Like every week in the crypto world, the number of events and volatility had no proportions this past week. The crypto market grew at a fast pace this week, well beyond expectations. Are we in a bubble? This question came up not long ago, when Bitcoin was under $ 2,000. Just a week ago the value was around $ 2800 and in one week we had an increase of more than thousand dollars. Every time new all-time high is captured, this carries lots of attention from the press and a new wave of interested people.
Overall, the buzz is shifting from Big Data to Blockchain, and the sector is fast growing – start-ups are interested in entering the Crypto world (i.e Stox, in the near future many companies seem to be doing so).
The increase in bitcoin value has began after SegWit was locked in the protocol and now we need to wait patiently to the first Segwit block that will take place around August 21.
The market confirmed its support for upgrading the Bitcoin protocol, we can tell that by the recent rise. Trading volume is also breaking a new records, and many of the altcoins have been behaving particularly impressive, especially projects such as OmiseGO, TenX Pay Token, and NEO (“the Chinese Ethreum”), the three have gained 3 digits number of percentage gains over the past week.
The bigger altcoins preserve their dollar value and lose their BTC value. For example, Zcash and Ethreum, which recently behaved similarly when keeping it’s USD level of $ 200 (reported in recent updates, it was not a long time ago at $ 200).
Subsequent events following the controversy over the size of the block and the New York agreement will take place in November. According to the agreement, a fork of the Bitcoin network is expected to take place, approved by most of the miners.
The November fork will change the size of the block from one megabyte to two, making it possible to perform more transactions without overloading each block.
The crypto market cap has peaked at a new record of over $ 135 billion. We expect volatility over the next few days. Who remembers that we almost touched $ 3,000 level and went back to $ 1830. Now it’s a part of the history, but keep that in mind.
Changes in exchanges: Poloniex, which used to lead the other exchanges (by far) in trading volume, now lags behind Bittrex. Two days ago, Bittrex’s volume was three times that of Poloniex. There are two main reasons for that: Poloniex has recently gone through unscheduled and sluggish exchange crashes. The second reason is that Poloniex doesn’t add any new coins (even Bitcoin Cash is not traded on Polo).
After breaking the $ 3000 level, we got a crazy and fast rally over 4000$ the past hours. What will happen next? In the next daily chart we see Fibonacci resistance lines based on the recent uptrend. The support resides around $ 3,400. Volatility is coming. There is also the possibility of continuing a rising up to $ 5000 levels.
Ether News: BitStamp exchange will soon add Ether trading. Another ERC-20 ICO set new records: $ 200 million invested in Filecoin in just 60 minutes. The leading exchange BitFinex had lately announced the suspension of tokens issued through ICOs, for US citizens, following the SEC announcement.
ETH – Bitcoin: Support at 0.08 BTC just broke. After a rising trend up to 0.09 BTC, where lies the resistance for the short term. BTC rise causes ETH to go deep.
ETH – USD: Following the rallies in Bitcoin, ETH – USD rate is stable around $ 300 and looks like as strong support area.
After been traded for a 1.5 weeks, the BCC found its floor at 0.06 BTC area and then ran up for a sharp decent 100% increase to 0.119 BTC. The correction brought it back to ~0.08 BTC support area.
The company had their ICO a year ago. Another ERC-20 Ethereum token. After a week of crazy pump the coin is set among the Top 10 in market cap. The growth followed by news and huge hype covering the adoption of Ethereum through the Neo platform in China.