Crypto Recap March 1: Bitcoin Breaks Trendline, Stampede of Bulls Ahead?

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Market Summary

The crypto market remains buoyant courtesy of the constant bids found in Bitcoin above the $10k. We might be about to enter a more long-lasting bullish phase as the prospects of a structural bullish breakout materialize. Half of the job is done, and we say half because despite Bitcoin officially closing above the stiff descending trendline resistance, two aspects keep us prudent. Firstly, today’s bullish candle carries very little volume (potential trap), and secondly, breaking $12k is the real deal.

The market capitalization has been on a compressed range as of late, rotating back and forth in a $40b range between $420b and $460b, with volumes over the last 24h not earth-shattering by any means. Binance and OKEX have seen barely any change in the size of its total transactions in the last 24h, while Bitfinex has seen volumes drop by over 17%. The USDT/USD has also made a subtle attempt to break lower, last at 0.99 in Kraken, so one must keep an eye there too.

Looking at the performance of top cryptos, Monero has started to see more interest from buyers ahead of the planned hard fork in coming weeks. Meanwhile, Nano and Lisk are also two main beneficiaries, with the former seemingly fueled by the recent endorsement by Litecoin Founder Charlie Lee, who stated that he owns Nano on its technological merits. With regards to main losers, Cardano and NEO lagged behind, with the latter dropping after the Ontology’s airdrop (first round) was completed.

Two factors have had the most impact on the positive mood this week:

Firstly, the number of SegWit transactions in Bitcoin has broken into new highs above 30% on the combination of Bitcoin core 0.16.0 and Coinbase/Bitfinex implementing Segwit; this, combined with the lightning network, has allowed more confidence on a scaling solution. Secondly, the purchase of Poloniex by Goldman-backed Circle has been a symbolic move which will have significant positive repercussions down the road, as it will help to provide a bridge between traditional investors in Wall Street and the crypto space, on the prospects of a legal custodian entity. We have no doubt that as more developments exist in exchanges in full compliance with regulatory guidelines, larger pools of institutional money will find its way through the crypto markets.

* Headlines below are listed in chronological order, as seen in CoinLive News

Top Headlines Industry / Regulations

Top Headlines Crypto-Asset Fundamentals

Key Events on Top Cryptos for Mar 2 (Fri)

  • Binance Coin (BNB) — Snapshot for BCPT Airdrop
  • Bitcoin (BTC) — ZCL&BTC Fork and BTCP Mainnet Launch
  • Cardano (ADA)- Emurgo Cardano Meetup
  • HTMLCOIN (HTML) — Megaxstore Accepts HTML for Payments
  • WAX (WAX) — WAX Battle on CoinFalcon Ends
  • ZClassic (ZCL) — ZCL&BTC Fork and BTCP Mainnet Launch


Main Gainers / Losers Top 100 Coins

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