News about Bitcoin SV is worsening, which is reflected in today’s price trend.
Late yesterday afternoon Kraken, following a customer survey, decided to delist Bitcoin SV. This caused a further downward movement in the market which, even today, caused BSV to fall by 1% and, added to yesterday afternoon’s lows, saw a loss of more than 46%, halving its value in just 15 days.
On April 4tth, Bitcoin SV saw the last relative high just over 100 dollars. Today, prices fluctuate close to the support of 55 dollars.
After the strong rises and the countertrend of yesterday, even Bitcoin Cash now marks a price decline that exceeds 2%, while still maintaining the 4th position in the ranking. With the exception of today, the rise of the last two days was largely a reflection of the bad news concerning Bitcoin SV.
Among the first 15 cryptocurrencies in positive territory, bitcoin returns to the scene, scoring a rise of 2%. BTC is behind Monero only, today at +4%.
Today’s news on Cardano
Cardano (ADA) has confirmed in the last hours the release of the Shelley update that brings the blockchain to version 1.5. This update will allow the Cardano protocol to speed up the mechanisms of delegation and incentive on the blockchain.
The movement at the beginning of the month, when the update was confirmed by mid-April, had brought prices up to reach 10 cents, values that had not been recorded since the beginning of September 2018.
Cardano’s bearish head and shoulders, which formed between December 2019 and January 2019, is being confirmed. After the price sliding back to 8 cents of a dollar, today prices are not benefiting from the news, confirming the saying “buy the rumours and sell the news”, which seems to be occurring these hours. Cardano loses about 0.3%, but it’s nothing to worry about.
The capitalisation of the crypto market
The capitalisation returns to touch the 175 billion dollars, but what emerges is the dominance of bitcoin which returns to 52.5%.
Until a few weeks ago, Bitcoin had reached almost 50% dominance. The 2% dominance recovery in less than 10 days sees the capitalisation increase by about 4 billion dollars and aim for 100 billion again, a level abandoned by the fall suffered by the second week of November.
This is a positive signal with regard to bitcoin that once again excels and is respected in a general context.
Remaining on the subject of dominance, Ripple continues to slide away from the threshold of 8%, its lowest level since mid-September.
Despite the announcement of the last hours concerning the RippleNet system, Ripple is experiencing a negative movement in a medium-long term perspective. After last week’s rise that pushed prices to 38 cents, prices slipped below last week’s resistance of 32-33 cents.
Ethereum, despite the difficulties, continues to cling to the threshold of 10%.
In the last hours Bitcoin is once again over the $5,200, which is a very important signal that confirms the desire of continuing the upward trend. If this bullish trend were to continue in the coming days it would be a demonstration of strength of the bulls that have brought back volatility and interest in bitcoin, which can be found also in the volumes exceeding the average of the last weeks.
A positive signal that will be confirmed by the holding of the 5,000 dollars. If support is not confirmed, further downward movements testing the $4,800 or $4,500 levels should be expected.
Conversely, a movement from the recent 5,230 dollars up to 5,300 – 5,350 dollars would be an important signal that would bring new purchases.
Ethereum continues to stabilise around the threshold of 165 dollars, a level where prices have been fluctuating for a week and without giving appropriate indications of the technical aspect in the short term. ETH continues to confirm the importance of short-term support or resistance which perfectly coincides with the previous triple maximum.
Nothing has changed. For Ethereum it remains important to keep the 155 dollars, otherwise in case of violation it would attract the subsequent support of the 135 dollars. Whereas upward it is necessary to return to 180-185 dollars.