1. Industry Interpretation
1. Industry Interpretation
Today, Ethan Beard, head of Ripple's Xpring, announced the acquisition of Logos Network, a decentralized payment platform. That is to say, Ripple is preparing to develop business based on XRP-based decentralized financial products (DeFi products).
Xpring is Ripple's investment arm aimed at startups planning to use the XRP Ledger (ledger) in their business model
Enterprises provide financial support. Back in July, Xping chief Ethan Beard said he had pledged $500 million in support to more than 20 companies.
The Logos Network is a distributed ledger-based payment platform that provides both speed and scalability payment solutions. This time, the Logos team is incorporated into Xpring and will carry out a project that will use XRP as the core to explore a decentralized financial system and use encryption technology to innovate payment and finance.
In my opinion, we don’t know how this project of Ripple will develop in the future. Judging from the recent trend, after the market plummeted, Ripple began to recover steadily.
2. Today's market overview
2. Today's market overviewToday's total market capitalization
It was 217.6 billion U.S. dollars, an increase of 2% compared to yesterday. The market has gradually stabilized in recent days, and there is a phenomenon of stabilization. The strength of the bears continues to weaken, and the bulls are still accumulating strength. Today's trading volume was US$55.2 billion, a decrease of 16% compared to yesterday.message level,
The president of the European Central Bank says that stablecoins and cryptocurrencies cannot be suitable currency substitutes; new legislation on mining licenses in Iran is coming soon., according to Alternative.me statistics, today's market sentiment is panic, with a panic and greed index of 32. Since the market dived in the past few days, the market sentiment has turned from extreme panic to panic for the first time today.
3. Distribution of currency rise and fall
Among the top 100 currencies by market capitalization today, 90% of them have seen their prices rise. After the sell-off wave, the market gradually recovered, and most currencies still rose slightly. The most noteworthy thing today is GXC. GXC suddenly pulled the market, with a single-day increase of 50%. Among the falling coins, the situation is quite impressive. Except for a very few small coins with an 8% drop, the other drops are controlled within 3%.
4. Trading volume analysis
Among the top 30 currencies by trading volume, almost all of them experienced a decline in trading volume. The shorts are getting weaker and the bulls are afraid to enter the market, which is the main reason why the trading volume is gradually shrinking. The second-tier currency ETH is the strongest, and the transaction volume has decreased the least. ZB's long-short game is not over yet. For DASH, the previous selling wave has not yet ended, and the trading volume continues to increase slightly.
5. Stablecoin Analysis
The total supply of the stablecoin market is $4.45 billion, no significant change from yesterday. Among them, USDC increased the most, with an increase of about 8.47 million US dollars. The USDT OTC Index (USDT OTC Index) reported 100.72 points, down 0.17% in 24 hours. The USDT FTP Index reported 100.35 points, up 0.33% in 24 hours.
Note: The USDT on-market discount and premium index is converted based on BTC/USD, BTC/USDT, USDT/USD and other trading pairs in multiple exchanges. It is the percentage ratio between USDT and USD, reflecting the trader's preference for USDT degree. The USDT off-exchange premium index is calculated based on the off-exchange price of USDT and the offshore RMB exchange rate. It is the percentage ratio between USDT and USD, reflecting the degree of crowding of funds entering and exiting the token market. When the index is 100, it means USDT parity, when the index is greater than 100, it means USDT premium, and if it is less than 100, it means USDT discount.
5 minutes
BTC/USDT secondary market trend analysis (Huobi spot)
5 minutes
30 minutes
30 minutes
[BTC] BTC rebounded slightly led by ETH last night, but the strength and volume were not achieved, that is, the chips on the field were self-directed and self-acted, which often had relatively limited space. Now analyze it directly from the 30-minute level. Last night’s rebound did not hit the inside of the falling center. The upward energy is still weak. Down; combined with the small-level 5-minute trend, the 5-minute upward trend is still in progress, but it can be found that the stepping back is too large, indicating that the bulls are weak in their willingness to pull up and have no real strength, that is, they will turn around if they go up in the short term down.
To sum up, BTC's high-level dive triggered a large-level breakout. After a few days of adjustments, the trend has not stabilized, indicating that the market is extremely weak. The operation suggests that the short-term rebound is not strong, mainly shorting around 8220, with a stop loss of 100 points.
LTC: The trend of Wright is quite weak. Every time after a deep drop, there is no decent rebound, which shows that the bulls have given up resistance, and they can only follow if they want to rebound. The operation suggests short-term shorting around 56, with a stop loss around 58.
ETH: The upside trend of ETH is stronger than that of BTC, and it has hit a new high slightly, but it is still pulled back by the box, and the overall height is still limited. The operation suggests that shorting is mainly around 175, and the stop loss is around 177.
EOS: Although pomelo also rebounded with ETH, the volume is too weak, and the sustainability of long funds is poor, so it can only be characterized as a weak rebound. It is recommended to rebound to around 2.85 for short-term short-term, with a stop loss around 2.90.
BCH: The super large platform of BCH has been directly penetrated, accumulating a large amount of pressure on the holding plate, and the upward space is quite limited. It is recommended to rebound to around 221 for short-term short-term, with a stop loss around 224.
