27/08/2018/09:30CET Green Green everywhere! Is this the end of our market malaise?
A new week has dawned and we look at cryptos in a longing motherly way as if finally the sick baby is finally showing signs of recovery after a terrible, life threatening illness. The darkness seems to be passing.
CMC is showing us love this morning, first by market cap...
And now by the winners in the top 100...
And market capitalisation has bounces out of the jaws of the sub 200bill levels, though ever so slightly to be sitting at just under 218 bill USD...
Looking at #btc market dominance we see that we are still north of 50% at 53.7% with a positive bias, while alts are still trending with a slight negative negative bias
I have only switched on btc and the alts outside the biggies in this chart.
Lets take a look at marketcap trends with the large caps all on their own now...
Ethereum (ETH)
Bitcoin Cash (BCash or BCH)
Litecoin (LTC)
Ripple (XRP)
Dash (DSH)
NEM
Monero (XMR)
IOTA
NEO
I did this excersise to show you that the alt coin rally is not underway yet despite what some double digit green numbers may indicate.
Yes there are some standouts in the last few days such as #ICON and #SUBSTRATUM and now #WALTON, but we have come no where near missing the boat on this rally! DO NOT FOMO just yet.
21DEMA
I want to show you what I am looking at to get a more realistic view of our position in this market cycle.
Let's go back to our 21dema indicator on the 1day charts. I am going to go down the list of large caps according to CMC
Keep an eye on the blue moving average line here (not the one in the volume bars)
ETHBTC
XRPBTC
BCHBTC
EOSBTC
XLMBTC
LTCBTC
ADABTC
IOTBTC
XMRBTC
Iota is the only one that has managed to get its leg up over the 21DEMA, in the last 24 hours. All the others are still below. So a predominance of coins still lag the trend of btc over the last weeks.
But we have green shoots almost across the board at the moment, and many secondary signs (such as volumes) are also looking promising.
I am sure there are a lot of FOMO victims out there right now, but patience is the key to longer term success here. Missing the first 2x of a coin from the lows we have just experienced is impressive but not significant in the larger picture.
I am waiting and wading back into the market in baby steps right now. I know that some of the small and mid caps will die. Hell I even expect a few large caps may fizzle out
As a bonus list, I have pulled up the historical CMC top coins by market cap from 2 years ago
Where is maidsafe today?
64
And Doge?
35
As always guys, leave comments, have fun and trade safe.