Currently, Bitcoin is hovering at $6330, with 3.7 billion in 24 hour volume. Over the course of the past 24 hours $BTC has bled roughly 1%, with around 6 billion dollars making its way out of the crypto space, resulting in a current total crypto market cap of roughly 203 billion USD.
Going by data from the last two months, BTC has been incredibly stagnant.
Alts have been using this stagnancy in the BTC market as an opportunity to break out of consolidation phases. The Alts that have experienced high returns are a select few and aren’t necessarily indicative of the overall alt market performance. This is seen in the total Alt Market Cap which has been consolidating between 93-100 billion for multiple weeks.
All in all, while studying price action and money flow into the crypto markets, it can seem very bleak from the untrained eye and the lessened volatility has been discouraging.
However ,it is important to be able to zoom out from the charts and note how the space is developing from an infrastructural level.
Coinbase announced this morning that they have completed a Series E fundraise of 300 million, leaving them with an 8 billion USD evaluation. This is due in large part to the their projected revenue for 2018 of 1.3 billion USD.
Along with Coinbase’s fundraise, we have seen large amounts of capital flow into the construction of institutional grade platforms such as Bakkt, ErisX, and the aquisition process of multiple crypto exchanges around the world.
The best assumption that can be made is that a bull market will ensue once these products are in place for the financial elite to profit from the space not only increasing in value, but also off the trading mechanisms used to acquire various digital currencies.
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