Wednesday Crypto Market Watch: Bitcoin Standing Still As Major Altcoins Surge

Bitcoin’s price movements have been rather bearish over the last few days. Yesterday, the largest cryptocurrency by market cap tried breaking up but got quickly rejected and recorded $8550 as of yesterday’s low.

Since then, Bitcoin is slowly gaining momentum, and the coin is back at the past week’s consolidation range $8700 – $8800.

As reported here yesterday, the $9,150 level that Bitcoin reached on Sunday and got rejected, was where the 4-hour MA-50 and the MA-100 met. Additionally, that’s the 78.6% Fib retracement level, so for the bearish trend to be reversed, the price of Bitcoin has to break that line, which is the critical resistance at the moment.

Surging Altcoins

While Bitcoin remains in a steady position, some altcoins are noting huge increases over the last 24 hours. Komodo ($0.92, 19.7%), NEO ($13.08, 11%), Ontology ($0.94, 7.35%). Chainlink ($2.94, 6%), Binance Coin ($21.5, 5.69%).

Total Market Capitalization: $240 Billion

Bitcoin Market Capitalization: $158 Billion

Bitcoin Market Dominance: 66%

Major Crypto Headlines

Royal Bank of Canada Looking Into Launching Bitcoin Trading Platform. RBC is reportedly ready to invest in a cryptocurrency trading platform that would include Bitcoin, Ethereum, and other major digital currencies. If successful, that would be an important step towards cryptocurrency adoption by significant entities.

Bakkt’s Institutional Bitcoin Custody Now Fully Licensed By The NYDFS. The Bitcoin futures trading platform of the Intercontinental Exchange has received authorization from the New York Department of Financial Services to provide bitcoin custody to all institutions. Additionally, the news comes with a severely increased volume of Bitcoin contracts traded on the Bakkt platform.

CME Says It Will Launch Bitcoin Options In January. The Chicago Mercantile Exchange (CME) recently announced that it would launch options on its bitcoin futures contracts starting in January 2020. However, it still has to be approved by regulators before the scheduled launch of January 13th.

Significant Daily Gainers and Losers

NEO (11%)

The Chinese-based cryptocurrency has been on a roll ever since the president of the country’s speech about blockchain endorsement. Today, NEO rises with 11% against the USD to $13.08 and with 15.8% against BTC, and the total market capitalization stands above $920 million. It was recently announced the listing on Binance SG.

Binance Coin (5.69%)

BNB is seeing a few days of green as the coin is rising with another 5.5% today. The current price is $21.5, and it has been increased against BTC to 0.0024. The market capitalization is above $3.3 billion, and the daily trading volume is circulating around $235 million. The Binance cryptocurrency exchange platform went through a successful upgrade as of yesterday and recently announced a partnership with Paxos.

Karatgold Coin (-7.06%)

KBC has declined with over 7% over the last 24 hours and is now trading at $0,02, and 232 SAT against BTC. The total market cap has dropped to $77 million as has the trading volume. The decline might be coming as a result of a German newsletter, claiming that Karatgold Coin has been used for shady gold-related operations. The company has denied any accusations.