Coinbase effect pushes top altcoins higher as traders bet on next token listing

ethereum

Has Coinbase, with its accelerated coin listings, just sparked the next crypto bull run?

Probably too soon to tell, but it makes for a pleasant surprise to wake up to a sea of green at the top of the market cap table on coinmarketcap.

Ethereum is a standout performer, up 4.9% to $210 with Bitcoin Cash (4.7% higher) still basking in the afterglow of Binance and Coinbase support for its fork on 15 November. Soothing words from co-founder Vitalik Buterin on the prospects for a scaling solution may have helped encourage buyers.

For a change it hasn’t been bitcoin leading the pack. Instead traders have been moving some money into top alts, as BTC dominance slips a little to 52.6.

You can find out about his Serenity plans in the video below from DefCon4. Suffice to say “pure proof of stake” is coming:

It has broken back above $200 decisively which means it is trading well above the 50, 100 and 200 moving average (red line) .

ETHUSD 1-hour chart, 5 November 2018


Tether was trading at $0.96 at one point yesterday but has recovered to reclaim its peg to the dollar. Tether’s lack of stability may mark the beginning of the end for the coin, despite its new banking facilities.

Circle’s USDC coin is now being used by 50 venues as the insured alternative stablecoin begins to eat into Tether’s market – Coinbase is among the 50.

Other top performers are Dash which is 5.2% the better at $166 and Monero up nearly 4% to $111.

Dash in Venezuela

Dash has just introduced a way to transact with crypto over SMS. The service has been introduced into Venezuela in a tie-up with the countries two major telecoms companies – Movistar and Digitel.

All a user has to do to get started is text “DASH” to 22625 and then “CREAR” which will generate the wallet. In a matter of minutes the users smartphone will be able to send and receive DASH.

The Venezuelan economy has collapsed and hyper inflation has made the fiat money worthless. At the beginning of this month the government-backed crypto the Petro (backed by oil reserves, gold and diamonds) was introduced.

Many people have left the country and send money back home to those still there – Dash offers of cheaply transferring value across international borders.

BCH monitor tool

Hong Kong-based BitMEX Research has released a tool to help market participants to monitor the progress of the Bitcoin Cash (BCH) fork. The tool can be used here.

The US Securities and Exchange Commission has aid that the 5 November is the cutoff for submission of comments regarding the bitcoin exchange traded funds proposals that have been submitted for possible approval.

“On October 4, 2018, the Commission issued an Order Scheduling of Statements on Review, setting November 5, 2018 as the date by which any party or other person may file a statement in support of, or in opposition to, the action by the Division pursuant to delegated authority”

The lack of maturity in the crypto space in terms of price discovery, exchange operations and custody considerations means it is unlikely that a bitcoin ETF will gain approval any time soon.

About the Author

Jennifer Collins
Jennifer has been writing about crypto since 2016 when she first got interested as a student at Queen Mary University in London. You can email me here: jennifercollins@coinintelnews.com

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