Home Crypto Crypto Market Analysis Daily crypto update 24.07.2018 – Recovery Continues

Daily crypto update 24.07.2018 – Recovery Continues

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General overview


Market Cap: $298,408,763,099

24h Vol: $20,100,077,895

BTC Dominance: 47.0%

From yesterday’s open at around $280B the evaluation of the cryptocurrency market has increased by 20 billion dollars as it is currently sitting just slightly below 300B.

As you can see from the chart above it has entered the seller’s territory and that resistance is pushing the evaluation down, but buyers are aggressive which is why there’s a cluster forming around those levels.

The market is mostly in green with an average percentage of change among top 100 coins ranging from 3-6%.


News


In the last 24 hours, the most significant headlines are essentially positive in sentiment, but there aren’t any major headlines that are causing this bullish sentiment fundamentally. These are some of the headlines:

Gibraltar Stock Exchange’s Blockchain Platform Opens to Public Trading

The UK Overseas Territory of Gibraltar launched its Gibraltar Blockchain Exchange (GBX) July 23, a press release confirmed, opening up cryptocurrency trading.

TRON Acquires Major P2P Platform Operator BitTorrent

TRON’s long-rumoured acquisition of BitTorrent Inc., the operator of popular torrent client uTorrent, has been confirmed by TRON founder Justin Sun in a community letter published July 24

Google to Offer Distributed Ledger Solutions in Cloud Platform Marketplace

Google is joining the list of tech giants to deploy blockchain technology to offer customers fintech and cloud service solutions, according to an official statement Monday, July 23.

Crypto Exchange Giant Binance to Launch Operations in South Korea: Report

Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to enter South Korea, one of the world’s major crypto trading markets.

Many headlines are analytical in nature and in favor of the bullish sentiment. Some of the headlines that fit into that category are the following:

$300 Billion: Cryptocurrency Market Cap Hits Major Milestone as Bitcoin Soars

Prominent Investors Bullish on Bitcoin Reaching $8,100 With Strong Volume

Bitcoin Price Blitzes to $8,200 but Wider Crypto Markets and Tokens Suffer


Analysis


BTC/USD

In the last 24 hours, the price of Bitcoin has increased by 11,2% coming from 7380$ to 8182$ where it is currently trading.


Looking at the hourly chart, we can see that the price has broken the triangle resistance line and is blazing upwards exponentially. The price has found resistance and has retraced since the spike up to 8362$. Since the price has increased exponentially, a retracement is expected.


Market sentiment 

Bitcoin is in the buy zone.


Pivot points

S3 6745.9 
S2 7191.9 
S1 7455.9 
P 7637.9 
R1 7901.9
R2 8083.9 
R3 8529.9

ETH/USD

From yesterday’s low at 448$ the price of Ethereum has increased by 6,36% and is now trading at 476$.


As you can see on the hourly chart the price has gone to channels resistance line and found support there. Currently, it is at the midpoint of the channel and judging by the cluster a retracement should be expected.


Market sentiment 

Hourly chart technicals signal a buy.


Pivot points

S3 406.20 
S2 430.80 
S1 440.20 
P 455.40 
R1 464.80 
R2 480.00 
R3 504.60

XRP/USD

From yesterday’s open at 0.448$ the price of Ripple has risen by 2,16% and is now sitting at 0,458$.


As you can see from the hourly chart, the price went even further to 0,468$ but since it went above the 0 Fibo level, it had to pull back to retest it for support.


Market sentiment 

Ripple is in the buy zone.


Pivot points

S3 0.40488
S2 0.42765 
S1 0.43633 
P 0.45042 
R1 0.45910 
R2 0.47319 
R3 0.49596

Conclusion


As the prices increased over the last couple of days, new participants are coming into the market which is why we have seen this small increase over the last 24 hours. Recovery continues but for how long we are yet to see.

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