Bitcoin dominance reached a 2018 high of 50%. Dominance is up from a 33% year low. That means half the market cap of all cryptocurrency is now in Bitcoin alone. Unfortunately for holders this can be attributed to a decline in the alt market rather than a growth in Bitcoin.
Many alts are falling toward their resistance levels from the second half of 2017. If those levels don’t hold, it could take altcoins down to uncomfortable lows.
There is a ton of Bullish news, from ICE’s Bakkt, to Coinbase updates, to news about Coinbase, Stellar, and Facebook, to Volkswagen’s Blockchain project, to IBM’s blockchain projects, etc. Yet prices of most cryptos are the worst in 2018 so far.
Yet again in the history of crypto, a crypto bubble is popping and Bitcoin’s weakness is rubbing off on alts (most of which are exaggerating Bitcoin’s losses over time). In these times it helps to zoom out to look at how crypto holders made gains over time despite events like this in the past.
On August 20, the Bittrex cryptocurrency exchange is launching US dollar (USD) markets for Ethereum Classic (ETC) and Ripple (XRP).
Ethereum Classic (ETC) trading is now live on Coinbase Pro, but it is not on Coinbase yet (Coinbase Pro is the exchange, Coinbase is the broker-wallet services where you can buy / sell / store cryptos).
One could argue that most crypto charts, in most trading pairs, are forming giant falling wedge patterns (a bullish reversal pattern). This wouldn’t be the first time this sort of pattern has occurred in crypto and resulted in the start of a new market cycle.
The sell-off in crypto today is a good case study in crypto markets. I’ll quickly review what happened and why. Hopefully this will help you to understand the nature of the crypto beast.
The SolidX ETF was postponed by the SEC until September 30, 2018. This decision was expected Aug 16, but came Aug 7 instead. Although many were hoping for approval, an extension is notably not a denial. Also, a new service called Bakkt goes a long way to making the SolidX approval a non-issue.
Ethereum Classic (ETC) is now on Coinbase. As of August 7th deposits are allowed, then soon trading will start. One can expect some initial turbulence, so make sure to keep a close eye on the price.
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