Keypoints:

Bitcoin rallies strongly, ending the quarter over $10 000.

C20 up 73% during Q2 2019.

Facebook announces Libra, its own decentralized stablecoin.

Following a despondent and volatility-starved first quarter, the crypto markets surprised everyone by kicking off the second quarter with an almost immediate 30% upwards breakout on bitcoin, sending the markets into the extended rally we are currently experiencing.

The bitcoin figures are quite staggering. The market leader gained immense traction within 3 months, pushing the price above $10,000 amid a flurry of volatile price action. Whilst it is unclear as to how much further the market can still run from here, it is clear that the depressed price movement of the 2018 bear market is now over, and we are firmly in the grips of a new bull market. The changes in price action seem to be indicative of large amounts of committed capital accumulating crypto assets at an unparalleled rate.

During the first quarter, positive correlations in the large-cap coins were strikingly high across the board as volatility dried up and the market reacted in tandem to minor moves in bitcoin. As the second quarter kicked off and bitcoin broke out; correlations began decreasing as capital began flowing out of altcoins and piled into bitcoin to catch the upswing.

There has undoubtedly been a large positive shift in sentiment in the crypto market over the last quarter. As the 2019 bull run kicks off, it is worth noting that we find ourselves in a very different market to the one we experienced in 2017.

Kind regards,

Ryan Stutzner

Investment Analyst

Invictus Capital

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