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Bitcoin retraces early 2019 pattern. Can the year end on a positive note?

#crypto #bitcoin

After losing its footing the previous week, most major cryptos tumbled and were trying to recover. While most crypto assets are down over the past week, bitcoin managed to gain 5% of its value back, after Tron which noted a 7% recovery. However, other altcoins like Tezos [XTZ], still have a long way to go as it was on a downward slope reporting a 13% loss, according to Coin Metrics’ report.

Source: Coin Metrics

Source: Coin Metrics

Ethereum Classic was the strongest performing asset with a growth percentage of over 10%. Huobi token [HT] reported a +5% growth, while privacy token Maker [MKR] retrieved 2% of its value.

Source: Coin Metrics

Source: Coin Metrics

The Coin Metrics Bletchley Indexes [CMBI] marked a volatile week for the crypto assets. It noted that:

“For the first time in months, Bitcoin not only outperformed most of the market, but was one of few assets that returned positive weekly gains.”

Only Bletchley 10 [~70% BTC] and Bletchley Total [~66% BTC] noted positive notes this week. The negative performance of the even indexes affirmed that the reason for Bletchley 10 and Bletchley Total’s positive performance was mainly due to BTC.

Source: Coin Metrics

Source: Coin Metrics

This pattern was previously observed at the beginning of 2019, where BTC rose from $4k to $14k, carrying a few other cryptos with it. With the positive trend returning to the market, the year-end may note a positive end to 2019. According to CoinMetrics’ previous report, Bletchley 10 was reporting  52% returns over the year, while Bletchley 20 returning 28%, and the small-cap, Bletchley 40 falling 40%.



OhNoCrypto

via https://www.ohnocrypto.com

Namrata Shukla, Khareem Sudlow