This week’s pop above the psychologically-important US$ 400 billion market capitalisation level for the first time since early March has restored some optimism among traders. A climb in trading volume back above US$ 35 billion for the first time in weeks helped push many cryptos to multi-week highs and crypto portfolios all of a sudden are looking fatter than that kid in school with the new Air Jordans.
You, your next-door neighbor, and all HODLers are all asking the $64,000 question:
“Are We Here to Stay?”
Of course, no one knows yet.
Taking a cue from our friends across the pond in America who are watching the NBA playoffs (and trying to figure out what the government next has in store for exchanges operating there), this could all be one giant head fake!
It wouldn’t be the first head fake this year. Two months ago, we made a rapid climb from $290 billion to $515 billion in about two weeks’ time, only to be pushed back below $300 billion by mid-March.
Five Coins the Market is Talking About Today
Bitcoin (BTC) reached its highest level since 12 March with a test above $9,700 and traders told us they gobbled some tasty Stops above $9,678. Those same technicians are eyeing the $10,446 level as another key hurdle. Perhaps MIT doesn’t have the firepower to take down BTC after all!
Ethereum (ETH) peeked – and peaked – and possibly piqued – above the $700 level yesterday but got smacked down to $631 during mid-day Asian trading. News that a DNS cache poisoning attack affected MyEtherWallet servers may have compromised 215 ETH didn’t help matters.
Bitcoin Cash (BCH) had some wind knocked out of its sails with a pullback north of 10% following its recent gyrations just below $1,600. Yes, this is the same Bitcoin Cash that traded as high as $2,960 this year! Some chatter on the trading desks is focused on Asia taking BCH for a ride up to $1,932.
TRON continued its massive move higher with South Korean accounts accounting for more than 50% of the volume in TRON with volume spiking above $2 billion in the past 24 hours. News of the 30 million TRX airdrop landing for Ethereum holders has TRONners gunning for a top-10 ranking.
EOS continued its gravity-defying ascent with Asian names testing the $15.51 area before European accounts knocked EOS back to $13.51. A healthy dose of perspective: EOS traded as low as $5.01 this month! There is talk that many candidates are vying for 21 supernodes after EOS migrates from the Ethereum network to its own network on 2 June, including Bitfinex and Huobi.