BTC dominance rocks!
Following the last week BTC range-bound market, the market is still bear. According to the top 30 cc index trend chart, the index went up by 10%, from 5,193 to 5,713 while BTC pumped by roughly 24%, from 6,238 to 7,711 USD. The performance of BTC is turning bullish but altcoins are still bearish. For example, ETH price only increased from 434 UD to 451 with a 4% growth rate, a relatively weak performance. If we observe the trading volumes of the top 30 cryptocurrencies, we would find, from June 14 to June 18, the trading volumes doubled and dropped back to 10 billion USD with 24 hours, a small increase compared with it at the beginning of the evaluation time.
Moreover, we notice that the BTC dominance gradually grew from 35% in May to 46% in July. The crypto market capital is leaving from altcoins and moving to BTC. The risks of investing in altcoins are increased through some of the altcoins have great market performance because of the good news released by the teams. The followings are the event analysis for the past week:
Coinbase said it’s considering to add five coins: BAT rises over than 20%
According to Coinbase’s statement, they are considering adding ADA, BAT, XLM, ZEC, and ZRX to its exchanges services but there is no schedule for this case. Coinmarketcap.com data shows these five cryptocurrency prices rise consequently after the news released. Of the five coins, BAT has the greatest performance in the past 24 hours, of more than 20% up. Though these five-pointed coins stood double-digit increase, the communities were not positive for the performance. The communities believed the news was simply for speculation and boosting the price up. In addition, the press release stated Coinbase doesn’t guarantee these coins to be listed. We are afraid Coinbase wasn’t planning to take any further action in the short term.
Blackrock Asset Management Company is studying the cryptocurrency market
The world’s largest asset management company Blackrock was against the cryptocurrency market. The CEO, Larry Fink even said, “Bitcoin is speculative” in the last year. However, the establishment of the cryptocurrency team represents a big change to its company policy. Blackrock is studying how to make money from the cryptocurrency market. Is the cryptocurrency market keeping breaking rules? This is worth every investor’s attention for any new coming institutional money.
Stellar replaces Litecoin as the sixth largest coins
The ranking by market capitalization of stellar (XLM) went up because of the two news: (1) Coinbase is studying to list XLM. (2) IBM partners with Stellar to launch the stable coin, “Stronghold USD”, linked to USD at July 17. The price of stellar pumped consequently and became the sixth largest coins.
Market Perspectives
In the last week, BTC outstood in the cryptocurrency market and broke the resistance level, 6850 USD, and 7,200 USD to stay at 7,700 USD with growing trading volumes. However, most altcoins performances were weak. We expect BTC dominance to continue in the following periods. If so, the altcoins might be encouraged to pump accordingly.
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