Bullish Bitcoin and Gold Price is something we are experiencing right now, but will it continue? Bitcoin hit another major milestone this summer, gaining its highest share of the overall cryptocurrency market since before its record-smashing 2017 bull run. Data from the crypto market monitoring site CoinMarketCap reveals that Bitcoin now accounts for 70.5% of the total cryptocurrency market cap as of earlier this week.
Max Keiser, the financial expert, and host on the RT channel claimed this week that altcoins would in fact never make a comeback from this recent downturn. “Alts never coming back… Sorry,” he tweeted on Sept. 3, also referencing market cap statistics.
Peter Brandt, a 40-year trading veteran, echoed Keiser’s sentiments, saying “When will altcoin junkies understand that $BTC is the crypto with real and lasting value,” and added, “Altcoins are to Bitcoin what lead is to Gold.”
Altcoins in the top twenty mostly failed to achieve more than 4% gains this past week, meaning they lost value in comparison to Bitcoin. Some commentators took the opposite approach regarding altcoins, arguing market cap is a poor measure of performance and includes many altcoins that don’t even have trading volume. However, Bitcoin recently set a new high in Realized Market Cap as well, an alternate measure set to address those inconsistencies, which further reinforces Bitcoin’s position as the undisputed dominant force.
Analysts feel that the 20 WMA (also the middle of the weekly Bollinger Bands) has proven to be important in Bitcoin’s cycles; supporting price in a bull market and suppressing price in a bear market. The overall assumption then is that we are in the early phase of the next Bitcoin cycle…
Bitcoin Dominance Hits 70%; Investors Turn To Bitcoin And Gold Amid Stock Market Volatility
BULLISH SIGNALS CONTINUE FOR BTC AND GOLD ON MORE SAFE-HAVEN BUYING INTEREST
Bitcoin hit another major milestone this summer, gaining its highest share of the overall cryptocurrency market since before its record-smashing 2017 bull run. Data from the crypto market monitoring site CoinMarketCap reveals that Bitcoin now accounts for 70.5% of the total cryptocurrency market cap as of earlier this week.
This magnitude of dominance has not been seen since March of 2017 and comes as Bitcoin prices continue to make gains at the expense of altcoins. This had led to numerous experts and analysts firing warnings about the prospect of investing in non-Bitcoin cryptocurrencies at this time.
Max Keiser, a financial expert, and host on the RT channel claimed this week that altcoins would in fact never make a comeback from this recent downturn. “Alts never coming back… Sorry,” he tweeted on Sept. 3, also referencing market cap statistics.
Peter Brandt, a 40-year trading veteran, echoed Keiser’s sentiments, saying “When will altcoin junkies understand that $BTC is the crypto with real and lasting value,” and added, “Altcoins are to Bitcoin what lead is to Gold.”
Altcoins in the top twenty mostly failed to achieve more than 4% gains this past week, meaning they lost value in comparison to Bitcoin. Some commentators took the opposite approach regarding altcoins, arguing market cap is a poor measure of performance and includes many altcoins that don’t even have trading volume. However, Bitcoin recently set a new high in Realized Market Cap as well, an alternate measure set to address those inconsistencies, which further reinforces Bitcoin’s position as the undisputed dominant force.
Analysts feel that the 20 WMA (also the middle of the weekly Bollinger Bands) has proven to be important in Bitcoin’s cycles; supporting price in a bull market and suppressing price in a bear market. The overall assumption then is that we are in the early phase of the next Bitcoin cycle.
Bitcoin price has also seen gains in recent weeks from more safe-haven buying interest amid worldwide investor anxiety. Both Bitcoin and gold are seen as secure stores of wealth in the face of increased stock market volatility and uncertainty in the direction of the ongoing trade relations between the U.S. and China. While stocks markets have seen huge tumbles in the face of what many are predicting is an impending recession, Bitcoin and gold continue to show bull signals. Bitcoin appears to be poised for another big rally and gold is holding steady.
Stock Market Volatility Continued into September
The trade-induced volatility that led to rollercoaster markets in the past months continued into September, says senior managing partner at Meridian Equity Partners, Jon Corprina. “We’re still talking about China and tariffs, we’re still talking about the Fed and interest rates,” Corpina said.
Going forward, China will continue to be the main focus for investors, while stocks will likely remain sensitive to global headlines. The Federal Reserve recently cut interest rates for the first time since the financial crisis in 2008.
The markets rebounded from a thrashing at the beginning of September make gains going into the month. The Dow traded 0.8%, or 210 points, higher. The S&P 500 was 0.9% up and the Nasdaq Composite traded 1.1% higher. Investor sentiment was helped by developments in Hong Kong, where a controversial extradition bill that started the city’s protests will reportedly be withdrawn.
“Wall Street is benefiting from the broad uptick global market sentiment. The remarks from Hong Kong’s Lam should in a roundabout way assist help the US-China trade talks, as previously, President Trump called on Beijing to behave in a ‘humane’ fashion in relation to the situation,” wrote David Madden, market analyst at CMC Markets, in a note.
This bodes well for the Bitcoin price and gold price, as investors seek out alternatives to the stock market for wealth storage.
GOLD PRICE CONTINUES TO BE NEAR $1500s
Gold prices continued their rise in September, climbing past the $1,550 level. They were helped once again by increased uncertainty regarding U.S. and China trade relations, with investors becoming wary of continued stock market volatility.
The Federal Reserve cut rates yet again and combined with continued geopolitical uncertainty we should see gold prices continue to rise. These factors make it an ideal time to invest in Gold. The precious metal has not only seen continued growth this year, but more and more investors are now recognizing it as ideal storage of wealth in volatile market conditions as we’re presently seeing.
Technically speaking, Gold’s picture is currently very bullish, and there are no indications that will change in the near future.
– Source The Regal Assets Official Website
Final words (and #1 recommendation)
Now is the time to take advantage of the rising price of gold and protect yourself from stock market volatility. Indicators are showing that these bullish trends will continue in the gold markets, giving you an excellent opportunity for immediate growth and providing protection for your assets against future economic downturns. Don’t miss out on this opportunity. Act now and reap the benefits.
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