The crypto market was split between cryptos that ended up in the green and in the red, with a bit more cryptocurrencies ending up gaining in the past 24 hours. Bitcoin is currently trading for $11,374, which represents an increase of 0.14% on the day. Meanwhile, Ethereum gained 0.77% on the day, while XRP lost 0.36%.
Daily Crypto Sector Heat Map
When taking a look at top100 cryptocurrencies, Celo gained 56.49% on the day, making it the most prominent daily gainer. Aragon (36.44%) and Siacoin (17.45%) also did great. On the other hand, The Midas Touch lost 20.75%, making it the most prominent daily loser. It is followed by Kusama’s loss of 8.81% and Reserve Rights’ drop of 8.72%.
Top 10 24-hour Performers (Click to enlarge)
Bottom 10 24-hour Performers (Click to enlarge)
Bitcoin’s dominance level has stayed at the same place as we reported yesterday, with its value currently at 60.35%. This value represents a 0.01% difference to the upside when compared to our last report.
Daily Crypto Market Cap Chart
The cryptocurrency market cap has increased significantly over the course of the day. Its current value is $360.28 billion, which represents an increase of $24.61 billion when compared to our previous report.
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What happened in the past 24 hours?
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- Market Wrap: Bitcoin Braces for $700M in Options to Expire; Record $7B Value Locked in DeFi (Coindesk)
- Crypto debit card provider Wirex migrates from Wirecard to Railsbank in the APAC region (The Block)
- Fidelity’s head of strategy has filed for a new bitcoin-related fund with the SEC (The Block)
- A look at Frankenstein code and copycat projects in the era of yield farming (The Block)
- Interview: Inside Look at FTX’s $150M Blockfolio Acquisition (Cryptobriefing)
- ConsenSys Acquires Enterprise Blockchain Quorum as Part of JPMorgan Investment (Cryptobriefing)
- Mastercard Files Patent for IOTA Tangle-Based Billing System (Cryptobriefing)
- SEC’s New “Accredited Investor” Rules Will Make ICOs More Accessible (Cryptobriefing)
- US coffee giant Starbucks turns to blockchain for beans tracking (Cryptoslate)
- Celsius Network raises more than $20M via equity crowdfunding (Cointelegraph)
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Technical analysis
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Bitcoin
Bitcoin has had somewhat a slow day after bottoming out near $11,090. The largest cryptocurrency by market cap tried to break the $11,460 resistance level at one point, but it ended up unsuccessfully. Bitcoin will need to gather quite a strong bullish presence if it wants to reach $12,000 anytime soon, as the upside is guarded by way too many smaller and bigger resistance levels.
With $700 million of Bitcoin options expiring on Friday, we may see a nice spike in volume and volatility. Various analysts predict that the price at its current position would be a good buying opportunity for futures traders, while a price near $12,000 would be a good sell opportunity.
Traders should take a look at Bitcoin’s movement around $11,460.
BTC/USD 4-hour Chart
Technical factors:
- Price is below its 50-period EMA and 21-period EMA
- Price is between its lower and middle band
- RSI is neutral but leaning towards oversold (41.02)
- Volume is average
Key levels to the upside Key levels to the downside
1: $11,460 1: $11,090
2: $11,630 2: $10,855
3: $12,015 3: $10,500
Ethereum
While it did not do much better than Bitcoin in terms of daily gains, Ethereum had a decent day. The second-largest cryptocurrency by market cap gathered a small bullish force to push through the descending trend. Not only did Ethereum push past it, but it also confirmed its position above it. With that being said, Ethereum needs a significant volume spike if it wants to reach past $400, or go any higher than that.
However, with DeFi booming and gathering interest from traders (and even creating new ones), Ethereum might be on the right track to show its true bullish nature in the mid-term.
Ethereum traders should look for Ethereum’s volume spikes and trade-off of that.
ETH/USD 4-hour Chart
Technical Factors:
- Price is currently below its 21-period and 50-period EMA
- Price is between its lower and middle band
- RSI is neutral (44.63)
- Volume is very low
Key levels to the upside Key levels to the downside
1: $415 1: $400
2: $445 2: $360
3: $496 3: $340
Ripple
XRP was the only cryptocurrency in the red in the past 24 hours out of the top3 cryptocurrencies by market cap. After bottoming out near $0.266 and recovering to around $0.28, XRP started dropping slightly again, reaching the current price of $0.275. The low volume and candles with small bodies and small wicks show almost no volatility in trading.
XRP traders should look for a volume spike before even considering a trade.
XRP/USD 4-hour Chart
Technical factors:
- Price is below its 21-period and 50-period EMA
- Price is between its lower and middle band
- RSI stable and leaning towards the oversold area (38.69)
- Volume is below average and stable
Key levels to the upside Key levels to the downside
1: $0.285 1: $0.266
2: $0.31 2: $0.2454
3: $0.32 3:$0.235
One reply on “Daily Crypto Review, August 27 – $700 Million of Bitcoin Options Expiring on Friday: Prepare for Volatility”
Interesting September ahead!