Cryptocurrency Market News: Ethereum blasts through $430 looking for a new 2020-high
Here is what you need to know on Thursday 1, September
BTC/USD is trading at $11,717 looking for that leg up above the crucial $12,000 resistance level to finally consolidate its daily uptrend again.
ETH/USD is on the verge of a new 2020-high and a two-year high as well. The daily uptrend is back with full force with bulls trading above both EMAs.
XRP/USD is far weaker and it’s struggling to stay above the daily EMAs. The $0.30 resistance level is still the most crucial point for bulls.
BitShares is today’s biggest winner with a 64% price boost in the past 24 hours followed by UMA at 42% and Ameplforth with 25%. Other notable gainers were Kusama, Yearn.Finance, reaching $38,000 and Ren.
Chart of the day: YFI/USD 4-hour chart
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Market
The majority of the market has managed to recover from the dip to $349 billion total market capitalization to a high of $379 billion currently. Most of this was due to altcoins, especially Ethereum, gaining a lot of traction over Bitcoin which has been losing a lot of market dominance, currently at 57% only.
Justin Sun, known for his controversial takes on crypto and ridiculous promotions has stated that a ‘very important and bold decision’ will happen to the TRON ecosystem in the following days.
I’ve made a very important & bold decision which I’ll announce in the following days. It’ll hugely benefit $TRX/ $BTT/ $JST/ $WIN & the whole #TRON community. A new start! A new experiment! A new adventure! The best is yet to come!
— Justin Sun (@justinsuntron) August 30, 2020
Industry
CoinMarketCap has suffered a significant loss after the leadership team leaves. Right after the acquisition from Binance, five executives of CMC including the CEO are now out. The platform faced a lot of criticism after the acquisition due to a new ranking algorithm that seemed to benefit Binance.
Quote of the day
Bitcoin, and the ideas behind it, will be a disrupter to the traditional notions of currency. In the end, currency will be better for it.
– Edmund Moy, 38th Director of the United States Mint
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
