The 2019 Chinese New Year was on February 5th and it marked the start of the year of the pig, bringing good fortune and prosperity to all. The Chinese New Year of the pig can bring good fortune to the Cryptocurrency world, as it may be the start of a new Crypto Bull run. It’s well documented that a month before the Chinese New Year, the Crypto markets experience a Bears market and prices fall.
This phenomenon isn’t surprising considering that Chinese traders are a major part of the Cryptocurrency trading volume. The Chinese New Year is considered one of the biggest holidays in China and a majority of people buy gifts for their loved ones. So it’s natural that many traders would opt to withdraw their Crypto into fiat currencies, so they can shop freely.
But as the Chinese New Year came Crypto prices went quickly up, as you can see in the graphs below. The Crypto Bear market was short and Chinese traders and bulls are looking for opportunities to rally the prices. Cryptocurrency prices have been consolidating in the same price range for some time now showing signs for stability. The consolidation period can also mean that the long Bear market is over and the bulls are preparing for a rally.
Will the Chinese New Year mark a new Crypto bull run?
Bitcoin’s price reached $4200 during the Christmas holidays then quickly fell to $3650 after new year. After another run, Bitcoin (BTC) climbed to over $4000 before falling again to the 3650 mark. Bitcoin was consolidating in this price range and 10 days before the Chinese New Year, Bitcoin fell to 3450 where it consolidated for two weeks.
Few days after the Chinese New Year Bitcoin experienced a small bull run quickly raising the price to the $3650 price range. The market is looking like it’s preparing for another bull run. Bitcoin has shown a lot of stability in the last months, succesfully bounding in price ranges. As the most mature Digital Currency, i suspect that it won’t be long before we see stable Bitcoin Price movements.
Ethereum (ETH) has had a turbulent and rough few months. Ethereum was consolidating on the $85 price range a week before Christmas, but rallied to $155 by Christmas. After that, Ethereum fell to the $118 mark and was consolidating there, before falling to $104 just 10 days before the Chinese New Year. Something we expected, because Ethereum is really popular in China. After the Chinese holiday passed, Ethereum was quick again to climb to the $118 mark and currently sitting at $123. Ethereum also looks like it is preparing for a jump to the $200 mark soon.
The one that we should all keep our eyes on is Binance Coin (BNB). Binance’s native token – Binance Coin has been outperforming every other Digital Currency. Since the end of November, Binance Coin can’t be stopped increasing from $4.30 to $9.70 at the moment. Many Crypto trading experts were warning everyone that Binance Coin will explode and it surely did. Binance Coin’s Ethereum price has increased 5 times for less than 6 months.
Binance Coin is a great investment, because it also has a purpose. BNB is used for lower trading fees in Binance, one of the largest exchanges in the world. Binance’s CEO Changpeng Zhao revealed that BNB tokens will be used in Binance’s new Blockchain project, which also adds fuel to the fire.
The Chinese New Year can pottentially mark the next Crypto Bull market, something a lot of traders are waiting for. Prosperity and Fortune awaits in 2019! It’s up to us to make the right decisions and to be proactive, so good fortune can come to everyone around!