Today’s situation in the crypto market is very positive. Let’s analyze what news background could lead up to it.
First, the growth of bitcoin is due to several reasons:
Yesterday, February 14, CBOE BTC futures expired. This could set direction to the movement of the crypto market in general. Besides, bitcoin rate at the moment correlates with traditional stock market. When there was a collapse on the crypto market, the good old stock market was in the red zone too. Now almost everything is in the green zone “here, there and everywhere”! I mean both markets are feeling well at the moment.
According to Chinese calendar, at last the Year of the Dog is starting. Investors from South East Asia ceased to change crypto currency to fiat for luxurious celebration of their new year and gifts for their relatives. Usually, when Chinese New Year holidays are over, Eastern investors go back to the crypto market and again start buying BTC and Altcoins. That is why at the end of February and in the beginning of March as usual we are waiting for a new bitcoin take-off.
At the moment, on the chart of the bitcoin exchange rate, we have the so-called head and shoulders pattern upside down or inverse head and shoulders. Usually it occurs after a downtrend, and signals an uptrend may be starting or underway.
ETH remains a promising coin and it is more attractive to the whales, investment funds and ordinary private investors than BTC due to the greater technological effectiveness and other reasons. The prospect of investing in Ethereum is also increasing due to the next technological innovations, which have already been announced by the Buterin team and on which they are now working.
Ethereum Classic, in its turn, shows a powerful upward movement after a long consolidation. Moreover, its expected hard fork (March 5) implies the release of a new coin Callisto (CLO) with charging ETC holders at the rate of 1 CLO per 1 ETC.
Another popular coin, Monero (XMR) has preconditions for growth because of hard fork too (March 14). All Monero coin holders will receive MoneroV coins (XMV) in the rate of 1 XMR = 10 XMV after the fork. According to the developers, the new coin will increase confidentiality, solve scalability problems and will have a limited issue (256 million coins). So I recommend you to invest in Monero as its rate predictably will take off.
Another recommendation for those who are willing to invest for a period of 3 weeks to 2 months (medium-term investments):
Pay attention to Litecoin and NEO!
If you have not yet invested in these coins, I advise you to do it as soon as possible!
If you ask me why I’d tell you about the Nextcoin (NXT) – in recent times it has shown growth in 11 times! Then, after a hard fork it dropped about 7 times! Savvy crypto traders made such a useful observation: the peak value of a coin is usually 3-4 days before its hard fork. Therefore, buy a coin for some weeks before the proposed hard fork, sell it 3-4 days before it. In this very case there is a chance to make the biggest profit of the coin even if it drops immediately after the hard fork.
Successful investment to all of you!