Story by: David Canellis
To make matters worse, Ethereum‘s market is on the verge of a “death cross.” This is a spooky technical pattern that’s only happened three times before in its history, reports digital asset research firm Delphi Digital in commentary shared with Hard Fork.
“Death crosses” occur when an asset’s moving price average over the past 50 days dips (or ‘crosses’) below the moving price average over the past 200 days. These are highlighted on the chart below by red circles.
“The historical precedent for such an event is quite limited given its relatively short price history, but in the three prior instances, ETH’s average loss in the following 14 and 30 days was 6 percent and 7 percent, respectively,” said Delphi Digital.
“The most recent death cross occurred in April 2018 after ETH tumbled more than 20 percent in the 30 days leading up to the event,” it added. “It proceeded to fall another 14 percent over the subsequent two weeks.”
Bagholder’s favorite cryptocurrency BNB hasn’t posted gains in a while
When it comes to the broader cryptocurrency market, Bitcoin has been killing it. Over the past 90 days, its price has risen over 36 percent, which makes it the best performing large-cap digital asset over that period.
“Price does not necessarily reflect the true intrinsic value of any given token or coin, but the growing sophistication among crypto investors coupled with the strengthening ‘digital gold’ narrative for Bitcoin has helped suppress much of the publicly traded crypto market in recent months,” said Delphi Digital.
Binance Coin (BNB), the branded token of prominent cryptocurrency exchange Binance, has performed much worse over the past three months.
Last week, BNB dropped 13 percent, which Delphi Digital noted as the second straight week that it’s been found among the worst-performing large-cap digital assets.
Stellar Lumens (XLM) is also heavily down, with its US-dollar value essentially halving over the past 90 days.
The suffering of alt-coin markets can be further represented by Bitcoin‘s increasing “market dominance,” which recently hit 70 percent for the first time since March 2017.
That sounds impressive, but you can read more on why that doesn’t mean shit, as it’s a metric based on some pretty flawed concepts.
This is not investment advice. This is for educational purposes only. Do your own research.
Original story: https://tinyurl.com/y2tszm2wby