Welcome to our regular weekly market outlook. In this article, we’ll cast our analytical eyes back over last week before looking at what’s coming up next. Keep reading for a market event rundown, price analysis, news and crypto trivia. Let’s go!
Market Highlight — 43% of Investors Interested in Bitcoin Are Women
According to a 2019 study by Grayscale, just over a third of US investors (more than 20 million people) are interested in Bitcoin, and of that interested group, 43% are women.
The study surveyed 1,100 US investors (defined as having at least $50,000 in household income and $10,000 in household investable assets), between the ages of 25-64, running from the 28th of March to the 3rd of April.
The survey found that women were more likely than men to say that they like the ability to invest in very small amounts. They also liked how Bitcoin can be sold at any time — as the crypto market is always open, unlike the US equities markets. Women were also seen to view Bitcoin as a high-risk, high-reward asset that has the potential for healthy returns.
More women than men said that they lack an understanding of Bitcoin (76% female vs. 52% male). But a staggering 93% of the women who said they were interested in Bitcoin also said they would be willing to invest in the cryptocurrency if they knew more about it.
This presents a very interesting prospect for the crypto market. It seems that there are a lot of potential investors out there, willing to put their capital into the Cryptosphere, they just lack a proper understanding of the market. This is, surely, a problem that will be overcome in time. Which is good news.
Crypto Market Cap Review
At the beginning of last week (09.12), the total crypto market capitalisation stood at $205.39 billion. The market closed the week with a total market capitalisation of $194.04 billion, signifying a decrease of $11.350 billion (5.53%) over the week.
Now we’ll take a closer look at some of the more volatile pairs in the Cryptosphere this week. We’ll see what happened to them last week, and what might be around the corner. Today, we’re looking at BTC/USD, BCH/USD and LTC/USD – all of which are fully tradeable, along with 55 other pairs, on the DSX exchange.
Last week, Bitcoin (BTC) struggled to get back above the nearby $7,280 and $7,300 resistance levels. At the time of writing, BTC is hovering around the $7,100 mark, which is another key support.
The first target in Bitcoin’s sights is the $7,165 level, followed by $7,280. On the downside, if BTC falls through the $7,100 level, an immediate support lies waiting at around $7,000.
Bitcoin Cash (BCH) was the fourth-best performer in Crypto last week, with a fall of just 3% in that timeframe. Which shows that most major cryptocurrencies are in a bear market.
The bulls have been attempting to defend the support at $192.52 for the past three weeks. So far, they’ve succeeded, but there’s been no strong momentum to push higher than that. Currently, BCH is stuck in a tight range of $192.52 to $227.01. Breaking through that $192.52 would be a huge negative as the next support lies at $166.25.
However, if BCH/USD can rise above the current resistance at $227, a push to just over $300 is possible.
Litecoin price is declining and, at the time of writing, is currently sat right on its next support, $43. The primary objective for LTC right now is to stay above $43. Should the price break through this level, the next support sits at $40.
On the positive side, if LTC manages to bounce off the support with enough momentum, it could push the next resistance at $54.
Crypto News — In Case You Missed It
- Russia turns to blockchain to automate electricity metering. Rosseti, a Russian power grid company intends to automate the metering of electricity by using blockchain technology. The pilot currently applies to 400 homes in the Kaliningrad and Sverdlovsk regions, but the program is due to expand to around 5.3 million homes early next year. The system is tied to an app that allows consumers to work out how much they will have to pay, as well as receive advice on their electricity habits that could save them money in the long run. If this pilot is successful, the system will be rolled out across Russia. Read more.
- Chinese Bitcoin miners control 66% of the network’s processing power. Chinese miners overwhelmingly dominate the network, with 54% of the total global hash rate coming from the single Chinese province of Sichuan. The remaining 34% of Bitcoin miners predominantly hail from the US, Russia and Kazakhstan. Read more.
Crypto — Did you know...
One of the main differences between Bitcoin and Litecoin relates to the total number of coins that each cryptocurrency can produce. The Bitcoin network can never exceed 21 million coins, whereas Litecoin can accommodate up to 84 million coins. In theory, this sounds like Litecoin is much more versatile and useful than BTC, but its real-world effects may be negligible. This is because both Bitcoin and Litecoin are divisible into the tiniest amounts imaginable.
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See you soon,
The DSX team