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Weekly Crypto Brief 1st July

Weekly Comment:

So the first half of 2019 is now officially over, and we can all now agree the Crypto Winter is over, the Crypto Spring has sprung and that things are looking decidedly more bullish than they were a year ago.  The past week may not have been necessarily as good for all of the Altcoins out in the market, but that is only because of the attention that good old Bitcoin has been getting.

We saw the continued vertical rally which nearly took us up to the $14,000 level and then subsequent pullback, although nobody can be surprised at some profit taking given the nature of the move higher.  With BTC dominance moving through 60% which is the highest in over 2 years, it seems that the “original cryptocurrency” is building momentum.  There are so many snippets of information we have seen of late that appear to be confirming thoughts of increased education, understanding and dare I say it acceptance of the Cryptocurrency markets.  From project Libra and JPM Coin, surges in Google searches, Starbucks and Wholefoods accepting crypto, executive and leadership quotes from all manners of business sectors, it is hard not to feel that we are on the very cusp of Crypto moving into the mainstream.

Of course, as far as prices and excitement are concerned, we have been here before.  As Bitcoin fever struck for the early adopters a few years ago, the price went parabolic and ultimately, paid a heavy price for the following two years.  However, what feels different this time is that understanding, investment (both in terms of financially and intellect) and technology itself have increased dramatically in the space, along with broader socio-economic factors that are driving many to consider alternatives to the status quo so perhaps the resurgent interest is justified.

Have a great start to July!

 

 

Past Week Talking Points:

  • “This transaction cost $0.015USD in fees, took 1.1 seconds and $1.2 Billion in value transferred. The future is here..”  Changpeng Zhao- CEO of Binance
  • Square have made Bitcoin deposits available on its cash app.
  • “If central banks are gonna be this aggressive, then alternative currencies do start to become a bit more attractive”  – Jim Reid, Head of global fundamental credit strategy, Deutsche Bank
  • Two further arrests made from 2016 Bitfinex hack of 120,000 coins, which inital value of $72million has now spiralled to $1.4billion
BTC Price:  $11,016

Last 7 Days: 2.2%  1month: 29%   12months: 72.7%Over the past week, the surge in BTC price initially continued with the price reaching $13,973 in what was a vertical rally.  What followed was to be expected after such a sharp move with profit taking all the way back lower pretty much to where we find ourselves now.  To the upside, initially $12,000 is a level, followed by $13,973 once again and if that can be breached then  $15,433.  However, should the bears manage to wrestle control then keep an eye out for support at $10,740 followed by $9,977.
BTC Volume:

24th June: $20,692,115,213 (BTC Price of $10,830)

1st July:  $28,599,059,952 (BTC Price of $11,016)

38.2% increase in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers:

1              OVCODE                                  OVC          $0.66                  1034%
2              BitScreener Token                    BITX          $0.008                183.60%
3              IHT Real Estate Protocol          IHT            $0.039                150.91%

 

ETH Price: $295

Last 7 Days: -3.2%  1month: 10.07% 12months: -34.73%

On the 28th June, transactions on the Ethereum network broke back through the 1million mark for the first time since May 2018 thus adding another confirmation signal to the end of the bear market.  Whilst the last weeks trading saw a move comfortable up from the early 300 mark and through resistance at 320, a subsequent surge to 361 was relatively short lived as the price then corrected all the way lower to where find ourselves today.  Whilst moving averages had a bullish crossover, keep eyes on a potential further correction back below them as this could turn things back into negative territory.

 

 

Market Cap. Dominance:

BTC: 61.4%
ETH: 9.87%
XRP:  5.44%

Other ALT-Coins: 23.29%

 

 

This newsletter is not intended and should not be construed as an offer, solicitation or recommendation to buy or sell any specific investments  or participate in any investment (or other) strategy.