Executive Summary TLDR;
The largest market cap coins, Bitcoin and Ethereum traded in a tight range today. Most altcoins outperformed Bitcoin and Ethereum today, some by substantial margins in the double digits. Within the Top 10, Bitcoin Cash & Stellar were the big gainers and NEO overtook IOTA for the number 9 spot. Overall crypto market cap increased to $344 Billion. Bitcoin dominance has dropped to 40.5% due to solid performance of altcoins. Verge was a big loser of the day which would make some sense as a readjustment it’s ~25% price surge in relation to a partnership with the company behind Pornhub. That was a big one (pun potentially intended :-)).
Top News:
· ADA now listed on Huobi https://www.huobi.pro/notice_detail/?id=1332
· Positive comments from Lagarde https://www.coininsider.com/christine-lagarde-praises-cryptocurrency/
· Ripple now available on anycoindirect
https://twitter.com/AnycoinDirect/status/986542393771151360
- AnycoinDirect
· Roger Ver Tweets to Reddit
https://twitter.com/rogerkver/status/986621892684492800
- rogerkver
Bitcoin ($8170, 3.1%)
Traded in a tight range most of the day with low volume. Not an ideal environment for traders. Price action currently trading above prior resistance at $8150. If the price action can close on the daily above this point, next resistance point is marked for ~$8400. Monitor volume for increase if candle closes above. Bitcoin longs on Bitfinex currently ~29800 representing a 4.5% increase over the last 24 hours. Shorts on Bitfinex currently ~26000 representing a 5.79% decrease over the last 24 hours.
Ethereum ($522.44, 3.54%)
Ethereum trading very similarly to Bitcoin as both Ethereum & Litecoin tend to do. Reacting more strongly to breaking resistance levels than Bitcoin also with some volume spikes. Volume seems to be dropping off so will be interesting to see price action over the next few hours. Ethereum longs on Bitfinex currently ~199200 representing a ~2.16% decrease over the last 24 hours. Shorts on Bitfinex currently ~105700 representing a 3.18% decrease over the last 24 hours.
Ripple ($0.717249, 8.53%)
Big gains for Ripple amid a lot of partnership announcements.Volume picked up today so let’s see how the price action when the media attention dies down a bit.
Bitcoin Cash ($881.70, 15.98%)
Bitcoin Cash one of the biggest winners in the top 10 along with stellar. Big upmoves in price action with significant volume behind it. Roger Ver tweeted to reddit looking to pay $100k to appoint a moderator to the subreddit for twitter. Not sure how this will affect price action but I am very bearish on Roger Ver’s popularity. Could be a risky short however seems as his popularity level is low already.
Litecoin ($140.58, 4.78%)
Price action trading more strongly upwards in comparison to Bitcoin and Ethereum. Next resistance point ~$150 mark. Has broke yesterdays high but price action currently trading below with volume also decreasing from yesterday. Monitor whether daily candle can close above yesterday’s high and if some volume picks up if this happens. Litecoin longs on Bitfinex currently ~200300 representing a ~1.1% increase over the last 24 hours. Shorts on Bitfinex currently ~85700 representing a 2.49% decrease over the last 24 hours.
Disclaimer: Not financial advice. All my personal opinion.