This Indicator May Take the Crypto Market on an Unprecedented Parabolic Rally
[NEWS BLOG]: This Indicator May Take the Crypto Market on an Unprecedented Parabolic Rally
The crypto market has been caught within a firm uptrend throughout the past six weeks, with its cumulative rally being fueled by steady gains seen by Bitcoin, coupled with parabolic gains seen by many major altcoins.
Examples of this can be seen while looking at major cryptocurrencies like Tezos and Ethereum, which have both seen massive gains over the past several days that are emblematic of the type of rallies seen during full-fledged bull markets.
Now, one elusive indicator that has flashed before the crypto market’s previous parabolic uptrends is flashing again, suggesting that the markets could be on the cusp of seeing a 2017-esque movement in the months ahead.
Crypto Market Sees Intense Uptrend as Analysts Eye Further Gains.
It’s no secret that 2020 has been a great year for the crypto market, with Bitcoin’s climb from lows of $6,800 to highs of over $10,500 allowing the markets to see some intense momentum.
This uptrend has allowed the aggregated crypto market capitalization to balloon, rising from year-to-date lows of $185 billion to its current size of over $300 million.
The fact that this climb has come about as the result of money pouring into both Bitcoin and altcoins concurrently suggests that fresh capital is entering the markets, and that a fundamental shift in market structure is occuring.
Financial Survivalism, a prominent crypto analyst on Twitter, explained in a recent tweet that he anticipates altcoins to see further momentum due to bullish patterns that they have been widely forming as of late.
“Can’t help but salivate when looking at the Big W patterns that are taking shape in alts. Most haven’t confirmed yet but they are already very well defined. First entry occurs with a close above point D. Second entry occurs with a close above point A,” he said while pointing to a collection of charts seen below."
This Indicator Shows an Unprecedented Altcoin Rally is Around the Corner
One key factor that should be on the forefront of all investor’s minds is the fact that there was a 50/200 EMA golden cross on the aggregated crypto market cap, with Bitcoin being excluded.
This formation preceded the alt rally seen in 2017, suggesting that a major movement could be inbound.
OTHER RELATED NEWS
What is XRP ?
XRP is a token used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator for other - both cryptocurrencies and fiat - exchanges. The best way to describe XRP is a ‘Joker’. Not the creepy Batman enemy, but the card that can be any other card. If you want to exchange dollars to euro, it can be dollar with dollars and euro with euros to minimize the commission. As highlighted above, the transaction cost on Ripple is $0.00001.
An interesting fact: after the transaction the amount of $0.00001 ‘disappears’ - read more.
Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching
"Bitcoin’s Crypto Market Dominance Remains Steady at 65%"
Bitcoin has been largely outperforming smaller altcoins in the time following its mid-March meltdown.
This is clear while looking towards the growth its dominance has seen over the aggregated crypto market in the time following this bout of capitulation.
At the time of writing, Bitcoin’s dominance is sitting at 65%. This is around the level at which it has been hovering at over the past several weeks.
In late-February, BTC’s dominance hit its year-to-date lows as altcoins begin incurring massive momentum. This market-wide uptrend proved to be short-lived, as the turbulence seen across - read more.
Manny Pacquiao launches his own fan-backed cryptocurrency
Champion boxer Manny Pacquiao announced the launch of his own cryptocurrency at a concert in Manila on Sunday.
The cryptocurrency, called the Pac, will allow fans to buy merchandise and interact with Pacquiao -- the 40-year old boxer, Filipino Senator, and former basketball player -- via social media.
The Pac behaves like a normal cryptocurrency in the sense that it provides a digitally tradeable token with a floating value secured by a decentralised ledger. But unlike other cryptocurrencies such as Bitcoin, the value of the Pac is touted as being backed by demand from Pacquiao's fan base for his merchandise.
The Pac - read more.