Market Cap: $255,642,066,379
24h Vol: $14,559,907,139
BTC Dominance: 42.6%
Cryptocurrency Market Consolidation: In the last 24 hours, things haven’t changed much. After the initial spike up, the evaluation of the cryptocurrency market is stagnating making a plateau around 256 billion dollars.
The market is mostly in red but is showing a mixed colour. The average percentage change is ranging from 0,5-2%. The biggest loser is MOAC who decreased by 21%, and the biggest gainer is FunFair who increased by 10.82%.
The only significant news that came out in the last 24 hours is that a flood in China has damaged a lot of mining gear in the Sichuan province, as reported by cointelegraph. The province is known for the crypto mining operations, and cold weather and cheap electricity attracted a lot of miners there. After the heavy rain from 27 to 29 of June, the province was flooded which resulted in the damage of a lot of mining equipment.
Many news outlets, including Golden Finance – Chinese blockchain and crypto information platform who originally reported on this subject, have associated the floods in Sichuan with a drop in Bitcoin network’s hashrate.
The most significant story that came out over the weekend is the speculation on what pushed the price of Bitcoin higher. Some say it is because CME futures expired on 29th of June but there isn’t any detailed analysis of this correlation.
The price of Bitcoin has experienced a recent pop in price, but in the last 24 hours, the price has decreased by 53$.
The price is currently in a descending channel in which it is consolidating after a recent increase which didn’t go above 0 Fibonacci level.
Hourly chart technical signal a buy.
Oscillators are signalling a sell, and moving average a strong buy.
S3 5990.1 S2 6170.0 S1 6259.8 P 6349.9 R1 6439.7 R2 6529.8 R3 6709.7
In the last 24 hours, the price of Ethereum has decreased by only 4$.
Looking at the hourly chart we can see that the price is in a descending channel, consolidating, like in the case of Bitcoin.
Hourly chart technicals signal a buy.
Oscillators are on sell, and moving averages signal a buy.
S3 426.43 S2 438.84 S1 445.44 P 451.25 R1 457.85 R2 463.66 R3 476.07
From yesterday’s open at 0.468$, the price of Ripple has decreased by 2.39%.
On the hourly chart, we can see the same pattern like on the Bitcoin and Ethereum charts – a rise in the form of a big green candle after which the price is currently consolidating in a descending channel.
Ripple is in the sell zone, unlike the previous two cryptos.
Oscillators are signalling a sell, and moving averages also.
S3 0.42020 S2 0.44020 S1 0.45070 P 0.46020 R1 0.47070 R2 0.48020 R3 0.50020
Cryptocurrency Market Consolidation: As you can see from the top cryptocurrencies that are covered in this report, the markets are strongly correlated. The rise in evaluation caught many off guard, which is why the prices are consolidating. What will happen after the consolidation there aren’t any signs, but if the pump was artificial, the dump will be worse, like when we saw the last two times this happened – on a short squeeze and again recently in June.