Congratulations to Bitcoin! On January 3rd, nine years ago, the first block of Bitcoin network was mined by Satoshi Nakamoto. Congrats also that the network fees have dropped a bit recently.
The correction, which began with the start of trading in the CME future contracts, continued this week, as the price declined to an average of around $13K. After reaching bottom supports of around $12K, it is not clear where it is going from now. It seems that we have entered a state of accumulation, which has led to a massive influx of new investors into the Altcoins market, and has surged by hundreds of percent this week.
Despite the market volatility, the trend seems to be positive. An increase of the bitcoin leads to a correction, but these are short and healthy corrections, and cannot stop the ongoing Altcoins rally. In addition, it is impossible to ignore the rise in Ripple’s currency, the XRP, whose market cap has exceeded the 100 billion mark and has risen to about $110 billion. This is almost half the market cap of Bitcoin. We see an inverse correlation between the altcoins and Bitcoin (which has reached a low of 35% Bitcoin dominance over the altcoins this week) and the more Bitcoin goes down, the stronger the altcoins market becomes.
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