Cryptocurrency market update: Consolidation ahead

This month couldn’t have got off to a better start.

After the huge Bitcoin pump we saw in late October, where the price of BTC increased over 40% in the space of 24 hours, it seems the market has now stabilised.

I personally expect the positive trend to continue this week following the recent news that President Xi Jinping wants China to be a key player in the blockchain space.

It’s notable that following Xi’s comments, there was a massive surge in searches for “blockchain” and “Bitcoin” on WeChat.

In addition, the endorsement for blockchain may kick-start a wave of adoption by the Chinese, especially by businesses, just as the brand new government-backed cryptocurrency is getting ready to launch.

Let’s take a look at the current state of the cryptocurrency market.

Bitcoin dominance (BTC.D)

Bitcoin’s market dominance is now close to 68% after dropping slightly from 70% since late October.

This was to be expected given there are a lot of altcoin speculators and investors…