Special Daily Cryptocurrencies Market Review
By Rubika Ventures on Altcoin Academy
In the cryptocurrency market, Fridays are always a day to reflect and analyze possible new strategies for the following week.
- We start by telling you that CoinMarketCap Developing a New Liquidity Assessment System, which seeks to improve three aspects: the use of liquidity metrics, self-reported data, and a unified crypto-asset ID database;
- Another fact is that while some people in the world thinking about economic recession, others want to open up new opportunities, such as Elwood Asset Management, who is planning to launch a venture with an estimated capital of $ 1 billion to invest in cryptocurrency hedge funds;
- The amazing thing is that Binance will Launch the Futures Trading Platform in September; Ethereum-Based Dharma Relaunch Could Bring DeFi Mainstream; US banking giant PNC goes live on RippleNet; and Bitcoin, BNB, Major Stablecoins Added by Samsung Galaxy S10 with Wallets Automatically Generated for Phone Owners.
With all the above we want to show you the market retrospective and stats for the last hours. Then read carefully. The following lines may change your week’s negative feeling.
A Curious Fact
Tether total supply continues to grow and recently reached an all-time high of 4.27 billion units. Current supply stands at 4.1 billion units, consisting of 2.54 billion issued on the Omni blockchain and 1.56 billion issued on the Ethereum blockchain according to coinmetrics.
Also, the relationship between Bitcoin price growth and Tether supply growth deserves continued study. The chart below indicates that prior to 2019, Tether supply growth would increase when price growth was slowing, and supply growth would often peak at price bottoms; and the most recent observations indicate that Tether growth has flattened or become slightly negative as prices have done the same; says coinmetrics.
Total Market Capitalization And Dominance
As you update about the stable coins contenders market cap update by skew, who shows that:
- USDC leading & gradually growing; PAX / TUSD “flippening”;
- DAI victim of the ether recession;
- and GUSD in trouble;
over the last hours, total market capitalization stayed within a tight range of ~$245 billion to ~$247.7 billion following Thursday’s bloodbath according to coinmarketcap.com.
Most coins are either seeing gains or losses in the ~1–3% range. Bitcoin Dominance is around 69%.
Bitcoin Remains In Re-Accumulation Phase
Bitcoin is currently trading at ~$9,640, up around ~1% over last hours.
On the daily chart, Bitcoin is still trading below its 100-day EMA line after breaking down from it 2 days ago. RSI is at ~38, the lowest it has been since early February this year.
Disclaimer: In no way does this article recommend the purchase of any assets, this is a personal opinion of the author. Investment in cryptocurrency is extremely risky and volatile. Also, if you are an investor, always do your own research before investing in anything!
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