Market Update 3.13.19 – Bitcoin Price May Be on the Decline Again
Market News
Bitcoin Price May Be on the Decline Again
According to the latest report by Bloomberg, there are key price indicators that point to the fact that Bitcoin’s price may be on a downward trajectory once again. The mainstream media giant stated that technical indicators are signaling that the long-term demand for Bitcoin is going down.
According to the indicators, the crypto’s MACD (moving average convergence divergence) gauge has been declining since the middle of February. The MACD is the gauge of momentum that tracks the relationship between two moving price averages of a security. While Bitcoin has come close to the $4k mark in the last few weeks, the crypto has not been able to break that barrier.
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Abra Now Has ETH Support
Abra, the cryptocurrency wallet service provider, is now giving support for ETH (Ethereum) directly from its app. This means that users can now directly deposit as well as withdraw the altcoin from Abra. Prior to this, users needed to make deposits into Abra’s wallet through bank accounts, AmEx cards, BTC (Bitcoin), LTC (Litecoin) or BCH (Bitcoin Cash).
If users then wanted to, they could have their funds converted into a so-called synthetic version of ETH. Users were exposed to the crypto’s price movements, but they did not actually own the asset.
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Elwood Increasing Crypto Offerings
The UK-based asset management firm Elwood Asset Management is exploring options to increase its crypto offerings after this week’s launch of a Blockchain based ETF (exchange traded fund). Elwood, owned by billionaire Alan Howard, entered into a partnership with Invesco to co-launch this new Blockchain ETF.
With the successful launch of the ETF, the company announced that it was now exploring other options in the cryptocurrency space to offer to its institutional investors. The CEO of Elwood, Bin Ren stated that so far, one of the only meaningful ways in which institutions could gain exposure to cryptos was by buying Bitcoin, however, many did not want to invest in the digital asset.
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Total Market Cap: Mar 13
Capitalization of the crypto market is $134.10 billion and trading volumes are at $28.92 billion.
Bitcoin Price Analysis: Mar 13
Bitcoin’s price is up by 0.02% since yesterday and is currently at $3912.41. Trading volumes for the asset are at $9.46 billion and its capitalization is $68.80 billion.
Ethereum Price Analysis: Mar 13
Ether is down 0.79% to trade at a price of $133.60 per token. The asset’s market worth is now $14.05 billion and trading volumes are at $4.27 billion.
State of the Top 10 Cryptocurrencies: Mar 13
The cryptocurrency market’s ten most valuable cryptocurrencies have seen only minute changes in the last 24 hours, trading up or down very slightly. The biggest changes have been seen in Binance Coin, whose price is up 2.24%, and Stellar, whose price is up 2.16%. The rest of the top ten are either marginally up or down.
- Bitcoin’s trading at $3912.41, up by 0.02%. At this moment, the digital asset is worth $68.80 billion.
- Ethereum’s trading at $133.60, down by 0.79%. At this moment, the digital asset is worth $14.05 billion.
- Ripple’s trading at $0.310553, down by 0.06%. At this moment, the digital asset is worth $12.86 billion.
- Litecoin’s trading at $56.71, down by 0.02%. At this moment, the digital asset is worth $3.45 billion.
- EOS’s trading at $3.65, down by 0.89%. At this moment, the digital asset is worth $3.30 billion.
- Bitcoin Cash’s trading at $128.80, down by 0.65 %. At this moment, the digital asset is worth $2.27 billion.
- Binance Coin’s trading at $15.30, up by 2.24%. At this moment, the digital asset is worth $2.16 billion.
- Tether’s trading at $1.01, up by 0.11%. At this moment, the digital asset is worth $2.01 billion.
- Stellar’s trading at $0.0103606, up by 2.16%. At this moment, the digital asset is worth $1.99 billion.
- TRON’s trading at $0.022297, down by 0.24%. At this moment, the digital asset is worth $1.48 billion.