Bitcoin (BTC) Rallying Back, Ethereum (ETH) and Alt-Coin market hit record highs
Bitcoin (BTC / USD), Ethereum (ETH / USD) and Alt-Coin Analysis and Charts:
- Bitcoin – fight but lose ground.
- Ethereum – high, high and far.
- Dogecoin – potential for huge Musk-inspired volatility episode?
- SEC – Cryptocurrency exchanges need a regulatory framework.
Bitcoin cuts recent losses and pushes higher, but it is unable to keep up with the vertiginous rally at Ethereum (ETH) and a spares series that continues to set records. Bitcoin’s market dominance has fallen to just under 45% from around 70% at the start of the year, while the total cryptocurrency market cap is now a record high of $ 2.4 trillion. The shift from Bitcoin to other coins – the aftermarket season – is one of the main talking points in the market and is expected to continue, volatile price corrections aside. Some notable 7-day spare parts movers this week include Telcoin (TEL) up 392% to $ 0.03843, Classic Ethereum (ETC)up 287% to $ 139, Bitcoin Diamond (BCD) up 164% to $ 6.14 and Qtum (QTUM)up 113% to $ 31.14.
DailyFX analyst Rich Dvorak has a great article (below) in which he takes a look at FinTwit darlings Dogecoin (DOGE),Tesla (TSLA), and GameStop (GME) and give his thoughts and analyzes for the coming week. And if you’re trading Dogecoin, watch out for Elon Musk – “ The Dogefather ” – who is hosting Saturday Night Live this weekend, as Rich notes.
Dogecoin, Tesla, GameStop – FinTwit trends to watch next week
The Securities and Exchange Commission (SECOND) President Gary Gensler said yesterday that cryptocurrency exchanges may need a regulatory framework and Congress should address the issue. Responding to a question from the House Financial Services Committee, Gensler said: ‘“Right now, the exchanges that trade these crypto assets do not have a regulatory framework, either at the SEC or at our sister agency, the Commodity Futures Trading Commission,” add. “It could inspire more confidence. At present, there is no market regulator around these crypto exchanges. aAnd so there is really no protection at allround fraud or manipulation. “
Bitcoin continues to recover from recent heavy losses and, although the pullback is lagging behind other heavy coins, the recovery is impressive and will fuel positive sentiment in the market. As always, weekend trading conditions can become very volatile very quickly, so some caution is in order.
Bitcoin Daily Price Chart (BTC / USD)
Ethereum continues to make new higher highs with seemingly little in its way before $ 4,000. I wrote last week that ETH remains bullish, with the caveat of a period of a cautious level, but the upward movement continues unabated. It is difficult to accurately plot the resistance levels on the upside, and it is equally difficult to suggest Ethereum going long or short, such has been the speed of the recent move. The first level of support currently visible is around $ 2,950.
Ethereum (ETH / USD) and Dogecoin (DOGE) hit new all-time highs
Ethereum Daily Price Chart (ETH / USD)
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What is your opinion on Bitcoin (BTC),Ethereum (ETH) and the Alt-Coin Marketplace – bullish or bearish ?? You can let us know via the form at the end of this article or you can contact the author via Twitter @ nickcawley1.