Fundamental and Technical Market Analysis
For All Markets: Stocks, Commodities, Currencies, Cryptocurrencies
Updated At Irregular Intervals
I would rather be prepared and wrong
than to be unprepared but right!
Current Commentary -- Where Are We Now?
Sunday, August 13, 2017 11PM:
War Drums Spark Cryptocurrency Activity - Part II
I need to correct an oversight I made in my commentary last night where I claimed that the alternate currencies were not getting very much activity. That was not entirely correct. What I posted in the activity charts last night were all of the cryptocurrencies that were purchased directly from a fiat currency, such as Yuan, Wan, USD, Euro, etc. What I failed to provide was the fact that once a fiat currency was converted into, say Bitcoin, then from Bitcoin the alternate currencies could be bought. A great number of the alt-currencies are simply not available to be purchased directly from a fiat currency. Therefore, if you want OmiseGo or TenX then the easiest path is to buy Bitcoin first, then use Bitcoin to buy OmiseGo, TenX, Stratis, etc.
Of course the primary purpose of what I posted last night was to show how much activity there was from the various countries, as identified by their fiat currency. That is all still very valid. Unfortunately, once a fiat currency is converted into a cryptocurrency, from the data that I have available I can no longer identify the source country that made those secondary transactions. Nonetheless, the chart showing activity by fiat currency is still a very good proxy to represent how people are using cryptocurrencies in times of political stress and uncertainly.
The following chart is updated through tonight (13 August 2017) which shows the conversions from Bitcoin or Ethereum into the various alt-currencies. I am only showing those that had at least $1M (USD value) of trading activity today, but there were many other alt-currencies that had activity today, albeit at much lower value levels.
All values in this chart have been converted to USD
Click chart to enlarge.
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