Unless you have been living under a rock you will see that this last week Bitcoin has gone from 5k to 7k and has done so quickly.
This ramp up is most likely due to Fidelity institutional investors coming in soon and a bunch of other good news that has been coming out for bitcoin lately.
At the moment Bitcoin still holds 58% of the market share and is up 7.66% in just the last 24 hours.
But will this rally remain ?
In the short term I believe it will not and we will see a retraction here soon.
If you look at the last month you will see that cryptocurrency really has only recapped where it was a month ago. This is where the squeeze is going to start to happen until that fresh fiat money starts flowing in again from ETFs and Institutional investors.
The other thing to take note of is that all the most seems to be pouring into Bitcoin and not other cryptos.
We can see that steem is only moving at a 3% gain which it is ALWAYS late to the game. It also only holds a market cap now of 100,000,000 which honestly is pretty damn low. It really is making me start to question the value of steem here lately.
The only other real big mover is Ethereum.
This makes me think that most of this push right now is due to the fact of Institutional investors since Bitcoin and Ethereum will be the two key players when it launches and nothing else.
The other important part to take from this is that when Institutional investors come in they will be buying Bitcoin or Ethereum and THAT IS IT. They wont be able to move it into alt coins etc. This is a very important factor which will be new to the market this year compared to the rallies we have seen in the past 3 years.
*This post is for entertainment purposes only and is not financial advice*