Bitcoin’s [BTC] recent comeback has reignited the rise of the altcoin market. With a record growth of 105% in five months, Ethereum [ETH] maintained its position as the best performing altcoin for value recovery. Tron [TRX], on the other hand, demonstrated sideways movement throughout the year, despite recording some insignificant gains after the crypto-winter.
Ethereum [ETH] 1-Day
The one-day chart for Ethereum [ETH] showed a strong and consistent bullish trend. The top-performing altcoin recorded a growth of 0.91% over 24 hours, placing the coin at $252.11, with a market cap of $26.7 billion, at press time. Additionally, the coin held a 24-hour trading volume of $10.1 billion.
The chart also showed no prominent support or resistance for the crypto, signaling an ongoing bullish trend for long-term investment.
Bollinger Bands: The upper and lower bands were highly divergent, suggesting an increase in the coin’s volatility.
Relative Strength Index: The token was uncomfortably close to the overbought zone.
MACD: The strong blue histogram plots and the positioning of the MACD indicator indicated a bullish market for ETH.
Tron [TRX] 1-Day
Resistance 1: $0.030
Support 1: $0.022
Tron [TRX] has been struggling to maintain a consistent trading value, despite the collective market booming. The coin recorded strong sideways movement through the year and held strong support at $0.022 and resistance at $0.030. With a market cap of $1.9 billion, TRX consolidated its position on the top crypto list, right below Cardano. The crypto gained 3.81% in value over the last 24 hours, and was trading at $0.029, during press time.
Parabolic SAR: The dotted markers were found below the candlesticks, suggesting a strong bullish market.
Awesome Oscillator: The histogram displayed green projections with intermittent red spikes, indicating incoming selling pressure.
Chaikin Money Flow: The CMF maintained its position over the zero line, indicating a growing flow of capital into the TRX market.
While ETH continued to perform well on the back of the crypto-market booming, TRX continued to hesitate in taking the bull’s side.
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Wall Street is on the losing side of Bitcoin’s impressive price rally
Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.
Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.
The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].
A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.
Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.
Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.
BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.
Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.
In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.
Who said Coin Street doesn’t go past the Wall Street express lane?
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