Cryptocurrency Market Analysis [February 24th Issue]
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you can earn 8% interest in NEXO.
This is worth noting. In the UK,
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customers' assets.
2020's cryptocurrency operation to watch
The details of NEXO, which is likely to become a notable company, are
here.
The current price of Bitcoin is
about 1,070,000 yen from last week
and after a brief adjustment,
it has again broken through 1,100,000 yen.
In the previous newsletter,
we mentioned that
“With Bitcoin's own adjustment (decline),
there is a possibility of a rebound within
the 1,050,000 to 1,000,000 yen range.”
As we said,
it fell to 1,050,000 yen once,
but prices then rose and recovered to 1,100,000 yen.
What to watch on the chart is
the red horizontal line at the lower side,
a line that has bounced back several times from June to August.
Therefore, after briefly breaking below this line,
it has now broken above again,
so this line is viewed as a strong upward pressure line.
Thus, last week there was a momentary drop to that level
and we were watching for a rebound.
Since this line has already been broken upward,
we view the outlook as bullish.
As for whether now is a good time to buy
is hard to judge, but those waiting for a buying opportunity
might consider buying once here,
and if the price then falls, consider adding more gradually
as a staged approach.
Also, regarding Ethereum
we will discuss its price this time
as well.
Ethereum is currently around 30,000 yen
– the level of last July
is where it stands.
The chart is here
Last July was a period when the price rose the most
already Ethereum had reached this level,
and it has reached here already.
Last July's trading volume was
larger than now, and the drop at that time
was correspondingly larger.
The recent rise in Ethereum from its low is
from 12,000 to 30,000 yen,
a rise of 2.5 times.
This is due to Ethereum having a lower market cap than Bitcoin,
making price movements more volatile.
Trading volume is, of course, larger now,
but compared with last year, it has settled somewhat,
and there is potential for further gains.
Also, if it declines,
it may not fall below the 12,000 yen level.
If considering buying, it may be prudent to expect a possible dip and invest funds gradually.
This year, Ethereum will undergo an update to move from POW
to POS, enabling staking.
If staking on Ethereum increases,
it will be a factor driving price increases, so we will continue to monitor
Ethereum and plan to buy when prices have stabilized.
Around this time last year, it fell below 10,000 yen,
which is when I bought Ethereum.
There was a time when I bought it.
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