Market Cap Holds Firm, Alts Go Green

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Market Cap Holds Firm, Alts Go Green

By Tom Whitbread
September 6th, 2018

Global market cap remained buoyant at 207bln in early Asian trading. With BTC dominance at 54%

The top altcoins by market cap are all showing  gains, with Ripple XRP at the front, reversing 6% to $0.30 followed closely by Stellar Lumens XLM, Dash and IOTA

NEO’s GAS is the leader in today’s session up 8% at time of writing trading above $7.20 as we head into the weekend and potential high volatility on the dollar as the US data on Non-farm payrolls is released later today.

Although the timing of the NFP data release is intentionally not leaving a large window for traders to capitalise the moves, all eyes are on the US session which will determine dollar levels for next week. 

DXY the dollar index a weighted basket of foreign currencies showing the dollars buying power internationally, currently rests high at 95. If this level was to decline back towards 90, the downward pressure that has been playing on commodities and cryptos across the board would begin to turn. 

Although if the NFP data is bullish, we could see the DXY take a run for its year high going over 100, with bond yields touching 3% and talks of another rate hike amid ongoing balance sheet normalisation from the fed that we cannot rule it out, despite the presidents’ public opinion on a cheap dollar, and plan to lower the dollars level to provide cheaper financing for business owners.

Currently no such action to decrease rates has been taken, and talk of a further room for an upside has been mentioned several times meaning further rate hikes that could drive the DXY higher again by the end of the year.

Trade war escalations from a proposed 200bln tariff on Chinese goods to the US could see further dollar yuan volatility that may bring some inflows to crypto, as investors seek alternatives for growth in 2019.