Bitcoin domination index reached four months peak

April 25, 2019   Bitcoin

Cryptocurrency assets declined Wednesday after active growth the previous day. Bitcoin dropped to $ 5,450, Ethereum fell to $ 162, and the XRP price reached $ 0.2970. The total cryptocurrency market capitalization fell to a level of $ 175 billion. Bitcoin overcame $ 5,600 yesterday, and spent most of the day above this level. The reference cryptocurrency began to decline, and at the moment BTC is trading at about $ 5,500, losing almost 2% per day. Daily trading volume hovers around $ 17 billion, which corresponds to the historical highs reached in December 2017. Analysts expect a pullback, but significant volumes of correction are not expected.

The rate of Bitcoin was adjusted from the strong resistance level of $ 5,600 and traditionally pulled the rest of the assets along. Nevertheless, Bitcoin’s upward momentum is maintained and in the nearest future the cryptocurrency will be able to recover back to the maximum values of this year. Most of all, Bitcoin Cash and EOS are losing, dropping by more than 8%. The rest lose 5% - 6%. Investors sell altcoins and buy bitcoins. Bitcoin domination index reached 54.5%.

A  Morgan Creek cryptocurrency expert, Anthony Pompiano, said that the main cryptocurrency can demonctrate parabolic growth in the five years period. Simultaneously, Bitcoin capitalization will grow up to $ 5 trillion, and the rate of one coin will fluctuate between $ 110,000- $ 275,000. According to Anthony Pompiano, in recent several years, bitcoin has shown itself to be much better on the markets than any traditional financial assets. Thus, over the past two years, Bitcoin grew by 450%, while the S & P index showed an increase of 20%, and gold - only by 1.3%.

French bank Societe Generale issued bonds worth about $ 112 million in token-shares on the Ethereum blockchain. According to a Societe Generale report, it was the only investor, that is, the company issued securities for itself and external investors were not involved in the process. In February 2019, the Spanish bank BBVA began using the blockchain for issuing bonds. The World Bank also issued bonds on the blockchain last summer.

South Korean company Samsung is developing its Ethereum blockchain and is planning to release a token. The work is still at an experimental stage. After the development of the block is completed, the company plans to release a Samsung Coin token, which can be placed on cryptocurrency exchanges if it is developed on an open blockchain. In addition, Samsung can embed the blockchain into its Samsung Pay payment application.

In our forecast for today, we assume a further correctional decrease in Bitcoin to the levels of 5400, 5380 and 5350 dollars, Ethereum to the marks of 160, 158 and 155 dollars, and XRP to the levels of 0.2950, 0.2930 and 0.2900 dollars.

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