Cryptocurrency quotations remain unchanged
Cryptocurrency quotations remain unchanged
Trading

Cryptocurrency quotations remain unchanged

By Federico Izzi - 3 Jul 2020

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Cryptocurrency quotations continue to fluctuate around last week’s opening levels

Variations are minimal compared to Monday’s openings. The day sees a clear predominance of red signs: more than 75% of the first 100 cryptocurrencies.

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Source: COIN360.com

Looking at the list, there are few signs above parity among the top 30 capitalized. The rises of VeChain (VET), +6%, and Cosmos (ATOM) +2.5%. Crypto.com (CRO), Monero (XMR) and Chainlink (LINK) are the other three above parity, with increases of 1%. 

COMP 20200703

All the others are in negative territory. Compound (COMP) continues to stand out among the most evident movements, with a 24-hour drop of more than 7%. In the last few hours Compound has seen the lowest minimum in the last 10 days going to test the $173. This is a loss of 55% from the highs of June 21st. 

The best of the DeFi ecosystem is Kyber Network (KNC) which scores a +15%, followed by Bancor (BNT), 0x (0X), and Syntethix (SNX), up by more than 4%. 

Also Loopring (LRC) and Augur (REP), which are always part of the DeFi sector, rise by more than 2%. DeFi continues to hit new highs in terms of locked assets, which are now close to $1.8 billion. 

Compound continues to excel with 35% dominance despite the difficulties encountered by the price of the governance token which falls below the June 19th lows. The counter value of the tokens locked exceeds 600 million dollars, equal to 35% of dominance, which allows Compound to maintain leadership.

Trading volumes continue to remain low despite a slight increase in the last 24 hours, which brings trading back above last week’s average. Bitcoin closed the day with a volume of 1.7 billion, the highest volume since last Friday.

These conditions highlight how investors are still waiting for a directional movement

Yesterday’s volatility dropped again going below 1.9% daily on a monthly basis, the lowest level since April 2019.

The market cap stands at $260 billion. Bitcoin dominance is at 64.5%. Similar situation for Ethereum that after failing to overcome 10% at the beginning of last week continues to fluctuate just under 9.7%. XRP stabilizes and remains at its lowest level since December 2017.

BTC 20200703
Bitcoin chart by Tradingview

Bitcoin (BTC) quotations

Bitcoin has dipped under $9,000 again overnight for about 10 minutes. Then it recovered the $9,100 in the last few hours. Bitcoin is swinging at weekly opening levels, heading into the closing of the monthly cycle that began with the lows of May 25th. 

For Bitcoin, there are no substantial differences from yesterday’s levels, even though yesterday saw a return of increased upward call positions. The defence levels remain unchanged. 

The first call level is in area 9,350, but the most significant ones are between 9,600 and 9,850 points. The cover of put positions in the 9150 and 9,000 area increases downwards. 

In total, more than 60% of put positions have been opened at these two levels, 8,750 and 8,950. In this price range, 70% of the put positions are open to cover any declines.

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Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum remains above $225, a movement that has characterized Ether’s prices since the beginning of the week, a positive sign if weekend prices were to push into the $235 area, a level that investors tried to recover unsuccessfully two days ago.

This is the level to recover as soon as possible in order to attract new purchases. Downwards, a break of $225 would see the next level of support in the already identified area of $215, former resistance established between April and May. 

This is the threshold of coverage by professional investors where there are more than 50% of put positions, just under half of the total open positions in the options markets.

Upwards, the first defences by professional investors are above area $230, next levels of resistance to cover any increases are between $250-255, the relative highs recorded last week.

 

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. 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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