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Market capitalization, cryptocurrencies are possibly ready for an upward movement
Market capitalization, cryptocurrencies are possibly ready for an upward movement
Trading

Market capitalization, cryptocurrencies are possibly ready for an upward movement

By Federico Izzi - 22 Nov 2018

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The cryptocurrency market capitalization remains below 150 billion dollars, reviewing the levels of mid-September 2017, a period that will be remembered for preceding the longest and most intense bull run so far recorded in the history of bitcoin.

market capitalization crypto

This event dragged the entire sector to almost 800 billion dollars, values 80% distant since then, with numbers that indicate the current serious moment, among the worst in the last ten years.

Despite multiple technical signals of overselling, purchases continue to be sidelined. The break of the last 48 hours continues to suffer from the tensions accumulated in recent days.

After having laboriously rebuilt confidence among investors by bringing the index that measures general sentiment (Fear&Greed Index) to the highest levels of the last six months, since last Thursday (November 15th) the values are dropping with a downward intensity similar to that of the prices. Today, the values are close to the lowest levels since the beginning of the year, entering an area of ‘extreme fear’.

Ripple continues to stand out with more than three percentage points away from Ethereum’s dominance. A similar gap in favour of XRP had not occurred since mid-December 2017, although in a decidedly different context where a few weeks later it would have seen absolute historical highs.

Despite the suffering, bitcoin’s dominance remains just under 54%.

market capitalization crypto
Search: https://it.tradingview.com/symbols/BTCUSD/

Bitcoin (BTC)

The rebound that yesterday morning brought back prices from 4500 to almost 4800 dollars proved ephemeral. With volatility rising more than 400% in less than a week, risk aversion returns and consequently the danger of getting on the wrong side. In these phases, it is prudent not to venture into high-risk trading, especially for traders with little experience.

The support of $4400 remains a reference area to be monitored both upwards and downwards. Its stability will be decisive in the coming days.

market capitalization crypto
Search: https://it.tradingview.com/symbols/ETHUSD/

Ethereum (ETH)

After updating the year’s lows by marking a drop of more than 90% since the beginning of January, prices try to create a support at $130. Level that since this morning seems to hold. The volumes of the last 48 hours, lower than the average of the last few weeks, do not help to understand if the withdrawal of the exchanges is the quiet after the storm or a lack of money to try to go up the slope, even by a few dollars.

In these hours the 200 dollars seem to be an unreachable goal, better to monitor the 150 dollars, upwards, while the failure to hold 125 dollars opens up spaces to extend below 110 dollars.

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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