Blockchain Daily Market Update - August 4, 2020

Daily Market Update – August 4, 2020

-

$BTC 24 Hour High $12,034.14
$BTC 24 Hour Low $11,018.13
$BTC -5.2%

Total Market Cap
$340 BN (+0.47%)

24 Hour Volume
$89 BN (-30.25%)

Notable Movers
MCO
(MCO) (+36.49%)

BTC Dominance
60.7% (-0.82%)

Bitcoin broke above the symbolic $10,000 level and decided not to stop until a swift rejection of $12,000 over the weekend. Quite a move from the slumbering King of digital assets. During this past week, we saw record volumes across all spot and derivatives platforms. Of particular note, on the institutional side, the once-promising but struggling upstart, Bakkt, saw 11,509 contracts traded (85% higher than the previous record). Clearly this was not a fluke rally.

Bitcoin started the year as the primary digital asset story, following a March crash to forget, the Bitcoin halving, and validation from investing legend Paul Tudor Jones. But lately, BTC has been forgotten as other forms of digital assets besides “money” have garnered most of this year’s investment gains. As gold, silver, equities, and long-bonds reach record high levels, and the US Dollar slumps, the King of “cryptocurrencies” may be back in the spotlight for the foreseeable future.

$BTC futures traded volumes reached 30B yesterday after seeing volumes drop three consecutive days prior to Sunday’s volatility. Aggregated open interest dropped from 5.3B to 4.8B.

$ETH peaked at 415 for 30 mins before a long hour sell-off saw the price drop 8%; followed by another rally that resulted in an 11% uptick. As we headed into Monday morning it was largely range-bound at 381 and trading at neutral RSI levels and mid-Bollinger bands – still looking ahead for phase 0 of ETH 2.0 Serenity anticipated this year.

$XRP the biggest winner, currently trading at 0.29 after breaking its 0.20 resistance from last month. Yesterday’s volatility broke its 8-day positive trading streak where it went up 41%. Currently trading at overbought RSI levels, upper Bollinger bands. One billion $XRP tokens released yesterday, worth over $290M. It was only a few short months ago that the US Consumer Financial Protection Bureau mentioned using Ripple as a game-changer to bring simplicity to the remittance market.

Matthew Leisinghttps://www.newsalarms.com/
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

Latest news

Daimler unveils Mercedes-Benz GenH2 hydrogen tractor concept

The truck division of the German auto company Daimler held the world premiere of the Mercedes-Benz GenH2 truck tractor...

Gigabyte introduced the GeForce RTX 3090 with “turbine” cooling

While Nvidia has completely abandoned cooling systems with a centrifugal fan, Gigabyte decided to equip one of the GeForce...

Top 7 Market Research tools for Entrepreneurs in 2020

Market research is a market analysis that consists of collecting and interpreting data and information. With research, you can...

Putin accused the United States of creating Russian hypersonic weapons

Russia was forced to create hypersonic weapons through the United States' fault, which withdrew from the Treaty on the...

Co-Dex Aims to Launch Decentralized Crypto Exchange at the Turn of the Year

Do you regularly trade on foreign exchanges? Do you have any idea about the existence of centralized and decentralized...

Ford’s electric pickup will have more power than any F-150

It is not usual for vehicle production companies to go so far ahead when making public the projects they...

Must read

Google unveils Android 11 for budget smartphones

Following the standard version of Android 11, Google has...

Sony to host PlayStation 5 event on September 16

The company Sony Interactive Entertainment today announced that on...

You might also likeRELATED
Recommended to you

%d bloggers like this: