The Fowl Five Index of cryptocurrencies has stayed largely between 1250 and 1450 over the last few weeks as the prices of Bitcoin and other major crypto assets have shown an atypical level of price stability. While it tested levels below $9000 and briefly hit a monthly high of just above $11500, Bitcoin has mostly traded in the range between $10000 and and $11000 over this period. In contrast Bitcoin Cash has weighed on the index as it has seen a steady decline from $1500 to around $1185 recently.
After the rout of early February and the beginning of the year in general, crypto prices could be stabilizing after the excesses of late 2017 and the correction of early 2018. But why would the prices find an equilibrium here, other than a possible balance between new speculation coming in and previous speculation going out? Until valuations are better understood in terms of benchmarks and ratios, the proportions between the share of the market that is speculative and the share based on underlying network demand [as I see it, the key problem in crypto valuation] will probably remain unclear.