Crypto Market Update January 24, 2019

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Let’s look at another crypto market update today. In the past 24 hours markets are back again in the red area. The total market cap is falling, Bitcoin dominance is falling and it looks like we are heading towards yet another drop.

Top 10 coins and tokens

Bitcoin (BTC) stabilized again in the past days at $3,5k. A couple of days ago it saw a slight increase in price when it went up to $3,7k, but that wasn’t for long. But overall Bitcoin is in a constant downtrend. As we can see in the picture below, Bitcoin experienced a couple rather awkward price pumps and dumps. They seem very similar to each other. Ultimately this raises suspicion whether somebody is manipulating the price.

Bitcoin monthly chart. Source: coinmarketcap.com

Ripple (XRP) also is in a constant downtrend. As well as BTC, you can see small similarities in the monthly chart. XRP also is following the same pattern of a suspicious pump and dump (P&D) activities, but with much less activity. Especially when looking at the XRP/BTC line. It is almost intact.

XRP monthly chart. Source: coinmarketcap.com

Ethereum (ETH) saw a little bit of a different movement chart-wise, but also in a downtrend. In the past couple of days, it stabilized in the range of $116 to $119. As we can see, Ethereum also was a victim of a possible P&D manipulation around the same time as BTC and XRP.

Ethereum monthly chart. Source: coinmarketcap.com

Other coins and tokens in the Top 10 are experiencing a similar pattern. However, we found a small, but at the same time large difference between coinmarketcap.com and coingecko.com.

Top 10 coins and tokens. Source: coingecko.com
Top 10 coins and tokens. Source: coinmarketcap.com

When looking at coinmarketcap.com the Top 10th position belongs to Bitcoin SV with a market cap of $1,311,997,025, and at the 11th position is Cardano with a market cap of $1,114,076,369. But when looking at coingecko.com statistics we see a slightly different view. Coingecko reports that Cardano is at the 10th position with a market cap of $1,330,353,604 and Bitcoin SV is following in the 11th place with a market cap of $1,299,806,455. As for us, these are just numbers on our screens, this is quite a big difference between these two statistics websites. This raises an obvious question – which you should trust and which should you not?

Coingecko vs CoinMarketCap

The total market cap is calculated by multiplying the current total supply with the price (Current Total Supply * Price). Since CoinMarketCap and Coingecko calculate their prices on their own, this could be an issue of sources used. Coingecko reports that there are 275 exchanges, while CoinMarketCap reports that there are only 234. This could be the reason why we see such small but at the same time a large difference between these two statistics websites. Coingecko goes through a slightly bigger amount of exchanges, therefore, they will have a larger number of daily volume which then gets multiplied with the asset price.

Daily volume leaders

Top daily volume coins. Source: coingecko.com

When looking at the top coins sorted by their daily volume, we see quite a different picture if comparing with the top 10 coins and tokens in general. The daily volume could be a better measure to define which asset is currently the most popular in means of usage. We see that obviously, Bitcoin is the ultimate leader with almost twice as more volume as the nearest follower – Ethereum. However, the picture gets interesting when looking at lower places. EOS in third with $759 million in daily volume, followed by Zcash in 5th with a very close number of $732 million. Litecoin and Dash coming next and the surprise of the day – XRP sits only after them with a $336 million daily volume. These are hundreds of millions of dollars we are speaking about. Of course, we could speculate that a few whales could be manipulating the market, but that is very unlikely.

Top 100 Gainers

Top 100 gainers. Source: coinmarketcap.com

Holo (HOT) is the leader of the Top 100 coins and tokens, flying with +33% and a daily volume of $23 million. It looks like they have revealed their product prototypes of HoloPorts. Otherwise, there is not much info about it on Twitter, only a few trader signals.

PundiX is gaining hard with +13%. They recently had a stand in the Binance Blockchain Event. Reports of very good feedback in Reddit
No other significant news on the top gainers today.

The overall market situation

It looks like we are testing new grounds, hence the sideways movement for the last couple of weeks. Just like when Bitcoin was at $6k we experienced a heavy drop to $3,5k. Many say that we are prepping for a similar action, falling to $2k or even lower. There are a few indicators on this as the total market cap and the top assets have an overall downtrend in the last month. There was an opinion that the bear market is going to continue for about 60 days more. Also, we are soon going to be in the longest bear market crypto ever experienced.Β 

Source:

coinmarketcap.com
coingecko.com
coin360.com

Market Update. Thursday, January 17, 2019.

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Let’s do another market update today. General crypto markets are still going sideways, possibly preparing for a downwards move. Let’s dig a little deeper into what is happening with cryptocurrencies today. 

The overall situation

The total market cap is resting at $121 billion and the 24h volume is $16 billion. In the past week these numbers are jumping up and down from $128b to such lows as $116b, but in general the cycle is staying rather even. There are 16199 markets open and 2109 cryptocurrencies in this space.

Bitcoin dominance is slowly stepping up in the past week going from 51.17% to 53.07% on 13 January. Now tumbling back at 52.36%.

As we remember Bitcoin was going sideways for a long time when the price was at around $6,500 and then it experienced a decent crash to $3,500. I believe we are prepping for a similar situation. Moreover, there are bullish signs of large countries willing to invest in Bitcoin. So it is believed that they want to drive the price down once more.

The top 10 coins and tokens

Today the top 10 cryptocurrencies aren’t showing much movement. It looks like we are on a crypto holiday season. On the other hand, these assets are starting to prove their consistency, but let’s not jump to conclusions yet. We soon could experience either a hard fall or a booming upwards movement. The number one cryptocurrency is still dictating the way other assets are moving. Bitcoin is still at the top, trading at $3,637, followed by XRP $0,32 and Ethereum $122. Bitcoin Cash is surprisingly still resting as the 4thmost popular cryptocurrency despite all the drama with Bitcoin SV, which currently 10th. Overall, generally speaking, the top coins lost even more since yesterday and it looks like they are keeping the selected trajectory. 

Top Gainers in the top 100

However, when looking at the top gainers in the top 100, we see a rather different picture. Altcoins are surging their way into the green zone today. Apollo Currency (APL) is making its way to the moon with +109% today, and creating a chart that has been long forgotten:

APL has reached a new All-Time-High in this bear market! The volume just reached $1 million. It went from $0.000877 to $0.002225 in the past two days.
It looks like Apollo Currency has a huge community, and it recently got featured in Forbes magazine.

Also, Augur skyrocketing with +40% with no significant reason, although, people say that this has been going on repeatedly, and that this could be fake.

A Twitter user @CryptoPinoy claims that this is a repeating pattern for Augur.

As we can see in the picture, last two times that Augur experienced a bull-run, it dropped to new lows.

Moreover, Loopring going up with + 22%, PowerLedger making a move with +19%, Status with +12% and Steem with +10%.

Could this be a bullish sign, or just a temporary reminder of altcoins as such? As mentioned above, generally, we are going sideways for the past week or so, and this could be a small set up for an even bigger retracing back to $2k Bitcoin. 

Source:

coinmarketcap.com

twitter.com

Photo by Pexels.com

Market update. Friday, January 11, 2019

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Today we look at the crypto market update. Top coins and tokens are still experiencing a downtrend movement. Yesterday we experienced a massive plunge by all major top 100 coins. In this massive move, about $5 billion were wiped from the total market cap. A Big move falling from $138 billion to $121,9. Now it recovered and is sitting at $123,5 with an uptrend look-a-like. 

Total market capitalisation chart. Source: coinmarketcap.com

Market dominance

As we can see in the below picture, theoretically, Bitcoin dominance looks like is in a continuous downtrend. At the same time, it could be the beginning of the long-awaited recovery from the bear market which started at the start of last year’s March. Ethereum and Ripple are still fighting restlessly for the second most dominant asset position. Also, Litecoin slowly but steadily is gaining its dominance.

Market dominance. Source: coinmarketcap.com

Top coins and tokens

As we can see, all the coins are still following the pattern of Bitcoin. In this context, the market still has room to grow, because this is a significant sign of the market is not mature enough. But anyway, Bitcoin is still showing signs of an active bear market. Bitcoin is down by around -3% with XRP following by -4% and Ethereum closes the top 3 with around -5%.

Top 10 coins and tokens. Source: coinmarketcap.com

Overall, in the top 100, we can see a lack of significant movement. Mostly all coins are in a downtrend or in a sideways movement. Except for cryptocurrency Verge, which is booming today with +26%. They recently announced the second beta version of their mobile iOS wallet which could be the reason for this move.

Top 10 gaining coins and tokens in the top 100. Source: coinmarketcap.com

Top Gainers and Losers

Despite the lack of movement in the top 100, lower ranking coins are experiencing more significant moves. EncrypGen is up +165% (traded on Cryptopia exchange), CariNet +98% (traded on BCEX) and Timicoin + 91% (traded on IDAX). All these coins daily volume for the past 24h is around $200,000 which is very weak and low conditions for hope to actually gain some profits. However, this means that altcoin markets are still alive and if you make a shot in the dark you might actually get lucky. But anyway, we would not recommend to neither trade within these exchanges, nor invest in these assets are they are with a high-risk factor. Invest only the amount of money you are willing to lose.

Top Gainers. Source: coinmarketcap.com
Top Losers. Source: coinmarketcap.com

Top Exchanges

When looking at the top 5 exchanges, we see Binance still as the outright leader of all exchanges. However, the exchange is experiencing a -12% loss in their 24h volume. OKEx is coming as the undefeated second place owner with -3% change in their daily volume. Bit-Z with -12% change in volume comes in 3rd, Huobi with a surprising +20% in daily volume comes in 4th place. The top 5 most popular exchanges close with DigiFinex which experiences only a -4% change in their daily volume.

Top Exchanges. Source: coinmarketcap.com

And yet we ask again – Could this be the last stop before take-off?

All the information was taken from CoinMarketCap.com.

Crypto markets review, December 14

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Lately, we have seen only market falling. Not a single day of market uptrend movement or at least a bullish sign. Sure, some of the coins and tokens have seen a little uptrend, like TenX, but if we look at the big picture – the market is continuing to fall. What could be the cause for this? And what should we expect in the near future?Β 

Bitcoin falls under $3,500 mark

In a recent post, we also covered a market research article, and we came up with a prediction. If Bitcoin goes under $3,5k, then we should expect it to go to such lows as $2,000. After that, if Bitcoin falls under the $2k mark, we should be expecting it to go as low as $1,1k. These measures are done just by merely locating previous points in the Bitcoin chart when a bull run emerged a.i. the lowest point before a specific uptrend.

Bitcoins previous bull runs

As mentioned above, last year Bitcoin experienced a few severe bull runs, and now it’s returning to some of them. It just passed the 3.5k mark, which indicates that the coin could be going as low as $2k, or even $1,1k. If we dig deeper into the Bitcoin chart, we see, that around the beginning of last year – January to April, Bitcoin accomplished several milestones to which it could be returning. For example, if BTC goes past the $2k and the $1,1k mark, we are left with three more options where the asset could be leveling out. We have $930 as a possible milestone, next $790 and last, but not least we could be going as low as $530 for a single coin. Of course, that sounds depressing even writing it, but we are just pointing out the possibilities. There is a tiny chance that Bitcoin goes to such lows, but it’s always nice to know your choices.

BTC/USD Coinbase chart on tradingview.com

Market cap dropping

Total market capitalisation, coinmarketcap.com

The one thing which goes along with the market price is the total market valuation or total market capitalization. This chart looks like the Bitcoin chart because the market still is very volatile and Bitcoin dictates the rules of other cryptocurrencies. Also, that is because Bitcoin accounts for more than a half of the whole cryptocurrency asset class. At the time of writing, the current total market capitalization is $104,916,231,976, judging by coinmarketcap.com. Exactly one month ago, on November 14th, the full market cap was $209,106,319,178. So as you can see, it has dropped by an exact half in just a month. I mean, we are talking $100 billion in a month.

Coins react to good news

Top gainers in the top 100, Coinmarketcap.com

Considering that recently almost all crypto assets have seen a continuous downfall, it’s not a rare exception when some of the coins are gaining something as well. For example, at the time of writing, 12 assets sees a slight uptrend today. When in fact, 4 of these assets are stablecoins. At the top is Waves with +18.89% today, because they just released their new features: Smart Assets and Smart Account Trading. TenX PAY token is another asset which is soaring in the past days. They just had a Q&A with their CEO, Julian Hosp, a few days ago, where he announced the new TENX reward token. Also, he revealed new updates to the project and eased everyone’s mind about the upcoming crypto debit cards, which could start shipping during mid-December.

Waves chart, coinmarketcap.com

The possible cause

To determine the cause of this market downfall, we have to go back to when it started. This vast, one-year long bear market began at the very beginning of January. The evening of January 7th probably to most investors at that time seemed like any other day. Like any other previous day of +10 to +50% of market gains. But on that day, this market pulled a giant switch, which led to a continuous market downfall. Bitcoin had already entered its bear-run and was lounging at $14k, but the general market cap had reached its peak at $834,117,000,000. Respectively, from that day onwards, the market started to plunge. The cause could be that early investors saw a possible top forming, and began to cash out. And the same happened trough-out the year. People/investors saw the market reaching even more significant lows and fleeing the crypto scene. Possibly, putting their investments into more stable assets.

What to expect next?

The market itself is very unpredictable. It’s hard to tell whether we will continue to dig deeper into the bear market, or could we finally see a sign of a bull-market approaching. One of the symptoms could be a consecutive week of a healthy uptrend. Also, a few regulations could start the switch. However, it’s more likely to see an uptrend forming next year, rather than this year. I think it’s clear that this year we won’t see a similar market situation like last year. The only two things which are clear and 100% justifiable – from this point on, the market can go only up or down.Β 

Source:

https://goo.gl/aBYQB4
https://goo.gl/VBSb5G

With Christmas approaching, cryptocurrency markets see red candles.

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After a snowy weekend, December 3 hits the calendar, and unwillingly, to all the cryptocurrency traders this makes them reminiscent about the bull run we experienced last year. One year ago, we thought that this was the major crypto adoption, and some of us couldn’t see how that could be going somewhere else, but up. ICOs were booming, influencers were in the head of the game, and it almost seemed like you could invest in any of the projects that came out because a x10 profit was self-evident. 

Nothing of that can be said about this December, as we open up coinmarktetcap.com, and yet again we see only red accents. Market cap was three times larger than now, and already we can see some significant changes in the top 10 most popular crypto-top

Exactly one year ago

bitcoin stock market crash

As we can see, the picture back then was a lot brighter than now. Bitcoin was trading at $11,176, Ethereum was the second largest cryptocurrency, Dash was nr. 5 and BitConnect was still scamming people like nothing. Monero, Bitcoin Gold and IOTA have left the top 10 after a year, but at the same time, Stellar, Tether, EOS and Bitcoin SV have replaced them. You might want to think that there’s nothing changed, but the positions of some cryptocurrencies, but think again.

If we look at the current market cap for each coin which has remained in the top 10 list, we see a staggering decline in value. For example, Bitcoin’s market cap on December 3, 2017, was $186,851,799,628, comparing to today’s $69,929,197,213, which is almost three times less. You can observe the following with other cryptocurrencies as well. Litecoin had $5,443,078,362, but now rests at $1,915,803,929, also, three times less.

The good thing

Let’s not talk about only the bad things we get from these last year statistics and let’s focus on more positive things. For example, the first thing that we can see is successful projects and cryptocurrencies which endured the year-long bear market and managed not only to develop their idea further but to maintain their community’s interest in the project.

The other rather positive thing is that if we look at 24h volume for each coin and compare it with last year, you can see an increase despite the price fall, despite the market cap, which would lead us into thinking that cryptocurrencies today are used more than they were a year ago. Bitcoin’s 24h volume today is $5,164,916,673 which is shy of a billion larger than a year ago when it was $4,826,067,051. Interestingly enough, Ethereum has seen the biggest increase in 24h volume, despite all the FUD whats revolving around it. Last year Ethereum circulated $822,953,290 in volume, but today $1,867,401,151. That is a little over one billion more, which makes you think – then where is all the money at? Ethereum is the absolute leader in increased volume throughout one year.

However, the significant volume increase only applies to the top 3 coins we see today. Others had a minimal increase, some a minimal decrease.

If we made a competition on who lost the most volume in one year – it’s obvious who’d win. BitConnect!

bitcoin stock market crash 2018

Markets today

As mentioned above, today cryptocurrency markets are coloring the picture red, with rare green accents. Bitcoin is trading at $4,017; XRP at $0,36; Ethereum at $113,53 and Stellar, which recently jumped to the no. 4 position going pass Bitcoin Cash, is trading at $0,15. The bear is still winning over the bull, and it doesn’t look like some time soon this is going to change. One of the most surprising assets is Bitcoin SV because in only a couple of weeks it has managed to jump in the top 10 most popular cryptocurrencies and takes a decent share of the market.

However, the good thing is that volume is increasing, and Bitcoin is still the king of crypto, it’s dominance since last year has fallen by only 3%. We need to reconsider how this past year has affected the crypto market, either yourself as a trader/hodler/enthusiast. Can we learn from past problems or not? That is the question. If another bull-run emerges – are we also going to be as blind as during the previous one? Hope not. 

Source:

www.coinmarketcap.com

Photo by Lorenzo Cafaro from Pexels

What is happening with the market?

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Lately, we have seen only red accents when looking at coinmarketcap.com, coingecko.com or any other cryptocurrency statistics website. Although today the market is looking a lot greener, the general perception of an incoming bull-run hasn’t changed much. There has been a lot of FUD in the crypto community as a lot of bearish tweets of getting out of cryptocurrencies and selling everything have become quite popular. 

On the other hand, the Bitcoin Maximalist camp is looking at this pretty positively, justifying that β€œmany sh*tcoins are dying out,” which, in their opinion, is a particularly good sign. It leaves room for Bitcoin to grow. Whether this is true or not, no one knows, but the fact is that most of the ICOs and cryptocurrency projects from last year have lost 95-97% on average from their all-time high (ATH). 

Top losing altcoins

Source: OnchainFX

In the picture above you can see the top 15 of those coins which have lost the most value. As we can see Zclassic, GameCredits and Ethos are the top losing projects, having lost 99% in value. When looking into Zclassic twitter page, it was surprising to see only 1,862 followers. Their activity also is feeble. The last retweet (not even a post) was published on September 7. Also, there has been only 2 GitHub commits in the last 90 days. That all could lead up to an abandoned project.

However, GameCredits has working products like G-Nation which includes G-Play and G-Share. Their mission is to build a worldwide community for gamers and game publishers. However, looking at the price of GAME it looks like they are not doing that well. Especially, if users can purchase games with GAME, or earn it while playing. It looks like it’s not rather profitable for users to use it. Also, only 10 commits on GitHub in the last 90 days. On the other hand, their Twitter page is booming with followers (30k), and they are continually publishing their updates on the GameCredits Foundation. However, the fair point is that GameCredits are competing with an already established industry leader – Steam. Also, NEO (NEO) and TRON (TRX) are entering the blockchain gaming industry, and those are huge companies. How is that going to work out for GAME – we’ll see.

Speaking about Ethos, they have plans to build a universal wallet for all the cryptocurrencies available β€” kind of what Coinbase has now. Moreover, their internal token – ETHOS, was supposed to be a facilitator of the platform, by mainly reducing fees and allowing users to access certain services on the platform. Ethos also has lost 99% from their ATH. They claim that 60k users are using their platform with almost 1000 joining in every day. However, the thing is, they are planning to implement a fiat gateway with multiple features, which would lead up to thinking that their token might be dying out.

Bitcoin likes bear markets

Overall, the picture looks dreadful. The question is, whether the investors, who helped these projects to raise money, will ever get their return of investment. That is a good question which possibly is asked multiple times during the day. Especially after these bear moves, the market was performing in the last couple of days. These lows don’t necessarily mean that the market is dying out. Cryptocurrency markets have experienced multiple bear markets, and there is no sign that this should be the last one. The history shows that each one of the previous bear markets leads to even higher prices and larger market caps. Whether this is also going to be like that, we can only wait and guess.

The fact is that by each of these bear markets, the bitcoin price has retreated to a previous all-time high. As we can see in the picture below – this looks exactly the case. Now the question is – whether it might fall even lower – to a different previous ATH. Bitcoin price could fall to a $2000 mark or even lower – to a $1000 mark. Because if we remember, the rise from $1000 to anywhere around $4000 was pretty quick, so we wouldn’t be surprised to see even lower price setbacks.

The market

When looking at how this past year has been treating us – the picture is not so confident as we intended it last year. This was supposed to be the year of privacy coins, but that seems to be postponed till next year. The good thing is – this year has boosted the Bitcoins dominance over other cryptocurrencies. It survived the lowest point of 32% in January when the bear market emerged. Now resting at 53-54% for quite a while. It almost looks like it soon could reach the highs of December 2017 when it was around 67% continuing in a pace like this.

Source: Coinmarketcap.com

A few things that fall into our eyes are that Ripple has overtaken Ethereum in market dominance by almost 3%, which has happened only a couple of times in the history of Ethereum. Also, we can see that Bitcoin Cash is losing dominance pretty steadily and Litecoin somehow stays stable around its 1,5% market dominance.

Source: Coinmarketcap.com

The overall cryptocurrency market cap also had dropped quite significantly from its peak in January when it was $829 billion. Currently, it has suffered a severe drop from $210 billion to $130 billion in these last days. It was going sideways for about three months and now seeing this big of a decline, still kind of draws the descending pattern.

So when bull?

This is probably the most common question among crypto-supporters, and no one can quite answer it. The fact is that after a month we will have suffered a year-long bear market. Is it going to continue? The most realistic outcome in our mind would be that Bitcoin keeps loosing price, but gaining dominance. This bear could stop at $1100, and it also could stop at $2000. By all means, this is just a speculation. The price will rise when people start buying Bitcoin. What will be the most appealing price for people to start buying it? Also, at the moment, assets on this market are not individual. They all fall under Bitcoin, and if Bitcoin price ascends, altcoins follow. So we all have to wait for Bitcoin to make a move. 

Source:

https://messari.io/onchainfx
https://www.tradingview.com/
https://twitter.com/WhalePanda
https://zclassic.org
https://gamecredits.com
https://gn.org
https://twitter.com/gamecredits?lang=en
https://www.ethos.io/token/
https://goo.gl/eN7R95

Photo by Pexels.com

Tether falling!

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Today, October 15th, the crypto markets are seeing mostly green accents, but one asset, in particular, stands out. It is Tether (USDT) which, up until now, was the most popular stablecoin in the crypto ecosystem. But lately the market has seen quite a few regulated stablecoins appearing, the most popular being TrueUSD (TUSD) and Gemini Dollar (GUSD), and that is rumored to be the cause of Tether plummeting.

Tether is now trading at $0.95, thus it has lost its peg to the US Dollar.

Tether has seen some controversy in the past since it has received claims of a possible scam from several critics.

I believe this is self-evident and was bound to happen since the regulated stablecoins are surging into the crypto markets. And obviously, if there is a regulated alternative for Tether, I can’t see why investors and traders hadn’t switched away from it earlier. Possibly it might have something to do with the market situation today because most of the top 100 coins are seeing green gains, and traders and investors could be starting to alternate the options of moving their funds to a more stable and regulated alternative asset.

But then again, this could all just be a simple FUD, because this is not the all time lowest price of Tether. The asset has seen some significant lows during April when it reached $0.91.

And if we are comparing the market cap provided by CoinMarketCap.com, we can clearly see that Tether is worth almost 20x more than TrueUSD and Gemini Dollar combined.

Some headlines read that traders and investors have β€œlost faith” in Tether, but I can’t seem to believe it as truth, just because the basic fact that Tether is being traded on most of the top 100 exchanges in the crypto-space, and to plummet this asset would require a massive sell-off from almost all exchanges the asset is trading on.

Source:

https://coinmarketcap.com/currencies/tether/#markets

Photo by Canva.com