The cryptocurrency market started the week well, peaking around the $516 billion mark midweek before falling to a low of $417 billion on Friday 23rd. There was a short recovery and then a dip to finish the week around $430 billion, so all in all comparatively less price action than previous weeks.
Source: CoinMarketCap
Alt coins tended to fare worse than blue chip cryptos, whilst trade volumes were still very thin compared to previous points in the past couple of months. This is a good indication that the market still lacks confidence, as investors and traders are still choosing safer and relatively less volatile cryptos.
The volume of ICOs has also been very low in February, with total funds raised falling by around 60% compared with January. This is another signal that the markets have cooled off significantly since the January high, so we could be about to see another bull cycle take off. If this is the case, it’s possible the alt-bitcoin cycle could reverse as the Bitcoin dominance figure is still relatively low at around 39%. However, at this stage it is still too early to say.
