Welcome to our Bitcoin & Altcoin Report of the KW 8! Together with the guys from Accointing, we want to take you all of 2 weeks, the most important metrics, Analytics and fundamental data together and a small Outlook. You ask yourself so what happened at the Bitcoin exchange rate and how it goes with Ethereum, Ripple, IOTA, Tezos, Chainlink and other Altcoins? Then you are right here!
In the last 2 weeks it went rapidly that Altcoins could close the gap significantly to Bitcoin and some of the dominance nibbles off, while BTC itself is fighting for the 10.000 USD mark, and the wind from the Golden Cross currently not well can take advantage of. The market seems to be so chuffed slowly through, after all, Ethereum, Tezos, Chainlink and other Altcoins is significantly increased.
Let us now together on the most important On – and Off-Chain data from the Bitcoin & Altcoin market view and a view on the next 2 weeks risk. A Lot Of Fun!
The Bitcoin & Crypto Fear and Greed Index – No panic but also no greed
We start the Bitcoin & Altcoin Report with a view on the market sentiment, which is reflected in the Fear and Greed Index wonderful to resist. This shows us that the current mood is on the decline. However, this is not a reason for concern, because of the recent decline in keeps us out of an extreme and unhealthy greed for more. Rather, it is a “healthy” pullback, which underlines clearly that the market is acting really panicky.
What were the reasons for the recent declines in the rates we show in the next section.
CoinMarketCap of all crypto currencies – After the Pump, the Dump comes
Since our last Bitcoin Report 2 weeks ago, has been in the market a lot: After the high season for all crypto and especially the Altcoins, currencies, the overall market now springs. A decrease of 13% speaks for itself – in the light of the previous increase of 65% for Bitcoin & all Altcoins together, this is however completely in order. It is, in particular, to break out no reason panic and after 30 days of pumping is a necessary correction rather than the mandatory end of the Bullruns.
A good shopping chance (#BuyTheDip) here maybe even?
Yesterday’s Flash Crash in the Bitcoin crack also the a or other Altcoin with (examples are Ethereum, Chainlink or Tezos) are nevertheless, the losses have been kept within limits. After viewing the winners and losers in the next section, we look then to the Bitcoin domination, and more Fundamentals, to be able to the location for the Bitcoin exchange rate and the Altcoin courses better estimate.
Top 10 winners and losers of all crypto currencies – Tezos Top, EOS Flop
Let’s take a quick look at the winners and losers of the week. The views of the last 7 days in the case of the Top crypto-currencies such as Bitcoin, Ethereum, Ripple and co. clearly shows, that profit-taking in the February significantly damaged by hail. Only Tezos could stand against the market, and even double-digit profits.
Look at the winners and losers of the Altcoins speaks a clear language. Compared to the previous week, we see here, in particular, no large price increases to the 100% more. The winner of the last week (eg. Hashgraph) lose this week, clearly. But now to the Bitcoin domination, which should give us, together with other fundamentals, for more information about the current Dump.
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The Bitcoin dominance in the descent – official Altcoin Season?
Since the beginning of February, the Bitcoin dominance was almost 15 days at a stretch in the descent. The BTC domination has experienced in the last few days to make a Comeback. The Golden Cross contributes to this, certainly its share. However, we see a clear resistance at 65%, we are with yesterday’s Drop, as well rebounded.
In spite of the Dumps in the overall market, the Bitcoin dominance clearly shows that investors currently believe to their Altcoins and probably also to a new Season. Overall, it supported no panic in the Market, and speaks for a normal correction in the Bitcoin price and the Altcoins.
Trading volume of BTC Futures (CME) vs. Bitcoin & Crypto exchanges – The “big” money comes from
It is the trade is enormously important volume of small investors (Retail) to compare with the institutional investors – this is reflected in this week. Because while it was in the last week is still on an upward trend in the market, left the trading volume on the CME, the largest Bitcoin Futures platform to your choice. First with yesterday’s increase in market volatility, is doing something with the BTC Futures.
While the “big” money keeps the feet at a standstill, there was the small investors on the 14. February, a new high for the year in terms of trading volume. This High but decreased afterwards significantly. Also, the Bitcoin exchange rate quake yesterday, couldn’t move the Retail area in a panic and left, the volume will hardly increase.
This is also an indicator that the market movement from yesterday and today, no signs of panic with it. It looks then as we would get air for hopefully a renewed rise in the Bitcoin price, Ethereum, Ripple and other Altcoins.
Onchain: Lower Bitcoin & Ethereum deposits with stock exchanges HODL mentality & DeFi strengths
We come now to the most important On-Chain data in the case of Ethereum and Bitcoin, which will help us to draw conclusions on the expected price development of BTC & ETH.
As you can see in the graph, not in comparison to the Peaks at the end of 2017 and mid-2019 really much in the way of Bitcoin (BTC) deposits on stock exchanges. This shows that not really many people to trade or Coins move and speak in favour of a healthy HODL mentality.
A little different from the picture in the deposits of Ethereum (ETH) on the exchanges – at least if we look at the overall picture. Here are several of the Peaks are explained on ICOs and sales of ETH by ICO projects to show the same. Because of the large and is outside the scope of 2017 was mainly characterized by this Token sales were handled for the most part, in ETH.
What is really interesting is the fact that the number of deposits to stock exchanges (7-day) and a possible sale of ETH, are currently lower than in October 2017. This could be an indicator of that especially Decentralized Finance (DeFi) get applications, more and more popular and so the HODL mentality in the case of Ethereum’s strengths.
Ethereum rate Explosion, thanks to the DeFi?
We round out the Bitcoin & Altcoin Report once more with the exciting DeFi market. This is currently as strong as never before, and notated with a curly with a value of over 1 billion USD is still at a high level. More and more people deal with the still hard-to-reach theme.
However, the Space has suffered this week a major setback due to various Hacks in the case of bZx, in the case of the almost 1 million USD in Funds were stolen. On the curly ETH this has not however, but shows that we are still at the beginning. Nevertheless, the issue of DeFi for Ethereum and ETH course will probably be one of the most important applications in the coming years.
Conclusion: there is No panic on the Titanic
In summary, we can say that the fundamentals continue to be for Bitcoin and the Altcoins, and the current decline could be a correction and a swing to new heights. How long this “momentum”, however, could continue, at present, it is difficult to estimate. As always, here also keep this up to date.
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Disclaimer: This article is solely for education and should stimulate further research around the project Cardano. None of the statements contains a trade recommendation. Please always invested Wisely, and do your own research!
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(Image source: Shutterstock, CoinMarketCap, trading view, DeFi Pulse, alternative.me)