Is this the floor? It remains to be seen. I believe in an end to the bear market, as you know, only once we’ ve risen above the moving average of the last 20 weeks. And the Bitcoin price needs to rise to around USD 6,300.
Nevertheless: At least there’s some peace in the top 10 – apart from the Bitcoin Cash and EOS prices plummeting into the depths. We also have Bitcoin SV, another Hard Fork Bitcoin in the top places. Since the history of Bitcoin SV is still quite young, we won’t give a forecast for this asset yet.
Market capitalization has remained more or less constant at $129 billion.
The price forecasts are somewhat positive: Courageous ones can venture long positions with crypto currencies with a rather bullish price assessment, where the support can be considered as a stop loss and the resistance as the first target. For those with a neutral assessment, you should wait for a rise above the resistance or a fall below the support before opening a long or short position.
Winners and losers of the week
On average, all crypto currencies rose by six percent and thus performed better than Bitcoin. The result is similar for the top 100: they have risen by an average of four percent. Centrality, Bitcoin Private and Waves were able to show price increases of over 40 percent. In the case of Centrality, this is a pump on dubious exchanges such as Cryptopia or HitBTC. After all, Bitcoin Private has at least one listing on Changelly. Their new smartphone app will certainly play a role for Waves. Losers of the week are Tezos and Sirin Labs Token. Both had to cope with price losses of more than 20 percent.
48 percent of the top 100 crypto currencies performed worse than Bitcoin. Bitcoin’s market share accordingly remained at 54 percent
Bitcoin Cash drifting aimlessly
Bitcoin Cash communities are infamous for their toxicity and inferiority complex with forced narratives about how BCH is the original bitcoin and how much better it is than the real BTC. Now, imagine what happens when you take such toxic and bickering environment and split it into two smaller tribes with completely opposite philosophies and perspectives on the future.
The newly formed camps BCHABC and BCHSV are grinding themselves to the ground while outing their despotic tendencies and lack of respect for collective safety and expertise. This hardfork revealed another set of great bitcoin properties: self-purification and regeneration.
Stability of the Top 10
Stellar was able to assert itself against EOS and Bitcoin Cash, now only two percent separate the market capitalizations of Bitcoin Cash and Stellar. The situation between Litecoin and Tether is similarly tight. Should Litecoin’s market capitalization fall by four percent, Tether would take seventh place in the Top 10. After all, there is a battle raging on the last places of the Top 10. While Cardano and Monero are nine percent behind, Tron and Monero are almost on a par. Only one percent separates their market capitalizations from each other.