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Global Cryptocurrency Market Hits $300 Billion

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The cryptocurrency market reached new highs Monday, as bitcoin and a handful of altcoins extended their record-setting surge.

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Global Cryptocurrency Market

The combined value of all cryptocurrencies in circulation topped $303.5 billion on Monday, according to CoinMarketCap. That was by far the highest level on record.

Cryptocurrencies have added a combined $21 billion in market cap over the past 24 hours. Compared to last week, the market cap has increased by more than 27%.

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The move above $300 billion has occurred at an astonishingly fast pace. About a month ago, the overall market capitalization was below $200 billion, itself a doubling of the June level. Currently, there are 14 cryptocurrencies with a market value of $1 billion or greater. Six more are worth $500 million or greater.

Bitcoin

Bitcoin accounted for roughly 48% of the 24-hour trade volume, with Bitfinex turning over more than $730 million worth of BTC/USD transactions. South Korea’s Bithumb facilitated $423 million worth of transactions, while GDAX facilitated nearly $303 million.

Bitcoin topped $9,000 on Sunday for the first time as investors continued to rally behind the world’s no. 1 digital currency. At press time, bitcoin was trading at a new record high of $9,696 for a total market cap of $162 billion.

Ethereum

Ethereum’s record-breaking rally continued on Monday, with the digital currency approaching $500 for the first time. Ether-to-dollar transactions were valued at $487.93 early Monday for a gain of nearly 5%. At current prices, ether’s total market cap is $47.1 billion.

With the advance, ether has added more than $157 over the past five days. It comfortably holds the no. 2 spot in the battle for market cap.

Bitcoin Cash

Bitcoin Cash (BCH) also contributed to the rising market cap on Monday, as it climbed more than 3% to $1,665.

BCH came into existence Aug. 1 as an alternative to the original bitcoin currency. After surging out of the gate, it would spend the next several months trading aimlessly until a failed activation of the Segwit2x hard fork turned its fortunes around. BCH/USD has tripled in value over the past 20 days or so.

There were no direct catalyst behind the latest upsurge in price. Instead, capital continued to flow into the cryptocurrency space over fear of missing out and on expectations of rising institutional demand. The arrival of bitcoin futures later this year could signal a profound shift in the alternative currency market as institutional cash has a greater say in price action.

The number of cryptocurrencies in circulation is also expected to spike as more businesses issue initial coin offerings (ICO). Token startups are growing at a feverish pace, with virtually every sector represented in the multi-billion crowdraise industry.

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

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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Altcoins

Trade Recommendation: XMR/BTC Pair Throwback

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The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

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Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

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As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer 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.

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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Altcoins

Trade Recommendation: FCT/BTC Bullish Reversal

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The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

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Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

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As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer 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.

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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