The Altcoins benefit from a good start of the week.
On Friday we saw that the bulls chased the bears and the course of the Bitcoin gave green numbers again. The trend continued over the weekend. Market capitalization increased steadily and prices also benefited. This morning, important news became known about what analysts say in 2018 should be the driver for the Bitcoin in 2019. The price rise of the Bitcoin has accelerated since the news became known. It is striking that the Altcoins now also seem to benefit. The entire top 5 shows strong positive results.
The news that was announced this morning is that Bakkt has received a license from the American government and can finally start. After the first start was announced about a year ago, there was a lot of positive enthusiasm for Bakkt, partly thanks to the ambitious plans. Unfortunately the plans are postponed followed by another postponement and it seemed to be the question whether the stock market would ever start again. Now we know for sure that people can go from 23rd of September.
What makes investors so enthusiastic is that they are going to offer so-called “covered” Bitcoin options. This means that when customers place an option on future Bitcoins, the stock exchange also purchases it directly at its current value. This increases the demand for Bitcoin and makes the market even more interesting for initial investors. They like to use this type of product, which is called “derivatives”. The expectation is that Bakkt will also offer these covered options for other crypto coins. However, it seems less certain whether this is the reason for the current price increase of Altcoins.
Many analysts predicted in 2018 that the launch of Bakkt would be one of, or perhaps even the engine behind, a recovery and new record prices for the Bitcoin. The moment of truth now seems there. Are the analysts right and the market going upside down or should we conclude that a set of new glass balls is not an unnecessary luxury?