We Are Headed North!
The total Market Cap of the crypto space hit an all time high earlier today of $147 Billion.
Buoyed mostly by Bitcoin Cash surging (although it has cooled slightly over the last couple hours) and Bitcoin perking up a bit as of late as well.
Bitcoin cash briefly broke $1000 yesterday, hitting an all time high of $1,091 before pulling back to the $800 area that it currently resides in.
Bitcoin has been pretty steady since pulling back a couple days ago. It has traded between $4,050 and $4,200 over the last 2 days.
Current Cryptocurreny Market Cap:
What's next?
Do I hear $150 Billion?
I am thinking, YES!
Both of these charts look more like resting patterns than topping patterns:
Bitcoin:
Bitcoin Cash:
I would not be surprised to see the crypto space top $150 Billion tomorrow at some point. Especially since Monday's have been pretty good to the crypto space in recent history.
Our beloved Steem is even participating.
Gotta like that 30% number!
Steem hit $1.44 on Bittrex just a few minutes ago.
It seems all Steem does is trend down as of late, so days like today are a welcome surprise. Although a quick glance at the crypto markets makes it look like this is a lot less about Steem and more about the general bullish price action in the crypto markets today.
Keep in mind that the last couple surges like this in Steem have corrected themselves and gone right back down almost just as quickly as they went up.
I can't image Poloniex and Bittrex Wallet issues have been helping Steem in any way, but hopefully it can figure out a way to hold some of the gains this time.
By the way, this longer term chart actually looks pretty good to me...
Time to breakout of this multi-month downtrend and make a run back at those recent highs?
Stay informed my friends.
Sources:
https://www.coindesk.com/bitcoin-trading-sideways-bitcoin-cash-drops-800/
Image Sources:
http://hivergent.com/beware-ico-market-invest-instead/
https://www.coindesk.com/bitcoin-trading-sideways-bitcoin-cash-drops-800/
Follow me: @jrcornel
Lets go steem.
JrCornel... Excellent Post as usual... with very Good Insights/Observations on Your part.
I believe it's important to note that BIG Money (Instituitional Money + Corp Money) went into Bitcoin Cash, this was not primarily individual money going into Bitcoin Cash during these last 7 days.
ALSO very significant in my opinion, is the difficulty for mining Bitcoin Cash will DROP about 50% in the next few days... this is important because this will motivate MORE miners to migrate towards Bitcoin Cash because of GREATER rewards... it will certainly be VERY interesting to watch what actually happens to the values of Both of these coins in the coming days/weeks & months...
It certainly appears that an ongoing "battle" is brewing between Bitcoin & Bitcoin Cash for domination...
The Good Thing is anyone that is holding BOTH Bitcoin & Bitcoin Cash will Win because by adding their collective value together it will be more, perhaps much more than if there was only Bitcoin...
I believe we could see a $200 Billion PLUS Total Market Cap by the end of October 2017... GOD only knows what the Market Cap will be in the first quarter of 2018... The adoption rate of crypto currency will continue to ACCELERATE both domestically & Globally... Especially in the Asian Countries !!
Thanks AGAIN JrCornel for Your outstanding ongoing Posts... ReSTEEMed !!
Hope You're having a Good Weekend...
Cheers !!
Perhaps it's time (and past time) to bail OUT of both Polo and Bittrex...
BlockTrades is just sitting there waiting...
Such great information as always
hahaha upvoted and RS @jrcornel
Coming soon to a crypto theather near you!
Starring Yanet Yellen, Global crisis, Central banks meltdown and Choyna debt bomb. Definitely a blockbuster!
We also had days of constant $6+ billion moving around which is a good sign for an active market.
Yes I have noticed that as well. Bitcoin Cash was basically created out of thin air with a $15 Billion dollar market cap... hopefully that continues and some of that money finds it's way into steem.
POP .... or maybe not
I watch coinmarketcap.com all the time. Its a great way to keep an eye on values!
you think north is north but north is south :D . just think compass north pole is toward (because of attraction) to what? opposite of it's pole in this case south of earth. your whole life is a lie.
Crypto Market is heading to $200 Billion
and Steem - yes a big bouce but seems will retrace soon and consolidate more before moving up eventually..
I like the Progress Steemit is making on Alexa :) That may help the Steem price in a Big way in the coming months :)