The air that is breathed for the cryptocurrency market is somewhat of a bad mood. A new month has started but we see that the interest in mass investment by many of the trades has decreased considerably.
Basically, most markets walk sideways without any sense. The good thing is that the ocean of assets other than Bitcoin exploded from one month to the next. We know that many traders took great advantage of that.
With the previous paragraphs, we want to inform you of a global perspective for the cryptocurrency market and the formal reality for Bitcoin.
Three Hundred Barrier
We have to remind all sit-down traders that the reality is this: the cryptocurrency market will be totally bullish when it breaks the 300 bn dollar barrier.
We see people suffering with the stock price hike on most assets and a low capital inflow allowance, which is why the overall market sentiment decreases.
Many are bored with the latest moves and some are struggling to jump on good alternate ships. All in all, it is good that for the next few days, many of the investors have pending the central idea of the first paragraph: bullish unilaterally above the barrier of the three hundred.
The good news is that In Q2 2020, total cryptocurrencies market cap grew by 44.5%, but spot trading volume declined by 55% according to the last CoinGecko review.
Volume Volatility Correlation
Bitcoin volatility has fallen to a recent low, following a spike in volatility in mid March during the height of financial uncertainty related to the on-going COVID-19 crisis as wrote TradeBlock.
In recent weeks, bitcoin prices have hovered around $9,000 per coin, rarely breaking out above or falling below these levels. While bitcoin historically has maintained elevated levels of volatility relative to more mature, traditional financial markets such as US large cap equities, recently bitcoin’s volatility is inline with that of the S&P 500.
In the figure below we diagram 10-day price volatility between TradeBlock’s XBX Bitcoin Index and the S&P 500 Index. As shown, both indices saw accelerated volatility in early to mid March amidst the COVID-19 sell-off. Since this period of time, volatility has fallen considerably between both asset classes.
Derivatives Volumes Dropped
In June crypto derivatives volumes dropped by 35.7% while spot volumes decreased by 49.3%.
According to CryptoCompare’s recently released report Crypto derivatives volumes in June dropped to $393B USD (-35.7%) — the lowest monthly volumes in 2020. Meanwhile, total spot volumes have decreased to $642.6B USD (-49.3%).
As a result, derivatives have gained market share and represented 37% of the market in June (vs 32% in May).
Bitcoin On A Straight Path
The EMA9 continues to behave as a major support for Bitcoin on the monthly chart within point 8628.72 and the ichimoku cloud line intercepted by the 50% fibonacci retraction line and at point 9932 as a very strong resistance to overcome.
At first glance we see the beginning of wave 1 but we do not have a complete confirmation due to the extensive lateralization of the asset in question. However MACD for the next month can show the final decision with the next moving average crossover.
Bitcoin weekly open again touching 62% of the Fibonacci retracement line with a tendency to touch one of the main downtrend lines that remains as resistance. Indicators begin to show signs of conversion for future decision making.
On the other hand we see the creation of a symmetrical triangle as a pivot that for now behaves in favor of the bears. We believe it would be the start of wave 2 but nothing is confirmed because there is confusion between convergence and divergence in various indicators. Also, EMA9 is behaving like a strong support for now.
Strong rejection of selling force oppression between 8884 and 9325 on Bitcoin’s daily chart. Geometrically we can lateralize the price within an ascending triangle.
MACD and RSI making a decision in favor of the bulls. The big problem is the decrease in the daily volume of trading and the little interest on the part of institutional traders, which is summarized in low volatility.
Kyber Network At Its Maximum Potential
Kyber Network as has been the story every consecutive month for the last year, it was another month of new all time highs for the number of unique addresses trading on Kyber (which can be used as a proxy for number of users) and number of first trades (proxy for number of new users).
Volumes and number of total trades were also the second highest on record with USD volume up 51% over May and total trades up 12% as it was reported in the last newsletter.
Almost all Kyber integrations saw strong growth with 1INCH exchange especially standing out with $24M monthly volume which is a new record for a non-KyberSwap integration.
See you in the next story! With love ?? Rubikav® Team!
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