https://medium.com/@coinlive.contact/crypto-recap-feb-15-btc-cracks-10k-market-cap-en-route-to-500b-fe8c88f2d66Market SummaryThe progression in total market value continues, with Crypto assets nearing the $500 billion mark, last around $480b. A fresh influx of capital has poured in over the last 48h, with the percentage increases in exchange volumes communicating the existence of renewed buy-side commitment. If one draws a downward trendline in the total market cap, notice how the latest rebound has resulted in a breakout of such line, a psychological occurrence amidst increasing trading volumes.
In Bitcoin, we are closing ‘bang on’ in the 10k vicinity, after another 6% up day, with Ethereum failing to follow suit, barely rising 1% on the day. Out of the top cryptos by market cap, Bitcoin was the outperformer, along with Lisk and Vechain, while Stellar and Ethereum Classic found the least amount of interest. In the broader spectrum, WAX, Santiment, Waves saw the most gains, while RChain, Cindicator or 0x were among the worst performers. The USDT/USD remains stable at the parity level.
While not out of hot waters yet, there is an increasing number of tentative signs that justify a more constructive environment (increase in trading volumes, BTC marginally cracking 10k, USDT/USD stability, no fundamental disruptors). The next milestone for the crypto market lies on a psychological break and acceptance above 10k for Bitcoin and $500b in terms of total market cap. If these events were to occur, a new wave of capital may come in.
Be reminded that today starts the Chinese New Year, an important festival celebrated at the turn of the traditional lunisolar calendar, and likely to cause a potential reduction in trading volumes. It’s going to take a strong buy-side campaign to find acceptance above the aforementioned levels. Note, for example, that one of the exchanges driving the most volume in BTC is OKEX, with offices in Hong Kong, and thought to have a large Chinese client base.
