The purpose of this article will be to do a brief review of the market to give folks an update on what’s been going on:
As expected, Bitcoin has continued its overall trajectory upward. We knew that we just need a ‘cooling off’ period before it continues to race. As mentioned before, it looks like $6.8k is the likely next destination.
There’s a chance that the Binance news had a distinct impact on the price action that occurred yesterday along with all of the other craziness that was going on Binance. I just wanted us to take exit all positions for a short time in order to make sure that we didn’t get rocked w any of the market panic.
As you can see, the market capitalization is still floating in that $270–280 million range. It’s actually down slightly today and the market dominance for Bitcoin has risen slightly. That leads me to believe that the TOP market cap coins (T10) are probably doing the majority of carrying for crypto
It appears as though this is absolutely the case. At the bottom is the lower portion of the T100 market cap coins. I’ll go ahead and give you guys a peak at what this basket of coins looks like.
Here it is:
Keep in mind the weights on this index as well as how far it’s lagging behind the other coins in the T100 (at the top of it).
You can see that heavy downward spike in the price of those coins.
Coins such as $MANA, $SYS, and the others around their market capitalization would be under this category.
So, I’m suspicious as to whether they are the positions that got dumped amidst all of the manipulation and chaos that occurred yesterday. Wouldn’t blame the market, always best to not touch such volatility when you have no clue what the fuck is going on.