Crypto Markets Enter 2019 With Plenty of Room to Runbr>
Think of today’s cryptocurrency prices as the hangover from last year’s irrational exuberance. The world awakened today to a bitcoin roughly one-fourth the size of last year at this same point, but with plenty of room to grow if a bull run kicks in.
Today’s light volume saw bitcoin come in around the $3,700 level, down slightly from last week’s closing price. It set the tone for the rest of the market, which saw red arrows for everything but Bitcoin Cash and Bitcoin SV, both locked in a war for dominance and spending money to inflate their prices.
The big question is where the market goes from here. Some pundits are again predicting a big run-up after some further bottom feeding, while others are thinking about stablecoins and the underlying technology as the industry’s salvation. Whichever is right – or neither – it will be an interesting ride as the industry grows and matures.