Sellers and profit takers mostly controlled Yesterday’s session. Early this morning, cryptocurrencies began recovering during the Asian session. At the moment of this report, the majority of major digital tokens has recovered their 24H levels, with healthy upward movements. Market capitalisation is currently $270.423 billion, and Bitcoin dominance goes to 71.1%.
The auto-updated heatmap of the last 24 hours is presented below.
What is happening?
The scalability problem is the Achilles heel of the blockchain technology, and Ethereum is a demonstration of the problem. Co-founder of Square Ventures, Fred Wilson, believes that even though Ethereum is cutting edge, unsolved scalability problem impairs its adoption.
Ethereum as many of you know, confounds me. It has shown the way to so many important things; smart contracts, programmable trust-free computing, potentially proof of stake, and a lot more. But it remains hard to build on, scaling issues abound, and many developers are looking elsewhere
A report by Cointelegraph states that four out of the five top Bitcoin QR code generators are scams. Tal Be’ery from crypto wallet ZenGo published these findings in a post on August 29. These scammers generate modified codes that direct all payments to the scammer’s wallets instead of the one requested by the users.
Bitcoin is moving up, after a period of consolidation which moved the price to the centerline of the Bollinger bands. Nor the price is back above the +1 BBLine, and the Stochastics oscillator made a bullish crossover. The price now has backed from the $10,800 level, but it has regained the bullish trendline.
Supports: 10,660 and 10,500
Resistances: 10,800 and 10,900
Ripple benefited from Bitcoin’s upward movement, but the price is still downtrending (price below the mid-BB line), and it has issues with wale XRP dumps released continuously by the company. There are better investment options.
Ethereum and Litecoin
Ethereum has moved back up and is above its $170 key level. Stochastics has made a bullish transition, and the MACD is close to doing it. But the price is still in the lower side of the Bollinger band. Therefore it is too early to enter a long position. The same holds true for Litecoin.
Monero has been strong since its bullish movement made on Sept. 01 which was done with high volume. Since then it is steadily moving up, even when the Bitcoin was retracing. Currently, all technical indicators point for more upside movement. We should keep an eye on this one.