Know That BTC Inches Toward $12K, As ETH Jumps 12%, With Report Saying Link May See 'Rough Waters'

The News Regarding The Crypto 

During the last 24 hours as the market capitalisation of all 5,700+ coins is up over 2.4% on Friday, digital currency markets have increased significantly in value. During the afternoon trading sessions, Bitcoin has been inching toward the 12k region again and Ethereum touched a high over $442 a coin. 

Now The Crypto Market Cap Crosses $365 Billion

On Friday afternoon as the number of coins has seen decent percentage gains, the market valuation of all the crypto assets in existence is around $365 billion. Trading just above the $11,800 zone and up 2.7% today, is the Bitcoin. In the last 30 days, the BTC was also up over 28%, and for the last 90 days, it was up 26%. On Friday the forerunner in the top ten is Ethereum gaining more than 12% during the last day as ETH gained up 85% during the last 30 days. Currently, trading for $442 per coin is ETH at the time of publication. 

As the coin is up over 8% today and trading for $0.30 per coin XRP still commands the third-largest market cap. Still holding the fourth position, is the stable coin tether still seeing massive trade volume and USDT’s $12 billion market valuation. 

Whereas the coin is down over 6.6% at press time, there is another forerunner this week called chainlink or LINK seeing it’s price peak at $18.00 per LINK. Holding the fifth-largest market cap, LINK has each token swapping for $16.77 apiece. 

The peer-to-peer digital asset is up over 4% on Friday as Bitcoin cash is swapping for $296 per BCH. BCH gained 30% during the last 30 days and for the last 90 days, it is up over 25%.

With a $5.4 billion market valuation, the coin has $767 million in global trade volume. On Friday, the top seven pairs trading with bitcoin cash include tether (64.3%), BTC (16.6%), KRW (4.43%), USD (4.15%), TWD (4.08%), GBP (1.4%) and ETH (1.31%).

The Trader Who Believes Bitcoin Could Target $14k Next

In the near future, the popular trader and analyst Jacob Canfield had told the 59,000 followers that he envisions the price of BTC hitting $ 14,800 per coin. As Canfield tweeted on August 12, he thinks he continues to move up to test the 1.618 extensions as long as BTC holds $10,500 support, whereas 1.618 is at $13k as well as 2.618 is around $14,800. It was observed that the drop seen earlier was possibly the price suppression as well as re-accumulations of longs and a bear trap on shorts to fuel the next push up. An individual following the statement made by Canfield replied that it was actually happening. 

How Are The Regulated Futures Exchange CME Group Becoming Third-Largest Bitcoin Futures Mover?

Joining the ranks as one of the largest bitcoin futures providers by order of open interest is the Chicago Mercantile Exchange this week. 

Becoming the third-largest derivatives exchange, on August 13, the CME Group posted roughly $800 million. Recorded on Monday were more than $840 million in open interest. 

As far as volumes provided during the last two weeks the biggest derivatives exchanges worldwide have shuffled in order. Besides CME Group the top bitcoin futures movers include Okex, Bitfinex, and Huobi. 

Why Is It That LINK May See Rough Seas Ahead?

During the last two weeks, there is no doubt that chainlink has jumped massively in value and even bumped Bitcoin cash from the fourth position. LINK is down at the press time after touching an all-time high of $18 per token. It is slowly recovering from its prior wounds as the coin is down 6%. According to Santiment the research and analysis firm, however, is of the opinion that chainlink may see rough waters ahead.

Santiment further tweeted that in the last week, LINK is up a whopping +68.7%. In its prolonged rally they are seeing signs that investors have become increasingly uncertain. For the #1 trending coin, speculative interest has exploded and they have looked into some concerning signs. Describing why LINK may see some volatile market action, the firm also published an analytical report.  

Finally Summing Up The Discussion 

As the coins are competing in market capitalisation, it comes that there is always one at the top bringing the values down or up as it does with the best of the coins available. Be it Bitcoin or XRP or LINK, there is always one forerunner with fluctuating prices across the day. We bring you more news on the movement of the market in the subsequent posts and assure you there is more excitement.