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21/03/18

16:34

Post #: 31924639
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Originally posted by pureau ↑

interesting article in the business insider today...

The crypto market has been on the decline since the beginning of 2018, but Fundstrat expects a rally in “alt-coins” is on the horizon.

“We believe the alt-coin bear market is largely over,” the firm said in a note out to clients Tuesday.

Good news for investors in the market for digital currencies. The bear market for alt-coins, or alternative cyptocurrencies, is “largely over.”
That’s according to a group of analysts at Fundstrat, the Wall Street research firm led by noted bitcoin bull Tom Lee.
For the most part, smaller cryptocurrencies have been stuck in a rout since the beginning of 2018. In total, the market for digital coins has shed over $US500 billion of its value from an all-time high above $US800 billion at the beginning of the year.
Since then, Fundstrat has advised clients to stick with large-cap coins such as bitcoin and ether to weather the storm. Recently, Lee said bitcoin would retest its highs close to $US20,000 set in December by July of 2018.
Now, it’s telling clients to get ready for the end of the alt-coin bear market. Here’s Fundstrat in a note out to clients on Tuesday:
“After a 75% decline in Alt-coins since 1/13/18, our alt-coin indicator (“% of alt-coins rising >200% in past 90D, or 3X) now sits at 3%, suggesting the bulk of the alt-coin retracement is done-in other words, we believe the alt-coin bear market is largely over.”
Hold on, that doesn’t mean the firm is advising crypto-lovers to dive head first into their favourite alts just yet.
“While the bulk of the decline is behind us, a bull market for alt-coins, however, is not necessarily underway,” Fundstrat said.

According to the firm, alt-coins have historically gone through “purgatory periods” following a bear market, which have lasted as long as 231 days.
“Given this expected purgatory, we advise sticking with large-caps,” the firm said.
The firm’s top bets include bitcoin cash, bitcoin, and litecoin.

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Mar 21, 09:52 AM (IST)

Bitcoin spikes after G-20 expresses no desire for crypto oversight
Bitcoin is rallying after the Group of 20 nations steered clear of calling for a coordinated clampdown on the cryptocurrency market. It jumped as much as 5.5% to $8,889 after hovering between 8,400 and 8,600 for the past day. While the G-20 highlighted the rising risk of cryptocurrencies, traders are relieved the ministers didn’t call for tighter regulation, according to John Spallanzani, a portfolio manager at Miller Value Partners, told Bloomberg.
FFG Price at posting: 4.8¢ Sentiment: None Disclosure: Held
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