Over the last week we have seen Bitcoin continue its correction to the $3500 price range which has been seen to be a very strong support with 3 significant bounces at this price range We have seen the ETF being in the headlines again with crypto enthusiasts believing that this is the catalyst needed to see bitcoin get some more bullish momentum
By the end of the month we will know whether the SEC will approve the first Bitcoin ETF However the market as a whole find it hard to believe that a positive answer will be forthcoming The market still seems relatively calm at the moment and we still have a pessimistic outlook towards its future However one area that continues to give hop to crypto believers is that Alternative coins are experiencing an awakening trend, as we saw when Augur rose around 100% We have continued to see the Airdrop trend continue and a declining interest in the ICO phenomena
The bullish momentum in the Alt coin market is highly dependent on Bitcoins price, and this pattern repeats itself when the Bitcoin price is steady or rising If Bitcoin correction continues downwards and we see the $3500 support break it is likely that we will see Alt coins price plummet as well Recently, there has been widespread talk about manipulations being made in the various trading arenas, and sometimes there are suspicions about the Exchanges themselves manipulating the volume to try to register new coins or inject hacks when they drop the loot into their pockets In conclusion, it can be said that the market is licking its wounds after a significant correction And it is not clear whether it has ended
However, there is a good chance that we have reached the floor with a market cap of around $119 billion It is in teresting to see if the market will be able to keep its head above $100 billion This is James Gaydon from Fortis Moneta, and thank you for watching
