Green Candle all of a sudden). My friends that is what BTC is, you won’t be able to time it when it goes back to the ATH.
We have been doing a lot of research why we think that its a start of altcoin bull market.
Listing some of the points -
- Total Market Capitalization
Talking about the total market capitalization of crypto including bitcoin, market cap reached from 200 billion dollars in last week of October to 800 billion dollars in first week of January, in just short span of 2 months, market cap increased 4 times.
Mainstream media was showing tremendous love for crypto, new money was invested at that time, many new people took entry in crypto from October to December, after touching 800 billion dollar mark, total market cap started declining slowly and fell upto 280 billion dollars in first week of February, then again it bounced back after 15 days and touched 500 billion dollar market cap, it was a bull trap, after 500 billion dollar mark, market cap again retraced and touched 260 billion dollars in first week of april, and in april we are seeing that most of the altcoins have reached bottom and a lot of accumulation has been going on in the last 10 days, at the time of writing market cap has climbed upto 330 billion dollars.
Just look at the picture, we can clearly notice a sudden uptick after 9 april in market cap, so it shows a positive sign that people are back to crypto and investing in both altcoins and bitcoin. And of course all the institutional money we have been hearing about.
2. Bitcoin dominance
Talking about bitcoin dominance, it was near about 46% on march 29, now it fell to near about 41%, back in January when alts were on their ath then bitcoin dominance was near about 33%, it means many people were buying altcoins from bitcoin, now also same thing is happening bitcoin dominance reduced by 5% it means btc is flowing into altcoins and in coming days btc dominace may go under 38%, that is a sign of upcoming bull run of altcoins.
We can clearly see a decline of bitcoin dominance in above graph after 01 april, it fell upto 5 % and btc money is moving to alts.
3. Total market capitalization excluding bitcoin
If we see market cap of only altcoins, back in first week of January, the total market cap of altcoins was on ath, standing at 550 billion dollars, then gradually declined and touched bottom at 140 billion dollars, now again standing at 200 billion dollars, 200 billion dollars is the major resistance of altcoin market cap, if we break this then it will be a positive sign of next bull phase.
We can clearly see from the above graph that after 4 april market capital has been increasing and now touching 200 billion dollar resistance, we can see the uptrend in market capitalization, this means people are buying altcoins and diversifying their portfolio to buy all the good coins near their bottom.
4. Google Trends Search Terms Analysis
We have researched many bitcoin, crypto related phrases on google trends to get to know what are people searching most, and we all know crypto market is mostly based on sentiments, some of the terms we searched that are worth looking at -
A. Buy crypto
We searched buy crypto on google trends and we got this graph
As we can see from this graph, buy crypto was mostly searched in january when altcoins were touching their all time high then search declined drastically and now again we can see after 29 march 2018, there is an uptick in the graph, it is showing a bullish sign for the crypto growth.
B. Crypto trading
We searched crypto trading on google trends and got this graph
we can clearly see from this graph, it is almost same as buy crypto after 29 march we can see a uptrend in search of crypto trading.
C. Altcoin trading
It is also showing positive sign after 29 march, we can clearly see uptrend.
D. Binance
We searched about worlds largest crypto exchange Binance, here is the result
we can clearly see after 29 march this search term is increasing, it makes us bullish, that we are entering in crypto bull phase market again.
CONCLUSION
After seeing Total Market Capitalization, Altcoin Market Capitalization, BTC Dominance, Google Trends, we are noticing that something is happening, accumulation is going on and slowly we are entering in next bull phase of crypto market.
All the statistics and information are from Google Trends and Coinmarketcap. We do not own any of them and thank them for their service.
Note : These are our personal opinions, please do not consider it as a financial advice, its just for knowledge and research purpose.
Join and discuss with us on our Telegram Group — MCI
Follow us on Twitter — MCI
