Cryptocurrency Market Report For Another Perfect Week Start
A new week has passed and with it, some new things keep us in expectation of a new high price for the coming months.
About The Global Markets
The negative of the case is that Global Debt is up nearly 50% since before the financial crisis to $246.6 trillion at the beginning of March.
In light of everything, it is clear that the world economy entered a short break and that is affecting most financial markets.
It is not a lie that the external debt and the inflation of the countries grows every day. But what is really true is that this allows a larger scale for the adoption of digital currencies.
Little by little, paper money is losing more value every day and governments are starting to panic.
Bakkt In The Game
The truth is that Bakkt has officially opened deposits and withdrawals for its investors.
And these funds are protected with a reserve fund of approximately $ 125 million.
Binance Never Stops
In another hand, Binance Futures has officially launched by invitation.
But the most one talked news is the Binance U.S. launch in the next weeks. KYC will be required as it was written in the blog.
Binance.US will provide desktop/mobile web access for the initial launch and will have an app version in the future.
Chicago Mercantile Exchange (CME) Grows
What can be highlighted is that, and according to Trade Block, the Chicago Mercantile Exchange (CME) had an elevated trading volume for its bitcoin futures product over the summer and before declining modestly in August.
The principal point is that for the months of May, June, and July, more than $8 billion notional volume was traded, and another is that a physically-settled bitcoin futures product would be the first of its kind, and could usher in further institutional adoption.
With all this, and although the market reflects a bearish feeling, for the last week the community remained super active in the main social networks, as the metric shows in Reddit.
Although the feeling that is breathed is bullish, a difference between this week and the last week is not measurable according to what it shows us alternative.me. According to the 41 points, in general, the community remains neutral.
Total Market Capitalization
Over the weekend, total market capitalization rose from bounced between a range of ~$260.4 billion to ~$273.6 billion, according to the coinmaketcap.com.
Total market capitalization currently stands around ~$267.5 billion.
Bitcoin Market Dominance
While you know:
- the total number of Tether printed to date;
- the Bitcoin BitMEX open interest last 90 days;
- the number of Bitcoin addresses with at least n amount of Bitcoin;
- and how to the Bitcoin hash rate has reached a new high, around 94,779,758 TH/s, with a historical moving of 100 million TH/s;
you will notice that the Bitcoin Dominance of last week with respect to this week fell ~1%, according to the coinmaketcap.com.
But an exact calculation shows that the Bitcoin Dominance is actually higher. Around 72%.
If Bitcoin continues to win this battle, the Altcoins Market could enter into recession as well as the world economy that was cited above.
Daily And Weekly
Bitcoin is currently trading around ~$10,310 on the daily chart.
It continues to be trading above its 21, 50 and 100-day EMA lines after bouncing off the 21-day EMA line over the weekend.
RSI is at ~50 and 59 respectively, indicative of some market indecisiveness at the moment.
In both cases, the struggle to get out of the triangle continues.
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