Today has been bullish for the most part, with some of the major volume movers continuing their run, while ETHER surprisingly switched directions and became bearish moving closer to the $2.00 USD price point.
The Chinese markets continue to drive the bull runs by trading the Yaun into the mix and adding new money to the market caps, and surprisingly, we have seen some new highs across the market caps. Bitcoin is still the top contender, while Ripple is holding the second spot, and even though ETH dipped, it is still in third place at a market cap of around 160 million.
The big mover today was DOGE, building on its momentum from yesterday, it skyrocketed from around 50 satoshi, and topped over 100 satoshi, and currently trades around .00000085 BTC, or 85 satoshi. This is quite surprising to see such volume on DOGE, and even more surprising to see the markets react to this up-trend by actually spiking an increase in buying not only in the Chinese markets, but also on the international exchanges.
DOGE experienced a similar trend two years ago, in January, 2014 when it climbed above 100 Satoshi, and it may just be due to continue its upward trends given that much of the supply may have already been bought up.
Can anyone guess what is going on with ETH? It seems to have rescinded from its hard-core bull-run and is now settling back in the saddle, but may continue to slide, or may be victim to a commercial sell-off strategy to only get fickle traders to sell-out before an onslaught of heavy buying takes place.
Even with the recent downplay, it has a heavy risk factor for those selling because of its high floating cap as you can see in the picture. Any time you see such a discrepancy between the cap and actual market price, there is often some sort of market reaction, so we will just have to wait and see how the whole Ether trading continues.
Overall, there were many altcoins that climbed today, with over 70% of the currencies gaining, and only a few receding, which is good news for the Altcoin traders who have been patiently waiting for some sort of momentum, and it seems like in it finally arrived. At this point, the price of BTC continues to push around the $400 USD price point, so the gains in the Altcoins cannot be chalked up to the fall in BTC, which is usually how it happens. From some of the charts we are looking at, it seems to be coming from an influx of new money being pushing in the Chinese exchanges with YUAN trading, then altcoins moving across into the other exchanges and being traded that way.
AS you can see, the Yuanbaohui exchange continues to pump millions of dollars in Yuan into the purchase of the coins, which adds the new money, and is good news for Altcoin traders worldwide as it drives up the price.
Even though non-chinese traders cannot register on the exchange (at least we couldn’t) — choosing coins that are traded on the exchange to purchase on other exchanges may be a good strategy because of the high market volume on https://yuanbaohui.com/coins