SFOX Cryptocurrency Broker Believes The Market Is Turning Bullish In February

2019-2-8 01:59

Cryptocurrency Broker Believes The Market Is Turning Bullish In February

Cryptocurrency enthusiasts are waiting for the virtual currency market to turn bullish as soon as possible. The last year was not positive in terms of price action for digital assets, thus affecting the overall market. According to the crypto institutional broker-dealer SFOX, the market could be turning to bullish in February.

As per their January volatility report related to volatility, correlations and other metrics, the SFOX Multi-Factor Market Index is set to mildly bullish entering February 2019. At the same time, the most popular digital assets, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) have experienced steady declines in their 30-day historical volatility during the last month.

Additionally, they mention that Bitcoin Cash (BCH) has seen a reduction in volatility after the hash war experienced in November and December 2018. At that time, the Bitcoin Cash network split and there is one network called Bitcoin SV (BSV).

Volatility in the market could increase in February. The CBOE and CME futures expiration dates are scheduled for February 13 and 22, respectively. At the same time, the Ethereum Constantinople hard fork could also increase the volatility experienced in the market.

The report released by SFOX reads as follows:

“Based on our calculations and analyses, the SFOX Multi-Factor Market Index, which was set at moderately bearish going into 2019, is now set at mildly bullish as we enter February 2019. We determine the monthly value of this index by using proprietary, quantifiable indicators to analyze three market factors: volatility, market sentiment, and continued advancement of the sector.”

After the increased volatility in December 2018, digital assets in January have seen a decreased level of volatility. At the same time, they see a reduction of public attention on crypto and sustained institutional interest in crypto exposure.

It will be very important for digital assets to start recovering part of the price that they’ve lost during the last months. However, it seems that the market remains bearish. There are several analysts that believe that Bitcoin could drop even further during the next few months. Nevertheless, this remains to be seen. Currently, Bitcoin is being traded close to $3,400 and it has a market capitalization of $59.59 billion.

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and EOS Price Analysis Watch (Feb 7th)

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