Cryptocurrency Market Daily Review To Have A Great Weekend
By Rubika Ventures on Altcoin Academy
The weekend arrived, and by this time we will be brief with the issue of the latest events in the cryptocurrency market.
The strangest news was the reappearance of Justin Sun who announced a giveaway of $ 1.2 M to support Yang’s Initiative. By our side, we won’t say anything.
The positive was that Bitcoin.com has begun discussions to list a Bitcoin Cash futures product on a Commodity Futures Trading Commission-regulated exchange.
And most surprising was the announcement by the CME, who doubles the amount of Bitcoins trading Bitcoin futures position, limited to $ 100 million for its investors.
It also stands out for this institution the fact of having achieved that Bitcoin Index Provider would win a First EU Crypto Benchmark License.
The last two news shows us that the derivative market within the cryptocurrency market is gaining strength. Is it then the end of the Altcoins market? We are not sure yet, but we will continue studying.
With all the news above, let me tell you the market perspective for the last hours so you have a happy and peaceful weekend.
Market Volatility And Price Correlations
The last SFOX Market Report shows that Multi-Factor Market Index has moved from neutral to mildly bullish as of September 9th, 2019.
It also tells us that all leading cryptocurrencies have maintained a low correlation with both the S&P 500 and gold.
To better understand this, when one asset relates slightly to another, it is because it will probably look for the same trend over time. Correlation means similarity.
In terms of volatility, the report shows us that it has fallen in recent months. And we agree with that opinion and the reason for this we have said in one of our previous follow-up reports.
Total Market Capitalization
Over the past 24 hours, total market capitalization pretty much stayed at ~$263 billion rose slightly from ~$259 billion to ~$262.4 billion.
Most coins either seeing gains or losses in the ~1–2% range. 24-hour volume registered ~$49.1 billion.
Bitcoin Daily Tracking
Bitcoin is currently trading around ~$10,330, up ~2% over yesterday.
On the daily chart, Bitcoin broke to the upside of the 50-day EMA line and is now attempting to break through to the upside of the 21-day EMA line. RSI is at ~49.9.
Bitcoin dominance is currently at ~70.3%.
We are still trying to get out of the symmetrical triangle with strong resistance and support near to $10.2k.
In another perspective that is indicating a strong accumulation in that area.
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