(16 FEBRUARY 2018)DAILY MARKET BRIEF 1:Cryptos are finally recovering, what about another rally?

(16 FEBRUARY 2018)DAILY MARKET BRIEF 1:Cryptos are finally recovering, what about another rally?

16 February 2018, 12:38
Jiming Huang
0
83

During the last few weeks, both investors and media have put aside cryptocurrencies to focus on traditional markets. This came quite naturally as equities suffered a substantial sell-off and volatility exploded. Meanwhile in the crypto market, it was the time of consolidation. Indeed, after a rocky start into the year, Bitcoin and its peers finally took a breather and stopped free-falling. In fact, the crypto market has even started to recover recently. After falling as low as $276 billion, the total market capitalisation bounced back to around $481bn this week as the price of Bitcoin crossed the $10,000 threshold to the upside.

We are definitely positive regarding the outlook for cryptocurrencies. This year will be key for this new asset class as several teams behind crypto projects are expected to deliver either beta version or final product. Even though we believe the positive momentum initiated a couple of weeks will continue, one may have to wait for the Chine New Year to end before seeing an acceleration. Now is therefore the good time to make the final adjustment to your portfolio before the next rally.

By Arnaud Masset

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