Dec. 11 Mars Market Recap: BTC's Target Price is $3400; Mainstream Currencies Saw a Minor Rebound While the Overall Trend still Goes in Tandem with the Market

Dec. 11 Mars Market Recap: BTC's Target Price is $3400; Mainstream Currencies Saw a Minor Rebound While the Overall Trend still Goes in Tandem with the Market

Dec 11th 2018| Investment By:Mars Finance
Only 15 of the top 100 digital currencies by market value rose, while 67 saw declines ranging from -5% to 0. The top 100 digital currencies fell an average of 2.59%.

Topic in Discussion

Although BTC stopped falling as scheduled, but also wiped out all the amount rose at the night on Dec. 9. We have been talking about the bottom of the BTC since the big drop on Nov. 14. Recently, BTC has seen a sharp rise, so a lot of new entrants began to feel that the drop comes to an end and they should keep up with the rebound, but were finally hung at $3700, $3800. In a market without regulation, investor risk disclosure, investor risk tolerance and risk preference survey, investors have suffered a lot and they dare not buy even the market rises. On Bitfinex exchange, on Dec. 8, the 1-hour amplitude was 7.39% with trading volume of 11,000; on Dec. 9, the amplitude was 9.11% with the trading volume of 7,964; on Dec. 11, the 4-hour amplitude was 4.62% with trading volume of 7,593. Investors have become less willing to take the plunge, and daily trading volumes are shrinking. BTC is above $3,400 in a near term, but that is not the bottom.

Market Overview

As of 6pm on Dec. 11, according to CoinMarketCap, the total market value of digital money market is $110.34 billion, $2.52 billion less than the total market value of yesterday, 2.24% lower than the previous month. Total market turnover was $13.1 billion, down $930 million from yesterday and down 6.64% from the previous month.

Today, the major stablecoin changes as follows, including USDT current price of $1.02, up 0.02%; TUSD, USDC and GUSD increased slightly in the other four stablecoins. TUSD and GUSD remained at $1.02 and USDC rose to $1.03. TUSD and GUSD increased the currency circulation, PAX and GUSD decreased the circulation. Stablecoin demand continues to rise, the market price of major stablecoins remains high, and transaction costs are high.


Mars Finance (WeChat: hxcj24h) monitored 15 of the top 100 digital currencies by market value, and 67 digital currencies saw declines ranging from -5% to 0. The 100 digital currencies fell an average of 2.59%. Bitcoin Private led the way with a 13.84% increase, followed by TenX with a 10.53% increase. Factom was the worst performer, down 20.20%, followed by MOAC, down 17.20%.


Market Forecast

BTC

BTC stopped falling at about $3,470 today as scheduled. During the continuous sideways movements, the trading volume continued to decrease. The 4-hour MACD index was smoothly lowered, but the DIF line had not formed a dead fork with DEA line. In addition, in the case of the current large outflow of funds, shrinking volume and sideways movements, BTC may see a minor volatility in a short term and break down to about $3,400.

The main net outflow is 53.23 million yuan in 24 hours, and the retail net inflow is 318 million yuan, which showed a the strong short side dominated market.


ETH

ETH was slightly stronger than BTC today, showing a volatile upward trend in the short term. ETH shows considerable initiative and defense ability under $100, but in a bear market environment, bears are under great pressure, and the overall trend goes in tandem with the market with a minor rebound today.

The main net outflow is 9.13 million yuan in 24 hours, and the retail net outflow is 304 million yuan, which showed a the strong short side dominated market.


EOS

EOS's recently accumulated selling pressure was almost gradually released in the decline from last night to today. The overall trend has returned to the state of moving with the market, and EOS may continue to fall to $1.8 or so in the short term.

The main net inflow is 204,600 yuan in 24 hours, and the retail net outflow is 269 million yuan, which showed a the strong short side dominated market.


XRP

XRP showed a strong independent rally today, bouncing back to $0.32 at one point, although it soon fell, it proved that the bear side is on the strong defensive under $0.33. XRP continues to be affected by the overall decline of the market in the short term. Under the short side dominant, XRP is very likely to vibrate above $0.30, but if it falls below $0.30, the sentiment of the bull side will be greatly hit and a strong decline may appear.


Industry Overview

As of 6pm, 4 out of 27 blockchain industry sectors of 5 categories went up, according to TokenInsight. Among them, "entertainment and gaming platforms" sector saw the best performance with an average increase of 6.75%, followed by "medical applications" sector with an average increase of 3.63%. The "information and technology service platforms" sector saw the worst average decline of 8.95%, followed by the "entertainment and gaming applications" sector with an average decline of 5.80%.