2018 was almost an entire year of a crypto bear market, and so it comes to no real surprise that Q1 of 2019 has given the best return since Q4 2017, a 10.91% gain. In addition to Bitcoin’s most productive quarter since 2017, the last few weeks have seen sporadic bullish moves from various altcoins. These have often come as a result of strong fundamental announcements from the respective projects. It is important to remember that, throughout the bear market, there has been constant positive fundamental news coming out, almost daily. However, with prices only seemingly headed in south during this time, it will fill investors with confidence that when the market does reverse, many altcoins are currently considered undervalued by many market traders, primarily due to their significant progress since the bull-run of 2017-2018.
BTC’s price has been relatively steady recently, climbing from $3800 towards and above $4000. The strong return from Q1 in 2019 does not necessarily signify the beginning of a much anticipated bull-run, but it may be indicative of some bearish exhaustion.
Q2 has now begun with a very unexpected surge above a key psychological level of $5,000, breaking the Feb 24th high of approximately $4,200. This level was seen to hold key resistance by market traders for a significant time. All eyes will now be on whether this momentum can sustain and more importantly hold above $5,000 or will it merely return to the $4,000’s.
The strong start to the quarter was seen throughout the market. Many altcoins also saw double-digit percentage gains within 24 hours, not unseen in the cryptocurrency market; however, a sea of green has become a rarity in recent times. Whether this is just another manipulated pump of the market will only be determined within the coming weeks. The only thing that remains consistent is the unpredictable nature of the entire cryptocurrency market.
Bitcoin image licensed via Shutterstock