Weekly Market Report | 26th – 4th March

On the face of it the activity in the past week may appear uneventful, with relatively little variation in the total market cap. The markets began the week at a low of around $420 billion, but for the most part fluctuated between the $440-460 billion mark. Given the events of past weeks, the market as a whole has been incredibly stable.

However, taking a closer look at the performance of individual coins reveals an entirely different picture. Bitcoin outperformed the vast majority of bluechip alt coins, up 16.55 % on the previous week. Whilst Ethereum experienced modest gains of 2.85 % and Ripple just 1.06%. Monero made significant gains of around 29.8% on last week, with investors and traders buying up ahead of the March 14th Monero V hard fork.

As a result of Bitcoins relative gains, the Bitcoin dominance figure has steadily climbed to a several month high of nearly 42%. In last weeks report, we noted bullish signals returning to the market following the lengthy correction. We believe the rising dominance figure is a sign we are now at the beginning of a new Bitcoin-alt cycle. If this is the case, we could see this figure rise to 50-60%, which may result in Bitcoins price rising to $13,750 – $16,500. Some technical analysis even suggests upward of $17,000 is possible.

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