Volatility continues to grind lower as we approach Q4. The leading bias of any upcoming move, as well as a bullish and bearish roadmap, can be determined using Bollinger Bands, Pitchforks, exponential moving averages, Wyckoff Method, chart patterns, and the Ichimoku Cloud.
EOS is in the early stages of determining how the network will handle decentralization, scalability, and security. Despite having several issues the network has remained robust, able to handle any challenge, and correct course. A swift response to the seemingly unforeseen RAM price spike, which will be seen as a threat to scalability, appears to be a product of a new platforms inherent centralization.
Technicals suggest the low for the USD pair has been set with a likely reversal towards US$520 and US$1,000 in the coming weeks and months. The ETH/BTC price looks destined for a lower ratio based on several bearish indicators. The previous bull run in 2017 was fueled by retail speculation of not only ETH but ICOs.
Technicals suggest a test of the US$10,000 level within the next few weeks, followed by an extended consolidation period before the next bullish markup. Trend indicators on the daily timeframe have flipped from bearish to neutral, while momentum oscillators on the weekly timeframe have begun to flip from bearish to bullish. A BTC ETF decision by the SEC in the month of August could be the catalyst needed to immediately spark price action to the US$10,000 level.
In terms of privacy technology for transactions, XMR strongly leads the pack, but continues to trail other privacy coins in terms of scalability solutions. With the addition of Bulletproofs, transactions will be smaller and cheaper, and block times will be lower, without sacrificing any of the privacy tech.
Ripple, the company, continues to have many moving parts, including further implementations of enterprise solutions, distancing itself from the XRP token, and dealing with claims that the XRP token represents an unregistered security. To an outsider, the company and the token are so closely related it’s difficult to understand the differences. Ripple, the company, continues to hold a majority stake in the token. Efforts by Ripple/XRP, including a logo change and adding non-Ripple validators, suggest that Ripple is conscious of this problem.
The total market cap for all cryptocurrencies and assets currently stands at ~US$250 billion, unchanged since the beginning of the quarter. The total market cap peaked at the start of this year, at around US$800 billion, followed by a 3 month decline. The total market cap then rebounded from April to May, before giving up those gains just as quickly.
Ethereum has entered an era of increased competition, from projects like EOS, HashGraph, DFINITY, and others. At the same time, several projects, dApps and protocols, are going live on mainnet. Scaling continues to be an ongoing concern in terms of both competition and the ability to handle the network load. It is an opportune time to discuss scaling solutions while network use is experiencing a nadir, otherwise, patchwork fixes and band-aids may lead people elsewhere, in both usage and future development work. The details of several scaling solutions, like the transition to PoS from PoW, are actively being discussed and conceptualized.
On the heels of a 25% rout the previous week, the U.S. government finally provided comments regarding regulatory clarity for Ethereum (ETH). The comments were interpreted immediately by the market as bullish. The market cap now stands at US$49.12 billion, with exchange-traded volume of US$1.25 billion in the past 24 hours.
Bitcoin (BTC) has risen 30% since April 12th, with most of those gains occurring in two days. The market cap now stands at US$151.23 billion, with US$2.44 billion traded in the past 24 hours.The networks hash rate and difficulty continue to increase month over month. This trend should continue unabated, with several new mining hardware products being shipped this quarter. The current rate of block discovery reflects the continued addition of hash rate. Block times (not shown) have remained consistently below 10 minutes per block since January.