The crypto market continues to break new highs. In November, the Crypto market climbed to a market value of $300 billion. A growth of about $100 million in less than a month! The fear of missing the “crypto train” grows more and more relevant every day, especially with this wave of hype. But we have to ask, is this all happening too quickly?
In the Bitcoin sector, it seems that Bitcoin owners continue to reap the fruits from the forks (money came actually from thin air). As of writing this update, the value of Bitcoin + Bitcoin Cash + Bitcoin Gold is $11,800. In other words, Bitcoin continues to yield a very good return to its investors. The news about the forks, and the possibility of receiving more new money (only for holding Bitcoin) has attracted quite a few investors recently. We anticipate that more investors will be attracted to this opportunity.
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There is likely to be more forks in the near future, but at the moment, it is difficult to predict whether that it will really happen, and whether it will turn out like Bitcoin Cash or Gold.
In the altcoins sector, there is stabilization both against the Bitcoin and against the dollar. In the past week, as a result of the market’s attempt to correct a bit from the downtrend, we do see a positive trend in most of the altcoins’ market. However, this trend was slowed down with the increase of Bitcoin towards $8500.
In this zone, only a small proportion out of all altcoins were doing better against their bitcoin’s value. Against the dollar, it seems that most of the major altcoins flourish along with the rise of Bitcoin. Even some of the altcoins such as Litecoin, Dash and Ethereum broke new dollar all-time highs.
More from this week
BitFinex, one of the world’s largest crypto-exchange, has begun to trade in euros. This is possible through cooperation with a Polish bank.
BitStamp makes another step toward making cryptocurrencies legit, now letting you buy altcoins such as Ripple, Litecoin, and Ethereum directly using a credit card. In other words, there is no need to purchase Bitcoin, and then convert it to altcoins, as it used to be.
The largest underground shopping mall in South Korea announced that it would cooperate with a local crypto money change, allowing customers to pay in Bitcoin in its 620 stores!
Regulation around the World
Malaysia has initiated the regulation of crypto currencies market and announced that starting in 2018, converting crypto to FIAT will be considered money laundering. Lately, Tether USD has been suspected of being responsible for a Bitcoin pump from last week.
The Ministry of Finance in Morocco issued a statement to the public that the use of crypto currencies violate the existing law, and therefore fines and penalties will be imposed on traders. India shows a slightly more positive attitude toward the use of crypto regulation. In November, India’s Supreme Court ordered the Ministry of Finance and other authorities to promote legislation regarding the enactment of Bitcoin in the country, but the authorities have not taken any significant steps as to date. This may end up leading to changes in the public opinion.
At the Bitcoin conference in Taiwan earlier this week, Vitalik Buterin (founder of Ethereum) unveiled the project’s plans for the next 3-5 years. The main points they made were the transition to the “casper” protocol, Ethereum’s problem of scalability, and the improved security of the platform.
This week’s charts
Although in BitStamp and BitFinex the 10K mark has not yet been seen, in the Eastern markets like Bithumb, we have already reached it.
From the graph’s point of view, we seem to have entered a parabolic movement. Bitcoin started a sharp and fast movement beginning in the $6000 area, breaking resistance levels at $7500. This did not really change the sentiment that continued to push up. Bitcoin continued its rapid growth in the $8K area, heading for the $10K range. Rapid growth may lead to a short-term correction back to $8000. Trading in BitStamp currently moves around $9850 facing toward 10K area. Currently, there are no resistance levels above all-time high.
Last week, against Bitcoin, the coin broke resistance levels at 0.05 BTC and found new resistance at 0.06 BTC. The rise of Bitcoin has brought with it a correction, and support for the last few hours has moved around to 0.046BTC. However, Ethereum is still higher than last week. It should be noted that Ethereum is expected to move to POS soon.
Against the dollar, the ETH crossed the $400 resistance and reached a record high of $518 . After the ignition, a correction down to $420. This correction held for a short time, and currently Ethereum is being traded around $460. A completely different story from what the graph against Bitcoin.
The crazy rally from the last week, which reached 0.22BTC, was halted when Bitcoin started its rise (you can see the red line on the graph). Following the rise of Bitcoin, a decline started from 0.15BTC area, which is not far from the support areas that started this uptrend in the 0.14BTC area (marked with the yellow line).
Against the dollar, the price surged this week to $1760. In this area, we saw resistance level, and despite attempts to break through these areas, we received a correction to $1500, where it is now being traded. The most recent support for the price, according to the graph, lies around $1250.
This week we saw a nice wave of trading for this young altcoin. The price rose to 0.049BTC and then started a correction back to 0.04 BTC. There it didn’t hold much, down to BTC 0.33. At the moment, the support areas seem to be around 0.03 BTC.
Against the dollar, we took the graph from OpenFX (where it had been traded for a longer period), the price is currently very volatile and is trading around $335. Bitcoin Gold seems to find its support area around $280-300 and resistance level at $400.
Ripple vs. Bitcoin did not look good… The price has been on a downward trend since May, when it reached a nearly 10X all-time high from the current rate. However, in the last few weeks we have noticed growing interest in the project, which could lead to an increase in Ripple’s value. In addition, it should be taken into account that at the beginning of the year the rate was lower than it’s now, so a long and healthy correction would benefit for investors. Recently, the rate being traded around 2600 Satoshi, with support around 2400 Satoshi, and resistance around 4000 Satoshi.
Against the dollar, the coin has been fairly stable. After trying to break it’s all time high at $ 0.46, a correction was starting down to $ 0.20. Currently, it is trading around $0.26 with resistance in the $0.30 zones.
In the past week, we noticed an increase in trading volume, and in recent hours we broke the resistance line.
Against the dollar, the coin broke its all-time high, and currently stands at $1.25. This was following breaking resistance level in the $0.80 area.Telegram or subscribe to our weekly newsletter.