Summary:
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Bitcoin reaches over 50% of the cryptocurrency market capitalization
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The pan-African bank releases a crypto report
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Crypto enthusiasts are looking for funds to unveil Bitcoin creator’s true identity
Cryptocurrencies started the weekend on the back foot. However, Bitcoin managed to recoup part of declines from the previous week. Trading on Monday morning is generally calm so far but it should be noted that Bitcoin has made quite a noticeable bounce higher. The capitalization of the whole market stands slightly above $215 billion whereas the Bitcoin market cap sits subtly above $110 billion. Today’s major topics concern the new pan-African report, initiative of some crypto enthusiasts as well as Bitcoin’s achievement.
Let’s start with news from Africa. The pan-African Ecobank published the crypto report showing the state of the African cryptocurrency market. The Togo-based bank analyzed 39 African countries in West and Central Africa. The report shows that just 3 of these countries have made any regulatory efforts concerning digital currencies. Namely, Namibia decided to ban cryptocurrencies while South Africa and Swaziland introduced rather favourable regulations. Other countries have not taken any action concerning this matter yet what may suggest that they are waiting for the outcome of implementing such a framework in other countries.
BITCOIN has once again bounced from the psychological $6000 mark. The cryptocurrency is trading around the $6400 handle, where the 33-period moving average on the H4 interval (a purple line on the chart) can be found. Source: xStation5
Satoshi Nakamoto is undoubtedly one of the most popular people in the crypto world despite the fact that we do not know who he is. No wonder that crypto enthusiasts are going to the great lengths to unveil his identity. Another crowdfunding initiative has been started recently with an aim to find the Bitcoin creator. The organizers plan to raise around quarter million dollars to hire private detectives who could help reveal Satoshi’s identity. However, it should be noted that Nakamoto is the person who created one of the first untraceable currencies in the World therefore it might not be easy to find him. Nevertheless, in case he will be found we can be sure he will have a lot of questions to answer.
ETHEREUM experienced quite a significant loss over the weekend. ETHEREUM has even broken below the $300 mark for a while. However, the coin managed to climb back above this handle and is moving a notch below the 8-period moving average on a H4 interval (a yellow line on the chart) at press time. Do notice how the mentioned moving average is hovering just above closing prices of subsequent candlesticks. Source: xStation5
Last but not least, it is worth to note that Bitcoin dominance has surpassed 50% for the first time in 2018. Bitcoin dominance is the ratio of the capitalization of the most famous cryptocurrency to the capitalization of the whole cryptocurrency market. This fact is a confirmation of what we have seen on the charts lately. Namely, poor performance of the altcoins and outperformance of Bitcoin. Such a situation can be seen for example today.
RIPPLE has plunged below $0.30 handle during the weekend. However, after some price action the coin managed to revisit this level. Do notice that the price has broken above the 8-session moving average on the H4 interval (a yellow line on the chart). Source: xStation5
