Today Bakkt formally announced that its bitcoin warehouse is “Open for Business” with BNY Mellon helping to safeguard private key material by providing “geographically-distributed storage of customer assets.” Looking at trends in adoption, sentiment and market maturity, the timing couldn’t be better for regulated, institutional-strength cryptoasset infrastructure and financial products to come online.
During the month of August bitcoin $BTC continued consolidating in the US$11,000 - $9,000 range while alts retraced even further month-over-month. Total cryptocurrency market capitalization on August 31 was approximately US $249 billion, slightly below July 31 level of US $276 billion.
My analysis points to a very favorable performance for cryptocurrencies during the remainder of 2019 starting in mid to late September (possibly surpassing bitcoin’s 2017 all time price high of +$19,000, which will be a major catalyst for further highs and for alts to meaningfully outperform bitcoin going into 2020).
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