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Cryptocurrency Update: Ethereum nears Bitcoin, ETC, Dash

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The seismic shift that has been going on in the cryptocurrency market accelerated in recent days, as Ethereum gained significant ground on Bitcoin. Bitcoin lost more than 10% yesterday after kissing the $3000 level, and falling as far as $2500 intraday. The market cap of ETH is jumped higher in the meantime, as the currency neared $400 and remained strong amid the broad correction during the US session.

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Ethereum currently sports a market value of $34 billion, while Bitcoin is down to $43 billion according to Coinmarketcap. The difference is now only 30% compared to Ethereum’s value while it was almost 100% only a week ago.  Several analysts have long been calling for a takeover between the two coins (The “Flippening”) and now it seems that the event might be closer in time than most investors expected, with Bitcoin’s market share now down to 40% of the total crypto-market and Ethereum’s share up to around 30% in the meantime.

What do you think? Will the Flippening happen? And if yes when? Let us know your estimate in the comment section.

Ethereum/Bitcoin

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ETH/BTC, Long-Term Analysis

The recent performance of the two majors has been diverging since the end of April, as we can see on the ETH/BTC chart, when Ethereum started a move higher from the 0.04 level. The pair then surged above the 0.10 level in late-May, and moved even higher in the past three days, when ETH surged past the $250 level in the Dollar pair.  With the current number of outstanding coins, the two currencies would be at parity around the 0.177 level.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC also confirmed its relative strength that we pointed out in our recent update, as it is back above the break-out point following the swift correction yesterday in late trading. Ethereum Classic got close to its previous high near $23 after jumping higher on Sunday, and it is trading near $20 this morning after climbing back in the rising short-term trend channel.

Dash

DASH/USD, 4-Hour Chart Analysis

The third major currency that is trading near its weekend highs is Dash that only re-tested the break-out level near $150 on Monday and now it is once again at $180, just 10% off the maximum level. The currency is well inside its long-term uptrend and it still seems to be poised for a move above $200 in the coming days.

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3 Comments

3 Comments

  1. Ershad

    June 13, 2017 at 8:26 am

    Hi Mate,

    Anything on Steem?

    Kind regards
    Ershad

    • Mate Cser

      June 13, 2017 at 5:06 pm

      Hi Ershad, we will cover Steem tomorrow!

  2. badjava

    June 13, 2017 at 6:43 pm

    Thanks Mate, I appreciate these frequent updates and one of the primary reasons I subscribe to this site. I try not to trade (although frequently get myself into trouble when doing so) but these articles help in my long term cryptocurrency strategy and understanding the current landscape. I also try to maintain a cryptocurrency ratio and they really help with rebalancing, moving coins into new ICOs I want to invest in, etc. Keep up the great work.

    To answer your question: 100% yes and I think it might happen sooner than we might think but I will the experts guess when. I always wonder what Bitcoin gremlin is hiding around the corner which could have a huge impact on this. It seems the rise in ethereum is as much (or more) attributed to bitcoins complete fail as it is to ethereum’s success.

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Altcoins

Bitcoin Cash Spikes on South Korean Volume

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Bitcoin cash (BCH) resumed its uptrend Friday following a sudden spike in South Korean trade volumes. Recent activity in the Asian country suggests that the bitcoin alternative could gain more exposure in the short term.

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BCH/USD Price Levels

The BCH/USD exchange rate surged above $1,750 on Thursady, where it was still some $800 shy of the all-time high. Prices would later consolidate below $1,700 as markets paced the gains. At press time, BCH/USD was up 6.6% at $1,662.

With the recent gain, bitcoin cash is worth a combined $28.4 billion, according to CoinMarketCap. That puts it third among active cryptos, behind online bitcoin and Ethereum.

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Thursday was bitcoin cash’s second major spike of the month, with more traders backing the alternative blockchain. After months of futility, BCH caught fire in mid-November after the backers of Segwit2x abandoned their planned hard fork. Following an initial spike, bitcoin (BTC/USD) declined sharply.

The complete opposite has occurred in recent weeks, with bitcoin cash tempering its advance and BTC adding thousands en route to multiple record highs. The original bitcoin was down more than $110 on Friday, but continued to trade well north of $8,000.

BCH has put up strong gains in recent weeks, a clear sign that the market has moved to a higher base. The cryptocurrency struggled to make a name for itself after it broke away from the original blockchain on Aug. 1. Based on the latest price action, BCH is making the case for a return to $2,000.

South Korea Factor

Trading activity in South Korea continues to be at the center of bitcoin cash’s rally. The Asian country has emerged as a major player in the global cryptocurrency market, with investors there showing a greater propensity to adopt altcoins.

On Thursday, the country’s Financial Supervisory Service (FSS) said it had “no plans” to monitor the cryptocurrency space because it believes the digital tokens do not represent real money.

“Though we are monitoring the practice of cryptocurrency trading, we don’t have plans right now to directly supervise exchanges,” said Choe Heung-sik, the agency’s chief. “Supervision will come only after the legal recognition of digital tokens as a legitimate currency.”

Positive vibes from South Korea may be partially responsible for the huge upswing in trading volumes tied to BCH. Trading volume in the cryptocurrency has risen above $4.1 billion in the past 24 hours, according to CoinMarketCap. That’s the highest level in nearly two weeks.

Bitcoin cash is also benefiting from Bitstamp’s decision to integrate the cryptocurrency next month “in response to the demand.”Bitstamp is the world’s twelfth largest digital currency exchange, according to Business Insider.

Separately, digital wallet provider Bitwala announced plans to integrate BCH into its platform, a clear sign that the token was gaining wider acceptance. The platform, which has more than 57,000 users, said it will now facilitate storage of BCH as well as money transfers. The team also said it is working hard to integrate mobile BCH wallets in the near term.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

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Analysis

Technical Analysis: Litecoin and Ethereum on the Move as Rotation Continues

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The altcoin bull run continued today despite the US Thanksgiving holiday, as trading remained active in the majors, and another important break-out occurred, this time in Ethereum. Litecoin is also strong today, and the coin is testing the key $75 resistance level, as it follows in the track of ETH again. The currency still looks set to hit the next target at $82.50, with the all-time highs below just below the $100 level also in sight. While the long-term momentum is edging towards overbought territory, the coin remains bullish on both time-frames, with strong support still found at $64 and $56.

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LTC/USD, 4-Hour Chart Analysis

Ethereum scored a new record high after moving past $400 for the first time in five months, and considering the lengthy consolidation before the move, more upside is likely for the second largest coin. With the long-term momentum still not being overbought, the token’s price might test the $500 mark in this leg higher, with Fibonacci targets ahead at $475 and $512. Support levels are found below $400 at 4380 and $350.

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ETH/USD, 4-Hour Chart Analysis

Ripple is also attempting another bullish move, while Monero and Dash are consolidating just below their recent highs, while IOTA is in a short-term correction pattern as well. More and more altcoins are now in the latter phases of their rallies, just like Bitcoin, but traders still have opportunities with favorable risk-rewards ratios. Let’ see the short-term charts.

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Analysis

Break-Out: Another Crazy Rally in Ethereum?

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What crazy rally you might ask? Bitcoin is the star, right? Everything was about BTC (and BCH) in the last few months, and lots of traders forget the gains that ETH posted amid the take-off of the ICO Rocket during the spring.

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Comparing ETH and BTC in 2017

By the numbers, out of the two largest coins, 2017 is still the year of Ethereum as the 3600% rise in the token’s price dwarfs Bitcoin’s impressive 630% gain. Could Ethereum be on the verge of another epic surge? Before answering that question, first let’s see what happened with the coin in recent months.

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How Did We Get Here?

ETH/USD, Daily Chart Analysis

Ethereum finally broke above the magical $400 barrier that has kept a lid on the token’s price for five months after the crazy run-up in May. What first followed after that stellar move, was a 70% decline top-to-bottom, with a flush-out panic low in July.

Our trend model turned long-term positive even before the spike lower, but since then, the coin only managed to get close to the all-time highs, while Bitcoin eclipsed the previous star with its dominant performance. Now the tide might be turning, as ETH is finally gathering bullish momentum and today it breached the $400 mark, flirting with a break-out from the giant triangle consolidation pattern.

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