After the market capitalization of the crypto market at the beginning of the week had risen to 318 billion US dollars, followed during the week, a correction to 280 billion US dollars. Currently, total market capitalization is quoted at $ 291 billion, slightly below the previous week’s level. The dominance of Bitcoin meanwhile marked another new high for the year at 72.5 percent and is currently trading at a strong 70 percent. Due to the further increase in Bitcoin dominance, the majority of Altcoins has had to let up again this week, but can recover slightly at the weekend partly again.
As a result, the majority of the top 10 coins have also posted losses this week. The ripple course was already better. The price of XRP, with a minus of almost five percent, puts the bottom of the top-coins. By contrast, with a weekly gain of 9.5 percent, the Binance Coin price is a positive exception and thus also rises about 6 percent more than the Bitcoin price. For now, the Binance Coin price is successfully resisting the downtrend of recent weeks. The return to the top 10 Altcoins creates this week Monero with a gain of 3.9 percent, making it the second-strongest weekly increase among the top coins. Seven coins, on the other hand, recorded a price reduction in a weekly comparison.
Look at the market capitalization
Total market capitalization on the basis of values of Cryptocap shown
On the positive side of the overall picture, this week the old resistance at $ 278 billion seems to be providing support for the time being. However, the situation on the Altcoinmarkt is getting worse, many small Altcoins continue to record new all-time lows. Stabilization must take place here before an Altcoin rally is even possible.
Best Performance: Binance Coin (BNB)
Price analysis based on value pair BNB / USDT on Binance
So, while the ripple price is performing relatively poorly, the Binance Coin manages to buck the negative trend and is the strongest Altcoin in the top 10. With a 9.5 percent gain for the week, the stock traded the downtrend line from the high for the year coming break. The price is currently just above the US $ 30 mark. With that, the 61.8 percent Fibonacci retracement level was able to halt the price at $ 26.49. However, on the upside in the area around $ 31.52 was again over with the increase. Thus, the BNB price is currently in a sideways phase and trapped between the narrowing Bollinger bands in the daily chart.
Only a break of $ 62.60 would provide fresh potential for further price appreciation. If this mark is breached, the targets are capitalized at $ 35.10 and above the old all-time high at $ 39.66. By contrast, if BNB’s price falls below the bullish $ 27.80, the July low comes in at $ 24.10. There is currently also the exponential moving average of the last 200 days.
Even if the Binance Coin is currently developing positively, it is still too early to talk about the end of the correction. The current increase of BNB in a predominantly weak Altcoin environment is probably due to the continuing demand for Initial Exchance Offerings. As long as the interest in it continues, BNB has good chances to continue to develop positively in the coming time.
The RSI and MACD indicators are currently delivering bullish signals on the daily chart, both of which can rise slightly. However, a different picture appears on a weekly basis. The RSI is already falling here, but is still above the 55 mark. The MACD indicator, on the other hand, is delivering bearish signals this week. In this respect, the indicators do not currently provide a consistent signal. Therefore, this inconsistent picture does not allow for clear conclusions at the moment and provides a mixed overall picture. At the moment it is important to keep an eye on whether the price can stabilize at the current level. Currently there is no interesting Tradingsetup for the Binance Coin. It still looks worse for the ripple course.
Worst Performance: Ripple Rate (XRP)
Price analysis based on the value pair XRP / USD on Bitfinex
Another weak week, however, is the ripple price (XRP). Earlier this week, Ripple failed to overcome the 0.33 US dollar horizontal resistance and fell back below the $ 0.30 mark in the wake of a weak Altcoin market. A petition against “dumping” XRP on the market have again added to the course in recent days. Unless XRP manages to break the $ 0.33 sustainable, downside risks outweigh them. Central to this is the July low at $ 0.285. In this area is currently running the supertrend from the weekly chart and gives it for now stop.
However, if the range falls below $ 0.28 at the ripple price, targets will be capitalized at $ 0.25 and below $ 0.23. Overall, the chart technical situation is very tense, a trend following formation with new lows seems currently the more probable scenario. Only a sustained break of $ 0.33 would lighten the chart’s picture and could allow a retest of the exponential moving average of the last 200 days at $ 0.362.
The RSI and the MACD indicator in the daily chart show bearish signals for the ripple price. The RSI continues to be considered weak at 37, and the MACD has also launched a new sell-signal during the week. A similar picture is also shown on the weekly view. Both indicators continue to bear bearish signals, so the negative overall picture predominates. For Ripple thus offers a short scenario. If the price falls below the important mark of 0.283 US-Dollar at the end of the day, the mentioned short scenario with the minimum target of 0.25 US-Dollar would be activated. However, the stop loss should be tight and just above the $ 0.30 set.
Stability of the top 10
In the last week, slight gains in the top 10 coins were recorded. Unfortunately, the average price developments are negative again at a discount of 3.1 percent. The placings of the top 10 Altcoins changed again this week to two positions. The Binance Coin moves past Eos with a strong weekly development in sixth place. After a long absence Monero can also advance past Stellar to number ten. Except for a few exceptions, the top 10 Altcoins again can not follow the Bitcoin in a weekly comparison, which is also related to the current dominance of the reserve currency. Despite his performance, the ripple course is still in third place.
Winner and loser of the week: Ripple course comparatively good
Whereas the development of the top 100 coins in the last week still gave a little hope, this week was the disillusionment. A complete crash could seemingly be averted thanks to a strong final day of the week, but 70 percent of all top 100 Altcoin / USD pairs are currently trading in negative territory. Accordingly, most Altcoin / BTC charts continue to point south. At least in the last 48 hours, first signs of life have been seen in some Altcoins such as Bitcoin Cash or Cardano.
In a weak market environment, there are only three top 100 coins this week, with at least a slight double-digit price increase. With a gain of 15 percent, Coin Algorand is the strongest in the top 100, followed by the RIF token with a gain of 12.7 percent. Also the prices of the crypto exchanges like the Huobi Token and the OKB Coin are in demand next to the Binance Coin this week. Among the biggest losers of the week is the Egretia Coin and a 19-cent discount, again the week loser of last week. The loser of the week, GXChain, loses just over a third in value with just over 30 percent. More than 30 Top 100 Coins have suffered double-digit losses and continue to fall behind the Bitcoin, which is reflected in many real coin prices at many coin prices. In the top 100 comparison, the ripple price is comparatively good.
Time for the Altcoin season? The bitcoin dominance advises to wait
As already feared in the last issue , the chart of Altcoin’s overall market vs. Bitcoin remains weak and once again hit a new 52-week low this week. This is the first review of the December 2017 low. It is hoped that the brand is now a marked low and can recover the chart in favor of Altcoins.
As long as the dominance of Bitcoin continues to increase on a weekly basis, seemingly unstoppable, a timely change in the situation can not be expected here. Although the Bitcoin dominance has not reached the capitalized target at 73.94 percent. However, as long as the dominance does not noticeably fall below the 70 percent mark, the Altcoin market continues to be a difficult patch.
Disclaimer: The price estimates shown on this page do not constitute buy or sell recommendations. They are merely an estimate by the analyst.
The chart images were created using TradingView .
USD / EUR rate at the time of going to press: 0.89 euros.
Image via Shutterstock