Tezos: the price and the market cap on the rise
Tezos: the price and the market cap on the rise
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Tezos: the price and the market cap on the rise

By Federico Izzi - 12 Dec 2019

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The red sign prevails today for the sixth consecutive day, with more than 70% of the first 100 cryptocurrencies below parity with some exceptions such as the price of Tezos, which instead rises

Source: COIN360.com

This apathy that is taking root in the entire sector continues to prevail, which is why low volumes continue to be recorded with a daily trading volume of less than 50 billion dollars

The volumes of these days are one third lower than the ones that have been recorded in the last two months when prices were more volatile. This shows that volumes are moving hand in hand with the volatility that in the last few hours is falling to the lowest levels of the last six months.

It is a particular moment, very delicate and dangerous because the low volatility is a wake-up call that heralds strong directional shocks. 

At this stage, the price of Tezos (XTZ) continues to rise, in contrast with the rest of the sector. 

Among the big ones, Cosmos (ATOM) and Tezos are the only ones among the first thirty cryptocurrencies for market cap in positive territory, both with a gain of over 4%. 

These rises in the price of Tezos, which on a weekly basis show an increase compared to the current values of 25%, allows XTZ to move into 10th position although with a very small gap from Stellar. 

It would be a very important signal for Tezos, a confirmation and a reward from the market. Tezos in the last month is providing a very important bullish signal that brings the price to $1.60, just over 15% from revising the historical absolute highs since the listing in September 2018, set at $1.87.

The absolute best is Waves (WAVES), in 68th position with a capitalisation of 60 million dollars and a rise that today is the only double-digit: +11%.

On the other hand, Matic Network (MATIC) is the worst, probably due to the prevalence of profit-taking, with a loss of 15%, a sharp decline after the good gains of recent days.

Among the best known in negative territory, there is Chainlink (LINK) along with Verge (XVG) and Zilliqa (ZIL), which fell by more than 6% in the last 24 hours.

Current conditions continue to have a negative impact on the market cap, which continues to fluctuate below $194 billion. The dominance of Bitcoin remains unchanged. 

Despite the weakness that continues to characterise Ethereum, which loses 1.5% as does Ripple, this does not affect the dominance where ETH gains a small decimal fraction that brings it back above 8%. 

Ripple rises to 4.9%, the highest level since the end of November. This shows that by keeping the dominance of the first three almost unchanged, it is the altcoins who suffer from this apathy of the sector.

Bitcoin chart by Tradingview

Bitcoin (BTC) price

Over the last few hours, Bitcoin has fallen to the lows of the last 10 days, testing the $7,100 area, a signal that still highlights the weakness and lack of new purchases that do not allow recovering levels of resistance in the short term. Volatility is below 2.6% on a monthly basis, the lowest levels in the last 7 months.

At this stage, it is important to observe and have confirmation of the stability of the supports between 7,000 and 7,100 dollars before considering the possibility of recovering the resistance that continues to remain unchanged at 7,700-7,8000 dollars. 

Ethereum chart by Tradingview

Ethereum (ETH) price

The weakness continues to affect Ethereum, which goes down to test the 140 dollars, levels below the lows recorded on November 25th. In the short term, ETH must regain the 145 dollars, and then go to 155 dollars, the maximum relative of the last 20 days. 

A sinking below 133-135 dollars would attract the bearish speculation that in a low volume period is a very dangerous signal.

 

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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