Could be. Also could be that we're entering a new phase for the young asset, as black market investors are chased out by the IRS taking notice of bitcoin and being replaced by institutional investors.
The level of corporate interest in these coins has increased dramatically over the last six months. Big corporations take at least a few months to make big plans. Maybe it'll be a long wait, but maybe they will be racing each other to get integrated with the blockchain.
I don't mean corporate investors, although they are also gearing up for buying cryptocurrencies, and GDAX is working hard to be the first to have a platform that hedge funds can operate.
https://support.gdax.com/customer/en/portal/articles/2545568-documentation-requirements-for-institutional-investors
What I meant is that corporations are making a lot more partnerships and plans to use various cryptocurrencies as media of transfer, not as investments. Governments are also eyeing blockchain technology for cost reduction.
Those implementations have not occurred yet, but we hear many companies announcing plans with excitement.
Finally, right now the dollar is doing well. The Euro is doing well. That is, they were recently on the verge of total and utter collapse and financial ruin of the world, but they have moved away from that crisis point. When will that crisis push its way again through the smoke and mirrors of the central banks?
The impact on the cryptocurrency markets this time around could be exponentially larger than in the past due to greater public exposure, and ease of access, and security, than in past years.
All this is to say that although I'm waiting out the bottom of the market still to buy back in, I won't wait long, because these shifts I mentioned could just as easily be next month as next year.