Cryptocurrency Update Bulls Advance, Bears In Retreat

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Cryptocurrency Update: Bulls Advance, Bears In Retreat

The Tide Has Turned, Bulls Advance Bears Retreat

If you are watching the cryptocurrency market you know that something has changed. There is an obvious shift in momentum that has the major coins advancing by high-single digits again today. Whether or not the bulls beat the bears does not matter, the bulls are advancing and it looks like the bears just aren’t there.

What this means for the market depends on how you look at it. In terms of price action, the prices of major tokens and coins is likely to move higher until the bears decide to start selling again. In terms of future resistance, it may not be that strong. If the cryptocurrency market continues to draw momentum this move could retest the 2020 highs if not move higher.

Litecoin, The Surprise Leader

Litecoin is the surprise leader in this group. The little-loved but widely-owned token has advanced nearly 60% compared to a mere 40% for Bitcoin. The weekly chart looks really good. We have strong green candles moving up from support. The candles are supported by the indicators. The indicators are firing a strong bullish crossover-signal, and the whole deal is crossing the 150-day EMA right now. The only other times we’ve seen this set up in Litecoin, it made stunning, triple-digit advances afterward.

Bitcoin’s Mojo Rising

Bitcoin’s chart is equally bullish despite lagging Litecoin. The difference here is that MACD hasn’t confirmed the bounce from support but that doesn’t matter. The MACD is going to make its crossover very soon and price action is well above the 30-day EMA, a sign of strength that offsets any perceived weakness. At the risk of jinxing the market, it looks like Bitcoin is making its reversal and ready to resume upward movement. With the halvening getting closer and closer, this move could have legs. Resistance is at $9,000 right now but it won’t last. The next target for consolidation is $10,000 or maybe a little higher.

Even Ethereum Moves Higher

Even Ethereum is moving higher with the new cryptocurrency rally. Although gains are reaching the 50% level this chart is the least bullish looking (it looks bullish). The MACD is yet to fire the crossover and price action is below the EMA, a sign that it does not have the markets full attention. The reason for that is simple, Ethereum has failed to deliver on multiple upgrades and spark a revolution in smart-contract cryptocurrency. I don’t expect much from Ethereum in the near or mid-term without a major develop from the Ethereum team.

Cryptocurrency market update: Crypto bulls are in retreat towards the end of the week

The cryptocurrency market has slipped back into a red zone after a short-lived recovery. Bitcoin (BTC) returned to the area below $10,000, while all significant altcoins are nursing losses from 1.5% to 5%.

The total capitalization of all digital assets in circulation dropped to $269 billion from $278 billion this time on Thursday. The total trading volume slipped to $49 billion from $59 billion this time on Wednesday. Bitcoin’s market share has reduced to 64.6%.

Top-4 coins price overview

Bitcoin (BTC/USD) touched the intraday low at $9,657 before recovering above $9,700 by the time of writing. Despite the recovery, the upside momentum remains weak. Bears retain control over the market as long as BTC/USD stays below critical $10,000. BTC/USD has lost over 3.5% on a day-on-day basis and 1/5% since the beginning of Friday.

Ethereum, the second-largest digital asset with the current market capitalization of $23 billion, has lost nearly 3% on a day-on-day basis and 2% since the start of the Asian session on Friday. ETH/USD is hovering above $214, off the intraday high registered at $219.50.

Ripple’s XRP stays above $0.3100 amid low market activity. Ripple’s current market capitalization is registered at $13.3 billion, while an average daily trading volume has decreased below $1 billion. The coin has lost over 2% on a day-on-day basis and stayed unchanged since the beginning of Friday.

Litecoin (LTC/USD) dropped as low as $90.30 during early Asian hours on Friday and recovered above $91.00 by the time of writing. The fourth-largest coin with the current market capitalization of $5.7 billion, has lost 3.5% on a day-on-day basis.

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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Crypto Today: Bitcoin bulls retreat ahead of another big attempt at $10,000 break

Here’s what you need to know on Monday

Markets

BTC/USD is currently trading at $9830 (-2.50%), as the bulls fail to hold on to $10,000.

ETH/USD is currently trading at $221 (-2.50%), the psychological $250 remains a problem for the bulls.

XRP/USD is currently trading at $0.2799 (-2.95%), $0.3000 is proving to be much of a challenge to claim.

Among the 100 most important cryptocurrencies, the best of the day are OKB $5.59 (+40.55%), HPT $0.010006 (+35.49%) WAVES1.28 (+17.75%) The day’s losers are MANA $0.056774 (-12.42%), HOT $0.000757 (-8.50%), DODGE $0.003002 (-7.92%).

Chart of the day: XRP/USD daily chart

Market

In the Monero network, two mining pools currently account for around 59 percent of the total hashrate.The Monero Community is discussing the causes of centralisation of the mining pool.

Leading stablecoin operator Tether launched its U.S. dollar-backed stablecoin USDT on the Algorand proof-of-stake (PoS) blockchain.

Regulation

Belgium’s regulator The Financial Services and Markets Authority (FSMA) is pushing the government to bring regulations for digital currencies.

Ukraine’s Manifesto of the Virtual Assets Ministry, Ministry and Committee of Digital Transformation of Ukraine, has just released the sanest and sound crypto-regulatory policy for Public Blockchains and Proof of Work (PoW) mining on earth.

Industry

Insurance firms in China use blockchain to manage coronavirus-related claims amid the outbreak. English-language local news outlet South China Morning Post reported on Feb. 9 that this month Chinese online mutual aid platform Xiang Hu Bao added the coronavirus to the illnesses eligible for the maximum one-time payout of around $14,300 (100,000 yuan).

BitGo is expanding its institutional cryptocurrency storage service to Europe with the launch of two new entities in Switzerland and Germany.

Reports suggest that top Bitcoin mining giant Bitmain is having a series of challenges to maintain the production capacities of two of its mining centers. The company’s sales director recently stated that T17 and S17 production capacities are presently producing at a very limited capacity.

Australia is working on an integral blockchain technology plan that would allow it to get at the forefront of the race to offer a better legislation on the matter. In a blockchain roadmap, the government explains that it wants to revolutionize the country’s blockchain industry. Moreover, they also shared which are the most important opportunities in space and how several industries can be improved by implementing distributed ledger technology (DLT).

Given the worsening of Coronavirus, the Chinese authorities are shutting down Bitcoin mining farms to contain the spread.

Jiang Zhuoer, the operator of mining pool BTC.Top, revealed on Weibo last Tuesday that his mining facility and several others were shut down by the local police, citing the ongoing epidemic.

Quote of the day

Bitcoin is creating a new class of high net worth individuals who will reshape the world via entrepreneurship, investment, and philanthropy.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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