09:41Thoughts on the crypto market on 12/30/2020
From the trading range of 26200 - 27300, Bitcoin went up and has been holding above 28K for more than an hour, clearly trying to update ATH.
Market capitalization 742 billion, dominance index 69.9%
Equity markets showed a slight decline yesterday. American indices lost 0.22-0.23%.
I think the reason is the pre-New Year profit taking, as well as the fact that Mitch McConnell (the leader of the Republicans in the Senate) slowed down the vote to increase payments to $ 2,000 instead of $ 600.
The dollar index is falling, oil is rising, gold is around 1890. S&P 500 futures are also rising.
After a couple of days in the range, Bitcoin again rushed to the highs. There is confirmed support at 26300 - 26000, and resistance at 28300 - 28400. I think the main cryptocurrency will enter this range in 2021.
Alternative options - an attempt to take 30K directly in the thin market or a strait towards 24K, are less likely, they will be considered next week.
Altcoins are still under pressure from the XRP story, which thwarted the classic Bitcoin rally-altcoin-rally-retracement market cycle.
XRP is still around 0.2. Coinbase and Okex will suspend trading at the beginning of the year, but this has already been worked out by the market. There will hardly be anything new on the part of the SEC in the first days of January. Therefore, I still consider the growth of altcoins and the fall of the dominance of Bitcoin to at least 66-65% as a priority option.
The conditions for this are stable Bitcoin and the absence of a new negative on XRP. In the last days of this year and early 2021, there is every chance of success. In the medium term, Ripple has every chance of finding understanding with the new SEC composition. If they were chosen for the role of ritual victim, this is worse, but Japan will remain loyal to XRP, where there are crypto exchanges and volumes.
Therefore, I think that XRP is somewhere near its bottom right now. The main risk is if the creators themselves begin to drain the asset. But they are unlikely to aggravate the situation so much.
|Total comments: 0|
|Ethereum price inches closer to a new all-time high as Bitcoin consolidates (0)|
|Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’: Bank of America Survey (0)|
|Looking for something on which to spend all that bonus Bitcoin? How about The Hoff's very own KITT? (0)|
|Ruffer Investment explains decision to purchase Bitcoin (0)|
|Grayscale holds the key to Bitcoin hitting $40K, says JPMorgan (0)|
|ETHEREUM HITS THREE-YEAR HIGH AS BITCOIN VOLATILITY DIMS; RECORD HIGHS AHEAD? (0)|
|Four of the top 70 crypto assets by market cap are Bitcoin (0)|
|IS IT TIME TO BE BEARISH ON BITCOIN RIGHT NOW? (0)|
|'Pay attention' — Grayscale adds 18x the Bitcoin mined supply in one day (0)|
|Bible quotation found in Bitcoin block number 666,666 (0)|