Cryptomarket Sees Huge Gains Overnight - Time to Order the Lambo or Just a Dead Cat Bounce?
Significant gains across the board in the last 24 hours with Bitcoin gaining $1000 in under an hour at one point. Bitcoin now just over $8k whilst Ethereum is also up by almost $100 on yesterday now currently at $515 at the time of writing.
Altcoins also almost all in the green – a quick look at the top 400 altcoins reveals almost all bar a dozen or so showing price gains to some extent with the global cryptocurrency market cap now over $320 billion.
Whether the gains will continue market wide or only for some cryptocurrencies remains to be seen – it could even turn out to be a “dead cat bounce” (when a market spikes suddenly after sustained down-trend, only to slump very sharply and rapidly to even lower levels), although the latter is highly unlikely given the spread of gains across the entire sector, it’s still too early to say if the days of “mooning” and “lambos” are returning just yet.
As a result of the gains overnight I would not be at all surprised to see a number of ICOs that had been delayed in recent weeks over market concerns start to gear up and clarify new sales schedules if the market continues its upward momentum.
Amusingly, the financial website Marketwatch published an opinion article yesterday evening (US time) claiming just one reason that could cause the collapse of Bitcoin stating “If the price of bitcoin falls below its cost of mining, it will quickly go to zero.” Aside from the unfortunate timing of the post, in the article itself the writer has clearly failed to understand the basics of finite supply, demand, or what happens in similar supply driven industries when production costs outweigh unit values (something we covered in depth here in the quest to understand where the bottom might be for Bitcoin). It goes to show even media outlets that are well revered in the traditional finance world still have a lot to learn about the world of cryptocurrency and should perhaps refrain from just dismissing or deriding things because they can’t or don’t want to accept that change is happening.
In the news today Yahoo Japan Corp has announced their intent to acquire a 40% stake in the BitARG Exchange Tokyo. The news follows the acquisition by Japanese broker Monex of the Coincheck exchange last week demonstrating continued investment interest from the traditional business world to get footholds in the crypto business sector.
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Created: Friday, April 13, 2018
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