Lorenzo Stroe
Independent Analyst
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
-637342424350677879.png)
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin
Dogecoin eyes February lows after nearly 23% decline in the past seven days. Shiba Inu could plummet another 13% amid the broader crypto market correction. Bonk price is likely to regain lost ground as technical indicators point at recovery.
XRP sustains above $0.50 as traders digest news of Ripple XRP Ledger entry in the Japanese market
Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February.
Optimism OP struggles to gain momentum despite alleged $90 million OP purchase by a16z
Venture capital firm a16z has purchased $90 million in OP tokens under a two-year vesting period, Unchained crypto reports. Sources told Unchained Crypto that Optimism has done well and the project is still doing airdrops.
Sei price action forecasts an opportunity to accumulate SEI Premium
Sei (SEI) price is at a crossroads and could trigger a steep correction or potential bounce after setting up an all-time high (ATH) of $1.145 roughly a month ago. Based on the Bitcoin price action, a potential bounce will likely occur anytime now.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.