Last weekend, buyers used their funds to buy altcoins. EOS (+9.9%) and Ethereum ( 7%) were the best movers among the top-ranking tokens. Other stars were ATOM (+12.11%) and ALGO (+4.5%). Bitcoin is flat for the weekend, moving around $10,300. Market Capitalisation moved up to $267.7 billion, and Bitcoin dominance descended to 69.4%.
Below, the market capitalisation evidencing buyers looking for altcoins.
What is happening?
On Monday, Binance published the launch of their lending platform. According to the published information, the lending products will be BNB, BTC, ETH, ETC and USDT with annualised interest rates of up to 10%.
The mining power dedicated to Bitcoin has hit a new high. Data suggests more than 600,000 new Asics were set online in the latest months. Source: coindesk.com.
Senate Bill 1025 will make Venezuela’s Petro digital currency illegal to use in the USA. According to Jason Brett, CEO of the law firm Value Technology Foundation, the implications of the bill are immense.
The implications for this are huge because it could be Bitcoin or some other cryptocurrency inserted into this language… We’re talking about a road map for how to ban a particular cryptocurrency
– Jason Brett
Browser extensions impose significant risks, said Jeremy Welch, Casa CEO. According to him, scammers could use browser extensions to steal coins. “Make sure you don’t expose your bitcoin addresses anywhere” warned. Source: coindesk.com.
The Chicago Mercantile Exchange (CME) has requested regulators to double the position limits on BTC Futures. That action was taken given the record-high volume, with over 370 million traded daily. If approved, that may expose Bitcoin to increased volatility and manipulation. Source: cryptoglobe.com.
Bitcoin’s price is moving in a tight range and low volume. The price made a lower high, suggesting a downside move. That is odd, as the rest of the top altcoins are moving up sharply. We will consider a new leg up if the 4H price closes above $10,450. Technically, the price moves below the Bollinger Band mean line, for the latest 24 hours, which shows weakness. MACD is turning a bit negative also. But on tight sideways ranges, we need to wait for a breakout with increased volume.
Ethereum price jumped up above $187, a significant resistance level. It is also making new Higher lows and highs, a clear definition of an uptrend. By the increasing slope of the ascending trendlines (blue), and also the growing volume, we can see the trend is gaining steam.
Right now, the price is overextended and needs consolidation, but, it seems, Ethereum scaped from its descending path.
XRP has moved to the top of the range and now is retracing a bit. The price keeps moving near the +1 Bollinger line, and MACD is positive, so we the current bias is still positive. But in view that the resistance at $0.2659 is so strong, a breakout of this level is needed to commit funds to buy it.
Litecoin has benefited from the bullishness of the altcoins this weekend. On the 4h chart, we see that the price has made a new higher low, although it still did not make a new high, blocked by the $72.4 resistance. MACD is in a bullish phase and the price moves above the +1 Bollinger line, so the bias is .bullish, but $74.4 needs to be pierced up (with a 4H close) to be considered a buy.
Other coins to eye on:
Eos is moving up with increased volume. Currently consolidating but MACD and Bollinger bands show it is in a healthy uptrend.
Atom is currently overextended, with the price approaching the +3 Bollinger line. That means it needs to consolidate the gains. But long-term this is a nice buy because the trend has occurred on a heavy volume. Also, the Daps sector is gaining momentum.