This week was calm in terms of trading until Bitcoin skyrocketed and boosted overall market confidence along with the price. One of the reasons for the increase is probably the Bakkt trading platform which will launch in the coming days.
This image shows the flow of money into the crypto markets in the past 24 hours:
Tether continues to be printed, and most of the current volume comes from stablecoins like USDT.
The altcoins continue to lose market share, but their declines have been less steep. However, there are some cryptocurrencies that broke their own price floors, which is not a good sign for their future.
Bitcoin’s dominance index has risen to 70% and seems to be testing resistance:
The market correction has continued, and despite Bitcoin’s latest increase, most analysts expect a sharp downturn. Our view on the subject is that just as the sharp rise from $6,000 could not be predicted, it is difficult to predict tomorrow’s market, and it should be remembered that the market does not always behave according to market analysts’ predictions.
This article was first published on: Sep 3, 2019
BTC Longs (BFX): 26.8K BTC
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