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Crypto Tech Analysis: SEC Influenced Bearish Market Rally in Play

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Cryptocurrency market over the course of this week has lost nearly US$ 17 Billion in overall market capitalisation and most of the decline stems from Bitcoins sharp decline. The progenitor of cryptocurrency suffered loss of nearly seven percent since Monday. This decline was triggered by delay from US SEC to respond to three Bitcoin ETF proposals submitted by top players in the cryptocurrency market yet again. Bitwise, SolidX are some of the long standing players aiming to become first Bitcoin ETF in the market but SEC’s delay in response while mostly expected by the market came at the time when market was stagnating and looking for directional cues to make a breakout resulting in bears gaining the upper hand. Altcoins remain passive and relatively immune to volatility in Bitcoin causing them to see comparatively lesser declines when considering Bitcoin’s losses.

Bitcoin: Bitcoin is currently trading well near mid- 10K handle having suffered sharp declines over influence from SEC’s decision to delay Bitcoin ETF’s yet again. Bitcoin lost more than US$ 14 Billion in market cap since last Monday and has a current market cap of US$ 189.62 Billion. The BTCUSD pair is currently trading at $10639 down by 6.58% on the day as of writing this article. When looking from technical perspective, the price momentum favors further decline in immediate future given prevalent bearish bias. The price is well below 9 and 50 SMA’s in most intra-day and daily charts while 30 min and 1 hr chart see price below all three SMA’s – 9, 50 and 100. RSI momentum used to measure momentum of price is currently well below oversold level at 29 with signal line seemingly flattening out suggesting bearish bias is likely to remain steady in immediate future. Bitcoin is likely to rebound if it managed to stay above $10500 but failure to stay above could result in further steep declines towards 10000 handle before Friday.

Ethereum: Ethereum has had a relatively safer price action compared to Bitcoin. We could even say that Ethereum remains relatively unchanged despite declines when compared with Bitcoin as Ethereum’s market capitalization still remains above 22 billion since Monday. Ethereum has lost nearly US$ 610 Million but still has a market cap of US$22.25 Billion and ETHUSD pair is trading at $208.95 down by 0.41% on the day as of writing this article. When looking from technical perspective, bears’ grip on price momentum of ETH seems clearly evident but bears lack enough strength to create an upset or breakout rally. The price is below all three SMA’s – 9, 50 and 100 across all intra-day and daily charts but the RSI indicator used to measure momentum is seeing signal trade remain well in neutral levels at 48-40 across intra-day and daily charts suggesting breakout is clearly unlikely in immediate future. Expected support and resistance for the pair are at 206, 204, 202 and 210, 213, 214 handles respectively.

Ripple: Ripple similar to Ethereum suffered relatively less declines and remains well within familiar levels albeit falling below 0.30 handle – a key psychological price level. Ripple lost over US$ 290 Million in market cap since Monday and has a current market cap of US$ 12.62 Billion. As of writing this article, XRPUSD pair is trading at 0.2961 down by 0.77% on the day. The technical picture mirrors Ethereum, the price is moving well below all three SMA’s – 9, 50 and 100 across all intra-day and daily charts while RSI indicator used to measure price momentum is moving with downward incline but remains above oversold territory and is moving within 45 to 43 levels across intra-day charts. Expected support and resistance for the pair are at 0.2950, 0.2945, 0.2930 and 0.2970, 0.2990, 0.3000 handles respectively.

.Source: .cryptopotato

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Litecoin (LTC), Binance Coin (BNB), & Stellar Lumens (XLM) Showing Sign of Upturn in the Long-term

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Cryptocurrency News Today – Litecoin and other cryptocurrencies showing a positive sign of improvement in their recent price movement. Litecoin, in particular, has prospective futures, traders and investors will gain massively if they invest, as their investment would not be in vain. Traders can invest for the long-term to reap enough profit in the coming time. Currently, Litecoin is ranking in the fifth position in the crypto market. The coin has surpassed the expectancies of the traders and investors in the last two quarters. Although, the present quarter is a bit unsatisfactory for the traders and investors due to the market price fluctuation.

Litecoin Price Analysis – LTC moving in an upward and downward trend, currently on a positive trend

The recent Litecoin price analysis shows the currency commenced with an increment of 1.36% on August 10th. Changing the price counter from $84.482 to $85.634. The upsurge persisted and saw the price accelerated from $85.634 to $89.968 by 2.15%. However, on August 12th, the currency started declining, the price dropped from $89.968 to $85.542 by 4.92%, this price was retained on 13th August, this decline persisted till on 14th August, where the currency experienced a massive decline 5.01% altering the price from $85.035 to $75.630. An unexpected surge was experienced on 16th August, as the currency gained 1.10%, moving the price from $75.630 to $76.460.

Stellar Price Analysis: XLM/USD – Stellar picking up well after decline, both short and long-term investment is advisable

Stellar is the most unstable currency among the major cryptocurrencies. On the recent stellar price analysis, Stellar is currently experiencing a bearish trend. The bear seems to be changing into a bull soon. So far, crypto analysts have predicted that the currency has the prospect of a massive increment in the long-term.

Stellar (XLM) Price Today – XLM / USD

NamePrice
Bitcoin$10,109.00-2.87%
Stellar$0.068-1.61%

Stellar price analysis, currently the price is indicating a substantial decline in the currency. In the past few days, the currency has been experiencing a fluctuating price movement. The currency soared from $0.072 to $0.073 by 1.91% on 10th August, on 11th August, the currency moved from $0.073 to $0.077 by 5.86%. While on 12th August, the currency dropped from $0.077 to $0.075 by 2.03%, this decline continued till on 13th August, where the price dropped by 1.98% from $0.075 to $0.074. On 14th August, the currency took a massive decline of 6.74% from $0.074 to $0.069. On 15th August, the currency accelerated from $0.069 to $0.070 by 2.09%. Presently, the currency is around $0.084.

Going by the latest stellar price prediction, the currency would be best for short term traders and investors. Although they also predicted that, long-term could also be advantageous as the future outlook of the company is optimistic. Overall, the investment in the currency would see investors and traders cashing out huge profits.

Binance Coin Price Analysis: BNB/USD – Short-term investment advised for traders due to the fluctuating price trend

In recent times, BNB currency has gone through a lot of price fluctuation, surprisingly, the currency is beginning to recover. Recently, the currency started showing an upsurge movement in the price trend. This recent event could take a turn and bring out Binance currency of if the downtrend movement. In the recent Binance price Update, the currency is indicating a decline, on 10th August, the currency commenced with $29.8532 and dropped to $29.65 by 0.68%, on 11th August, it soared from $29.65 to $30.15 by 0.69%, this price was retained On 12th August, But on 13th August, the BNB currency price dropped from $30.12 to $29.300 by 2.82%. The price continued the decline on 14th August, the decline from $29.3 to $27.056 by 7.66%. The price saw an upsurge on 15th August, it accelerated from $27.05 to $28.06 by 3.73%. Currently, the currency is trading around $26.92. In the recent Binance price prediction, traders are encouraged to invest in the currency for a short-term period, as the currency is forecasted to be in danger for any long-term investment. However, the short-term period given is enough for traders and investor to make a huge profit from the currency.

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South Korean Crypto Exchange Coinone Releases Criteria for Crypto Listing

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South Korean cryptocurrency exchange Coinone has released a set of criteria for determining whether to list new digital currency projects on the exchange.

In a blog post published on Aug. 8, Coinone described nine criteria cryptocurrency projects should comply with in order to be listed on the exchange. Coinone will specifically consider such issues as sustainability of business models, transparency of governance, token distribution plan, vision and value, market size, use case, team formation, roadmap achievement rate and marketability.

Focus on the South Korean market

In detailing the criteria, Coinone stressed that a crypto project should have a South Korean market-focused business plan, since the majority of its users are local citizens. Coinone also emphasized that it thoroughly examines the organization of the governance structure of listed projects and associated risks.

Apart from that, Coinone says that it considers a token’s future distribution plan, in addition to the project’s token issuance and circulation. Crypto projects also need to have a clear idea for what value they can offer compared with existing products and services in the market they are replacing.

“Since CoinOne generates revenue only from the fees incurred from transactions, we intend to list projects that can naturally generate trading volume as the project grows,” Coinone wrote.

Gradual expansion of services

The development comes in the wake of Coinone’s announcement on Aug. 7, in which it revealed a partnership with cybersecurity audit company CertiK and disclosures company Xangle to provide more safety and transparency for their crypto investors.

In April, Coinone announced its plans to expand with the launch of an exchange in Indonesia. The exchange’s Indonesian branch was initially set to support six cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Ethereum Classic (ETC), Litecoin (LTC) and Quantum (QAU).

Source:cointelegraph

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A Different Look at Crypto Market and Top Assets, How Dominated Is It?

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With Bitcoin regaining market dominance of over two-thirds of the entire combined cryptocurrency capitalization, discussions regarding market share of prominent altcoins have largely left the dominant cryptocurrency discourse. Here is a different outlook on the market and on how the top cryptocurrencies stack up with the rest.

Market dominance flows from alts to BTC since 2018

Market dominance between the top cryptocurrencies by market capitalization has changed over the last year. As of Aug. 19, 2018, as seen in the chart below, the three largest coins comprised 71.95% of the combined cryptocurrency market — an 8% difference to the figures seen now. Meanwhile, the top 15 cryptocurrencies of 2019 are still seeing more dominance than the top 20 of 2018, which represented 90.53%, and the top 25, which came to 91.53%.

Top crypto dominance over the rest of the market

One year ago, the 18 largest markets, comprising 1% of the 1,770 cryptocurrencies that were then-listed on CoinMarketCap, represented 89.85% of existing cryptocurrency wealth, while the remaining 99% comprised 10.15% — an 80% greater share than the 5.60% represented by 99% of the digital currency markets today. Compared with 12 months ago, the crypto markets show a redistribution of market dominance from altcoins back to Bitcoin (BTC), with the four largest altcoins among crypto assets posting the largest decline in market dominance. 

Currently, the four largest altcoins comprise 15.7% of the combined crypto market cap, a 42% drop from the 27.07% represented by the top four altcoins in August 2018. Additionally, the market share represented by the fifth- to the 14th-largest alternative cryptocurrencies has slipped from 9.85% of the total crypto value to 8.03%, while the 15th- to 24th-largest altcoins has fallen from 2.97% to 2.26%

BTC, ETH and XRP comprise 80% of combined crypto market cap

Bitcoin currently boasts a capitalization of roughly $179.55 billion, comprising 68.41% of the combined crypto capitalization of $262.45 billion. BTC’s market cap is up by 60% from $112,03 billion 12 months ago, with market dominance gaining by roughly one-third from 51.64%.

Roughly $21 billion worth of BTC changed hands during the previous 24 hours, comprising 33.02% of the combined cryptocurrency trade volume and ranking it as the second most traded crypto asset. 

Ether (ETH) is the second-largest market by capitalization, currently representing 7.55% of the combined crypto market cap with $19.80 billion. Ethereum’s market cap has fallen by 35% from $30.51 billion alongside a 46% drop in market dominance from 14.07%. During the last 24 hours, $7.88 billion worth of ETH was traded, ranking it as the third most traded cryptocurrency at 12.12% of all trades.

The third-largest market by capitalization, XRP, comprises 4.26% of the total combined capitalization, with a market cap of $11.18 billion. Year-over-year, XRP has posted a 17% drop in capitalization from $13.54 billion, and a 32% loss in market dominance from 6.24%.

Approximately $1.11 billion worth of XRP changed hands during the past 24 hours, representing 1.72% of all cryptocurrency trades and ranking XRP as the seventh most traded crypto asset. XRP is currently trading for roughly $0.26. 

The five largest altcoins represent 17% of total crypto value

Bitcoin Cash (BCH) is the fourth-largest crypto asset by capitalization, comprising 2.10% of the combined crypto market cap with $5.25 billion. In one year, BCH has shed 44% of its capitalization from $9,86 billion, while also posting a 54% drop in market dominance from 4.54%. In the last 24 hours, $1.81 billion worth of BCH changed hands, representing 2.74% of all trades and ranking it as the fifth most traded cryptocurrency. 

Litecoin (LTC) is currently ranked fifth by capitalization with $4.70 billion, comprising 1.62% of the total market cap of all cryptocurrencies. LTC’s market cap has increased by 40% from $3.36 billion over 12 months, alongside a roughly 4.50% increase in market share from 1.44%. Litecoin is the fourth most traded crypto asset, with a 24-hour trade volume of $3.18 billion, and with LTC pairings representing 4.92% of all cryptocurrency trades. 

Binance Coin (BNB) has a market cap of $4.25 billion, representing 1.62% of the total value of all cryptocurrencies and ranking it as the sixth-largest crypto asset. Among the top-15 crypto assets of by market cap, BNB is the strongest-gaining market of the past 12 months, ascending 11 rankings amid a 338% increase in capitalization from $970 million and a 260% gain in dominance from 0.45%. BNB is the 13th most traded market, with $294 million worth of Binance Coin changing hands during the past 24 hours, representing 0.45% of all crypto trades. 

BTC-USDT pairings account for 67% of all crypto trades

Tether (USDT) currently represents 1.55% of the combined cryptocurrency market cap, with a capitalization of $4.07 billion. Tether has gained one rank — from eighth to seventh — in the last 12 months, due to a 49% increase in market cap from $2.73 billion and a 24% increase in dominance from 1.25%. USDT is the most traded crypto asset, with a 24-hour volume of $21.6 billion. As such, USDT pairings represent 33.71% of cryptocurrency trades.

EOS is the eighth-largest cryptocurrency, representing 1.25% of the combined crypto market cap with a capitalization of roughly $3.29 billion. In 12 months, EOS has slipped three places from the fifth-ranked crypto asset amid a 31% drop in market cap from $4.81 billion alongside a 44% fall in dominance from 2.22%. 

Bitcoin SV (BSV) is the ninth-largest crypto asset with a market cap of $2.41 billion, comprising 0.92% of all cryptocurrency value. BSV is the 12th most traded cryptocurrency, representing 0.51% of all trades and with $330 million worth of BSV changing hands during the last 24 hours. 

Monero (XMR) currently ranks 10th by market cap, with a capitalization of $1.37 billion, comprising 0.52% of the combined cryptocurrency market cap. XMR has retained its ranking from 2018 despite a 15% drop in capitalization from $1.61 billion and a 30% drop in market dominance. 

Some altcoins have lost market share since 2018

Stellar’s Lumen (XLM) is the 11th-ranked crypto asset by market cap, representing 0.51% of cryptocurrency value with a capitalization of roughly $1.35 billion. In one year, XLM has fallen five places from sixth amid a 68% drop in market cap from $4,18 billion and a 73% loss of market share from 1.92%. 

Utility token Unus Sed Leo (LEO) comprises the 12th-largest crypto asset with a capitalization of roughly $1.21 billion. It was just launched in May 2019, equating to 0.46% of the combined cryptocurrency market cap. 

Cardano’s ADA currently posts a market cap of $1.18 billion, representing 0.45% of the combined cryptocurrency capitalization and ranking ADA as the 13th-largest digital asset. In 12 months, ADA has fallen four places from the ninth-largest crypto asset alongside a 56% drop in market cap from $2.66 billion and a 63% drop in dominance from 1.22%.

Tron’s TRX is the 14th-largest market, representing 0.43% of the combined cryptocurrency capitalization with a market cap of $1.13 billion. TRX has slid two places since ranking 12th one year ago amid a 23% drop in capitalization from $1.46 billion. TRX has also posted a 36% drop in market share from 0.67%. TRX is the 10th most traded crypto asset, with TRX pairings equalling $481.63 million in 24-hour trade volume.

Dash (DASH) comprises the 15th-largest crypto asset, representing 0.32% of the total crypto capitalization with a market cap of nearly $842.36 million. In 12 months, Dash has slipped one position, while posting a 34% drop from 1.28 billion and a 46% reduction in market dominance from 0.59%. Dash pairings equate 0.26% of all cryptocurrency trades, with a 24-hour trade volume of roughly $170.28 million.

BNB and LINK post strongest 12-month performance among top cryptos

Chainlink (LINK) is the 16th-largest crypto asset with a capitalization of $809.02 million, representing 0.31% of the combined cryptocurrency market cap. Of the top 25 cryptocurrencies by capitalization, Chainlink has posted the strongest performance since August 2018, gaining roughly 665% in market cap from $105.79 million alongside a 532% gain in dominance from nearly 0.05%.

The 17th-ranked cryptocurrency by market cap, Tezos (XTZ), represents 0.30% of cryptocurrency value with a capitalization of $780.90 million. Tezos has gained one rank in 12 months despite a 6% loss in market cap from $833.02 million and a 21% reduction in dominance from 0.38%. 

Neo (NEO) has a market dominance of 0.26%, ranking as the 18th-largest cryptocurrency with a capitalization of approximately $682.52 million. In one year, Neo has fallen three ranks from 15th to post a 46% drop in market cap from $1.27 billion and a 55% reduction in dominance from 0.58%. NEO is the 14th most-traded crypto asset, with Neo’s 24-hour trade volume of $294.80 million accounting for 0.44% of all cryptocurrency trades.

Iota’s MIOTA is the 19th-largest cryptocurrency, representing 0.25% of the combined crypto capitalization with a market cap of nearly $663,83 million. Since August 2018, MIOTA has fallen eight positions from the 11th-largest crypto asset amid a 56% slide in capitalization from $1.50 billion and a 64% drop in dominance from 0.69%. MIOTA is the 77th most traded cryptocurrency, with Iota’s 24-hour trade volume of $6.13 million.

Ethereum Classic (ETC) is the 20th-ranked crypto asset by market cap with a capitalization of $622.12 million, comprising 0.24% of the total value of the combined cryptocurrency markets. ETC has fallen seven positions from 13th alongside a 55% drop in capitalization from $1.39 billion and a 62.5% reduction in market share from 0.64%. ETC pairings represent 0.75% of all cryptocurrency trades, with ETC ranking as the ninth most traded digital asset with a 24-hour trade volume of $479.51 million.

The cryptocurrencies that are ranked 20-25 in the list (ATOM, XEM, MKR, USDC and CRO) represent 0.9% of the total cryptocurrency market value with a capitalization of just over $2,339 million. Their 24-hour trade volumes come to around $320 million.

Over 2,425 crypto markets represent less than 6% of total cap 

Of the 2,450 cryptocurrencies currently listed on CoinMarketCap, the 25 largest cryptocurrencies, comprising 1% of the total number of crypto assets, represent 94.40% of the combined value manifest in the total combined digital currency markets. As such, the remaining 99% of all crypto assets comprise just 5.60% of the total value currently manifested in the cryptocurrency markets.

One year ago, 99% of altcoins comprised over 10% of the entire crypto capitalization, signalling that many alternative cryptocurrencies have struggled to regain strength following the 2018 bear market. Further, the 10 largest altcoins have given approximately one-third of their market share back to BTC, dropping from 34% of the combined crypto capitalization to roughly 22% today.

Source:cointelegraph

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