After several months of bear market shocks, the main cryptocurrency performed relatively well, and Bitcoin (BTC) found some safe havens in the ongoing encryption winter. However, according to Bloomberg, after the rebound in February this year, Bitcoin seems to have lost momentum and is gradually being replaced by emerging competitors.
At the beginning of March, Bitcoin experienced a severe decline, falling from $4,200 to less than $3,850 in a few days. In the first few days of this month, Bitcoin fell further below $3,750 and then reached a high of $3,980. As of press time, according to QKL123 data, the price of Bitcoin is around $3,860.
Bloomberg reports suggest that this small rebound will be short-lived. The report added that long-term indicators show that bitcoin is selling more and more pressure, and buyers' demand is low, which will cause prices to fall.
In the weeks leading up to the report, the long-term momentum difference (MACD) showed a bullish weekly chart for the first time, the first time since the Bitcoin transaction price was $13,000 a year ago. As of the publication of this article, the weekly chart is still above 0. Since the bearish area approached in early February, the weekly chart is tilting.
Bloomberg also reported that the average daily increase in bitcoin has declined from February. Since July 2018, Bitcoin has experienced a negative average daily increase and peaked in November last year. After bitcoin cash (BCH) hard forks, the total market value of Bitcoin fell by more than $100 billion.
The report also pointed out that Bitcoin's performance exceeded the $4,000 resistance level every time, its performance is unbelievable, and its performance is sluggish because it failed to maintain its momentum.
Bloomberg further reported that the performance of Bitcoin has driven the performance of the competitive currency in the cryptocurrency market. MT Greenspan, senior marketer at eToro, said that the price of competing coins and bitcoin is more volatile than the top cryptocurrency bitcoin itself. He said that cryptocurrency investors have seen more potential in the current market. Greenspan boldly declared that the encryption winter will end with a competitive coin.
He says:
As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.
Greenspan's claims can be demonstrated by the market performance of competing currencies. Since mid-December, ETH has risen nearly 50%, EOS has risen by 84.11%, LTC has risen by 133%, and BNB has risen by 208.97%.
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