Altcoin Rally Leads Crypto Market Cap Past $220 Billion for the First Time in a Month
Published Sam Bourgi
Cryptocurrency prices were seeing mostly green on Wednesday, as large advances in bitcoin cash kept the market trending in positive territory ahead of next week’s highly anticipated hard fork. While gains have slowed considerably in the last hour, most major assets are higher compared with Tuesday. Market Update
The combined value of all digital assets reached a high of $221 billion on Wednesday, levels last seen about a month ago, according to CoinMarketCap. At the time of writing, the crypto market cap was valued at $220.3 billion.
Trade volumes have picked up by nearly 15% in the last 24 hours, reaching $16.6 billion.
Volumes are up 53% since Friday, when the breakout began.
Among the top-ten coins, bitcoin cash was once again the standout performer, adding 12.1% to $632. The BCH price has surged more than 51% over the past seven days.
Ethereum rose 3.
8% to $220, its best level since Oct. 10. EOS advanced 1.4% to $5.
70, Stellar XLM climbed 2.1% to $0.2577 and Litecoin rose 1.4% to $55.
03 (all figures according to CoinMarketCap).
Bitcoin’ price rose 1.7% to $6,538. Its share of the overall market capitalization has dwindled to around 51.6%, based on latest available data.
Double-Digit Advances
A majority of top coins listed in the top-ten have quietly strung together double-digit gains over the past seven days, highlighting the extent of the latest recovery attempt. Below is a breakdown of the double-digit gainers during the past seven days. Cryptocurrency 12.1%
By comparison, bitcoin is up just 3.2% over the same stretch.
Bitcoin cash has been the major catalyst for the large rally, with investors piling into BCH to earn commensurate coins following the Nov. 15 hard fork.
XRP and Stellar Lumens have also realized outsized gains as cross-border payment platforms continue to benefit from broad partnerships and real use cases. Both appear to be benefiting from positive speculation that Coinbase may soon list the assets on its platform, thereby enabling instant fiat transactions. Earlier this year, Coinbase said it is considering five cryptocurrencies for possible inclusion on its platform.
Already, two of the five – Basic Attention Token and 0x – have already been listed.
Coinbase’s chief technical officer Balaji Srinivasan recently commented on the state of cryptocurrencies, arguing that digital assets are increasingly entering mainstream consciousness at major tech firms. Srinivasan tweeted the following earlier this week:
“Sundar Pichai & Sergey Brin’s sons are both mining crypto; Facebook is doing blockchain; Square open sourced some nice cold storage code; Microsoft, Amazon, Google Cloud all have blockchain efforts; crypto is entering the tech mainstream.”
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. Important: Never invest (trade with) money you can’t afford to comfortably lose.
Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here . Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate.
Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 0 votes, average: 0.00 out of 5 ) You need to be a registered member to rate this. Loading… Sam Bourgi 4.6 stars on average, based on 659 rated posts Sam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world’s foremost cryptocurrency resources.
Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam’s work has been featured in and cited by some of the world’s leading newscasts, including Barron’s, CBOE and Forbes. Contact: [email protected] Twitter: @hsbourgi
IOTA Price Analysis: Daily Candle Being Held by Vital Near-Term Descending Trend Line You may like
You must be logged in to post a comment Login Leave a Reply IOTA Price Analysis: Daily Candle Being Held by Vital Near-Term Descending Trend Line
Published
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MIOTA bulls have a big near-term challenge, attempting to break above an 8-week descending trend line. A failed break above the mentioned resistance, could see a complete reversal of the latest bull run.
IOTA’s native token MIOTA has enjoyed a firm consistent bull run of late. The price having gained 18% over the past eight going on nine sessions.
It is running at three consecutive sessions of closing on the daily in the green. Bulls however today have been halted by a strong near-term descending trend line, which could hamper further gains. MIOTA/USDT daily chart Near-Term Key Resistance
The above-mentioned descending trend line has been running from 22 nd September. After this, the price met the resistance again, between 8-9 th October. A firm rejection was observed, which saw the price drop over 21%. At the time, that fall saw the price at the lowest level seen since 23 rd August. It has remained firmly below this since its formation.
There are several confluences in the near-term to back the bearish bias.
Firstly, as mentioned with the descending trend line. Secondly, this is in proximity to the 38.2% Fibonacci, which is seen at $0.5200.
Lastly, there is a supply zone sitting where the trend line and 38.2% Fibonacci track, $0.5230-0.5400.
The price most recently fell victim of this supply on 18 th October. Downside Targets
Looking at the downside targets, should the bears manage to regain full control, eyes will be on support seen around $0.4880, which is where the 23.6% Fibonacci lays.
This proved to be a sturdy near-term area of comfort, having supported the price for 8 sessions, from 19 th to 26 th October.
Should this fail to hold, a complete reversal of the latest bull run could be seen back below $0.4400. Upside Targets
On the other hand, if this daily candle manages to breach and close above the tough area of resistance it could leave the door wide open to a chunky new wave of buying. The first near-term target would likely be $0.5409, 50% Fibonacci and the 18 th October high. A rejection the last time the price met with this resistance saw a gradual fall back down to the 31 st October low, just below $0.
4400.
Looking further to the north, a return to $0.6000 will come back into play, should the above-mentioned be cleared. The price last traded here between 8-9 th October, before seeing that initial heavy drop of over 20%. Lastly, a retest of the 23 rd September high up at the $0.
6500 territory would then be watched, where the running descending trend line started its formation.
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.
Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions.
Read my 6 Golden Steps to Financial Freedom here .
Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate.
Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 0 votes, average: 0.00 out of 5 ) You need to be a registered member to rate this. Loading.
.. Ken Chigbo 4.5 stars on average, based on 42 rated posts Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets. DASH Price Analysis: DASH/USD Bulls Capitalize on Bullish Set Up, Extending on Double Digit Gains
Published DASH/USD sees chunky double-digit gains over the past two sessions, and further upside is still eyed. Market satisfaction with Dash announcing new transactions support for Venezuelan citizens.
DASH bulls have demonstrated the strength of their run over the past two sessions now. DASH/USD has gained well into the double-digits, over 11% since 4 th November, when life kicked back into the bulls.
The price has pushed to its highest levels seen since 16 th October, when the market re-entered a bearish trend. Dash Related News Flow
Recently the Dash foundation announced the launch of ‘Dash Text’, a new product that will facilitate transactions for Venezuelan citizens, allowing them to send and receive DASH via SMS with no requirement for the use of internet or a smartphone. This move by Dash assisting them further in their growing presence within the country that is so dependent on cryptocurrency. All as reported by the CCN team . Technical Review – DASH/USD DASH/USD 4-hour chart
On the back of the above-mentioned news, the price on Sunday observed a chunky pick up in volume.
DASH/USD rallied over 12%, as the market digested the update hitting the news wires. Jumping from $152.87, up to a high on Sunday of $172.51, into a strong touted supply area. This is seen running from the early $170 mark, up to $173.
50.
Price action for DASH/USD had initially cooled somewhat, after the high print on Sunday 4 th October. A small period of consolidation was observed, between 4 th and 6 th November – today. During this, DASH/USD formed a bullish pennant pattern formation, which was breach in the session. Bulls ran through the upper resistance at the time, which was seen around $167.
20.
In the most recent bull run, which still has much momentum behind it, DASH/USD took out a running descending trend line to the upside. This had been in play since 29 th September, when the market had re-entered a firm downward trend.
DASH/USD had dropped over 20% below this trend line, barring the somewhat of a freak spike on 15 th October, seen across the market. Upside Targets
Looking to the upside, should the price see a firm daily closure above the mentioned descending trend line, it will likely keep the door open to further buying pressure.
The bulls next barrier is not then seen until the very high $180 region, early $190 area. DASH/USD last traded here on 6 th October, a very short-lived moment above the descending trend line. Support Levels
Above the breached descending trend line, this could accommodate a new area of support tracking around $167.80.
A failure to hold here would likely be very punishing to say the least.
Typically, fast chunky advances such as the most recent for DASH/USD, tend to be vulnerable to heavier falls, should the bears regain control. Eyes would then potentially be on a complete reversal of the latest bull run.
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.
Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions.
Read my 6 Golden Steps to Financial Freedom here . Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 0 votes, average: 0.00 out of 5 ) You need to be a registered member to rate this.
Loading… Ken Chigbo 4.5 stars on average, based on 42 rated posts Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets. .