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Cryptocurrency Value Growing $1 Billion per day

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It’s been 10 days since the value of all cryptocurrencies crossed $30 Billion for the first time. Today that value stands at more than $41 Billion.

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By value, we are referring to the market cap (price per coin times amount of coins in circulation) of more than 700 of the top cryptocurrencies, which are listed at: https://coinmarketcap.com

Not only is the overall value rising but the rate of growth is accelerating as well.

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Bitcoin has crossed $1500 for the first time ever and Ethereum is now above $80 again as the tipping point seems only days away.

As these assets are moving rapidly, we at eToro have decided to trade them as a progressive market should be traded. From now on trading in cryptocurrencies will be open during the weekend on our platform.

I say we have a party when the market cap reaches $50 Billion. At the current pace, it should happen by next weekend. Anybody in?

 

Market Overview

The debate last night was quite a spectacle indeed as the top two candidates compete for 55% of the French population that didn’t vote for them in the primaries.

Commentators are referring to this more as a no punches pulled exchange of insults.

You can see the full debate with English translation here:

A snap poll after the debate declared Emanuel Macron as the winner of the debate but as we’ve seen in the past this type of outcome is not necessarily indicative of how people will vote in the election.

Going into the weekend, we will need to consider not which portion of the population feels that each candidate will win but what percentage of voters from each side will be motivated enough to get off their couches on a rainy Sunday morning and get to the polls.

European stocks are looking rather chipper this morning, all opening with a green gap and breaking the stagnation seen in the US and Asian markets.

What the Fed Said

In their prepared statement the Fed delivered a substantial surprise to the markets. They dismissed the recent slump in economic growth calling it “transitory.” They figure that as the year progresses the economy will indeed pick up.

The markets took this as a signal that we are indeed in for two more rate hikes this year and that the next one will be next month.

Market expectations of an interest rate hike on June 14th have gone from under 60% yesterday to above 90% this morning…

The Wheel Turns

As interest rate expectations rise, so does the USDollar…

As the US Dollar rises commodities fall. Here is gold…

Crude oil fell as well, but in all fairness, it was probably reacting more to the inventories announcement than to the Fed. In any case, the technical support line that we’ve been tracking on the daily chart has been broken big time.

With the US Dollar rising and the commodities falling, the Australian Dollar took a massive blow and is now trading at it’s the lowest level since January.

Today the President of Australia Malcolm Turnbull will be meeting with President Trump in the United States. If all goes well for Turnbull, perhaps the Aussie will also turn bullish. 😛

What else?

Some data coming from England this morning as well as a mysterious emergency announcement from the queen.

Later this evening we’ll hear from Mario Draghi and Governor of the Bank of Canada Poloz, as well as a monetary policy statement from the RBA.

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.

Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

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Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

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While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

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Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

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