Dec. 6 Mars Market Recap: BTC Continues to Vibrate Downward, Both ETH and EOS Reached New Lows

Dec. 6 Mars Market Recap: BTC Continues to Vibrate Downward, Both ETH and EOS Reached New Lows

Dec 6th| Investment By:Mars Finance
What needs to be paid attention to at present is the support around $3700 of BTC and whether the long side is satisfied with the current situation.

Topic in Discussion

As recently judged, BTC continued to vibrate downward, and hit new lows. Today's support platform fell $100 than that of yesterday , to a minimum of $3,700. It was the third such move since December: a sightly drop followed by a low-position vibration, quickly pull up and then continue to fall below the previous support. The defense of the long side was broken again and again, and the rebound strength is becoming smaller and smaller, and finally a continuous downward trend takes form. The capital in the market continues to flow out substantially. The short side remains exhausted and did not continue to climb actively, but retreat passively, attracting funds with a small-scale vibration.

Short-term BTC volatility downward trend will continue, and may fall slightly to a new low at the end of November. What needs to be paid attention to at present is the support of $3700 or so and whether the long side is satisfied.

According to data from PeckShield, at 0:34, December 6, there has been a transfer of up to 230,000 ETH pieces worth $25.45 million on ethereum. The 0xbf09d7 address has been checked as the genesis WhaleEx address of ethereum, and more than 200,000 ETH were transferred from it to two addresses including the receiving address 0xe44152 at the end of November. The address 0xbf09d7 has been cleared to date. The 0xe44152 address has only made the above two transactions. At present, it is not clear whom the address belongs to. It is speculated that the address is arranged and allocated internally by the team of ethereum.

Market Overview

As of 6:00pm on December 6, according to CoinMarketCap data, the total market value of digital money market is $122.61 billion, $2.42 billion less than yesterday's total market value, down 1.93% month-on-month; The total market turnover was $14.92 billion, up $1.63 billion from yesterday and 12.24% from the previous month.

Today, the changes of major stablecoins change are as follows: USDT current price is $1.00, up 0.69%; The other four stablecoins TUSD, USDC and PAX rebounded slightly, TUSD, USDC and PAX all rose to more than $1.01, while GUSD dropped 0.42% to $1.00. TUSD, GUSD and USDC increased the currency circulation, and PAX reduced the currency circulation by 11 million again.


Among the top 100 digital currencies monitored by Mars Finance (WeChat: hxcj24h) by market value, 21 rose, while 39 fell within the range of -5%~0. The 100 digital currencies fell an average of 3.17%. Linkey led the way with a 19.65% gain, followed by Factom with a 15.87% gain. Bitcoin Cash fell 13.51%, followed by Aeternity, which fell 12.80%.


Market Forecast

BTC

BTC continues to adjust in the downward channel, and a large number of straight up and down trendlines was seen in the hour charts. Although the long and short sides remain exhausted, they can still carry out a friendly tag-of-war passively in the low position. At present, there is a pressure line at $3,900 and support line at $3,750, but the downward trend may be difficult to change. The focus position is the support area of $3,750 to $3,700. If the short side pushes again at the low position in an early stage, BTC may have a small rebound to $4,000.

The main net inflow is 36.93 million yuan in 24 hours, and the retail net outflow is 538 million yuan, which showed a the strong short side dominated market.


ETH

ETH dropped 3.75% in the early morning, followed by a huge transfer on ethereum, with 230,000 ETH being transferred out of its genesis address. Although the transfer this time is not the prime reason that causes this vibration, but we do not know the purpose of this transfer of large amount, so it still looks like a time bomb at present.

The short-term ETH trend continues to decline and has already fell below $100 to a new low of $96.23.

The main net outflow is 67.43 million yuan in 24 hours, the retail net outflow is 464 million yuan, which showed a strong short dominated market.


EOS

EOS continues to struggle in the downward channel, although the recent rebound in the small level market continues, but the overall market is indisputably declining. After the EOS is launched on the main net, the DAU of DApp has exceeded ETH since September 18, and two months later, the DAU of EOS DApp was nearly 9 times that of ETH. But the two now cannot help to decline in a volatile overall market. In the context of the bear market, good news could not be converted into market value, and were even gradually criticized as fake demands, even being extended to the other two projects BTS and STEEM which aim at BM, showing that investors' belief in EOS had been gradually replaced by the painful reality.


Industry Overview

As of 6pm, 4 out of 27 blockchain industry sectors of 5 categories went up, according to TokenInsight. Among them, "information and technology service platforms" sector saw the best performance with an average increase of 7.70%, followed by "energy and mining applications" sector with an average increase of 6.81%. The "governance protocols" sector saw the worst average decline of 10.88%, followed by the "decentralized exchanges" sector with an average decline of 6.76%.