According to a recent tweet by Matt D’Souza, co-founder of Blockchain Opportunity Fund and Blockware Solutions, we might be at the start of a new bull market.
D’Souza states that there is enough data to suggest that the first huge move of 2019 from $3,200 to $10,000 was driven by institutional money and that CME volume was dwarfing retail exchanges in the first half of 2019.
He also explains that Bitcoin’s dominance is another indicator that we are in a bull market. Bitcoin’s total market dominance has been increasing significantly throughout 2019 starting at 51% and reaching a peak of 69.9% in September and it’s still at 66.7% today.
BTC has strongly outperformed alts. Bitcoin Dominance is in an uptrend and expanding. Most alts have experienced 0 to negative returns in 2019. Alts are a retail product and the retail investors remained on the side lines or have been net selling. Institutions will not invest in scammy ICOs that are surrounded by regulatory uncertainty
The Bitcoin Market
The short term has been quite negative for most cryptocurrencies, however, 2019 was a great year overall with most major cryptocurrencies still in the green compared to prices in January.
Not everyone agrees, though, a user on Reddit criticized Matt D’Souza for spreading FUD.
“This “objective” tweet is merely an opinion piece.
I don’t trust anything anyone says in the crypto space anymore. For all we know he’s tweeting this so he can encourage more people to buy while he shorts BTC.“
D’Souza made a few other controversial tweets:
I bet none are currently talking about crypto. Their lack of interest is an excellent signal. This year, my thanksgiving was quite the opposite of 2017. No one asked about crypto. In 2017, everyone talked about crypto. Its no coincidence BTC ran from $7,700 to $20,000 within
— Matt D'Souza (@mjdsouza2) December 11, 2019
3 weeks after thanksgiving – 60% of the 2017 gain occurring in 3 weeks is a classic blow off the top. Everyone went home for thanksgiving dinner, told their families about how much money they were making in crypto – triggering the brother in law, cousin, grandma and grandpa to
— Matt D'Souza (@mjdsouza2) December 11, 2019
D’Souza is basically saying that the catalyst for the 2017 bull run was thanksgiving because everyone making money with crypto told their families too and that created a chain. While thanksgiving might have played a role in the 2017 bull run, it couldn’t have been the catalyst or even that important as most of the trading volume came from Asia where there is no Thanksgiving plus many other countries where Thanksgiving isn’t a thing either.
Overall trading volume has also been increasing quite significantly, especially after April 2019 going from an average of $16 billion 24h Vol to $50+ billion.
The post Bitcoin: Are We In The First Phase Of A Bullish Market? Matt D’Souza Thinks So appeared first on ZyCrypto.
