BOOK THAT TRIP TO THE TROPICS: Altcoins About To ROCK THIS!
Bitcoin’s plunge has to do with regulatory resistance, particularly with the highly-publicized congressional grilling of Facebook’s Libra Project manager David Marcus. He held up pretty well, but it was brutal: both Republicans and Democrats were hammering him with questions as if he were a war criminal.
And it wasn’t only Congress; the idea was to make sure the public lowers expectations, in general. Both the President and the Federal Reserve Chairman took verbal shots at the cryptocurrency industry. Again, this was unquestionably prompted by Libra, which could potentially introduce cryptocurrency to 2.4 billion people and provide some healthy competition for fiat currencies – especially the U.S. dollar.
LIBRA isn’t so much a cryptocurrency; it’s a corporate coin.
This is the reason for the aggravated assault on users from the Internal Revenue Service, which took this opportunity to flex their muscles and threaten cryptocurrency investors. In fact, the IRS has started sending letters out to more than 10,000 crypto holders, warning them that they may have broken federal tax laws – and they may subpoena Apple, Google, and Microsoft for access to unreported crypto holdings. It’s fishing, but it will work, nonetheless.
I heard one commentator predicting a 61% retracement before Bitcoin goes off to the races, but I’m not going to endorse any exact price forecasts – that’s not a winning investment strategy. The Bitcoin pullback is healthy and normal, and part of a sustainable long-term recovery – with the understanding that there may be more short-term pain ahead.
It’s time for the Altcoins to play catch-up, though.
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Bitcoin is getting ahead of itself in relation to other digital assets. The “Bitcoin Dominance” metric has reached an extreme level, with Bitcoin’s market cap comprising nearly 70% of the overall cryptocurrency market cap.
Bitcoin reached this sort of dominance in Q4 of 2017. What followed was an 8% fall for Bitcoin; at the same time there was a 248% move higher for altcoins. In other words, we are on the cusp of a fresh Altcoin Rebalancing rally.
Don’t take away the wrong message from this – I’m long-term bullish on Bitcoin. 64% of the investing community hasn’t been sold on crypto yet, and 89% of investors say they’d be more likely to invest in Bitcoin if they knew more about it. In other words, there’s plenty of room for growth in this market, which is still in its infancy in terms of adoption.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.