CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Crypto newsletter: Will Altcoins threaten Bitcoin dominance?

12:27 10 July 2020
• Another uneventful week in the cryptocurrency market
• Some cryptocurrenices  exchanges experienced significant drop in volume
• Bitcoin dominance drops as Altcoins surge

Recent week was pretty much uneventful in the cryptocurrency market. Volatility is low as the price of major coins has been stuck in narrow ranges, barely managing to move up or down by more than few percent.
Major cryptos may be trading flat, however altcoins have performed relatively well.  The most improved altcoins include Ripple, Stellar, Chainlink, Cardano and Tezos. The growth of altcoins has been reflected in market dominance. Bitcoin's market dominance decreased to 62.8%. The capitalization of all digital assets in circulation reached $269 billion, while an average daily trading volume is registered at $67 billion.

Crypto exchanges see drop in volumes

 Cryptocurrency exchange Kraken reported that trading volume plunged by 31% since the beginning of the year, which resulted in a sharp decline in the cryptocurrency market volatility. Kraken also reported that within last 30 days Bitcoin's correlation to S&P 500 rose to 0.65, while the 30-day correlation with gold dropped to -0.49.

Bitcoin has been trading in a symmetrical triangle pattern and has just recently bounced off the upward trendline. If price will manage to break below  the lower limit of triangle pattern then first support to look for is located at $8600. However, if the bulls manage to take control of the market, resistance around $9770 may be at risk. Source: xStation5
Small cap coins have outperformed Bitcoin in 2020

According to the recent data provided by Arcane Research, so far this year small-cap coins have outperformed Bitcoin by nearly five times. The most popular cryptocurrency gained 27%, however, some smaller-cap coins like VeChain or Dogecoin grown five times faster. The experts note that those coins can be set in motion easily due to low liquidity. It takes far less capital to start the ball rolling and push them above the resistance levels. Many experts now predict the decrease of Bitcoin's dominance similar to what happened in 2017.
On Wednesday Ripple managed to break above the downward trendline and rally. Yesterday coin tried to extend gains however 200 MA (redline) proved to be too strong resistance for market bulls. During today’s session price returned to the aforementioned trendline. The question remains whether it will manage to fend off the bears. In case of a break lower major support can be found at 0.1656. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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