Altcoin Market Analysis - Bitcoin Rise, Altcoins Still Low 2

Altcoin Market Analysis – Bitcoin Rise, Altcoins Still Low

This is also reflected in the growing domination of Bitcoins, which reached a new high for the year at 69.29%.

The top 10 shows a mixed picture this week. The value in US dollars of most of the best coins has increased. At just under nine percent and a good five percent, however, the weekly profit of Bigcoin Cash and Ethereum's largest coins is lower than the rise in Bitcoin. Cardano is at the bottom of the list of coins with a loss of almost five percent a week. Too bad, the Cardano course has held up well to the negative price developments of last week. Binance, which had set a new all-time high in June, was corrected again this week and is currently down nearly 2%. For now, this does not bode well for a sustained price trend for the top 10 Altcoins.

Look at the market capitalization

Altcoin Market Analysis - Bitcoin Rise, Altcoins Still Low 3

Total market capitalization based on Coincap's values

The total market capitalization, especially on the night of yesterday to Sunday, August 5, continues to increase and is currently listed on the psychological barrier of $ 300 billion. On a positive note, resistance was pushed to $ 278 billion, in line with rising market volatility. Especially since the weekend, new inflows into the cryptography market and should quickly lead to a new test of resistance to 306 billion dollars. Just in time for the end of the summer holidays, the crypto market, like the classic stock market, is once again experiencing significant movements.

It should be noted that the cryptography market currently seems to function as a safe haven. While stock prices have fallen sharply over the week, the price of Bitcoins has risen sharply. However, there is still a lack of sustained cash flow, particularly in the Altcoin market, to bring capitalization back to its peak of $ 389 billion. It is currently important to closely observe the total market capitalization and its development.

Best stock market performance: Bitcoin Cash (BCH)

Altcoin Market Analysis - Bitcoin Rise, Altcoins Still Low 5

Price analysis based on Bittrex BCH / USDT value pair

The Bitcoin spot price is Altcoin's highest price in the top 10 this week. If this mark breaks, the goals will be $ 362, the old horizontal resistance, and above $ 382, ​​the top of the flag in development. This zone also includes the Fibonacci retracement level of 50% of the last shot. Even if Bitcoin Cash is currently developing positively, a break in the flag would be a bullish signal. On the other hand, if the price drops and breaks down the trend channel, the test of the old low at $ 251 is targeted. The current rise of Bitcoin Cash should not hide the persistent weakness of the chart image. As long as Bitcoin Cash does not exceed the Fibonacci retracement level of 38.2% to $ 355, it can not be expected to experience a temporary turnaround.

The RSI and MACD indicators are currently generating bullish signals and may increase slightly every day. If, however, both indicators are viewed weekly, bearish signals can still be read here. Therefore, this inconsistent picture does not allow for clear conclusions at the moment and provides a mixed picture overall. As a result, the behavior of the course over the coming week remains to be seen and the image of the map can be interpreted more clearly.

Worst performance: Cardano (ADA)

Altcoin Market Analysis - Bitcoin Rise, Altcoins Still Low 7

Price analysis based on the ADA / USDT value pair on Bittrex

Cardano has not been able to resume the uptrend line halted in mid-July in recent weeks. He left the triangle in formation down during the week. So we have a classic downtrend after training. With the breaking of the triangle, the goal was the July minimum at $ 0.049. If this zone is started and breakthrough, a massive sell threatens up the range of the weekly chart super trend to $ 0.044. If this mark does not hold either, it is likely that the range of demand will start at $ 0.042. A possible return to the area of ​​the lower edge of the abandoned triangle can therefore be used as a short interesting entry. The stop loss is set at $ 0.0655, just above the top of the last 14 days, as well as the superset trend of the daily chart.

The RSI and MACD indicators of the daily chart currently have different signals. While the RSI continues to deliver short signals at 36, the MACD is still slightly up. However, on a weekly basis, both indicators show bearish signals, so that the overall negative image predominates. As long as the RSI will not be able to return to the 45-day threshold on a daily chart, the current situation can not be alleviated.

Stability of the top 10

If the situation was rather negative last week, the market capitalization of the main coins will increase slightly by about 4% during the current week. The ranking of the top 10 altcoins has been replaced by two positions this week. Bitcoin Cash moves Litecoin from fourth place with a strong weekly performance. In addition, the piece Eos occupies its place and advance to the play Binance in sixth place. On the other hand, the correlation between the highest prices in altcoins and the bitcoin price decreases slightly during the week. Altcoins can only partially follow Bitcoin Rally of the last days. It is now important to know if the top 10 Altcoins will be able to follow Bitcoin and continue to grow positively over the next few weeks.

Winners and losers of the week

The negative evolution of the first 100 coins in the last weeks seems to be stopped. More than 50% of Altcoin / USD pairs have at least small price gains over the coming week. In contrast, the majority of ALT / BTC cards indicate the South because of the size in bitcoins. After a strong performance last week, prices fell again. Altcoin vs. Bitcoin's global market chart fails to break the supertend in the daily chart, as well as the exponential moving average of the past 200 weeks, and is currently dropping to its July low.

A look at the domination of bitcoins

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Total capitalization excluding Bitcoin based on Coincap and BTC / USD values ​​on Coinbase

This week's mixed market environment shows the winner the Energi Coin Prize with 41% and the Tezos Prize with a price just under 40%. Tezos posted a very good performance since its low of $ 0.82 in July. Egretia Coin with -21% and Basic Attention Token with -12% are among the biggest losers of the week. Although the majority of the top 100 coins may increase in the current week, they are behind Bitcoin in percentage terms. As expected in recent editions, there are currently only individual Altcoins that can record respectable price gains.

The correction of the domination of bitcoin is thus complete. It increases from 3.5% to 69.29% this week. A test of 70% is very likely, resulting in possible targets at 73.94 and 77.10%. The 65% mark is now a good support.

Disclaimer: The price estimates shown on this page do not constitute buy or sell recommendations, but simply an estimate of the analyst.

USD / EUR rate at the time of publication: 0.90 euros.

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