Bitcoin surge continues as, contrary to predictions, the chart is becoming steeper and parabolic. Throughout the last few days, all eyes have been turned to Bitcoin, whose market dominance has steadily increased over 60%. Moreover, most altcoins are decreasing in value against it.
It seems that market enthusiasm is beginning to be felt, ushering in yet another wave of FOMO. Those who were here before, however, know that this tune repeats itself, and as such aren’t as excited. Even as the altcoins shed value against Bitcoin, they are finding strength against the US dollar.
Meanwhile, big players as well as opinion leaders in the cryptocurrency community are trying to keep altcoin season alive. This does seem a bit far-fetched at the moment, as Bitcoin’s impressive gains have been getting all the attention. Nevertheless, when Bitcoin reaches strong resistance, that could create room for alts to recover. It’s difficult to assess how and when this will happen, but it’s always good to be prepared.
The trend continues to be fairly mixed given the number of cryptocurrencies that have managed to make their way into the top 100. For instance, BEAM’s price has increased by about 50% while other prominent altcoins are quietly waiting in the wings. Of course, exceptions such as NEO, HyperCash, and Egretia (EGT) always exist.
Amid all the excitement surrounding the cryptocurrency markets, as well as the debate as to whether or not the volumes on various exchanges are real, the Financial Action Task Force recently issued guidelines for regulating the operation of cryptocurrency exchanges. It’s part of a push toward overall market regulation, and we expect to see further moves made in this direction.
It’s also important to remember that if price spikes are too sharp and if you’re new to this market, you should take the necessary precautions and refrain from risking more than you can afford to lose.
A correction is likely to come, and this will allow to understand where the market is headed. Meanwhile, we’ve probably entered the phase in which FOMO starts to settle in. This is also something to consider, and it’s appropriate to be very careful when making any investment decisions.
Market Cap: $334.8 B
24h Vol: 71.9 B
BTC Dominance: 60%
BTC Shorts (BFX): 29.5 K BTC
BTC Longs (BFX): 27.8 K BTC
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Bank of America CEO: With the Rise of Cryptocurrencies, We Want a Cashless Society. After a couple of very intensive weeks for the cryptocurrency markets, the CEO of Bank of America, Brian Moynihan, came forward with his stance that with the rise of cryptocurrencies, he’s in favor of a “cashless society.”
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Russian Ministry of Finance Considers Allowing Cryptocurrency Trading. According to a representative of Russia’s Ministry of Finance, the country is considering allowing cryptocurrency trading. This could be reflected in an upcoming bill regarding the circulation of cryptocurrencies in the Russian Federation.
Bigger Than Russia – Bitcoin Now 8th Largest World Currency. Bitcoin is among the largest currencies in the world, bigger than the base money of countries such as Russia, South Korea, Brazil, Canada, and Norway. As adoption of cryptocurrency continues to grow, we can only expect it to become larger than the base money of even more countries.
This week we’ve analyzed Bitcoin, Ethereum, Ripple, Kyber Network, and Monero – click here for the full price analysis.
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