Ready for another exciting week in the land of crypto? Sure you are! And where better to kick-off your latest foray into the Cryptosphere than right here, with DSX’s weekly crypto market update! This report is designed to bring you all the latest information, wrapped up neatly in bitesize form, to help you make more informed trading decisions this week. Lovely. Let’s get to it...
Crypto = Millennial Safe Haven?
Unless you’ve been living under a rock for the last year or two, it can’t have escaped your notice that the US and China are currently locked in a trading battle-royale. The ongoing trade war between the world’s biggest producer and consumer nations doesn’t look like ending anytime soon and that’s making people a little twitchy, to say the least.
According to a recent survey, if a recession does happen, up to 40% of millennials say they would prefer to invest in crypto. This contrasts with Generations X and Z (which straddle the millennial generation) who are more prone to invest in real estate and commodities.
So, who’s got it right. Well, that’s the (literal) million-dollar question. The best thing we can do right now is to watch, read and analyse. Which is why you’re here, you clever thing, you!
At the time of writing, the total crypto market capitalisation is $266.32 billion, falling from $266.85 billion at the start of last week. That’s a drop of around 0.2%. We’ve seen worse!
Now, let’s dig into some specifics and peek at some simple price analysis for the top crypto movers and shakers...
Bitcoin’s price appears to be slipping into the range between $10,400 and $10,200. Since the drop from its peak of $10,949 in September, BTC has struggled to gain any real foothold. Yet, the slide to $9,800 last week was met with a super-fast reversal, which is always a real confidence booster when trading is concerned, right?
However, on the volume front, there may be some good news! According to a recent study, Bitcoin is opening new possibilities for Cuban citizens. After being financially isolated for years under a United States trade embargo, it seems that Cubans are increasingly turning to crypto to make online purchases, as well as to invest and trade.
Ethereum, maintaining its position as the second-largest crypto by market capitalisation, has stayed predictable and, dare we say it, relatively stable between the range of $186 and $174. Like most of the Cryptosphere, ETH is still on a downer, however, from 2019 highs of $343, posted in June.
Ethereum is primed for more sideways movement and has good potential to stay within a narrow range between $180 and $182 in the coming sessions. If you’re on the hopeful side, there have been bullish flashes this weekend. It’s worth noting that the performance of ETH carries a lot of weight, it’s become a key barometer of the altcoin market and if it starts to take off, there is a chance that it may just drag the rest of the market with it. We always recommend keeping an eye on this one.
Bitcoin’s little brother, Bitcoin Cash, is desperately seeking to break back through that $300 mark – and came pretty close toward the back end of last week. That’s the immediate goal for now and investors will be confident in the strength of the support zones that are approaching at $292 and $284.
Litecoin, “the silver to Bitcoin’s gold”, fell to $68 USD over the weekend. At the time of writing, LTC is sitting at the very tip-top of a tight $67 - $70 range. Last week’s high of $72 may form a new resistance which will need to be broken through if LTC is to break out of its current sideways trading trend.
Following its dip below $4 in mid-August, a run that saw EOS drop as low as $3.22, the open source blockchain token has been working hard to claw some of that ground back. After a month of trying, it looks to have broken back through the $4 mark and, at the time of writing, is currently trading at $4.12. First and foremost, EOS will be looking to consolidate these gains and create a new support level around that crucial $4 mark.
Bitcoin SV had been in steady decline over the past week. It started the week at $136, before dropping as low as $115 in mid-week, before a small rally which pushed it up toward the $120 mark. At the time of writing, it’s broken through and sits at $123, surely hoping to consolidate those gains and turn $120 into a new support level.
Remember that you can trade all these cryptocurrencies and tokens on the DSX exchange. Whether you’re an experienced trader or just getting started, the DSX platform puts you in complete control. If you haven’t tried it yet, register now.
What will you be trading this week? Tweet @DSX_uk and let us know. When you’re ready to trade with a platform built by professionals for professionals, you can find us here.
See you soon!
The DSX Team