Cryptocurrency markets continued their recent recovery with more alts seeing double-digit gains, helped by BTC sitting at the $3,900 level and avoiding a Monday sell-off. This eased anxiety in the minds of traders and has allowed for alts to frolic around in relative safety for the past week, with more gains set to be made.
CRO and XZC Pump the Hardest
CRO was the undoubted big winner in the first part of the week, enjoying a spectacular 200% pump, presumably on the back of a multitude of exchange listings in recent days, as well as a favorable audit from smart contract firm Certik. XZC posted a 100% jump following news that it had been added to the Polis crypto MasterCard, following in the footsteps of GRS which packed a 226% punch Monday after announcing the same news. VET also broke loose from its long-held moorings and moved around 18%, potentially in advance of the VeChain summit next month and the possibility of big announcements.
Positive Sentiment Prevales
Amid celebrating the potential return of a mini alt-season, some on social media were offering good advice on what to do if you’ve missed a pump, which many will undoubtedly be doing due to the unpredictable nature of alt coins at present:
“RETRACE #STRATEGY” Edition
– One of my favorite strategies when I miss a pump is to set some bids on the 0.786 fib retrace, like we saw with $THETA yesterday for a nice rebound pump.
– Here’s $VIA pic.twitter.com/2IvnkVZeeo
— CRYPTO COFFEE. ☕ ☕ (@overheardcoffee) March 12, 2019
I haven’t seen $Crypto Twitter this alive in what feels like a year.
Non-stop charts flowing through my feed.
— The Crypto Dog📈 (@TheCryptoDog) March 13, 2019
Joke aside, the time to get in position was the past 12 months. Jockeying for what might be the last few seats on the rocket is preFOMO https://t.co/M8kYongvL5
— notsofast (@notsofast) March 13, 2019
Stagnant Market Cap Gives Cause for Concern
The only concerning element of the recent bullish run is that the overall market cap has not increased noticeably since March 5, and even temporarily dipped Tuesday. This means that no new money is coming into the space, and that gains are either leaving the market or being recycled around it waiting for the next pump. This benefits individuals who are able to profit from specific coin increases, but in general it is not a sign of health for a market.
As we saw in 2016 and 2017, fresh money is the only antidote to a bear market, otherwise it’s the same old money moving around like aircraft oxygen, and it’s only a matter of time before the market begins to suffocate.
What Do You Think?
What do you think about alts at the moment? Do you think that they’re set for an extended run, or are you still raw from being mauled by the bears and think that it’s only a matter of time before gravity takes hold? Let us know in the comments below.