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Apr 9, 2018
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Last week we saw extreme selling all across the cryptocurrency board. Overselling was the main theme on last week’s cryptocurrency price analysis, as the cryptocurrency market cap fell under 250$ billion. Many cryptocurrency projects reached record lows during last week dumps. The total cryptocurrency market cap is still down around 100$ billion from the end of last month and is recovering from the downtrend.
Today we saw good rallies from the leading cryptocurrency projects, with the total cryptocurrency market cap breaking over the 275$ billion mark for a short time span. Many of the leading cryptocurrency projects raised in value against the U.S. dollar with great rallies, but could not sustain the uptrend, as massive selling followed suit. This can be seen clearly on the graphs bellow, as it almost looks like a pump and dump situation.
Like last week, this week there were some winners and some who underperformed. In this cryptocurrency price analysis, we will take a look mostly on cryptocurrency prices in fiat currencies, but I will also give my opinion on Ethereum and Bitcoin prices, as most of the day-to-day traders trade with Bitcoin and Ethereum. Cryptocurrency prices are directly related to their price in Ether and Bitcoin, so when they fall, all altcoins drop in fiat currency evaluation. So it is safe to say that the fiat currency evaluation is directly related to the cryptocurrency prices.
The cryptocurrency markets offer trading opportunities every day. Knowing the market and its dynamic behaviour is very important for experienced traders. Also looking for patterns, being up to date with cryptocurrency projects-related news and learning technical analysis will help you on your way towards trading.
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Top 10 cryptocurrencies by volume for the last 7 days
- Bitcoin (BTC) – $27 247 266 816
- Tether (USDT) – $8 830 583 168
- Ethereum (ETH) – $6 852 146 560
- TRON (TRX) – $2 754 442 752
- EOS (EOS) – $1 874 977 616
- Ripple (XRP) – $1 717 536 672
- Litecoin (LTC) – $1 677 713 040
- Bitcoin Cash (BCH) – $1 457 424 064
- Verge (XVG) – $934 619 284
- Huobi Token (HT) – $642 533 520
Tether (USDT)
It is not surprising that Tether has a larger volume than Ethereum. In times where the leaders are turbulently going up and down, many traders are going to Tether, the “US-dollar backed” stable coin. Experienced traders use Tether to hedge their money. Hedging is an investment to reduce the risk of adverse price movements in an asset. Normally, hedging consists of taking an offsetting position in a related security, like futures contracts.
Traders that expect their coin to drop in fiat currency valuation, can buy the stable coin before their cryptocurrency drops, then buy more of it with the Tether when it drops enough. Tether is always around a dollar in valuation, which offers investors to take short positions on their Ethereum, Bitcoin or others.
Ontology (ONT)
Since April 4th, Ontology (ONT) has been one of the best performing cryptocurrencies. Ontology doubled in fiat currency valuation, rallying from 2$ to almost 4$ in its all-time high yesterday. More impressive is the jump in Ether and Bitcoin price. The cryptocurrency doubled in Bitcoin price in its 3-day rally, jumping from 0.000285 to 0.000579 and also doubling in Ethereum price, jumping from 0.00530 to 0.01041.
Early investors in Ontology doubled their Ethereum and/or Bitcoin in just 3 days, netting incredible results. Ontology’s listing on Binance was the biggest step for the project, as Binance and Huobi are responsible for more than 85%-90% of the total ONT volume.
Bitcoin (BTC)
Bitcoin was recovering well from last week’s selling. After falling to 6600$, Bitcoin recovered to almost 7200$. But the recovery of the cryptocurrency market was thwarted by another round of selling, as can be seen in the graph below. Also judging from the increased volume after Bitcoin’s price started to fall, increased support came to stop the enormous selling but was not successful.
The bears did not manage to hold their grip, as the big selling volume managed to break through many support levels. For less than an hour, Bitcoin’s price plunged below 6800$, losing around 5%. I expect Bitcoin to consolidate a little around 7000$ before we see another bull run.
The largest trading volume for Bitcoin continues to be the trading pair BTC/USD on Bitfinex. Around 10.4% of Bitcoin’s volume for the last 24 hours has been on the leading cryptocurrency exchange. The next biggest Bitcoin volumes, which are around 13% of the total volume of the cryptocurrency, is the trading pair BTC/USDT. If so many people are buying Bitcoin with Tether, we may assume that the price is going to go up and a short term uptrend may be coming our way.
Ethereum (ETH)
After last week’s strong bearish grip, Ethereum was starting to go on a bull run. Pretty good uptrend can be seen, as Ethereum jumped from trading for 400$ to 430$ in less than 12 hours. Ethereum was consolidating up and down for the past 10 days. The bulls are clearly attempting to break through the enormous resistance, but as the graph shows they were unable to do so.
Also Ethereum’s volume increased by nearly 40% for the past 18 hours. It looks like a lot of support came to continue this uptrend, but enormous selling volume tumbled the market again. As with Bitcoin, Ethereum’s largerst trading volume, around 10%, was the ETH/USD pair in Bitfinex.
Almost 15% of Ethereum’s volume, again like Bitcoin, is the ETH/USDT trading pair. Tether trading pairs were always one of the biggest by volume, but judging from the increased volume and the Tether trading, we can expect another rally soon.
This cryptocurrency price analysis is not a trading advice and if you are new to the cryptocurrency scene or trading in general, you should educate yourself first to increase your chances of making money and most importantly not losing your capital.
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- Ethereum founder and CEO, Vitalik Buterin revealed his non-Ether holdings and revenue sources - Feb 22, 2019
