Is It The End of Bitcoin’s Parabolic Race 2019? Weekly Market Update & Overview

Following the rapid surge, Bitcoin’s correction and volatility didn’t come much as a surprise and even the media wasn’t too quick to get excited. After Bitcoin reached its 2019 high at $13,800 the correction came and as of the date of this market update, the price even crossed the $10,000 on its way down. It’s not clear where it will go in the short term. However, we are also headed for Bitcoin’s halving – an event that happens once every four years and has been known to move the market in the past as the supply of Bitcoin will be reduced in half.

On the other hand, the picture is rather different when it comes to altcoins trading against Bitcoin. Altcoins are on the rise. Even though their price against the dollar has also taken a beating, when looking at the bigger picture, it’s a healthy correction after a quick rise. Now, the picture will clear up and we will be able to figure out where the support is and from where is the demand coming.

As usual, among the alts, there are those that are particularly conspicuous. This week, we can’t ignore the serious increase of Chainlink, which is currently the 16th largest cryptocurrency with a market cap of around $1.2 billion.

Despite the mild enthusiasm, the recent market events slipped under the mainstream radar and everyone is trying to understand what brought the recent spikes. Whether it’s the launch of Facebook’s Libra, the fact that it’s conference season, or it’s just because of big investors pushing the market up, one thing is clear – it’s challenging to properly time Bitcoin’s movement.

However, when looking at past patterns of behavior, we can assume that if Bitcoin’s price stabilizes, we may see yet another Altcoin season.

To summarize this week, it’s appropriate to mention that at the beginning of the year, Bitcoin was trading at $3,100 and many eulogized it. Just as the Phoenix, however, Bitcoin came back from the ashes.

Market Data

Market Cap: $308.7 B

24h Vol: 942 B

BTC…

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