total cryptocurrency market cap is trading at $203 billion with low volume at
$11.3 billion. That is about $1 billion less than what we were trading at
yesterday so price movements today could be invalid. Bitcoin’s dominance is
decreasing though slightly at 54% meaning that altcoins took a little break
from our bear run.
There was a $60 million hack that was the result
of a hack on a Japanese exchange called Zaif that was discovered on September 17th with news circulating about it yesterday. It is about the #35th exchange by volume on Coinmarketcap.com (before the hack). This is not the
first nor will it probably be the last time a Japanese exchange is hacked or
any centralized exchange for that matter. Earlier this year, there was a half a
billion-dollar hack on CoinCheck, another Japanese exchange. It’s gotten to the
point where cryptocurrency investors do not have knee jerk reactions to these
types of hacks anymore. There is an estimated 12% of the world’s Bitcoin trade
volume that is against the Japanese Yen according to CryptoCompare so
cryptocurrency hacks in Japan should actually be significant but it’s reached a
point where this happens almost monthly. Ironically, Japan’s FSA has already
come out and said they weren’t going to excessively regulate cryptocurrencies,
but these types of hacks should not be happening regardless. Most
cryptocurrency hacks are from exchanges and it’s happened so many times that
you would think the mass population would realize storing cryptocurrencies on exchanges
is a bad idea. It isn’t that cryptocurrencies are generally hacked, it’s where they’re stored. Solutions to this are
using cold wallets and decentralized exchanges where there is exponentially
more resistance to hacks than that of centralized exchanges.
ratings has come out and said that Ethereum will eventually take over 50% of
Bitcoin’s market share to Bitcoin and also that some absolute steals for coins
are Nano, BAT, XLM, EOS, and XRP. I do think Ethereum has a good shot of
catching up to Bitcoin and I’m not alone. People already refer to this as “The
Flippening”. However, I’m not sure if I agree with all the other picks that
Weiss ratings has come and said were steals. The closest Ethereum has gotten in
controlling the market dominance was in June of 2017 when Ethereum was trading
at $375 and its market dominance was about 31% compared to Bitcoin’s 39%.
Bitcoin is trading at $6478. It is having much difficulty trying to surpass
$6500 and establish that point as a level of support instead of resistance. RSI
is looking bullish as well, being that RSI is at 60 right now. MACD is still
pointing upwards and this is probably due to the breaking news that the
extension has come 10 days earlier than the expected deadline and the
VanEck/SolidX ETF decision will be extended once again until December 29th.
The Direxion ones are still pending a decision date for tomorrow the 21st though so after the 21st passes, I think it will be safe to enter
some your altcoins.
currently trading at $213. This morning during my live stream, I had denoted an
entry point for Ethereum at $210 with a stop loss at $202 and to take profit
for 6.64% at $224. This position is playing out pretty well as seen with the
arrows drawn from earlier. Ethereum’s RSI is also now bullish and the 8-period EMA
is nicely above its 20-period EMA on the 4HR charts. It has also closed above a the macro downward trend line so Ethereum is technically bullish now. $213 is still a good entry point for buying right now.
mover this week is still XRP. At time of writing, XRP is trading at $0.48 which
is already up about 50% since yesterday. It is very unlikely that this price is
sustainable and it was already unsustainable yesterday. It would be wise to not
try to enter right now even though it has just broken a long-term resistance of