Category: Financial Markets
How to find Bitcoin’s market cap
Divide the total Bitcoin’s market capitalisation by the total market capitalisation of all cryptocurrencies to find Bitcoin’s dominance. Bitcoin currently has a 44.7 percent market share, according to the indicator. By comparison, in April, it was about 60%.
There are two possibilities for the dominance to return to 50%: one, if Bitcoin’s price rises, increasing its market share; and two, if other coins see a large sell-off, thus pushing the cryptocurrency market cap down.
Comments on Bitcoin by Nikolaos Panigirtzoglou, JPMorgan
With a proportion of Bitcoin of 50% or more of the overall cryptocurrency market capitalisation, this is a good number. That, I believe, is another indicator to keep an eye on in order to determine whether or not the bear market is gone. Bitcoin’s low market share was a negative indicator, indicating a low level of interest in the currency. Bitcoin’s market share has climbed in over the last week, which is worth noting.
Comments on Crypto Markets by Avinash Shekhar, Co-CEO, ZebPay
Despite the latest price drop, crypto markets have seen tremendous gains over the prior 6-9 months. However, the market is still trading considerably above 2017’s all-time high pricing. This is a good indication that the market is still optimistic. We anticipate future enhancements to various blockchain networks and believe that this space will gain greater fundamental strength, resulting in long-term development.
Source:- Economic times
General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.
Analysts believe the RBA will not prolong its yield curve objective than April 2024, but the next phase of its quantitative easing programme is less definite. The third phase of QE may comprise $5 billion weekly bond purchases with an adjustable lever associated, allowing the RBA to reduce in reaction to economic developments without producing too much uncertainty, according to ANZ strategists and others.
In the lacking of a significant taper announcement, Commonwealth Bank predicts the dollar’s ongoing decline will continue. The Australian dollar has been under pressure in over the last week as a rebounding greenback has risen on expectations that the Federal Reserve will raise interest rates twice by 2023.
Despite commodities prices being higher and Australia earning its 41st consecutive trade surplus in May, and continuing on track to extend that streak in June, the fallout was enough to drive Australia’s dollar lower.
Expert’s predication on Australian dollar
Many experts predicted the Australian dollar would break beyond US80 in the following months due to these factors, but other reasons have already come into play, causing analysts to revise their expectations. This scenario, combined with Westpac’s projection that the RBA will raise interest rates in early 2023, prompted the bank to lower its Australian dollar end-of-year estimate from US82 to US80.
ANZ FX strategist John Bromhead Comments
Given that the resolution on the yield target is set for April 2024, we believe the devil will be in the details of the QE programme. We don’t believe there will be a reduction in volume, but the real test will be how transparent they are with the evaluation process and how frequently they conduct it.
Source:- afr
General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.
