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ETH/USD: Momentum Builds North of $300

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Ether prices caught a tailwind this weekend, rising above a key psychological threshold in the latest sign that the crypto asset class was regaining momentum.

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ETH/USD: $300 and Beyond

The ETH/USD first broke above $300 on Friday before continuing higher over the weekend. Ether maxed out at $313.90 on Sunday, according to Bitsamp. That’s the highest level since early September. At the time of writing, the pair is consolidating above $310.

Ether is conveying numerous bullish signs as prices continue to push north of $300. The ETH/USD faces immediate support at $305. On the opposite side of the ledger, a rally toward $330 is looking more and more possible from the perspective of relative strength and the MACD.

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Crypto Market Overcomes Mid-Week Slump

Ethereum and Ripple recently led the cryptocurrency market out of a mid-week slump. The cryptocurrency asset class is now worth $152 billion, according to CoinMarketCap, even as a majority of tokens posted weekly declines.

The market took a beating early last month after China rolled out comprehensive bans on initial coin offerings and bitcoin exchanges. Recent developments out of the mainland suggest policymakers are looking to regulate cryptocurrency instead of  the blanket ban currently in place.

According to CnLedger, a major source of cryptocurrency news in China:

“Xinhua News, official press agency of CN: Virtual currencies have become the top choices of underground economies. We shall adopt ‘0-tolerance policies’ towards crimes hidden underneath and take measures such as record-keeping, licensing, AML processes, real-name, limiting large transactions.”

ICO Market Continues to Underpin Ethereum

The ICO craze sweeping the globe has shined the spotlight on Ethereum, whose superior technical specifications and smart contract capability have given birth to a new market. If the current trend continues, Ethereum will likely generate hundreds of crypto-offspring as more startups exploit the platform to mint their own digital currency.

More than $2 billion has been raised to date in ICOs, with the vast majority relying on the ether blockchain. Startups relying on Ethereum must bear the costs of using the network to process transactions. In this way, ether tokens provide access to, and payment for, the transactional role of the Ethereum blockchain.

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Cryptocurrencies

Crypto Market Reaches Historic Milestone as Ether, Ripple Surge

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The cryptocurrency market reached a historic milestone Wednesday, as the combined sum of all coins in circulation peaked above half a trillion dollars for the first time. The gains were mainly driven by Ethereum and Ripple XRP, a pair of high-profile altcoins that have been on investors’ radar for some time.

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Global Crypto Market Cap

The combined value of cryptocurrencies in circulation broke above $500 billion on Wednesday for the first time ever. According to CoinMarketCap, the overall market peaked around $512 billion at around 15:17 UTC.

At last check, the total market capitalization was around $498.5 billion. That represents a gain of 29% over the past seven days and 144% over the past month.

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As the following chart illustrates, bitcoin’s dominance has declined sharply since February as altcoins proliferated. At the start of the year, bitcoin represented nearly 95% of the global cryptocurrency market in terms of value. That figure fell to a low of 39% in June, and has since moderated around 60%.

Ethereum has seen its percentage rise the most relative to bitcoin. At its highest, ether accounted for nearly one-third of the market value, according to CoinMarketCap data.

Ether, Ripple Step Up

Earlier in the day, Hacked reported that ether prices surged past $700 for the first time in a renewed show of strength. The gains were largely driven by positive headlines out of Switzerland after UBS, Barclays and others announced they would be leveraging Ethereum’s smart contracts to meet new stringent regulatory requirements.

At press time, ether was trading right around $700. That translates into a total market cap of $67.2 billion.

Ripple XRP also climbed to new highs Wednesday as prices peaked a hair shy of 50 cents U.S. Ripple was last seen trading at 0.4841, having more than doubled in the span of a week. In fact, Ripple’s gains have been so dramatic that it overtook Litecoin in overall market cap. Ripple’s market is currently valued at $19.1 billion, placing it fourth among active crpyptos.

The recent gains in the altcoin universe highlight the importance traders are placing on the news headlines. It also sends another clear signal that the cryptocurrency market is about much more than just bitcoin. In the case of Ethereum and Ripple, each system provides its own unique advantages that go beyond just transactions.

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.

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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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Cryptocurrencies

Trade Recommendation: Syscoin

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The price bounced from the support zone formed by the uptrend line and SMA50. MACD and DMI support upward movement. If the price breaks the resistance level and the previous swing high, we’ll get a signal confirming that the market is going to move higher. Pending orders for buy can be placed at 0.00002550 level with stop orders at 0.00002150 level. Profit targets are 0.00003000 and 0.00003800 resistance levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: SYSBTC
Buy: 0.00002550
Stop: 0.00002150
Profit Targets: 0.00003000 and 0.00003800

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Syscoin.

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