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False rally reveals laziness of bitcoin

A brief flutter of interest earlier in the week saw BTC peep its head over that psychological $4,000 parapet, but it quickly scurried below like a mouse sensing the presence of a cat.

To be fair, its twitching nose and whiskers were across the line long enough for plenty of observers to wonder if a rally and break to the upside was on the cards. It genuinely looked possible.

However, interest waned by Thursday as the value of bitcoin tumbled off a reasonable-looking $4,035 into the waiting arms of the $3,940 mark.

From there, we saw some momentum building and, by Friday lunchtime, $4,000 was coming under siege again.

But herein lies a cautionary tale learned from history. Recent history, to be precise.

Every weekend since early February, BTC has behaved like a sailor on weekend shore leave… a build-up of Friday night anticipation, keep it going into Saturday, enjoy what you can into Sunday and then flop back into your bunk on board the ship before midnight.

Come Monday, there’ll be a hangover slightly worse than that of the previous shore leave.

Alas, it’s becoming a habitual pattern that many analysts are predicting may be the normal activity of bitcoin until the end of the year.

Quite what is expected to happen as 2019’s crisp and brown leaves begin to fall is still anyone’s guess.

But, for now, it is what is whether we’re stuck with it or not.

All is not lost, of course. Other cryptocurrencies are available. Albeit ones that don’t even come close to commanding the sorts of values that bitcoin weighs in at.

Ethereum is the closest in value to bitcoin, and is currently worth around $136 – a far cry from BTC’s price, but it’s still something which provides a bit of sport for investors.

As does Litecoin (LTC) which, although worth around a mere 15 cents, can still deliver enough movement north and south from week-to-week to give anyone some fun.

Bitcoin Cash (BCH) is another one attracting plenty of attention.

Again, the low value often draws people wanting to experiment and play with cryptocurrency.

Although it tends not to create the wild fluctuations that many seek (during the last month its range has been a low of 32 cents, with a high of 41 cents), it has proven to be quite popular.

In fact, most of the better-known altcoins (cryptocurrencies which aren’t bitcoin) have enjoyed a growth in admiration of late – a phenomenon attributed largely to bitcoin’s sloth-like attitude in recent weeks.

Once BTC grows out of its current lazy teenager phase, it’ll be interesting to see if the top altcoins will have gained any ground on the market leader.

Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.

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