The Capital
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The Capital

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.

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.

On the weekly chart, Bitcoin looks to be testing its 21-week EMA support line soon as told you in the past story.

In general, we can see that Bitcoin is on a new phase of re-accumulation according to Philip Swift’s Bitcoin Golden Ratio indicator and cointelegraph.com.

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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Any question, please write to e-mail rubikaventures@gmail.com.

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