Crypto trading volume: Bitcoin holds strong
Crypto trading volume: Bitcoin holds strong

Crypto trading volume: Bitcoin holds strong

By Federico Izzi - 2 Jul 2018

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Crypto trading volume: this morning, Cardano (ADA) Neo (NEO) and Nem (XEM) stand out with increases between 4% and 6%. Icon (ICX) and Steem (STEEM) are having a hard time. Market cap for the sector is at a total of 250 billion.

Crypto trading volume: some rises among the many drops, bitcoin holds strong. Leggi qui l’articolo in Italiano.

This morning the first 20 cryptos alternate between green and red.

The positive signs involve just over 60% of the over 1600 cryptocurrencies listed on CoinMarketCap to date, while the top five of Sunday afternoon fluctuate around parity.

In these first hours of the week, Cardano (ADA) Neo (NEO) and Nem (XEM) stand out with increases between 4 and 6%.

For the worse, however, we need to go beyond 20th position with Icon (ICX) and Steem (STEEM), respectively at -2.5% and 6% from yesterday morning levels.

The weekend passed without any particular shocks.

However, the difficult period is confirmed, with the sector once again holding just above 250 billion euro of capitalisation after a heavy fall to 235 billion euro towards the end of June.

The monthly balance is strongly negative with double-digit decreases for all the main coins.

Only Ethereum Classic (ETC) and Binance Coin (BNB) are able to limit collapses with falls just below the parity threshold.

In addition to Neo (NEO), the worst of the top 25  with a slide of over 40%, since June 1. Sharp drops for Eos (EOS) and Tron (TRX), which are close to 40%.

For both cryptos, there had to be a month of glory, thanks to the independence gained with the detachment from the network of Ethereum.

Instead, digital freedom, with the transition to their mainnets, has proved disastrous, demonstrating the difficulties, often ignored or superficially evaluated, of new technologies.

Ambitious in theory but fragile in practice.


Bitcoin (BTC)

The reference cryptocurrency continues to be used during periods of tension and downtime.

During the last week that saw prices go down a few dollars below the levels of early February, updating the annual minimum, bitcoin has recovered more than five points on market share, returning to 43% of dominance.

To find similar levels you have to come back in mid-April this year, or at the end of last December.

The fast recovery that in less than a day has triggered prices over 13% recovering the threshold of 6400 dollars, from Saturday morning recorded a congestion between 200 points.

If on the one hand, the recovery of the former support shows conviction in the defence of the annual lows, on the other hand, an increase in the purchase volumes is necessary.

Volumes dropped significantly over the weekend below the daily average of the last month.


Ethereum (ETH)

An attempt is being made to stabilise prices above the USD 450 threshold.

This level has proved to be an important catalyst for rebounds since mid-June. Last week the missed support pushed prices to test twice the support of early April in the $400 area.

At the moment the medium-long term situation remains decidedly precarious with prices that will give a first sign of a weekly trend reversal (from downtrend to uptrend) with rises beyond 475 and 500 areas.

The failure to recover these levels within the next days of the week will continue to demonstrate the presence of the bear.   

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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