Lorenzo Stroe
Independent Analyst
Here is what you need to know on Thursday 1, September
BTC/USD is trading at $11,717 looking for that leg up above the crucial $12,000 resistance level to finally consolidate its daily uptrend again.
ETH/USD is on the verge of a new 2020-high and a two-year high as well. The daily uptrend is back with full force with bulls trading above both EMAs.
XRP/USD is far weaker and it’s struggling to stay above the daily EMAs. The $0.30 resistance level is still the most crucial point for bulls.
BitShares is today’s biggest winner with a 64% price boost in the past 24 hours followed by UMA at 42% and Ameplforth with 25%. Other notable gainers were Kusama, Yearn.Finance, reaching $38,000 and Ren.
Chart of the day: YFI/USD 4-hour chart
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Market
The majority of the market has managed to recover from the dip to $349 billion total market capitalization to a high of $379 billion currently. Most of this was due to altcoins, especially Ethereum, gaining a lot of traction over Bitcoin which has been losing a lot of market dominance, currently at 57% only.
Justin Sun, known for his controversial takes on crypto and ridiculous promotions has stated that a ‘very important and bold decision’ will happen to the TRON ecosystem in the following days.
I’ve made a very important & bold decision which I’ll announce in the following days. It’ll hugely benefit $TRX/ $BTT/ $JST/ $WIN & the whole #TRON community. A new start! A new experiment! A new adventure! The best is yet to come!
— Justin Sun (@justinsuntron) August 30, 2020
Industry
CoinMarketCap has suffered a significant loss after the leadership team leaves. Right after the acquisition from Binance, five executives of CMC including the CEO are now out. The platform faced a lot of criticism after the acquisition due to a new ranking algorithm that seemed to benefit Binance.
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
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