Cryptocurrency market is starting to gain confidence

General overview

Market Cap: $343,721,340,582

24h Vol: $20,346,209,841

BTC Dominance: 40.3%

In the last 24 hours, new 20B have entered the market. Market capitalization has been steadily rising as you can see from the chart.  

News

News that came out is mostly around cryptocurrency use cases and adoption which is extremely positive. Most significant headlines are the following:

NASA Funds Development Of Autonomous Spacecraft That Uses Blockchain

The National Aeronautics and Space Administration (NASA) has awarded a new grant that supports the development of an autonomous spacecraft that could make decisions using Blockchain technology without human intervention, news outlet Space.com reported April 18.

Source: Ana Alexandre, April 18. Cointelegraph.com

IBM And Salon Media Pilot Blockchain Project To Prevent Fraud In Advertising Industry

IBM and Salon Media are piloting a proof-of-concept Blockchain product created by AdLedger, a nonprofit consortium that develops shared ledger technologies for the digital advertising market, Marketing Dive reported April 18.

Source: Marie Huillet, April 18. Cointelegraph.com

US Stablecoin Project Basis Raises $133 Mln From Major VC Firms

The US-based Blockchain project Basis (formerly known as Basecoin), which claims to provide a non-volatile cryptocurrency or stablecoin, has recently raised $133 mln in funding from big name investors, according to an official blog post published today, April 18.
Source: Helen Partz, April 18. Cointelegraph.com

Hedge Fund Och-Ziff Exec Leaves Wall Street To Become Coinbase CFO

The Chief Financial Officer (CFO) at Wall Street’s Och-Ziff Captial Management (Oz Management) has left to become the new CFO at major crypto wallet and exchange service Coinbase, according to Coinbase’s blog post published yesterday, April 17.

Source: Molly Jane Zuckerman, April 18. Cointelegraph.com

China’s Telecom Giant Huawei Launches Blockchain-As-A-Service Platform

Chinese telecommunications giant Huawei revealed its latest Hyperledger-fuelled Blockchain offering at a conference in Shenzhen Tuesday, April 17. The Blockchain-as-a-Service (BaaS) tool, which comes a month after the release of Huawei and Hyperledger’s joint project Caliper, will be known as the decidedly low-key “Blockchain Service.”

Source: William Suberg, April 18. Cointelegaph.com

Energy Giant BP Says It’s Tested ‘Internal’ Tokens

Energy giant BP would consider partnering with blockchain startups that are doing initial coin offerings, and it’s even tested tokens internally, an executive said Wednesday. Speaking at the Blockchain Expo in London, Julian Gray, the technology director for BP’s digital innovation organization, voiced a common theme: non-financial enterprises are perhaps more open to open-blockchain innovation than their financial-services counterparts.

Source: Ian Allison, April 18. Coindesk.com

 

Analysis

BTC/USD

In the past 24 hours, Bitcoin is up around 3,55%, coming from slightly below 8000$ to around 8200$ where is now sitting. Looking at the daily chart we can see that support has been retested, and it held up pretty good.

The current market sentiment for Bitcoin is slightly positive, meaning 65% out of 297 mentions in total are positive.

Source: sentiment.io

Zooming into the hourly chart we can see that another short-term support has been crossed and that the price is sitting just above it. A lot of wicks on these candles are formed, which means that there’s a lot of pressure from both sides.

Overall, hourly chart signals a buy.

Pivot points:

S3 4361
S2 5990
S1 6997.9
P 7619
R1 8626
R2 9248
R3 10877

ETH/USD

In the past 24 hours, Ethereum’s price is up by 6,37% coming from 501$ to 536$ where is now sitting. Looking at the daily chart we can see that the price is above the 1,272 Fibonacci level which is serving a support.

Current ETH sentiment is positive, meaning 74% of 171 mentions in total are positive.

Source: sentiment.io

Looking at the hourly chart, we can see that Ethereum’s price is on an upward channel, and is now interacting with the upper line of the channel.

Overall, hourly chart signals a buy.

Pivot points:

S3 183.46
S2 327.57

S1 415.01
P 471.68
R1 559.12
R2 615.79
R3 759.90

XRP/USD

In the past 24 hours, Ripple is up by around 8%, coming from 0.657$ to 0.7$ where is now sitting. Looking at the daily chart, we can see that the price has been repealed by the 0.786 Fibonacci level.

The current market sentiment for Ripple is positive, meaning 87,88% of 66 mentions in total are positive.

If we look into the hourly chart, we can see that the price has breached out of the triangle and is now sitting at the support line which is in the same levels as the starting point of the triangle.

Overall, hourly chart signals a buy.

Pivot points:

S3 0.13715

S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715

 

Conclusion

Yesterday’s pullback has been completed, and market capitalization is on the rise again. All three of the coin are testing their recent support levels so that the price can go further up. Having said that and, being that news is extremely positive, the market is starting to gain newly found confidence.