Market Snapshot – Alt Coins Gain Prominence as BTC Stalls, Global Stocks Steady

Alt Coins Move Higher

It has been the week of altcoins as the bitcoin market takes a backseat with the BTC prices facing a lot of selling as it nears the $20,000 region. We are not sure whether the introduction of the BTC futures at CME and CBOE have a hand in it but whatever be the case, the fact that the prices of bitcoin are stalling has made the speculators to shift their attention to alt coins. Many of the altcoins like ETH, Ripple, LTC etc have risen by over 50% over the last week or so. But with such abnormal gains comes the danger of an equally abnormal fall in the form of a correction. This is something that the traders need to guard themselves against and that is why it is important to trade with stop losses and strict risk management.

Stock Markets Stall

Moving on to the traditional markets, we are seeing the risky assets under pressure as the IFO data is showing some contraction in the Eurozone. This is weighing on the stock markets and pushing them lower. The market is also waiting in anticipation of the passage of the tax bill in the US which should lead the US stock indices higher to make all time highs in due course of time. But such a rally is likely to be short lived as the markets head into a period of low liquidity and volatility.