Home Crypto Crypto Market Analysis Surge in Crypto-Coin Capitalization

Surge in Crypto-Coin Capitalization

3
0

General overview

Market Cap: 311,391,250,022$

24h Vol: 25,736,521,327$

BTC Dominance: 42.6%
In the last 24 hours, cryptocurrency market capitalization went from 268,960,000,000$ to 311,391,259,000 where is now sitting.

As you can see from the chart, the momentum was strong, and it broke the resistance which is now serving as support around $299B.

Crypto-Coin Market Cap News

Mainly, cryptocurrency market capitalization news that came out in the last 24 hours are mostly about the crypto surge market experienced.

Cryptocurrency Market Cap Clips $300 Billion as Bear Trap Liquidates Shorts

>Analysts largely attributed the precipitous surge to a “bear trap,” which occurs when futures and margin traders attempt to short an asset but have their positions liquidated due to a price increase, forcing them to buy at market prices to cover their position. Source: Josiah Wilmoth, April 12. 2018, ccn.com

Future Gains! Bitcoin Has Bottomed Out, Says Pantera Capital in a Bold Cal

>Now’s the time to get long bitcoin, a leading cryptocurrency hedge fund says. Not only is bitcoin out of the doldrums, but it’s onward and upward from here. Source: Gerelyn Terzo April 12. 2018, ccn.com

However, there was some significant regular news as well.

Bank Of America Seeks Patent On Blockchain-Based Data Storage System

>On April 12, the US Patent and Trademark Office published Bank of America’s application for a patent on a Blockchain-based storage system with automated data authentication. Source: Ana Alexandre April 13. 2018, cointelegraph.com

UAE Government Launches Blockchain Strategy 2021

>Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the ‘UAE Blockchain Strategy 2021’ with the goal of becoming a world leader in adopting this technology, the Dubai Media Office reported April 11. Source Ana Alexandre April 13. 2018, cointelegraph.com

Australian Power Company to Reopen Coal Power Plant to Mine Bitcoin

>An Australian power company have signed a contract with a cryptocurrency mining firm to provide them with cheap off-grid power. The IOT Group will be building a digital currency mining hub that’s actually inside a disused coal-fired power station in the Hunter Valley region. Source: Rick D. April 12. 2018, newsbtc.com

Analysis

BTC/USD

In the last 24 hours, Bitcoins price went up from 6770$ to 8030$ at one point. Since then, the price was pulled back slightly to around 7800$ where is now sitting. Overall the price of Bitcoin rose up 13.67% making it breach the falling wedge in which the price was since December 17 last year.

cryptocurrency market capitalization chartThe current sentiment for Bitcoin is slightly positive, meaning only 69,89% of total 356 mentions on the web are positive.

Source: sentiment.io

Zooming into its hourly chart, we can see that price has formed a bull flag and is now is sitting at a pivot point, testing those levels for support, before it can proceed forward.

Overall hourly chart signals a buy.

 

Pivot points:

S3        4773.3
S2        5857.9
S1        6375.2
P          6942.5
R1       7459.8
R2       8027.1
R3       9111.7

ETH/USD

Ethereum’s price has risen 16,46% in the last 24 hours. From 430$ to 505$ at the highest point and is now sitting around 487$. Looking at the daily chart, we can see that the price has breached out the falling wedge, like in the case of Bitcoin.

positive cryptocurrency market sentimentThe current market sentiment for this cryptocurrency is positive, meaning  71.3% positive mentions on the web out of a total of 115.

Source: sentiment.io

 

Looking at the hourly chart, we can note that price has formed two bull flags on the way of forming a cup and handle. That is an extremely bullish sign, and if you look back at the daily chart, this formation was also the bottom last time the price surged all the way up to above 1000$

Overall the hourly chart signals a buy.

Pivot points:

S3        266.92
S2        326.80
S1        355.48
P          386.68
R1       415.36
R2       446.56
R3       506.44

XRP/USD

Ripple was the first among three pairs that are covered in this report who’s price broke out of the correctional channel yesterday. The breakout resulted in a staggering 32% price increase in the last two days to its highest point of about 0.66$ per Ripple.

Ripple - Surge In Cryptocurrency Market Capitalization

The current sentiment for this crypto is very positive. However, there are only 47 mentions in total recorded by sentiment.io

 

 

Zooming into its hourly chart we can see that price formed two bullish flags after the cup-and-handle was completed, and after price tested the 0.38 Fibonacci level for support.

Overall the hourly chart signals a buy.

 

Pivot points:

S3        0.29764
S2        0.39765
S1        0.44120
P          0.49766
R1       0.54121
R2       0.59767
R3       0.69768

Conclusion

What happened yesterday in cryptocurrency market is another great example to observe the strong correlation of all assets in this market. We’ve seen how all three major currencies experience the same condition – breaching out of theirs corrective channels and creating bull flags. I think we are still going to experience a couple of days in a sideways movement before the uptrend is established, but one thing’s for sure – “crypto recession” is over.

LEAVE A REPLY

Please enter your comment!
Please enter your name here