Daily Market Update/Analysis 6–17–2018

Picture Cred: CoinTelegraph

This article is designed to give an up-to-date overview of the markets as of June 17th, 2018.

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Disclaimer: This is not financial advice and I do not have a position in any of the coins listed within this piece.

Let’s Check Out What’s Going On With the Markets for Today

It appears as though most of the “market stats” have remained ambivalent over the course of the last day or so.

Another look here at the market cap via CMC

There’s been a total fluctuation of just 3% over the entire weekend.(edited)

This is what the market cap was for all cryptos on June 4th.

This is What the Aggregate Market Capitalization Was for All Cryptos on June 4th

Market Caps on June 4th, 2018 (just two weeks ago): The market cap of BTC was $131B The market cap for ETH was $61.85B The market cap for all over cryptocurrencies was $368.29B

Here’s where we are (as of June 16th; CoinCodex doesn’t have data for today, June 17th, 2018, yet)

That’s a 21.7% drop in the total aggregate market cap of all cryptocurrencies.

However, the total Bitcoin market dominance has increased over the same period of time.

Its hovering around 39.9%/40% per the most recent CMC data.

So, once again, I think that it has been thoroughly established that there is an inverse correlation between BTC market dominance and the overall market cap at this point (for the most part). And that’s because the market cap has been driven by inflow/outflow of $$ into altcoins.

This is exemplified by the fact that Bitcoin consistently posts losses of market cap that are significantly lower than that of the entire market during downturns. And during upswings, the gains of the market far exceed that of the entire market as well.

These are the winningest coins in the T200 according to onchainFX

Looking at the TX/Vol Statistics

I also sorted these coins in accordance with the max TX Vol (in USD) for a 24 hour period, and here is what I got:

Interestingly, Cardano is at the head of this list despite only having 1,130 transactions in a 24hour period. This, in my opinion, indicates large whale movement on the protocol. This may or may not be a bearish/bullish thing for Cardano.

The fact that Ethereum has the lowest ratio by far of USD/tx shows there’s a lot more activity on the chain (i.e, micro transactions of nominal value taking place).

Payment platform coins are doing pretty well on the whole. Only losers are $ARDOR (dead) and $STRAT (dead).

Substratum is still alive somehow and Ark barely making the cut (although, I’ve seen some buzz for $ARK lately). The remaining three are killing it though; (#VeChain, #Centrality, and #Dragonchain) ←Dragonchain is booming at this very moment.

Speaking of $DRGN, it’s the #1 gainer for the day actually. One of our picks (BNB) is up there in the top 3 too (woo woo!)

Best and Worst Daily Performers

Best and Worst Daily Performance for Sectors

Here are the top ‘asset’ sector performers for the day.

Conclusion

Yes, while the market does appear to have ‘bounced’ to some extent, it was not to any great degree. The consolidation has occurred at the lower end of the sell-off levels, meaning that the price is still well below where it was before the price of everything started crashing through the basement. I think the market is ambivalent and that there aren’t many signs of it ‘coming to’ anytime in the near future.

However, there will definitely be short-term opportunities for people to scalp if they are willing to ‘go long’.

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