The week kicked off with a strong dominance of the bulls in the crypto market as most cryptocurrencies broke the previous week’s resistance zone. With Bitcoin finally hitting the $9K mark and surpassing it, it’s clear that buyers were controlling the market for the better part of the week.
During the week, volatility in most digital assets led by Bitcoin increased, followed by a market correction. However, the market quickly changed the direction and continued with upward momentum. It is a very positive note for the crypto assets to end the first month of the year, and the decade.
In the Headlines
The week had several events and ideas that touched the crypto space in different ways. As the week kicked off, news of two former employees at BitTorrent filing a lawsuit against Tron founder, Justin Sun and his foundation, on grounds of workplace harassment that violated the labor laws, stack the media. However, Justin Sun vehemently denied the charges and claimed to be in line with the work ethics of the company.
As the week unfolded, XRP’s fate was promulgated, according to Boom Bust’s host, Christy Ai, with Ripple looking to go public in the course of the year, its price could be en route to a major ‘devaluation’.
Anti-virus software pioneer, John McAfee, thinks that Bitcoin is the “True Shitcoin”, and not the altcoins, as regarded by Bitcoin enthusiasts. McAfee bashed Bitcoin as an old, clunky coin with no security nor smart contracts, and DApps.
His sentiments seemed to be supported by the fact that altcoins like Ethereum are seen to be a preferred mode of digital payments with most crypto users.
With the week reporting high hopes in the crypto market, the world’s economy is experiencing tough times due to the coronavirus outbreak, which analysts are not sure of the future effect on the crypto assets.
Due to the high volatility in the crypto space, no clear direction can be deduced from the current position of the market price in most assets. Some analysts are concerned with the Bitcoin bull rally as a mare bubble that can explode anytime with fewer chances of ever hitting the forecasted $1 Million price level.
Despite all these occurrences, it was a good week for crypto enthusiasts and investors.