Bitcoin: Positive news regarding two issues – for the first time Japan is recognizing Bitcoin as a legitimate payment method, while in the US rumors spread of repeated discussions on the approval of the Bitcoin ETF. The BTC value is breaking records and is currently trading at around $ 1500, new all-time high.
BitFinix: Less positive news comes from the leading crypto exchange BitFinix, which recently was holding the highest BTC-USD trading volume. Following the authorities’ demand for an investigation, BitFinix was forced to stop deposits and withdrawals of US Dollars. BitFinix is currently not counted in the Bitcoin Average rate, and the dollars traded on BitFinix (USDT) are worth about 10% less than the actual value of the US dollar (USD). It used to be always 1:1 ratio. The next graph shows the correlation between USD (US Dollar) and USDT (Tether Dollar, which is traded on BitFinix).
Etherium ETH: The rising momentum does not calm down. ETH broke the all-time high record traded against USD, and also ETH-BTC all-time high. In the past 24 hours, we have experienced a correction down in the ETH-BTC market as a result of the sharp increases in the Bitcoin value. Support levels which are very important: 0.05 BTC, and USD support levels around 70-80 USD. Resistance is at the psychological level of $ 100. With the rising hype around Etherium and the Etherum ICOs, the $100 level does not seem impossible.
Zcash: In our weekly reports since it was at 0.03 BTC levels. The positive momentum is somewhat stopped due to the increase in the bitcoin’s value but overall support seems to hold nicely at 0.055-0.06 BTC levels. From the top, resistance lays at 0.1 level. With more to come positive news, resistance should not be an obstacle for Zcash to overcome.
In conclusion, most of the Alcoins have done tremendous gains over the last months. Now that Bitcoin is rising, this may be a good opportunity to close some positions or at least set some stop losses in order to maintain profit. It is important to always remember – when Bitcoin rises so does the motivation of hackers regarding hacking exchanges. It is recommended not to hold large amount of Bitcoins on exchanges, but rather in wallets, preferably cold storage (such as Trezor).
More trading tips can be found in our featured article.
The following graph shows the market cap of the Altcoins (yes, we are at the all-time high) and the market value ratio between Bitcoin and Altcoins. A correction might come as we can see.
