A sudden surge in miners' revenue, as shown below, led to an increase in demand for Bitcoin BTC across major crypto exchanges, as other altcoins in the industry followed the same bullish pattern.
Read on as we analyze significant chart patterns, technical drivers, and interesting news events in the crypto and blockchain space.
Update: Bitcoin BTC vs. Miners' Revenue
The New Year is already looking good for Bitcoin BTC and other altcoins in the space, as they break above the significant resistance level at the weekly open.
We’ll start this week by analyzing the miners’ revenue chart from a weekly chart perspective. Next, we’ll do a top-down analysis of the BTCUSD and major crypto pairs in the top ten by market cap, followed by some supporting news events in the crypto industry.
Bitcoin BTC vs. Miners’ Revenue: Weekly
The total crypto market cap excluding Bitcoin BTC couldn't find support on the 200-weekly Moving Average. However, moving forward into the New Year, the pair signals a regular bullish divergence with the stochastic oscillator, as shown in the first chart below.
This week, we take a look at the technical chart patterns and news events in the crypto and blockchain industry, as Bitcoin BTC shows further dominance against other altcoins.
We may be coming to an end of the bearish trend as we'll later find out in this week's analysis of the top and active cryptocurrencies in the industry.
Total CryptoCap Excluding Bitcoin BTC: Weekly
The total crypto market cap signals a bearish accumulation pattern at the close of the December 2019 candlestick. It comes close to the 200-weekly moving a first since December 10, 2018, low ($91.243Billion).
A close above the $205.61Billion resistance should confirm an end of the price correction.
The crypto market exited the crypto winter of 2018 and surged higher in 2019 following an increase in institutional adoption and companies like Facebook lifting the bans off crypto ads. However, a decline in miners' reward led to a price dump of Bitcoin BTC, which consequently caused a domino effect across the crypto space.
Intensifying global happenings such as the U.S China trade war causes a shift in investors' sentiment towards cryptocurrencies.
The year 2019 comes to a close, and we take a look at the general performance of some crypto pairs in the last week of Q4 2019.
Can this be an end to the bearish trend from the June 24 all-time high? Let's analyze the charts, and also look into major trends driving events in the last weeks of 2019.
Total CryptoCap: Weekly
The total crypto market cap comes close to the 200-weekly moving Average on December 16, 2019, a first since December 10, 2018, low at $91.243Billion.
Can this be an end to the bearish trend from the June 24 all-time high? Let’s analyze the charts, and also look into major trend driving events in the last weeks of 2019.
Total CryptoCap: Weekly
The Bitcoin BTC dominance touched the MA-50 on September 01, 2019, and the level continued to serve as a strong resistance, bringing about a slowing in the Bitcoin BTC dominance.
Also, the total cryptocurrency market cap continues in a downward spiral following a collapse of the 50 Weekly Moving Average on November 18 ’19. The MA-50 now serves as resistance, and the current bullish accumulation support will most likely fail.
CryptoCap Bitcoin Dominance: Monthly
The total crypto market cap signals a bullish accumulation pattern after a 36.28% slump from the July 08 ’19 breakdown of hidden bullish accumulation pattern, a sign that we should be on the lookout for a resurface of bullish momentum.
Let’s take a look at the technical charts of the BTCUSD and some altcoins in the space and also touch on some events that are driving the total crypto market cap.
Total Crypto Market Cap: Weekly
As the year comes to a close, the constant decline in miners' reward drives down the Bitcoin BTC price, and the altcoins also suffer the same fate as the number one cryptocurrency.
Last week, profit-taking activities by institutional investors led to a price recoil to the upside giving intraday retail traders an illusion of a trend reversal. Should we be expecting a continuation of the bullish momentum?
Read on as we uncover the recent events and technical chart patterns driving the Bitcoin BTC price, and some top altcoins.
Canadian Investment Company 3iQ, Files Prospectus for Bitcoin (BTC) Fund
Canadian investment fund managing firm 3iQ expects to draw attention from Canadian retail investors with its controlled, publicly-traded BTC fund.
In an announcement on November 28, the company revealed that it had submitted a preliminary prospectus for its close-end Bitcoin fund. The fund is set to be listed on the Toronto Stock Exchange later in the year.
According to Fred Pye, 3iQ chief executive, part of the company plan is to get Canada's big banks and leaders in the fintech space on board to form a syndicate group.
3iQ had filed the prospectus for the Bitcoin fund concerning an initial public offering of Class A and Class F units at $10 each.
Last week, Altcoins suffered a similar fate as Bitcoin BTC following a consistent drop in Miners' reward a fundamental driver for the Bitcoin BTC price.
By applying a point and figure indicator to the BTC Miners Reward chart, we observe how it accurately time the reversal points of the Bitcoin BTC price.
The bearish trend started from July 11 & 13 '19 after a collapse in miners' reward. From that point onwards, the Bitcoin sentiment turned bearish.
The November 22 collapse in Miners' rewards further resulted in an early crash in BTC price at this week's open.
Should we expect a continuation of the recent price slump in the long term? Join us as we look into exciting events and technical drivers of the Bitcoin BTC price.
Bitcoin BTC Miners' Reward – Daily Point and Figure Chart
On November 15, Co-founder of Fundstrat and Bitcoin BTC bull Tom Lee in an interview with CNBC Asia attributed cryptocurrencies to network value assets. He believes that the more people hold on to the asset, the more the value will increase.
According to Lee, Fundstrat estimates that half a million people own and make use of Bitcoin, and projected that a million users should get the Bitcoin BTC price to $25,000.00.
Also, in the news, Changpeng Zhao, Binance CEO, believes that China president’s support for blockchain will lead to an increase in the mainstream adoption of cryptocurrencies in the not too distant future.
This week, we move on to analyze some top-performing cryptocurrencies and touch on exciting events taking place in the crypto industry.
Total Crypto Market Cap – Weekly
Though the total crypto market cap is in another correction phase for two weeks now, after a break above $220.676 billion resistance on October 21 '19, Bobby Lee, co-founder of BTCC, believes that the Bitcoin BTC market cap will surpass that of gold in 2028. He hinged his projections on the limited supply of Bitcoin from the halving coming up the next year 2020.
Will the market cap exceed the 248.964 resistance of last week, or should we expect a further price decline across the market? Let's analyze the charts and touch on some interesting news events in the industry.
Total Crypto Market Cap – Weekly
Most top 20 cryptos show a modest increase in price as Bitcoin BTC trades above the $9000.00 mark following a break of critical resistance levels across the markets. Confidence for a bullish closing Q4 2019 is on the rise as new money comes into space with the number one crypto exchange Binance now supporting credit card deposits as an addition to its service.
Last month’s bullish close of the total crypto market cap, excluding Bitcoin BTC, signals a bullish inside-bar candlestick pattern. A breach of either the 58.571 billion or the 80.498 billion support and resistance marks will confirm a decisive trend as the pair bounce off the MA-5.
Let’s go-ahead to analyze the technical chart patterns as well as major price driving events in the space.
Total Crypto Market Cap (Excluding Bitcoin) - Weekly
There has been a pullback from the October 23 dip in price, which has resulted in the price of Bitcoin (BTC) and several other altcoins posting positive numbers and a significant uptick in price. This is a positive sign signifying that the crypto space is generating a lot of interest among buyers.
Several cryptocurrencies continue to show a depletion in selling pressure. The breakdown from critical support levels of the bulls reveals that the sentiment is changing towards buying.
Meanwhile, the total market capitalization has bounced on from the $200 billion support level—another positive sign for the market.
Following a 49.65% decline in total crypto market cap from $388.354 billion, the market shows an increase in bullish sentiment after a sharp 10% decline in the Bitcoin BTC price on October 22 and 23.
The total crypto market cap below from a weekly time frame shows the market breaking above the significant bearish accumulation resistance of $220.677B on September 30.
Let's take a closer look at the technical drivers and fundamental events driving the market price of top cryptocurrencies.
Total Crypto Market Cap - Weekly
Despite the negative sentiments that came with the rejection of Bitwise’s Bitcoin ETF application, and the restraining order against the sale of Telegram’s Gram (GRM) tokens by U.S SEC, the cryptocurrency ecosystem continues to show bullish outlook.
Let’s dive into the technical patterns and news events driving cryptocurrency trends.
Bitcoin BTC 2014 to Present: Price Model by woobull.com 2014 to Present
An increase in regulatory adoption brings uncertainty to the price of cryptocurrencies, as a report from the G7 group of nations emphasized the risks inherent with global stablecoins.
As stated in the report, no stablecoin project should commence operation without passing through regulatory compliance and risk assessment.
The report is believed to bring a huge set back to the progress of the Facebook Libra project. Booking Holdings, according to a Bloomberg report on October 14, exits the Libra Association.
Steven Mnuchin, a U.S Treasury Secretary, attributes the recent ditch of the Libra Association to regulatory concerns, although industry stakeholders believe that companies are being pressured to abandon the project.
Read on as we analyze the technical levels established on major cryptocurrencies and how this event affects the industry.
Total Cryptocurrency Market Cap Excluding BTC: MONTHLY
CEO of Apple, Tim Cook, has ruled out the possibility of Apple releasing its currency token as he reveals his discomfort with private companies creating their cryptocurrencies.
Facebook, which announced plans to launch its stablecoin, Libra is dealing with a lot of regulatory barriers. As a result, Paypal, and some early supporters of the project are reportedly proposing to drop out.
Facebook COO Sheryl Sandberg, has been billed to appear before the US House Financial Services Committee to answer questions about Libra and the company’s advertising policies. The committee after this also plans to have Mark Zuckerberg, CEO of Facebook, testify by January of next year.
Also, President of the Federal Reserve Bank of Philadelphia, Patrick Harker, has stated that he believes that in the future, central banks will have to follow the digital currency route. While speaking at a community banking conference, Harker noted that the central bank should get its hands around the workings of crypto and digital currencies.
Bitcoin dominance hits resistance (MA-50), leading to last week’s bearish close. Let’s move on to analyze the significant fundamental and technical drivers, of the top cryptocurrencies in the industry.
Bitcoin Dominance: Monthly
Last week, the number one cryptocurrency Bitcoin BTC price plunged by roughly 22% leading to a decline of the total crypto market cap from $255.383 Billion to 196.108 Billion.
The delay in the launch of Bakkt's Bitcoin futures along with political turmoil in the U.S is believed by many to be a major cause of the recent price slump across the cryptocurrency markets.
Alternative currencies also suffered a similar fate, considering that the BTC has been dominant for about five months now.
Bitcoin Dominance: Monthly
Read on for deeper insights into recent events and technical chart patterns driving the top cryptocurrencies in the industry.
The total crypto market cap is currently range-bound with significant support at $232.862 Billion and resistance at $388.86 Billion. Although the resistance levels appear to be more pronounced especially with the bearish accumulation at $277.748 Billion and $270.316 Billion, a sudden surge in the market cap above these levels will confirm and increase in adoption across the crypto industry.
Join us as we take a closer look at interesting news and technical events driving the price of top cryptocurrencies in the industry.
Total Cryptocurrency Market Cap: Weekly
Last week, the cryptocurrency community witness excitement as the Bitcoin BTC hash rate came close to hitting a 100 quintillion milestone, a first in the history of the number one cryptocurrency.
Also, in the news, Localbitcoins.com warns users of the risk of losing their bitcoins to thieves when using the Tor browser. Richard Bensberg, a transaction compliance expert in his September 09 tweet, criticized the move by the Finnish peer-to-peer exchange.
Meanwhile, the total cryptocurrency market cap increase by about 10.5% since the beginning of September.
Come along as we dive deeper into the significant technical drivers of top cryptocurrency pairs as well as exciting news events from the crypto industry.
CHINESE AUTHORITIES TO REGULATE CRYPTO MINING IN INNER MONGOLIA
Crypto news outlet, ChainNews, on September 14 revealed that regulators in the autonomous province of Inner Mongolia in China had issued a notice demanding a clean-up of all crypto-mining businesses within the province.
According to the report, five different state departments within the Inner Mongolia province have agreed on the need to rectify the mining industry within Inner Mongolia.
The five departments argued that the digital currency ‘mining’ industry should not be supported since it is owned by pseudo-financial innovation and unrelated to the actual economy.
At the close of the week, altcoin prices see a slight increase signaling a similar price pattern across the board, while the Bitcoin BTC chart is quite undecided above the $10.K round number level.
Read on as we analyze the news, and technical chart patterns driving the price of the top cryptocurrencies.
Total Cryptocurrency Market Capitalization: DAILY
Total Cryptocurrency Market Capitalization: Daily
The cryptocurrency market closed with a bearish undertone as August signal a bearish accumulation pattern at September price open. Following a breakdown of bullish support on August 23 '19, the total market cap plunged by roughly 10.7% as illustrated in the 4hr chart below.
This week, we analyze the price dynamics of the Bitcoin BTC and top altcoins with exciting news events.
Total Cryptocurrency Market Capitalization: H4
In the face of an increasing Bitcoin BTC dominance over other altcoins in the cryptocurrency market, the total crypto market cap continues to establish lower highs starting from about $387.6 billion on June 26 '19 to $276.7 billion on August 19 '19.
Long term technical patterns on the top five cryptos are either in a bearish state or in a correction phase.
This week, we inspect recent events driving mainstream adoption and technical patterns that may likely increase the market cap or perhaps lead to a plunge similar to that of 2018.
Total Cryptocurrency Market Capitalization Daily Time Frame
The total crypto market cap makes a sharp decline from $296.9 billion to a low of $240.6 billion from the start of the week, following a delay in trade tariffs by Washington. Analysts see the easing trade war tensions as positive for the Yuan, which many believe led to the use of BTC as a hedge against risks.
Let’s take a closer look at the events and technical patterns driving prices in the crypto market.
Price of Bitcoin Drops Back to $10,000 in Recent Downtrend
Bitcoin (BTC) has fallen to $10,000 in a fresh downtrend. Despite its price shooting above $12,000 mark severally this month, the number one digital currency has gone down to $10,000 posting a 16% drop on the week.
Earlier this month experts citing geopolitical tensions —the ongoing United States-China trade war mainly—had predicted a positive trend for the BTC.
However, a little analysis reportedly divides crypto investors into three main camps regarding Bitcoin (BTC) price predictions.
The most bearish of the group believe that Bitcoin is set to drop to $8,500–$7,500 while the moderates believe its price will consolidate between $9,000 and $12,000 before its imminent rewards halving in 2020.
The bulls remain confident that despite the recent price trend, Bitcoin will retake its yearly high and resume an upward trend.
Following an increase in geopolitical uncertainties across the global markets, the Bitcoin BTC became a haven for investors to hedge against risks on fiat currencies, which resulted in a hike on the Bitcoin BTC price slightly above the $12K round-number support.
The cryptocurrency market started the previous week with a bullish outlook as the total market cap closed at about $287.3 billion above the significant resistance of $283.1 billion on August 04 '19 07:00.
Bitcoin BTC continued a bullish trend in the longer term as the dominant cryptocurrency, while the altcoins still maintain a bearish outlook.
Join us as we analyze the major news, events, and technical price patterns driving the crypto market.
Bitcoin: Gold and Bitcoin Is the Same Thing says, Mark Cuban
Billionaire businessman and owner of Dallas Mavericks professional basketball team, Mark Cuban, has revealed his views on Bitcoin (BTC) and gold.
In an interview with Kitco News on August 9, Cuban admitted that he has a strong prejudice towards gold as an investment and views Bitcoin (BTC) as fundamentally the same thing as gold.
When asked to describe his views on gold, the billionaire replied that hate with extreme prejudice was not enough to describe his beliefs.
In his own words, "hate mixed with double-extreme prejudice with an ounce of hot sauce" was a more accurate description.
However, he remarked that the fact that Bitcoin's value is dependent on supply and demand factors—implying that there's a limited supply that will ever be created—makes it a more reliable investment than gold.
Tom Lee co-founder at Fundstrat projects the Bitcoin price to attain the $20,000 round number in 2019.
He thinks Bitcoin BTC will serve as a hedge to risks from other traditional fiat currencies and asset class. Mr. Lee also mentioned that a rise in liquidity resulting from the Fed's rate cut would drive money into the cryptocurrency market.
Come, let's probe further into the recent fundamental events and technical price patterns driving the cryptocurrency market.
Bitcoin News: Macro Factors Creating' Perfect Storm' in the Rise of Bitcoin Price
According to a recent August 1 report by Delphi Digital, the global macroeconomic landscape is creating the "perfect storm" that will trigger the appreciation of Bitcoin price.
The Digital asset research firm revealed that the dovish sentiment in global central banking policy is perhaps the most critical factor for a rise in Bitcoin price.
The report argues that factors like trade tensions between the United States and China, and the likely aftershock of a no-deal Brexit is causing central banks into adopting more dovish policies.
These factors serve a catalyst that is driving the Bitcoin price as investors are increasingly considering it an alternative asset.
In the long run, another factor that is likely to drive the price of both Bitcoin and physical gold higher is the increasing risk of fiat currency devaluation.
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