The new year brought no fireworks for the cryptocurrency markets, which have continued to drift sideways as bitcoin has chopped around the $7,000 mark.
But while the large-cap-coins like bitcoin and Ethereum have stayed relatively steady, a few smaller altcoins—including Basic Attention Token (BAT)—have made major moves.
Bitcoin dances around $7,000
Bitcoin has ended 2019 with a 95% yearly gain and has ended the first decade of the 21st century with a total increase of more than 62,500%.
These astonishing returns outshine both stocks and commodities: The S&P 500 index increased 29 percent in 2019, and around 190% over the decade and gold rose 19% during 2019, and 24.15% on the decade.
At this precise moment, however, the bitcoin market is feeling the pinch.
The market sentiment indicator is still flashing ‘fear,’ and bitcoin continues to chop around the $7,000 level. This price region marks a 48% drop from the high of $13,880 seen at the end of June.
Now, as the new year rings in, traders and investors are speculating on where the price will be a year from now. Writing from prison, Silk Road founder Ross Ulbricht has predicted that bitcoin could witness a moonshot to $100,000, and billionaire venture capitalist Tim Draper—who famously bought Ulbricht’s 30,000 seized bitcoin—says the price will skyrocket to $250,000. Galaxy Digital’s Mike Novogratz is less bullish, making the cautious prediction that bitcoin will finish 2020 above $12,000.
On the charts, the immediate future is looking uncertain. After dropping down to test the low of $6,850, bitcoin suddenly rocketed up to touch $7,300—a move which some suggest was triggered by Trump’s action against an Iranian military leader.
To confirm a short-term bearish-to-bullish trend change, Bitcoin now needs to close above the key resistance level high at $7,900. If we move back lower, support is likely to be found at the previous low around $6,850.
Ether capped at $140
Over the past twelve months, the price of Ether has not changed significantly, but over the past decade, the price has risen 17,900%.
Sentiment has recently sunk to new lows with Ethereum coming under fire from critics attacking co-founder Vitalik Buterin for selling Ether during the cryptocurrency‘s last all-time high at around the $1,400 mark and making approximately $100 million for the Ethereum Foundation.
This poor sentiment has been exposed by the reception for bullish long-term predictions, like that made by Ian Balina, who has been widely mocked for claiming that Ethereum will ‘inevitably’ surpass Bitcoin’s market cap in the coming decade.
On the charts, upside resistance for Ether sits around $140, and short-term support is at $122.
BAT looks to the sky
The Brave Browser has made great strides in 2019, crossing 10 million monthly users, and finally emerging from beta with Version 1.0 for iOS.
Over the year, the price of the associated cryptocurrency—Basic Attention Token (BAT)—has dropped around 20% against Bitcoin, but has bounced back over 10% during the last week.
With the growing popularity of the Brave Browser behind it, this token is likely to remain one of the most popular altcoins moving into 2020.
On the charts, support lies at 2200 sats, and immediate resistance is at 2700 sats.
The information in this article is for informational and educational purposes only and should not be considered financial or investment advice. Investing in ICOs, IEO’s, cryptocurrencies, or tokens is highly speculative, and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.