Dash leads gains in the crypto large caps currently, with Doge close behind. We take a look across markets for the the week ahead.
In a week that saw Bitcoin start testing resistance around 7k, then sell off rapidly on news that Business Insider published regarding Goldman Sachs allegedly shutting down their crypto initiatives, which was later refuted as fake news by Goldman’s CFO.
Interesting news followed as the US SEC appointed a new Commisioner, and it could be good news for Bitcoin and the prospect of a ETF, as he is pro-crypto.
A strong dollar was strengthened again with very healthy, above estimate non-farm payroll numbers that were released on Friday.
The US economy is performing beyond expectations, with the S&P breaking past January’s highs and dollar index staying high, in an almost total inverse comparison to Bitcoin and crypto markets in general, that have had in general a pretty rough year.
Maybe fates are changing, as volatility on Bitcoin is still at year lows rising slightly since bottoming out in July, with volatility rising gradually and search volume on bitcoin terms also growing, maybe crypto starts to get some attention again.
There are certainly new developments to bring focus on crypto again as with news earlier this week of cellphones being launched in South America with native support for Dash, has helped moved the market back up 10% since the sell off due to Goldman rumours we mentioned prior.
Doge is also up 10% climbing alongside, with news of Dogethereum adding smart contracts to the coin with a demo of the software that was unveiled on the 5th of this month, Doge continues to find support.
Earlier in the week we reported on Bitcoin diamond having a huge gain due to their new marketplace, that enables purchasing of goods with the coin, since the spike prices have held around $2 with today’s price down 5% at $1.95 one of the biggest laggards besides Digibyte down 2%.
The biggest alts by volume - EOS, ETH, BCH, ETC, XRP and TRX are mostly trading sideways grinding along their supports.
It’s DASH that has continued to run back to the prior levels before the last dump, if the run can be substantial and continue moving north as adoption increases due to the dash supported cellphone embedded wallet handset release and nature of fast of execution of DASHs transactions, we could see DASH move up market cap.
Bitcoin cash is certainly slowed down to a stand still on updates to their repository’s at github and with talks of a fork coming up, there could be catalysts for serious movements ahead for BCH. As BCH and EOS were added to Netcoins’ crypto ATM network this week, there may be volume incoming. Although if it will be enough to reverse prices back up, will be seen in time.
There has been many predictions made on Bitcoin Cash and how it will succeed, now the focus is on adding micro transactions to the chain, for Sudan and Venezuelan communities to use a practical payment system in their day to day life’s. As controversial as the project is, many want it to succeed. Although currently the market is grinding along, waiting for a impulse to drive it. Could the EatBCH micro transaction project be the trigger to bring volume?