Cryptocurrency Market News: Bitcoin can reach $500,000 one day, according to the Winklevoss twins
Here is what you need to know on Saturday 29, August
BTC/USD is seeing a slight recovery but hasn’t been able to climb above the daily 12-EMA at $11,600.
ETH/USD is on the verge of cracking $400 again after a double bottom. The daily 12-EMA at $396 is currently acting as a strong resistance level.
XRP/USD recovery is underway, however, the price is currently way below any of the daily EMAs which are about to turn bearish.
Numeraire is the biggest winner today with a 42% price boost followed by UMA, ranked 32nd and Yearn Finance which is nearing the $18,000 mark with a 24% pump.
Chart of the day: NMR/USD 4-hour chart
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Market
A green day for the entire market but Bitcoin continues losing its dominance down almost 1% since August 22. Altcoins continue gaining ground, especially Ethereum which has climbed from a 9% dominance to 13.3% in less than three months.
The total market capitalization has been growing significantly after the big crash on March 12. The lowest value was around $174 million and the peak was $373 on August 16, close to a two-year high.
Tyler and Cameron Winklevoss, known for their Bitcoin holdings, believe Bitcoin alone could reach $500,000 one day. According to the twins, there are fundamental problems with the U.S. dollar but also gold and oil.
Industry
SBI Holdings, a Japanese financial firm is launching trading for CFDs. According to the announcement, orders can be placed in U.S. dollars and yens and customers can make use of leverage.
We handle three types of crypto assets: Bitcoin (BTC), XRP (XRP), and Ethereum (ETH). For each cryptocurrency, there are stocks against the yen and the first financial products trader to handle the stock against the US dollar, so you can trade a total of 6 stocks.
Quote of the day
Bitcoin, and the ideas behind it, will be a disrupter to the traditional notions of currency. In the end, currency will be better for it.
– Edmund Moy, 38th Director of the United States Mint
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
