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 Text | Joseph Young Compiled | Yiyantang Over the past 24 hours, Bitcoin and Ethereum have rallied around 5%, adding $7 billion to the cryptocurrency market’s valuation. Bitcoin (BTC) managed to defend the relatively weak support level at $4,000, while Ethereum prevented ETH from falling further below the $110 support level.  However, based on the momentum of the major cryptocurrency over the past few days, the possibility of a drop to around $3,000 in the short term remains if the dominant cryptocurrency does not make a clean break out of the $4,000 to $4,200 range. 01 Where do Bitcoin and Ethereum go next? Bitcoin and Ethereum remain the only two cryptocurrencies with strong daily trading volumes. As of December 1, the daily trading volume of BTC was approximately US$5.5 billion, and the daily trading volume of ETH was stable at US$2 billion. ETH’s daily trading volume is greater than the daily trading volumes of Ripple (XRP), Bitcoin Cash (BCH), and Stellar (XLM) combined. Several reports published over the past month suggest that ETH’s recent sell-off has not been severely affected by ETH liquidations from initial coin offering (ICO) projects. Chris Burniske, partner at Placeholder VC, said: In fact, between November 14 and 30, 2018, only $8 million worth of ETH participated in market transactions. Based on the data we have, we are confident in saying that ICO projects respond to market conditions and are not forced. The higher daily volumes for ETH and BTC suggest that these two cryptocurrencies are not free to fall under lower selling pressure like most cryptocurrencies and small-cap cryptocurrencies in the market. The danger and risk of low-volume cryptocurrencies during a highly volatile period is that if sell orders hit the market, the digital asset will be the first to drop significantly. BTC and ETH have rebounded by more than 5% in the past 24 hours, while XRP and BCH have shown price gains of between 1.5% and 3%. If Bitcoin and ETH can make a clean break above major resistance levels, the two cryptocurrencies could lead the market to a strong rebound in the near term. Resistance levels for Bitcoin and ETH are at $4,300 and $120 respectively. However, if both assets continue to fail to break above their respective resistance levels, it will be difficult for the market to see significant price gains. 02 Underlying data shows ETH is in good shape Joseph Todaro, managing partner at Blocktown Cap, reports that the Ethereum blockchain network handles 600,000 transactions per day with $500 million in transaction volume, and that nearly every emerging distributed application (dApp) or project is built on Ethereum. Reasons to be bullish on ETH -Daily trading volume of $500 million -Daily trading volume is 600,000 -Issuance volume decreased by 1/3 compared with the first quarter -ETH lock-in continues to grow -Down 92% year-on-year -Interest is currently focused on ETH - Joseph Todaro (@j3todaro) November 30, 2018 Original link https://www.ccn.com/crypto-market-adds-7-billion-as-bitcoin-and-ethereum-rebound-by-5/ END  BaiMediaChain talks about cooperation↓  Past Issues▼Hot Articles ★ About the "Liantianxia" brand statement ★ Give blockchain a chance to try and make mistakes ★ The lottery is hiding a lot of money, and it’s time to take action against corruption in the blockchain! ★ BCH fork hides the fight for future hegemony of the blockchain ★ Heavy interpretation, what signals does the regulatory statement of the Hong Kong Securities Regulatory Commission reveal? ★ Bitcoin Cash SV’s “blockchain reorganization” appears to be an accidental split rather than an attack ★ The Bitcoin white paper is not the Bible, stop worshiping it ★ Advanced mottos for blockchain entrepreneurs and investors    |
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