A lot of people are talking about a bearish fall that appears to be in possession of cryptocurrencies – but some others are arguing about how rather obscure and secondary indicators could show that Bitcoin, as well as other favorite crypts, are ready to burst.
A Bitcoinist story cites a report by Santiment, in which analysts are examining a couple of things, including the prospect of the ETF's approval of the SEC by Bitcoin. We talked a little about this and how markets could change, but Santiment's researchers have found another type of independent indicator that traders should really be aware of.
This is their way of characterizing it: a selection of altcoins "marching at their own pace".
The article includes visual charts that help you get the idea much better – look at Basic Attention Token (BAT) and its movement throughout September and October – so watch Maker (MKR), an Ethereum-based stablecoin (ETH) and look at the same story as the graph.
These are just two of the many that Santiment analysts highlight as decoupling from Ethereum in a very interesting way. You can see throughout August and the beginning of September and at the beginning of October, how much the BAT and MKR prices follow with ETH prices – but then something else happens, and both end up to climb 200% above Ethereum while the underlying cryptocurrency, a household name that was traditionally among the most popular coin options, languishes in stasis.
Santiment's people argue that "strong chain activity and bullish price action" can bring some of these alternative currencies to empower the market and create that explosion that the cryptography industry needs to get out of its current sleepy pattern.
"A combination of these three factors has led Santiment's analysis to conclude that the cryptocurrency projects built on the Ethereum blockchain are slowly taking the market to an upward trend," writes Eustace Cryptus. "They admit that the market could drop another level before reversing the course, but Santiment feels fairly confident about the current market set up to conclude that" The bull market has begun. It is no longer about "when", but about "who". "
Traders who are now monitoring Bitcoin, priced around $ 6500 today, can take a longer view and understand that no matter if Bitcoin skips or jogs within the next week or so, they may even consider altcoins as valuable indicators if encryption will be bullish in 2019. Essentially, in a nutshell, it is important to examine all coin options, choose the ones you prefer and keep track of their progress. It is not all linked to Bitcoin and obviously, as we can see, it is not all linked to Ethereum.
As proof of this, the BAT has taken this morning over 30 cents – and as for MKR, all you have to say is that it doubled from September, at least to the maximum of three months. Sure, there's a load of boat volatility, but day traders would have to think about going over to play with some of these altcoins while BTC and ETH have breen crawling sideways. And in the long run, you can bet on dark horses rather than being forced to build your crypto empire from Bitcoin or Ethereum.