This level of calm can make anyone nervous. Bitcoin spent the day within a close range, not losing much anywhere. Binance Coin is now over $9, further solidifying its position as a top 10 crypto. NEO gained 2%, pushing it over $8 on the global charts. Litecoin and Ethereum are maintaining their ranges.
The expected carnage in Bitcoin SV-land hasn’t taken place. Yet. But there’s been a steady rise in volume, as seen here:
As regards Bitcoin SV, many of the people on Coinbase had already waited so long to get their tokens they probably didn’t miss it by the time it came as a Valentine’s day gift. As such, it makes as much sense for them to take a “hold and see” approach as anything.
One interesting market to watch and potentially play is BCH/BSV. It would be interesting to see how much volume now flows out of BSV into BCH, from those who stood on the ABC side of the philosophical fork. Yet there only appears to be only one such market, with no activity. This owes to the fact that both BCH and BSV are treated as altcoins, rather than base pair coins, most everywhere.
The spread between Bitfinex and Coinbase is just under $100 today. Coinbase is calling it $3,566-$3,569 at press time.
Not much to see here. The 24-hour high was nearly $3,700 at Bitfinex and over $3,610 at Coinbase. We clock Coinbase prices as more realistic, given their massive end-user base.
Don’t let the calm get to you. No one’s sure which way it will break next time. All we can say is: go with your gut. If you feel this is a “dip,” buy it. If not, wait and see.
Ethereum would look a lot sexier at $125 or $150, but it struggles every time it gets near $123.
By press time, Coinbase had it for $120.15. Remembering the $1,000 days of Ethereum, it sure does feel like it’s time to buy, buy, buy. But then again, just the other week we had opportunities to buy at $105. It’s your life, trader.
Binance Coin had a nearly 5% gain over the 24-hour period, thrusting it past $9 over the course of $84 million in volume. We wonder if the increased demand is from Voyager, who just launched this week and probably have a strong need for fee discounts attained when using BNB.
Demand for BNB is purely based on the usefulness of Binance itself. As that goes, it’s interesting to note that for the first time in a long time, Binance was not #1 in volume over the 24-hour period. “Adjusted” volume, that is, which accounts for some factors known to CoinMarketCap.
In any case, the exchange holding the crown as most used in the last 24 hours is ZB.com. They did most of their volume in QTUM, while Binance did most of its in Bitcoin.
What an interesting paradigm has been created. ZB describes itself as:
“[A]n international top-level domain which invested by well known enterprise and it is legal and safe. ZB.com provide trading service for blockchain asset such as Bitcoin, Ethereum and Litecoin to the customers around the world. It uses multiple security technologies such as distributed server clustering, distributed storage and hot and cold wallet separation to ensure customer asset security. Focusing on providing safe,convenient and comfortable blockchain asset trading service to global customers.”
Even so, it’s not well-known among crypto investors. We’ll see how long it holds this title, or if Binance regains its throne.
Featured Image from Shutterstock
Last modified: March 4, 2021 2:53 PM