Entire Crypto Market Cap Still Hovers Above a Quarter of a Trillion US Dollars

Digital currency supporters can safely say that so far, crypto assets have performed extremely well since the March 12, 2020 market carnage, otherwise known as ‘Black Thursday.’ The entire crypto economy of over 5,000 cryptocurrencies is currently worth $255 billion using today’s exchange rates. Today, BTC is trading for $9,156 per coin and has around $4.8 billion in 24-hour global trades.

Ethereum (ETH) is swapping for $207 per unit and there’s just under $2 billion worth of ETH trade volume on Sunday. The digital currency XRP is still commanding the third-largest position by market cap as each coin is trading for $0.19. The stablecoin tether (USDT) is the fourth largest market valuation today and the USDT market is worth $5.74 billion.

Bitcoin Cash (BCH/USD) Market Action

Bitcoin cash (BCH) lost its footing price wise, as well on Wednesday, May 20, 2020. At that time, BCH was trading for $247 per unit, but today each coin is swapping for $233. The BCH market cap is worth $4.3 billion today and tether recently eclipsed the coin’s market share. In fact, close to 100 million USDT was created on May 23, 2020 according to Whale alert data.

On Sunday morning, 70% of BCH trades are in tether, which is followed by 17.4% worth of BCH/BTC swaps. Additionally the top trading pairs with bitcoin cash include the USD (3.06%), KRW (2.35%), ETH (2.32%), GBP (1.50%), and the stablecoin USDC (0.59%). Bitcoin cash has around $99 million in total global trades on Sunday.

Andreessen Horowitz Predicts a ‘Fourth Crypto Cycle’

Silicon Valley venture capital firm Andreessen Horowitz executives have recently published a blog post called “The Crypto Price-Innovation Cycle.” Chris Dixon and Eddy Lazzarin say that a “fourth crypto cycle” is on the horizon. “Even though crypto cycles look chaotic, over the long term they’ve generated steady growth of new ideas, code, projects, and startups— the fundamental drivers of software innovation,” Dixon and Lazzarin wrote in the post.

“The 2017 cycle spawned dozens of exciting projects in a wide range of areas including payments, finance, games, infrastructure, and web apps— Many of these projects are launching in the near future, possibly driving a fourth crypto cycle.” Just recently it was reported that Andreessen Horowitz raised over $515 million for a cryptocurrency-focused fund.

Golden Cross Decline

Despite the recent “golden cross formation,” BTC prices saw a 3% loss since May 20, 2020. This particular golden cross predicted a bullish scenario for BTC. Essentially, the 50-day moving average (MA) and 200-day MA initiated the golden cross, but the price never followed the traditional northbound outcome. Even though the golden cross came to fruition, the Moving Average Convergence Divergence (MACD) has not shown any bullish signals whatsoever.

Although, it is hard to measure the market with divergence, especially when weighing the options of a reversal. While the 50-day and 200-day MA had shown a definitive golden cross, the market trade volume just hasn’t been enough to push prices forward. Various traders were hoping for some kind of indication from the golden cross event just as they do for the death cross. Unfortunately, the BTC chart indicating the formation of a golden cross, was meaningless this time around.

Source: https://news.bitcoin.com/market-outlook-golden-cross-invalidated-andreessen-horowitz-predicts-fourth-crypto-cycle/

Image Credits: Shutterstock, Pixabay, Wiki Commons, Andreessen Horowitz, Trading View

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Bitcoin Markets Jump Significantly in Value, $1K in a Day

The overall market valuation today for all 5,000 crypto assets in existence is roughly around $251 billion (1/4 of a trillion) and BTC’s market cap captures $153 billion of that number. Slowly and steadily, BTC prices have continued to rise during the last week breaking past a few crucial resistance zones. At press time, the price per BTC is around $8,639 per coin and the crypto asset is up over 11%. BTC is up 21% for the last seven days, 35% for the last 30 days, and 60% for the year so far. 90-day statistics show that BTC is still down around 8% with today’s prices.

ETH prices are up around 10% as well and each ether is swapping for $215 per coin. XRP still holds the third-largest market cap and each XRP is valued around $0.22 at the time of publication. Tether is hopping back and forth with bitcoin cash (BCH) markets and is currently the fifth largest crypto market valuation today.

Bitcoin Cash (BCH/USD) Market Action

Bitcoin cash (BCH) is selling for $258 per coin and is up 7.5% for the day. For the last seven days, BCH is up 11% and 17% for the last 30 days. The top trading pair with bitcoin cash on Wednesday is tether (USDT) with 57% of BCH trades. This is followed by BTC (25%), GBP (6.9%), USD (3%), KRW (2.6%), and ETH (1.42%) pairs. GBP’s increase has been notable as it is unusual to be above USD and even EUR trading pairs. BCH is currently in the midst of heavier resistance and its gonna take some bullish pressure to break the $275-300 zones.

BTC Price Headed to $13K

A popular digital currency trader named @Galaxy told his 62,000 Twitter followers: “The fact that BTC is going to $13K simply cannot be ignored. Of course, many of the people who responded to Galaxy didn’t believe his price prediction. Some traders responding said another big correction is coming and others expect prices around $5K. Meanwhile, plenty of individuals could imagine $100-200K per BTC prices. “I never understand people day trading bitcoin. Just hold until it’s $100K and sell a little. Repeat at $200K. It’s easy,” another individual tweeted in response to Galaxy’s tweet.

Bitfinex Cold Wallets Are Being Siphoned

Just recently news.Bitcoin.com reported on the massive withdrawals that crypto proponents have witnessed since the Black Thursday market massacre. According to a report written by Anton Lucian, Bitfinex cold wallets are draining significantly. “57,000 BTC ($441M) has been withdrawn from Bitfinex’s cold wallet in the past 70 days,” Lucian detailed. “This is one of the rare times the exchange’s cold wallet has seen a drop in holdings for an extended period of time. BTC withdrawals on the exchange in the past 30 days are also more than 10x higher compared to other exchanges,” the author added.

Fed Induced Crypto Pump

Some crypto proponents wholeheartedly believe that the jump above $8K per BTC today was due to Fed Chair Jerome Powell’s press conference. Powell told the public that the Federal Reserve will be keeping interest rates at zero and he discussed a number of stimulus plans. What really triggered the spike and even a rise in equity markets is when Powell’s Fed proposal disclosed that the money has no requirements.

“Unlike other portions of the relief for American businesses, however, this aid [from the Fed] will be exempt from rules passed by Congress requiring recipients to limit dividends, executive compensation, and stock buybacks and does not direct the companies to maintain certain employment levels,” explains the Washington Post. “Critics say the program could allow large companies that take federal help to reward shareholders and executives without saving any jobs. The program was set up jointly by the Federal Reserve and the Treasury Department,” the financial news outlet added.

Source: https://news.bitcoin.com/market-outlook-crypto-market-prices-rally-ahead-of-bitcoin-halving-btc-up-1k-in-24-hours/

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