A new report by Weiss Ratings is re-shared by many best cryptocurrency news sites, suggesting that the current (or future) cryptocurrency bull run will fail to meet the December 2017 highs. As the report shows, the new one would dwarf the December 2017 highs in its wake – even though this is not a universally held opinion.
The cryptocurrency ranking firm Weiss Ratings is known for posting a lot of reports in the past. However, in the latest one, the firm tweeted that the actual cryptocurrency bull run is the larger than the imminent run – and that bull markets usually decline in magnitude.
The sources also cited insufficiency of money that can flow into the cryptocurrency assets, and said that the crypto bull run of tomorrow will have less to “absorb” mainly due to the consumption of the funds in the past.
The tweet shared by Weiss Ratings noted:
“Some say the next #crypto bull run will be several magnitudes bigger. However, it’s highly unlikely – every bull market tends to be smaller than the previous one. There’s only so much money in the world that #crypto can absorb.”
As we all know, bull runs in crypto have been few and far between the industry, mainly due to its infancy and volatility. However, so far the rallies have outpaced their predecessors. Bitcoin first rallied during the close of 2013 when it broke through the $1,000 mark, breaching the $15.7 billion mark.
The next rally was the late 2016 rally when Bitcoin peaked over the $1,000 mark in early 2017 and the altcoin news showed that other coins are picking up the momentum. In February of the same year, BTC broke its all-time high of $1,149 and surged over $20 billion. Later that year, Bitcoin skyrocketed over $19,000 and amassed over $800 in market capitalization which was 50 times its 2013 valuation.
Right now, a cryptocurrency bull run could definitely let the market see some gains. However, Weiss Ratings thinks that the Bitcoin market is “overbought” (as it stated a week ago) citing its “model” which is leading to “a pullback to $4,000.”
However, the latest cryptocurrency news show Bitcoin trading near the $5,600 mark and proving all of these reports – for now – as wrong.
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