Blockchain Insider: Crypto Markets Move Up From 2018 Lows
Eric was the winner this week up 31.9% with gains from #BitcoinCash and #BitcoinSV as the market rebounded. John came in 2nd this week with a gain of 23.27% in his account with BAT dragging down his portfolio. Chaster was 3rd this week up 1.23% after taking a more conservative approach and staying mostly in cash. Conor came in last place this week with no gain or loss after holding his account in cash. The MVIS 100 index is up 31.8% this week after recovering from the constant sell pressure over the last 2 weeks. While the market had a good performance this week, it is still down substantially since #Bitcoin broke down from 6k. Trader performance overall was below our Index, however, #FifthKhagan still has a substantial amount of alpha over the MVIS index.
#Bitcoin had a significant bounce from the lows this week with the majority of our circle calling for an increase in Bitcoin’s price by Christmas morning. John made his prediction of $4100 with Eric calling for $4250. Our Chief Marketing Officir, Jahon, made the bold prediction of $4800 on grounds of political destabilization from the government shutdown looming and the resignation of James Mattis. The only 2 bears of the group are Chaster and Conor with calls for $3800 and $3600, respectively.
There was much to discuss this week with the recent price action in the market. The topic of #Ethereum as a leader in the cryptocurrency space was questioned by John who sees rivals such as #EOS and #Cardano developing better use cases and technology over the long run. One of Fifth Khagan’s General partner’s, Kristof, weighed in by stating prices do not currently reflect the fundamentals on many projects referring to #Ethereum’s current dominance over many of its competitors. It was mentioned that miners are still providing sell pressure to cover operational costs, but most likely at a loss as there are few mining operations that are remaining profitable in this bear market. The Chinese New Year was a topic of discussion where there is typically a sell off prior to the week-long event in February, followed by a small bump up in price afterwards.
John has become bullish again after the recent price action in the market and is optimistic about the influx of new capital in January. It appears that 2019 is setting up to be a good year for both the price appreciation of cryptocurrencies, as well as user adoption in many countries that continue to have fiat currency problems. Weakness in the stock market combined with rising interest rates and political uncertainty could be the driving force in bringing new money into alternative investments such as Bitcoin and other cryptocurrencies.