Bitcoin FOMO Continues: Price Crosses $11K, BTC Dominance Rising, Altcoins Are Crashing – Crypto Weekly Report & Overview
Bitcoin’s positive trend continues as the chart is becoming steeper, contrary to all the predictions. Throughout the last few days, all eyes are turned to Bitcoin, the dominance of which has steadily increased to 60%. Most of the altcoins are going down against it. It seems that the enthusiasm on the market is beginning to be felt, pulling yet another wave of FOMO. Those who were here before, however, know that the tune repeats itself and, as such, aren’t as excited. Even as the altcoins lose their value against Bitcoin, they find strength against the USD.
Meanwhile, big players, as well as opinion leaders in the cryptocurrency community are trying to push the Altcoin season forward. This does seem a bit far-fetched at the moment as Bitcoin’s impressive gains get all the attention. Nevertheless, when Bitcoin reaches strong resistance, it could make room for alts to recover. Meanwhile, it’s difficult to assess how and when this will happen but it’s always good to be prepared.
The trend continues to be fairly mixed given the number of cryptocurrencies that managed to make their way into the Top 100. For instance, BEAM has increased by about 50% while other prominent altcoins are quietly waiting. Of course, exceptions such as NEO, HyperCash, Egretia, as well as a few others, always exist.
Airdrops tend to take place every now and then. This time it was MibleWimble’s Airdrop for Bitcoin holders which opened its doors for registration.
Amid the excitement surrounding the cryptocurrency market, as well as the discussion of whether or not the volumes on various exchanges is actually real, the FATF has recently issued guidelines for regulating the activity of cryptocurrency exchanges. It’s part of a push toward an overall market regulation and we expect to see further moves being done in this direction.
It’s also important to take into account that the price spikes are too sharp and if you’re new to this market, you should take the necessary precautions and refrain from risking more than you can afford to lose.
A correction is likely to come and this will allow us to understand where the market is headed to. Meanwhile, we’ve probably entered the phase where FOMO starts to settle in. This is also something to consider and it’s appropriate to be very careful when making any investment decisions.
Market Data
Market Cap: $334.8 B
24h Vol: 71.9 B
BTC Dominance: 60%
BTC: $11,293 23.4%
ETH: $310,2 15.7%
XRP: $0.46 6.1%
BTC Shorts (BFX): 29.5 K BTC
BTC Longs (BFX): 27.8 K BTC
Libra vs. Bitcoin: What Is Facebook’s Libra Coin, and How Is It Different From Bitcoin? The announcement of Facebook’s Libra was undoubtedly the landmark event of June. The asset-backed cryptocurrency, however, differs quite a lot from Bitcoin. Take a closer look at how is it different and what you can expect from it.
Bank of America CEO: With the Rise of Cryptocurrencies, We Want a Cashless Society. After a couple of very intensive weeks on the cryptocurrency markets, the CEO of Bank of America, Brian Moynihan, came forward with his stance on the matter. The executive said that with the rise of cryptocurrencies, he’s in favor of a “cashless society.”
Bitmain IPO’s Comeback: Following Bitcoin’s Price Surge, Bitmain Revives IPO Plans. What used to be the world’s largest cryptocurrency chip maker, Bitmain, is now reported to resubmit an IPO application in the second half of 2019. This time, however, the company will seek a listing in the US and, hence, will be filing its application with the country’s Securities and Exchange Commission (SEC).
Grayscale’s Ethereum Security Now Listed on OTC Markets. The Grayscale Ethereum Trust (ETHE), which represents Grayscale’s Ethereum-based security product, is already available for trading on Over-the-Counter (OTC) markets. This is a means of investing in the cryptocurrency without having to actually hold it.
Russian Ministry of Finance Considers Allowing Cryptocurrency Trading. According to a representative of Russia’s Ministry of Finance, the country is considering to allow cryptocurrency trading. This could be reflected in the upcoming bill on the matter of the circulation of cryptocurrencies in the Russian Federation.
Bigger Than Russia – Bitcoin Now 8th Largest World Currency. Bitcoin is among the largest currencies in the world, bigger than the base money of countries such as Russia, South Korea, Brazil, Canada, and Norway. As cryptocurrency adoption continues to grow, we can only expect it to become larger than the base money of other countries as well.
Charts
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Kyber Network, and Monero – click here for the full price analysis.
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