Market Overview - January 2020
New year, big moves! The crypto market experienced some significant buying pressure for the majority of the month of January. Comparing the relative returns graph for the month of January with the last two months, shows an immediate change in behaviour.
Vincent Haeger
Relative Returns
New year, big moves! The crypto market experienced some significant buying pressure for the majority of the month of January. Comparing the relative returns graph for the month of January with the last two months, shows an immediate change in behaviour. Leading up to January the market was mostly ruled by the Bears, who were able to push price down further and further for most digital assets, with Bulls only getting occasional, very short lived upward moves. However, this year's holiday spirits were not as destructive as initially thought towards the end of last month, with 2020 off to a great start.
Recalling from last month's report, there was mention of a consolidation period towards the end of December (see Relative Returns of December graph below), with hopes of an upwards break. January did not disappoint on that front. ALL assets in the report are up this month, which is only the second time this has happened since we have started sharing these reports. The only other time was in October 2019. However the magnitude of gains this month are much larger than the ones in October, with LTC surpassing 70% gains in a single month. Even the two smallest gainers are coming in above 20% for XRP and just above 30% for BTC, which would have topped all of the months that we have Market Overview coverage for.