The Chinese New Year is over, and with it, the cryptocurrency markets are rising back up.
Now there is a correlation, but not necessarily causation when it comes to the Chinese New Year and a rise in cryptocurrency prices, but what we are seeing is a gradual walk back up.
Let’s take a look…
Cryptocurrency Markets Break 1/2 Trillion Dollars
In December cryptocurrency went crazy.
It flew all the way to $800 billion before taking a bit of a tumble back down to around $350 billion levels.
Which hit a lot of people hard.
Although, this run is becoming something different, as it is a more regular run.
See part of the problem was the investments coming from people with no faith or ideology behind these coins, which are the same people who were shaken out during the crash.
Now we are coming back with a more resilient front.
And with it, Bitcoin is breaking trends lines and heading back towards around $12,500.
That will be one of the significant tests for the #1 cryptocurrency.
On the other hand, we have altcoins being hit by the rise of Bitcoin, with either a steady lull or some downturns based on the BTC charts.
As the market rises, the trend will probably continue until it turns and the altcoins get their fame and glory once again.
A Quick Thought On Buying Power
But, let’s leave this with a bit of a thought on buying power.
Remember, while the USD price looks good, for the most part, buying and trading comes down to the Bitcoin or Ethereum price and trying to accumulate more of those major cryptocurrencies.
Reason being, while the USD price looks great, when you have cryptocurrency it is evaluated in BTC, and that’s where it is liquid.
Most coins can’t directly be converted to anything but BTC or ETH, and then they can be converted to USD.
Accumulate some BTC/ETH and start profiting today.
We’re bullish on this market,
The GCA Team