Bitcoin (BTC) Rallying Back, Ethereum (ETH) and The Alt-Coin Market Soar to Record-Breaking Highs
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Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:
- Bitcoin - battling back but losing ground.
- Ethereum – up, up, and away.
- Dogecoin – potential for a huge bout of Musk-inspired volatility?
- SEC - cryptocurrency exchanges need a regulatory framework.
Bitcoin is paring back recent losses and is pushing higher but it is unable to keep up with the breakneck rally in Ethereum (ETH) and a swathe of alt-coins that continue to print record highs. Bitcoin’s market dominance has fallen to just below 45% compared to around 70% at the start of the year, while the total cryptocurrency market capitalization now stands at a record USD2.4 trillion. The swing from Bitcoin to other coins – alt-coin season – is one of the main talking points in the market and is likely to continue, volatile price corrections aside. Some notable seven-day alt-coin movers this week include Telcoin (TEL) up 392% at $0.03843, Ethereum Classic (ETC)up 287% at $139, Bitcoin Diamond (BCD) up 164% at $6.14 and Qtum (QTUM)up 113% at $31.14.
DailyFX analyst Rich Dvorak has an excellent article (below) in which he looks at FinTwit darlings Dogecoin (DOGE),Tesla (TSLA), and GameStop (GME) and give his thoughts and analysis for the week ahead. And if you are trading Dogecoin, watch out for Elon Musk – ‘The Dogefather’ – hosting Saturday Night Live this weekend, as Rich notes.
The Securities and Exchange Commission (SEC) chair Gary Gensler said yesterday that cryptocurrency exchanges may need a regulatory framework and that Congress should address the issue. Answering a question from the House Financial Services Committee, Gensler said, ‘“Right now the exchanges trading in these crypto assets do not have a regulatory framework, either at the SEC or our sister agency, the Commodity Futures Trading Commission,” adding. “That could instill greater confidence. Right now there’s not a market regulator around these crypto exchanges and thus there’s really no protection around fraud or manipulation.”
Bitcoin continues to claw back recent heavy losses, and while the pull-back lags other heavyweight coins, the recovery is impressive and will fuel positive sentiment in the marketplace. As always, weekend trading conditions can become very volatile, very quickly so a degree of caution is warranted.
Bitcoin (BTC/USD) Daily Price Chart
Ethereum continues to make new higher highs with little seemingly in its path before $4,000. I wrote last week that ETH remains bullish, with the caveat of a period of a level of caution, but the move higher just continues unabated. It is difficult to accurately plot any upside resistance levels, and it is equally difficult to suggest going long or short of Ethereum such has been the speed of the recent move. The first level of support currently visible is around $2,950.
Ethereum (ETH/USD) Daily Price Chart
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What are your views on Bitcoin (BTC),Ethereum (ETH), and the Alt-Coin Market – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.