Today marks a tremendous awakening for cryptocurrencies
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Today marks a tremendous awakening for cryptocurrencies

By Federico Izzi - 14 Aug 2018

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Today marks: Of the top 100 coins listed on Coinmarketcap, none stayed in positive territory.

Only seven managed to limit the damage by dropping less than 10%.

For all the others, there are double-digit losses. Among the best known, the ones to lose most are Zilliqa (ZIL) at 36th position with -28%, Augur (REP) and Icon (ICX) both drop 27% from yesterday’s levels, Vechain (VET) and 0x (ZRX), at 20th and 21st position, collapse 25%, as well as Iota (MIOTA) that continues to update the year’s lows reaching 41 cents of dollar, the lowest level since the beginning of November.

Ethereum (ETH) also loses 20% of its value in less than 48 hours reviewing the 250 dollars, a level that seemed to have been abandoned last September.

Last time Ethereum had such a drop was May 23rd, when in 3 days, the price fell by more than 25%, going from 720 to 539 dollars.

Ethereum’s decline is a concern for the whole sector. The further collapse pushed prices to lose more than 81% from their mid-January all-time highs.

The rise between December and January was characterized by the explosion of new ICOs. But now, many of these ICO projects based on the Ethereum network are failing to follow their roadmap and have to deal with a market that keeps on dropping.

To date, more than 82% of the ICOs are based on the Ethereum network.

Recent statistics estimate that, in the first half of the year, more than 55% of the ICOs failed or were close to closure. It is a difficult time for a sector that is also putting a strain on the nerves of investors who were attracted by the illusion of easy returns.

Today marks

Total capitalisation returns below $200 billion, the lowest point since November 2, 2017. The sector recorded a 77% decline from the absolute high of over 830 billion dollars reached on January 7th.

Today marks
Search: https://it.tradingview.com/symbols/BTCUSD/

Bitcoin (BTC)

After more than 60 days, prices are trying to break the $6000 wall again. During the night purchases return to test the $5800 and reject the technical and psychological threshold.

Having cancelled the bullish structure built after mid-July, it is now necessary to demonstrate the real resilience of these levels.

Bitcoin, together with another handful of cryptocurrencies, manages to defend itself from the attacks of the Bear and avoids dropping to new lows, a condition that increases market dominance, exceeding 54%.

Today marks
Search: https://it.tradingview.com/symbols/ETHUSD/

Ethereum (ETH)

The descent seems not to have reached bottom yet. The high volumes confirm the delicate moment that sees Ether under attack from the sellers.

A support needs to be found on which start building a difficult recovery to review at least 500 dollars in the coming months.

Otherwise, it will be necessary to deal with a harsh reality that in a few months can change the balance of a sector in continuous evolution.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it 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 Diretta.tv 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. Since May 2017 he is officially a Bigbit technical analyst. 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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