• Another uneventful week in the cryptocurrency market
• Some cryptocurrenices exchanges experienced significant drop in volume
• Bitcoin dominance drops as Altcoins surge
• 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 downward 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
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