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Bitcoin is edging closer and closer back to the critical $3,500 support level that some estimated it would stand on for awhile. Ethereum gained a dollar overnight. But more notably, so did Litecoin — more than a dollar, actually.
Confidence in Litecoin seems to be growing after its rebranding. The stalwart altcoin, intended to be “silver to Bitcoin’s gold,” is notably seen as having a growing community and userbase. On the same note, Augur continued its growth pattern over the 24-hour period, reaching an average of more than $13.
Bitcoin Price Edges Toward Crucial $3,500 Level
The Bitcoin price saw a 24-hour high of $3,450 on Coinbase.
There remains an interesting arbitrage opportunity between some major exchanges.
Another day, another absurdly wide arbitrage spread. Bitfinex once again has a premium on Bitcoin, creating an obvious arbitrage opportunity for traders with accounts on both exchanges.
Buy on Coinbase, sell on Bitfinex? Maybe so. Maybe apps like Voyager aren’t so crazy with their “connect to all the exchanges” business model.
The spread is close to $100 from some exchanges to others.
Weekend trading can sometimes be heavier with Bitcoin, as part-time traders put the hours in over weekend. We’ll see Monday which direction the volume took the OG crypto.
Ethereum Price Posts Minor Gain
Ethereum moved up from its two-day stance around $106. Average across all markets was $107 at time of writing.
Ethereum gained a dollar overnight. Weekend trading is unpredictable. We’ll see where we are Monday.
Long-term believers in Ethereum have a good opportunity this week and potentially next, if not longer, to increase and consolidate their holdings. The recent move by Binance to allow for direct credit card purchases is likely to crack the market wide open to retail investors.
Ethereum is one of only three currencies that users can actually buy with the service. Note that there is a $10 fee or a percentage, whichever is higher.
Litecoin Leads the Crypto Market
Litecoin won out of the group today, gaining almost 5% across exchanges, according to CoinMarketCap.
Is it possible for Litecoin to grow if Bitcoin falls? The increasing number of LTC/fiat markets makes such a possibility feel more likely.
Coinbase had it performing a little worse than some markets, but even there it hit $33 in the 24-hour period.
We haven’t seen it yet, but it will be an interesting day when Litecoin gains at the same time that Bitcoin loses. Litecoin has held a pretty steady BTC-to-LTC ratio for a long time. If it breaks that pattern and heads north toward $100, it’ll be an interesting new reality for Litecoiners.
The growing prevalence of LTC/fiat markets is certainly making this reality more and more possible.
Augur Continues to Trade High
For the second day in a row, Augur was trading high across markets. TradingView only tracks four of them, but the global outlook has the average above $13.
Look at Augur go. Maintaining a price over $10 in absence of a major demand might indicate it could one day go very high.
The predictions market token’s future is pegged to the popularity of predictions markets themselves. Any such market can build using the tokenized system.
With a lack of real-world partnerships from veteran gambling establishments, it’s performing reasonably well. When such entities eventually look to integrate predictions markets on the blockchain, Augur will be an obvious choice, and long-term hodlers of REP may be rewarded.
Either way, short-term demand looks solid if nothing else.
Featured Image from Shutterstock. Price Charts from TradingView.
About The Author
P. H. Madore
P. H. Madore has written for CCN since 2014. He is receptive to feedback on his work.