The crypto market, including both Bitcoin and the entire slate of various altcoins, has been in a bear market for two full years now. After a brief rally in mid-2019, cryptocurrencies fell back into a downtrend that they’ve been stuck in for the last six months at a minimum.
But with the recent rallies taking place across the market, the total altcoin market cap sans Bitcoin has broken out from recent downtrend lines along with many of the market’s top assets. Could this be the all-clear signal that crypto is once again ready for liftoff?
Altcoin Market Cap Breaks Out of Downtrend, Fueled By Alt Rally
2017 was a perfect storm. Bitcoin’s meteoric rise took the world by storm, the ICO boom fueled Ethereum’s rise, and altcoins took off like a rocket ship destined for outer space. The combination of assets reaching all-time highs left and right, caused extreme FOMO, and asset prices to go parabolic.
As the saying goes, though, what comes up must go down, and that’s exactly what happened to the crypto industry once the new year turned to 2018.
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After that, crypto prices fell by as much as 99%, and the entire market has spent two years battling a bearish cycle. The market took a quick break for a bear market rally in mid-2019 but quickly fell back into a downtrend – a downtrend the total altcoin market has broken out of.
The total altcoin market cap is an aggregate of all altcoins in the crypto space, sans Bitcoin. Because Bitcoin is such a dominant force in the market, removing it can help provide a clearer analysis for altcoins. In this case, Bitcoin is also breaking out of its downtrend, but a closer look at the altcoin market cap chart shows that the breakout is a lot more significant.
Top Ten Cryptos Shine, But XRP and Binance Coin Lag Behind
The breakout can also be seen across a number of crypto assets, including Litecoin, Ethereum, Bitcoin SV, and more. In fact, all crypto assets across the top ten by market cap have broken through downtrend resistance aside from XRP and Binance Coin.
XRP has been a poor performer throughout the last two years, but Binance Coin had a strong year last year. However, the former strength could cause more aggressive selling from investors who are still in profit, resulting in the anomaly.
It’s worth pointing out, though, that the altcoin market cap isn’t entirely out of the woods. In the first above chart, the altcoin market cap can be seen breaking out of downtrend resistance during a prior downtrend, only to later fall back below resistance, leading to a massive drop.
Related Reading | XRP To Moon? Critical Buy Signal Flips For Only Third Time During Bear Market
If history repeats, the selloff may not actually be concluded, and there is still resistance dating back from all-time high that must be broken through for a new uptrend to truly begin. The post appeared first on NewsBTC. origin »
For several weeks, bitcoin has remained in a consolidating uptrend. The market hasn’t seen a new high since mid-September, but the lows have steadily gained higher and higher ground.
Chart for BTC/USD (1W) Bitcoin (BTC) is finally out of the woods. The above weekly chart for BTC/USD shows that Bitcoin (BTC) has formed a weekly candle above the historical downtrend line. This is the first time since January 2018 that Bitcoin (BTC) has breached this resistance line and formed a candle above it.
Bitcoin (BTC) is a commodity. A quick glance at the S&P Commodity Index vs. S&P 500 tells us that commodities have been in a downtrend since Bitcoin (BTC)’s inception (Aug 2008). Despite that, Bitcoin (BTC) rallied 596,666,566% from a price of $0.
After two back-to-back weeks of record-setting volume, ether finds itself situated below historic resistance and currently unable to reach its downtrend line:Figure 1: ETH-USD, Weekly Candles, Downtrend and Record-Setting VolumeFor months, ether has been unable to break its downward trend.
“Bitcoin And Other Cryptocurrencies Are On The Verge Of A Breakout” It goes without saying that the performance of Bitcoin (BTC), along with its altcoin brethren, have been lackluster, with the collective market valuation of all publicly-available crypto assets declining by a jaw-dropping 70% in the past nine months.
One year after the start of the most memorable bull run, the blockchain industry remains in a downtrend.
The post What are the Elusive Technical Developers Doing During the Recent Blockchain Market Downturn? appeared first on CoinSpeaker.
Ethereum (ETH) is in a strong descending channel since the beginning of the current market correction. The 4H chart above for ETH/USD shows us exactly how Ethereum (ETH) has found support at the bottom of the descending channel in the past and then rallied from there.
Amid a multi-month downtrend, the price of altcoins and Bitcoin have fallen to yearly lows, pushing market sentiment to near bottom. While price action wanes, BitPay’s Chief Commercial Officer Sonny Singh maintains an optimistic outlook on Bitcoin.
In a potentially trend-changing move, bitcoin has now managed establish its first *higher* low since the beginning of this years crypto bear market. In mid-June, after seeing a short-lived bounce from this year’s low in the upper $5,000s, the bitcoin market took a very harsh, unrelenting move that dropped the price from the mid $8000s to the $5900s.
While prices may be down in the gutter, the mining industry is still growing at a rapid pace, with firms like Bitmain, Canaan, EBang, and others doing their best to excel in the face of an overall market downtrend.
EOS has returned back below the $6 price today. Over the past three days, EOS had recorded a gain of almost 30%, but with Bitcoin undergoing a retracement in price, investors and traders are losing confidence in the Altcoin market which has been in a strong downtrend for most of 2018.
Earlier this week, Lily Katz at Bloomberg reported that the GTI VERA Convergence Divergence Indicator suggests the Bitcoin downtrend is over. Experts have echoed a similar sentiment, expecting the bear market of the dominant cryptocurrency to come to an end in the upcoming months.
Coinsquare, a little-known Canadian crypto exchange, is entering the European market to help businesses in the flowering industry with fiat pairs, including Ripple-to-fiat. Europe Meets Coinsquare To be frank, the cryptocurrency market hasn’t had the best start to 2018, with the collective value of all crypto assets declining by a staggering 75%.
The price of EOS returned to support near $4. 6 yesterday after the downward spiral continued for its price. The price has been in a downtrend since its mainnet launch and last weeks 20% gain is looking to be an exception amid a suffering altcoin market.
In the past eight months, the valuation of the crypto market has declined by more than 76 percent, from $900 billion to $215 billion. Yet, crypto hedge funds have raised more money than ever before.
To be frank, the cryptocurrency market hasn’t been in an optimal position since the start of the year, with prices crashing by upwards of 70% after the monumental run-up of 2017. However, according to analysts from Sanford C.
Since the start of 2018, Bitcoin has fallen by over 65%, leading some to guess that mining activity fell in correlation with declining prices. However, it has become apparent that this hasn’t been the case, with hashrates across multiple networks consistently seeing higher lows (and higher highs) amidst an overall market downtrend.
Chart for VeChain/US Dollar
VeChain (VEN) made a stunning comeback during the recent crypto relief rally by surging 35% in the last 24 hours. The cryptocurrency which was forgotten for a while after leaving the top 20 league has now once again become the 20th largest coin by market cap.
Since the start of 2018, the overall cryptocurrency market has struggled to maintain a recovery from its multi-month downtrend. In accordance with increased selloffs, companies heavily vested in the nascent digital asset class are starting to face drawbacks.
Bitcoin has long been at the forefront of the crypto industry; and it seems with the market’s most recent move downwards, Bitcoin’s dominance over the rest of the market may continue, or at least for a little while longer.
After a week of hard losses across the cryptocurrency market, market leader Bitcoin is now trading under $7k price once again. It was just a few weeks ago that the price of Bitcoin blasted up through the $6850 resistance level but it is now approaching this level from the opposite side.
Ethereum founder Vitalik Buterin is undoubtedly an industry leader and blockchain pioneer. Following a multi-month downtrend, Buterin took to Twitter to share his outlook on the current cryptocurrency market conditions.
Bitcoin broke below its key support at $7850 yesterday and experienced an even further drop. Price action is currently trading around the $7550 mark with the 100EMA acting as some support. Volume has been dropping off which shows the market could be taking this price point seriously.
LTC/USD Medium-term Trend: Ranging Resistance Levels: $78, $80, $82 Support Levels: $76, $74, $72 Yesterday, July 31, the LTC price was in a bearish trend. Despite the downtrend, the price of Litecoin is range bound between the levels of $90 and $74.
Most cryptocurrencies including IOTA (MIOTA) are now close to a trend reversal as can be seen on the IOTA/USD daily chart above and investors are looking to load up on their favorite coins. The chart above shows that IOTA (MIOTA) has respected a historical support line for IOTA/USD since it started trading on Bitfinex, before July 2017.
Bitcoin (BTC) has now reached critical levels where it is expected to make decisive movements. The price is struggling to get past the resistance line on the BTC/USD weekly chart above. A break above this downtrend resistance will restore confidence in the market for the time being and Bitcoin (BTC) can be expected to continue a rally towards $10,000.
Emerging from a multi-month downtrend, the cryptocurrency market is starting to rebound from its yearly lows. Showing optimism for the industry, Reddit Co-founder Alexis Ohanian upheld his end-of-year $20K Bitcoin and $1.
Ethereum (ETH) continues to be in a strong downtrend on the ETH/USD daily chart, having faced a rejection at the upper limit of the resistance line in May. The price has yet to find a bottom but it is getting closer to the lower limit of the ascending channel.
The Swiss cryptocurrency market faces major challenges due to the lack of a framework supporting the industry. This may lead to a downtrend.
The post The Swiss Cryptocurrency Market Faces Banking Sector Challenges appeared first on CoinCentral.
For much of 2018, there has been a reoccurring trend in the crypto markets. When Bitcoin falls, altcoins fall but fall further. When Bitcoin rises, altcoins rise but rise higher. However, for much of 2018 the crypto market has been in a downtrend, and last week when Bitcoin blasted through $6850 as noted here, this […]
Consecutive Losses for Tron [TRX] – Price Outlook Changes From Bullish to Bearish was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
The trend of 2018, so far, has mostly been a downtrend where altcoin performance closely follows Bitcoin. In upward movements, altcoins tended to outperform bitcoin, and in downward movements, altcoins underperform.
Following a multi-month downtrend, the overall cryptocurrency market may be showing signs of a trend reversal. At press time, Bitcoin and Ethereum prices have broken through key resistance levels and begun recovering from monthly lows.
Bitcoin (BTC) seems to have made a higher low for the first time since the beginning of the downtrend. The price is currently trading above $6,300. Every day the price of Bitcoin (BTC) stays above the $6,000 mark in the days ahead, market confidence is expected to increase by leaps and bounds.
After a feeble rally on diminishing volume, bitcoin is currently in the middle of its first major pullback in about 2 weeks. Over the last week or so, bitcoin managed to break its sustained downtrend and trend back inside the macro trading range (TR) — both of which are quite bullish market characteristics.
Bitcoin (BTC) dominance is the percentage of cryptocurrency’s total market capitalization accounted for by Bitcoin, and it has reached a near-three month high. According to CoinMarketCap, BTC dominance is now 42.
Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate: Figure 1: BTC-USD, Daily Candles, New Market LowOn Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $6,000s.
Despite positive announcements and regulatory development, the overall cryptocurrency market endured a multi-month downtrend since its peak last December 2017. On June 29, 2018, Bitcoin experienced a surge over $6,200 after spending much of the day around $5,800.
Ethereum (ETH) is yet to escape a formidable downtrend that has been dragging the cryptocurrency from an ATH of $1,448 since the beginning of the year. However, the cryptocurrency seems to have found support at $423 and is currently trading at the bottom of the channel.
A sideways market has many bitcoin investors wondering if the downward volatility has finally subsided. As stated in our previous discussion of the bitcoin market, the $6,425 support level was a very important level to hold.
After a fairly stagnant weekend for the cryptocurrency market, the downtrend continues as all top 45 players are in the red. However, despite the serious market correction, Binance Coin (BNB) continues its uptrend — marking significant gains over the past week.
Cryptocurrency volumes have dipped to a two-month low, with levels resembling those seen earlier this year during April’s downtrend. But what does this mean for the market in general? Is Volume An Viable Indicator? As of June 18th, exchange volume has collectively dropped under $10 billion dollars, with these levels being seen in early April.
Despite the market downtrend, Binance’s team has forged ahead to ensure that its consumers are having a great experience using the exchange. Binance Supports Three EOS AirDrops Airdrops have historically been a touchy subject for cryptocurrency exchanges, as claiming airdrop tokens can often require exchanges to give up some wallet security.
Bitcoinist has once again caught up with Mati Greenspan, Senior Market Analyst at eToro, the most popular social trading platform in the world with millions of users. Greenspan keeps a close eye on cryptocurrency markets and shares his thoughts on the recent Bitcoin price plunge and why he believes this current downtrend nothing out of the ordinary.
XRP has seen a significant surge in open interest, climbing to $4. 7 billion amid a price rally that pushed the token above $2. 55. The increase signals renewed investor confidence following a sharp decline earlier this year.
After a prolonged consolidation, XRP’s price action appears to be turning bullish, with technical patterns pointing to more upside. A report from Singapore-based blockchain firm Matrixport shows that the Relative Strength Index is hovering near 40%, leaving room for a…
The cryptocurrency market remained volatile on February 18, with Bitcoin (BTC) trading near $96,000, while Ethereum (ETH) gained 2%. However, XRP and Solana (SOL) saw losses, reflecting ongoing investor uncertainty.
XRP price prediction points to a 1,500% surge if the SEC approves an ETF. Could Ripple finally reach $27 and break resistance? Ripple’s wild ride Ripple (XRP) has experienced a rollercoaster ride in recent months, capturing the market’s attention with…
MEMX, a US securities exchange, has filed with the Securities and Exchange Commission (SEC) to list an XRP exchange-traded fund (ETF) as a “Commodity-Based Trust.” Notably, this XRP ETF filing comes at a time when the crypto industry is witnessing a more welcoming regulatory environment, particularly under the influence of recent political changes under the […]
XRP’s price has slipped 4% in the past 24 hours, falling below the crucial support level of $2. 65. Source: CoinMarketCap This downturn has sparked concerns about further declines, especially after the cryptocurrency recently surged past $2.
The cryptocurrency market experienced continued turbulence on February 17, with Bitcoin (BTC) and several altcoins facing price drops amid broader macroeconomic uncertainty. Despite these struggles, some coins defied the market trend, including Sonic (S), which emerged as the top gainer.