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Bitcoin retraces early 2019 pattern. Can the year end on a positive note?

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After losing its footing the previous week, most major cryptos tumbled and were trying to recover. While most crypto assets are down over the past week, bitcoin managed to gain 5% of its value back, after Tron which noted a 7% recovery. However, other altcoins like Tezos [XTZ], still have a long way to go as it was on a downward slope reporting a 13% loss, according to Coin Metrics’ report.

Source: Coin Metrics

Source: Coin Metrics

Ethereum Classic was the strongest performing asset with a growth percentage of over 10%. Huobi token [HT] reported a +5% growth, while privacy token Maker [MKR] retrieved 2% of its value.

Source: Coin Metrics

Source: Coin Metrics

The Coin Metrics Bletchley Indexes [CMBI] marked a volatile week for the crypto assets. It noted that:

“For the first time in months, Bitcoin not only outperformed most of the market, but was one of few assets that returned positive weekly gains.”

Only Bletchley 10 [~70% BTC] and Bletchley Total [~66% BTC] noted positive notes this week. The negative performance of the even indexes affirmed that the reason for Bletchley 10 and Bletchley Total’s positive performance was mainly due to BTC.

Source: Coin Metrics

Source: Coin Metrics

This pattern was previously observed at the beginning of 2019, where BTC rose from $4k to $14k, carrying a few other cryptos with it. With the positive trend returning to the market, the year-end may note a positive end to 2019. According to CoinMetrics’ previous report, Bletchley 10 was reporting¬† 52% returns over the year, while Bletchley 20 returning 28%, and the small-cap, Bletchley 40 falling 40%.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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