![]() On the technical chart, Ethereum is taking stakeholders on a ride, plain and simple. At time of writing, the second-most valuable virtual currency carries a market cap of $229.4 billion. However, in the trailing seven days, ETH gained almost 2% of value. Moving rapidly toward midnight, Ethereum ended up dropping close to 1% of market value in the past 24 hours. Source: Filippo Ronca Cavalcanti / įeaturing a more exciting profile among the elite cryptos, Ethereum ( ETH-USD) has been all over the map recently. I’d watch the 50 DMA closely as that support line must hold. Depending on upcoming economic data – such as initial jobless claims and housing starts – Bitcoin trading may be relatively muted. Interestingly, BTC at around $30,132 is steadily closing in on its 50 DMA, which clocks in at $28,725. Nevertheless, since June 23, Bitcoin has been running sideways and its recent weak performances haven’t inspired confidence. As well, it was encouraging that the coin didn’t drop down and test support at its 200 DMA. When BTC surged on the June 20 session, it broke through its 50-day moving average which had previously acted as upside resistance since May 8. Looking ahead, the leader of all cryptos prints an ambiguous framework. At time of writing, the original blockchain asset carries a market cap of $585.4 billion. Over the past seven days, BTC slipped more than 1%. Heading into the closing hours of Monday, Bitcoin finds itself down about 0.6% in the trailing 24 hours. Source: Sittipong Phokawattana / Īs the alpha wolf within the cryptocurrency pack, Bitcoin ( BTC-USD) commands the most attention and influence. Unfortunately, the Fed still has a long ways to go, likely impacting the below cryptos. Inflation is moving in the right direction, as I mentioned in a CGTN America interview. At the next meeting for the central bank’s policymakers, it’s possible that they could raise the benchmark interest rate. However, what has likely clouded some of the upward mobility in cryptos in the past few weeks may be the Federal Reserve. Basically, big moves in either direction open windows of opportunities for speculators to jump in and start making serious money. ![]() Much of the excitement of this space centers on its mobility. ![]() ![]() Generally, though, digital assets don’t like to stay rangebound for too long. Last week, cryptos hit a total value of $1.26 trillion, the highest point the blockchain asset market reached since the second half of April. However, the bulls need to figure out what to do next. After rebounding impressively from mid-June – when the total market capitalization of all virtual currencies was just above the $1 trillion level – the sector enjoyed newfound momentum, trading roughly around the $1.2 trillion valuation point. At some point, the fundamentals eventually matter, which may be the lesson for the week regarding cryptos. ![]()
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