Cryptocurrency Market Analysis [August 10]
Cryptocurrency Practical Investment Newsletter August 10
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Here is the ranking of domestic and international exchanges I choose
はこちら↓↓
https://bitcoin-newstart.com/bitcoin-account
【Cryptocurrency Market Analysis】
The price changes of cryptocurrencies since last week
are summarized as follows over (one week)
with the representation: current price (change from one week ago)
Bitcoin
4,800,000 yen (10%)
Ethereum
330,000 yen(15%)
Ripple87 yen（9％）
Polkadot2100 yen（6%）
Binance Coin37,000 yen(3％）
Cardano156 yen（9%）
Uniswap2,800 yen（20%）
ICP 6,200 yen（50％）
Bitcoin rose significantly from last week’s 4.3 million yen to record 4.8 million yen.
Bitcoin daily chart
As of last week, Bitcoin was in a range between upper limit
upper4,500 million yen and lower3,200 million yen
and had not broken out of the range yet,
but the upper limit of 4,500,000 yen was
broken through.
On the chart, it briefly dips from the peak, but
this dip near the 4.5 million yen resistance could be where the price rebounds, which is a key point to watch.
The overall cryptocurrency market is currently on an uptrend, and
inNFTthe field, digital art is
also being traded at high prices.
This surge traces back to Ethereum’s London upgrade,
and could indicate further upside thereafter.
【Ethereum London Upgrade
completed successfully】
The London upgrade of Ethereum, which was the main event last week.
Also known asEIP-1559as well.
Leading up to the London upgrade, Ethereum rose significantly from late July,
starting at around 200,000 yen,
and while it faced some selling after the August 5 upgrade,
it subsequently rose again to new highs.
Ethereum daily chart
Before this upgrade, Ethereum had been heavily bought,
so as the market adage goes, “buy on hype, sell on news,”
which led many investors to fear a sell-off based on probability.
However, selling pressure was relatively light, and prices surged,
driven by the positive sentiment surrounding Ethereum.
In the London upgrade,
transaction fees (new issuance) are halved,
which, due to the issuance cap of Ethereum,
prevents inflation (loss of value) and increases scarcity,
and thus is a key feature.
In fact, after the London upgrade,
approximately4500ETH (1.3 billion yen) was burned,
and vanished.
Originally this fee would be paid to miners—the network participants—but
although there was some opposition,
the policy was ultimately decided this way, so their
rewards are now reduced by roughly half.
How much Ethereum has actually been burned
can be viewed on this
site.
https://bi.etherscan.io/public/dashboards/ORfoxXZXVdCGQ4ShYL2Ndk7ji6n0hLy9RwSrvt4w?org_slug=default
As of 3:00 PM on August 9,
approximately16,300ETH have been burned.
The more burns, the higher the scarcity seems to become.
【Bitcoin Hash Ribbon indicates buy signal】
Viewing Bitcoin’s price involves a metric called the hash ribbon.
In the chart, the price is shown on the top,
and the hash ribbon on the bottom.
Hash refers to the power used when
mining is performed by miners participating in the Bitcoin network.
Here is the hash ribbon image
Regarding how to read the chart
the price of Bitcoin is shown at the top
and the hash ribbon is at the bottom.
When you look at the hash ribbon,
Buy is written on the blue
circle as the signal.
Recent hash ribbon signals
appear as follows
○November 2020
○July 2020
as you can see.
Thus, hash ribbons are viewed as having a somewhat positive
signal.
Moreover, this uptick occurred this time as well.
Additionally, the hash rate,
the power of Bitcoin mining
In terms of hash rate,
Q2 quarter saw China regulate Bitcoin mining,
leading to a decline in hash rate as miners left
China’s miners withdrew.
In fact, looking at the hash ribbon shows a sharp drop
since May.
When such a decline occurs, price usually falls sharply,
but in this case the price has remained resilient
though it has declined somewhat.
With hash rate gradually recovering now,
my personal view is that the hash ribbon has lit up
as a sign.
Since the last lighting in November,
Bitcoin has risen about 258%
in price, and if we apply that pattern,
from the previous peak of around 7,000,000 to roughly 16,000,000 yen.
Still, this is data-based analysis, so treat it as a reference.
【Louis Vuitton releases blockchain
game (BCG)】
Last week marked Louis Vuitton’s 200th anniversary,
and the luxury brand released a blockchain game.
In the game, the character Vivienne goes on a treasure hunt.
Here is the game
https://jp.louisvuitton.com/jpn-jp/stories/louis-200
PCand smartphones can play it.
Points of the game include
· A blockchain-based game
· NFT from famous artists within the gameNFTexists
in the game.
Also, another luxury brand
BurberryNFTis expected to issue
NFTis supporting the cryptocurrency market
and its trends, and it remains to be seen what role
NFTs will play in the future.
NFTand, as with image-based CryptoPunks, some NFTs
trade for tens of millions of yen
and reach very high prices.
NFTIn the overall market, high prices are being paid,
but which NFT will hold value and grow in the future
NFTis difficult to predict since it is a new asset
and even seasoned cryptocurrency investors may be cautious
about investing heavily in high-priced NFTs.
Therefore, it should be viewed cautiously.
