Crypto market is currently divided in red and greens. Bitcoin is trading around $6,300 but analyst states we are still right in the middle of a bear market. Meanwhile, CME executive and Weiss Ratings also got something to say about the Bitcoin market. As for altcoins, XRP and Cardano (ADA) are making significant gains.
Bitcoin registering gains but bears still here
Since yesterday, Bitcoin is seeing some greens as it reaches just above $6,300 price level. At the time of writing, the leading cryptocurrency has been trading at $6,325. Today’s trading ranging has been between $6,292 and $6,375.
However, according to crypto expert Willy Woo, the bear market is still here as he shares a detailed analysis on the basis of NVT:
“Bitcoin has seen only 3 bear markets in its history**. We are in the third one now. One signal we can use to determine the end of the bear is for the price to cross above its 200 days moving average.”
His concluding statement is, “we are in the middle of the bear season, reminiscing on bulls.”
You can read the entire thread containing the detailed analysis here.
Meanwhile, Bitcoin futures & Weiss ratings got something to say
In the Consensus Singapore 2018 event, the managing director and global head of equity products and alternative investments at CME Group, Tim McCourt said Bitcoin futures are not responsible for the slump in crypto prices this year adding, “We are just a small part of the market.”
However, he also shared that the Bitcoin futures market is growing with volumes coming from Asian markets, “Out of the 40 percent of bitcoin futures trading on CME that’s outside the U.S., 21 percent are coming from Asia.”
Meanwhile, Weiss Ratings slammed Bitcoin by labeling it as “One-Trick Pony” in its Tweet and stating Ethereum will take up half of its market share.
#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of ETH’s application is sky itself.
— Weiss Ratings (@WeissRatings) September 18, 2018
XRP & Cardano leading the altcoins registering gains
In tandem with Bitcoin, altcoins also surged and entire crypto market cap is inching closer to $200 billion after having rough days as shown in the chart below.
Today, XRP and Cardano (ADA) made significant gains as at one point, both of the cryptocurrencies have been making double-digit gains.
When it comes to top 25 cryptocurrencies, XRP is the winner with over 9 percent gains. Since yesterday, the world’s 3rd largest cryptocurrency is enjoying immense gains as much as 20 percent. At the time of writing, it has been sitting at $0.3166.
Meanwhile, Cardano is trading at $0.6940 with 5.69% gains while being at 9th position. The market is half in red and half in green, though it is expected that the prices will still struggle with bears for now.