Total Cryptocurrency market capitalization saw an increase from $205 Billion to slightly above $220 Billion before shedding some gains to $212 Billion as at 10:37am UTC today. This could signify total cryptocurrency market supply running out or increase in demand in the past one week. This could be due to new interest by institutions such as ICE-Backed Digital Assets Exchange, Bakkt set to launch physically-backed Bitcoin Futures on December 12. Although, Bakkt’s impact on the cryptocurrency market price is unknown, lots of investors are hopeful, especially after a 10-month decline following the December-high of approximately $20,000.
ETH has a current Circulating supply of 103,092,359 ETH and has no cap on its Total supply but with the use of Smart contracts and the possibilities of building dApps on the Ethereum Network, there is an unarguable use case for the token.
In the past three months, the price of Bitcoin has been in a state of general consolidation. However, just like the stock market, the cryptocurrency market has a way of transferring money from the impatient to the patient.
Biggest Gainers and Losers
Source: Coinmarketcap
BTC Analysis
Last week had a slightly bullish PA with a steady rise from 6200USD to 6575USD up till the middle of this week after which on Thursday, price broke through the bullish trendline which turned short-term bearish leading to a selloff. Highlighted above are the areas of interest; the green boxes are supports which should pique the bulls’ interests while the red boxes are resistances which might serve as short-term targets due to interest of bears in those areas resulting in previous price action there. Zooming out and generally looking at price action in the past couple of months, price has been stuck in a monthly range of 6000-6800USD since 6/9/2018. Eventually, this range will be broken but for now, best which make the bi-monthly low and high 6000USD and 6800USD respectively. If broken to the downside, yearly low of 6750 could serve as support meanwhile if price breaks to the upside, the 200DMA could serve as resistance until invalidation which is currently hovering around 7000USD and moving down with each passing day.
BCH Analysis
Following the announcement of support of a hardfork coming up on November 15, 2018, 11.20AM EST by Binance and some other exchanges, the price of BCH has shot up. The fork is due to a disagreement between the nChain and ABC factions of the coin led by Craig Wright and Jihan Wu respectively. After the fork, BCH private key owners will receive 1:1 shares of BCH SV. There has been a lot of dispute in the BCH community largely due to a strong community with too many strong stakeholders. Recently, early investor, Roger Ver, openly showed his support for BCH ABC saying perhap he was fooled by Craig Wright as he was formerly on Craig Wright’s side before the disagreement leading to the fork.
Contrary to a lot of opinions about the future of BCH in regards to price, the split might end up being a good thing with each side allowed to work according to their visions. With investors hoping to get the new fork of the coin, demand for BCH naturally went over the roof leading to over 50% spike in price seeing a high of 650 before retracing below $600 following a bearish divergence on the daily chart. Price is currently around $570 and a bullish divergence has shown up on the charts. Resistance remains at $650 and a break above $650 price level should lead to over $700. Supports are currently around 543 and 480-500.
XRP Analysis
XRP can be said to be the only mid-cap/large-cap coin which has a confirmed bottom evidenced by a breakout of the 200DMA on 21/8/2018. If the breakout is to be taken as an impulse wave, then, a fifth wave is underway as long as 0.37553USDT is not broken by more than a wick. Currently, the price is being held up by the 200DMA acting as support. If the 200DMA holds, then, bulls might be ready for a party. Although fifth waves are usually not as reliable as third waves as they could get truncated, if the bulls show up for the party, then, an expected target could be at the 161.8% fibonacci level(note that target may change along the line if there’s evidence of supply getting stronger).
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