Market Update 21st Aug

Update curtiousy of CryptolandElite

#MARKETUPDATE

BTC dominance: 52.0% UP 0.2% in 24h. UP 0.9% in the last 7 days.

Global Ca p: $214ab DOWN $2ab in 24h. DOWN $1B in the last 7 days. Resistance is at $250B. Yearly low is $189B.

Dail GIobalVolume:$12.1B UP $0.2B in 24h.

This market is taking its own sweet time declaring itself. What looks like another sleepy weekend day on the surface was quite encouraging in the breadth and depth of the projects seeking sustained gains.

Seeing multi-day rallies in smaller, seemingly oversold alts (ONT, NANO) is a speculative uptick for the market. And without speculation in many diverse, smaller projects that builds for days and weeks, this space will struggle to reverse this extended bear market. This could represent that some traders are willing to look at other factors than the delayed ETF to deploy capital into this space. Yet the overhang of an ETF decision could still lead to a return to new BTC dominance highs as the next deadline of September 30 approaches.

The bad news is not enough of buying of oversold alts, at least the large cap ones, as BTC dominance has risen for the second consecutive day. The other bad news is that the start of the week has not led to an increase in volume typical of an enthusiastic Monday around the world. The dip to yearly lows is now 6 days old and we are still down over the last 7 days, meaning that the comeback from the lows has not been enthusiastic enough to represent a capitulation bottom. A new low in global cap for 2018 could be more likely before we break resistance at $250B.