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Analysis

Bitcoin Slowly Regains Momentum, Trading At $6,420 With A 55% Market Dominance

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After recording the steepest daily drop in valuation over the past few years, the crypto market has been struggling to rebound in a convincing manner. This is what pushed the dominance index of Bitcoin to 55%, making Bitcoin tokens more than half present in the entire crypto world.

The 55% dominance index of Bitcoin is the highest point that the major cryptocurrency sees since December 2017. As the tokens lost out largely against the largest cryptocurrency by market cap, BTC’s index increased over the past few days from 51% to 55%.

A lot of people are confident that the crypto market did not experience a drop below $200 billion – or near the yearly low of $192 billion. However, it is safe to say that Bitcoin, Ethereum and most of the top altcoins recorded a steep downward trend with little to no support in the mid $6,000 margin.

The good thing is that Bitcoin rebounded from its bottom of $6,000 and is now trading around the $6,450 margin. What we can all learn from this price impact is that the Goldman Sachs announcement had no impact on the short-term price of BTC, but definitely seemed like a negative development for the overall cryptocurrency sector.

Even the chief of Goldman Sachs, Martin Chavez, refuted the reports that Goldman Sachs was the one to blame for the drop, with the delay of their Bitcoin trading operations. As he said during a TechCrunch conference:

“I think one of the wonderful things about us is that we get written about a lot. I never thought I would hear myself use this term but I really have to describe that news as Fake news.”

Right now, if Bitcoin fails to break out of the $7,000 resistance level in the next 24 to 48 hours and completely reverse its fall from the $7,400 mark, it is highly likely that the most dominant cryptocurrency will test the $6,000 resistance level – just like it did in April, June, and August.

The drop to $6,000, however, is not necessarily negative, as it would allow the dominant cryptocurrency to bottom out at its low price range and prepare for a new mid-term rally over the next couple of months.

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Analysis

The Market Is Still Dominated By Centralized Exchanges Despite The Increase In DEX

Despite the decentralized crypto exchanges gaining popularity in 2018, their centralized opponents still seem to be controlling the majority of the market and the majority of the global industry trade volumes. In today’s crypto news we are looking into a Cryptocurrency Exchange Annual Report from the research organization TokenInsight to find out more. According to the report, more than 400 global crypto exchanges were compared and it shows that DEX is only a 19 percent piece of the global exchange ecosystem. The trading volume on decentralized crypto exchanges is less than 1 percent of those on centralized ones. Though DEX platforms gained a lot in 2018, the growth was mainly because of the developments in the trading protocols and improved infrastructure but centralized ones are still the favorite among customers. Also, the report notes that centralized platforms have challenges such as opaque trading rules and the problems that come up with it but also the fund storage is not as transparent as the DEX offer. Despite the low adoption DEX rates, most of the exchanges that are based on Ethereum and Eos show significant spikes in transaction volumes especially in Q1 in 2018. During that time, the volumes increased by almost 200 percent where a single day volume exceeded $400 million. After the third quarter of 2018, DEX trading volumes decreased mainly because of the bear market. Even the bear market trend heavily impacted the entire crypto ecosystem, decentralized exchanges seem to be more sensitive than centralized ones.
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Altcoin News

Do Crypto Executives Still Have Positive Thoughts After The 80% BTC Drop?

Last year almost all of the cryptocurrencies declined by more than 80 percent against the US dollar with the exception of Bitcoin and a few other crypto assets. In today’s altcoin news we are going to find out how the crypto executives feel about the sentiment on the crypto market this year. Most of the crypto executives and also those who are leaders in blockchain emerging businesses believe that the bear market has influenced the companies with a lot of opportunities to rebuild the foundations of the entire sector. Blockchain projects since 2017 and the decentralized applications brought to the high dependence of the blockchain companies on the performance of the tokens. As we have seen over the past few years, during a bear market the cryptocurrencies with the strongest fundamentals are most likely to survive. Digital assets such as Ripple, Litecoin, and Ethereum have dropped by 90 percent from their all-time high in the past 12 months. Meanwhile, Bitcoin dropped by 82 percent over the year but still remains as one of the top crypto assets to increase and go through a correction phase. The hash rate of the BTC network also increased since January 2018. Investors always are always considering the tendency of cryptocurrencies falling by large margins during a correction and therefore acquire blockchain projects that will help them build long-term blockchain related protocols and solutions for a lower price. Over the past 14 months, blockchain projects dropped immensely but this is a new opportunity for investors to start building infrastructure for their companies at a lower price. However, with the drop in blockchain protocols, developers and workers have been let go despite that being a blockchain developer increased by $180,000 with the growing interest in blockchain technology.
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Analysis

ICOs Raised $160 Million In The First Half Of This Month (January) Alone

We have talked about ICOs on many occasions on our DC Forecasts crypto news site, and even reported their growth while comparing them to cryptocurrencies like Bitcoin as well as other altcoin projects. In today's news, we are again reporting the increase of ICOs which has set a new record. According to the ICO rating service ICObench, the initial coin offerings (ICOs) completed in the first half of January have raised around $160 million in total, raising about 33% more than the total December count. However, half of the sum was secured by just one project, the report notes. The number of fundraisers was still more than 150, a figure that is similar to the past seven months excluding December. The combined hard cap of cryptocurrencies in January showed that the maximum amount of money that a project can secure from investors during an ICO is more than $4 billion. As the report showed, three fundraisers out of the five largest this month have reached or almost reached their hard caps. When it comes to locations and amounts of funds raised, Canada has been leading in the first half of January with a combined total of $80 million. However, when it comes to the actual number of projects, the Netherlands is ranked first. Do you have an upcoming ICO project and want to advertise it on DC Forecasts? Visit this page to get started!
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Analysis

Bitcoin Could Soon Fall To $2,400 And Wall Street Could Buy The Dip

The latest Bitcoin news show that the price of the most dominant cryptocurrency is currently hovering around the $3,500 margin. However, no one is certain if Bitcoin will continue with this performance, especially not after last week's sell-off which led many analysts to believe about whether BTC could sustain its price movement. According to one crypto brokerage firm named BitOoda, a further decline is likely but may strengthen - and not weaken - BTC in the long run. As the Executive Vice President of the company Brian Donovan said when writing a daily note to clients, Bitcoin is right now mimicking the trajectory of the 2011 silver bubble during which the precious metal prices exploded to nearly $50 and then crashed soon after. Right now, silver is trading at $15.59 which is nearly 70% down from its April 2011 high. According to Donovan, the silver boom could provide hints about Bitcoin's mid-term prospects. Unfortunately for bulls, this may also bring the price of Bitcoin to $2,400 and a stormy forecast could see this flagship cryptocurrency drop before establishing its footing. As Donovan wrote:
"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."
He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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