Bitcoin: BTC revisits 11,700 USD
Bitcoin: BTC revisits 11,700 USD

Bitcoin: BTC revisits 11,700 USD

By Federico Izzi - 31 Aug 2020

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The last day of August celebrates the month with a prevalence of positive signs, whereas Bitcoin (BTC), on the other hand, is not very energetic, even though it revisits the 11,700 USD, demonstrating its ability to stay in shape even when it is the rest that performs well.

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Just as happened last month, it is the altcoins that are roaring, led by Ethereum, which returns to review mid-August prices in the $430 area. 

Among the first 100, over 60% are in positive territory. 

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Among the big names, only Chainlink (LINK) gives ground with -1.3% from Sunday morning levels. A slowdown that does not jeopardize the recent rise which saw prices recover $18 over the weekend. 

In spite of recent attacks by the asset management company Zeus Capital, which again accuses the Chainlink team of manipulating prices, the token maintains the fifth position among the most capitalized. 

Of the top 25, Ethereum (ETH), along with Litecoin (LTC), made the best leap of the day, both over 5.5%.

Total capitalization is over $370 billion with good trading volumes stable at over $130 billion. 

In the last 24 hours, it is Ethereum that trades the highest volume with over $1.5 billion in US dollars, with Bitcoin stopping at $1.3 billion. 

The return of interest in altcoins is also recorded by the dominance of Bitcoin which drops to 57.5%, the lowest level in the last 14 months. Instead, Ethereum rises to 13%, while Ripple remains stable at 3.4%.

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DeFi continues to break records

The vertical climb of the collateral locked in DeFi continues.  New absolute record with over $7.8 billion locked in the various projects. 

Aave (LEND) also continues to grow, with more than $1.6 billion, 21% of all collateralized capital in DeFi. 

Maker (MKR) follows with $1.4 billion. 

Ethereum breaks the wall of the 5 million deposited units seeking further returns. 

Bitcoin with over 55.2 thousand tokenized pieces also sets a new record.

bitcoin usd

Bitcoin (BTC)

The tentative return of purchases shows a reaction of the 11,200 USD support, momentarily setting aside fears of a further bearish lengthening to test medium-term support in the $10,500 area. 

In the next few days, it is important to understand whether the absence of sales will allow purchases to push prices above $12,000, resistance to be decisively broken down to open hopes of a new annual high above 12,500. 

If this is not the case, it remains necessary to confirm that the recent lows have held up.

bitcoin usd

Ethereum (ETH)

Purchases are back on track, pushing prices above $430 and chasing away the danger of further short-term sinkings. 

Nearing the recent records of the year registered in mid-August, it is important to confirm that the psychological support of the $400 is holding up. 

If this hypothesis will be confirmed the next stage upwards is to review the August highs. Otherwise, it will be necessary to maintain the $380 support, minimum set on Tuesday, August 24th. 

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & 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 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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