A bull market week and a big fix at the beginning of the following week characterized the period from February 17-23, 2019. Before Sunday, Bitcoin broke the $ 4,000 barrier again. The high raised the market as a whole. Among the main ones that followed the movement are ethereum, cardano, ripple, litecoin, and bitcoin cash. However, other crypto-coins have developed a slightly different move, among them the EOS, NEO and maker. On Sunday, 24, however, a strong fix threw the bitcoin to levels lower than the previous week.
Because it is a relatively new market and still small, the crypto-coins still face much volatility. Therefore, sudden high and low movements are regular. Although there is no consensus on what motivated the initial rise, many analysts point to a natural market movement, with the growing acceptance of digital currencies as assets. For example, news such as the JPM Coin launch by JP Morgan bank brought confidence to the most fearful investors.
Also, many crypto-coin projects were planned for the first quarter of 2019. These include the launch of the Bakkt platform and the Nasdaq platform, which will introduce the crypto market into the American stock exchanges. The market also awaits the decision on the bitcoin ETF, which may set a precedent for the launch of crypto-based assets.
In addition to the projects related to the institutional market, several crypto-coins have scheduled improvements for the beginning of the year. Cardano, for example, continues to implement advances in its technology. Therefore, all these projects with imminent launches may have generated a sensation of excessive optimism in the market that soon afterward was undone in the absence of more evident signs that justified the high.