MaiCoin Digital Asset Weekly, May 24 2019

MaiCoin Digital Asset Weekly, May 24 2019


Digital Assets ended the week up 6% for a total market cap just north of US$230B. Trading remained active this week, +5% from the previous week for a daily average of US$80B. Breadth remained positive with 60% of the top 200 coins and tokens ending the week higher.

BTC continued to do most of the heavy lifting adding ~US$5B to this week’s total $14B market cap increase. BTC gains were supported by BCH, BSV and BNB which added an additional US$2.5B to this week’s gain.

IEOs, Exchange Tokens and BSV were the focus of this week’s trading. IEOs were up a median +30% on very active trading. Matic led gains, ending the week +124% and hitting an intraweek trading high of ~US$700M (~ 11x its US$63M market cap!). IEO gains helped support gains in Exchange Tokens with BNB and HT (Huobi Token) both up ~ 20%. BSV pumped ~ 60% following news that Craig Wright had filed copyright registrations for the Bitcoin White Paper.

News flow was a mixed bag this week. Top stories included: 1. Bitfinex launching an IEO platform, 2. EOS’ parent company announcing a 10% share buyback, 3. A new round of Craig Wright patent/copyright shenanigans, 4. Kraken announcing another raise, 5. AT&T accepting crypto payments and 6. the SEC pushing back another ETF application.

After a week of consolidation, it looks as if both BTC (chart 8) and the broader market could be building into a bullish flag formation. A bullish flag formation is a graphical representation of increasingly positive sentiment. It’s also a pattern that was repeated several times throughout the 2H17 bull run. A bullish flag is characterized by a near vertical rally (end of April to early May), a consolidation period with higher lows (as bulls buy every dip) and, eventually, a break higher. The breakout from a flag often results in a powerful move higher, which is generally equal to the ‘flag pole’ established in the preceding vertical rally. For BTC this could mean an eventual break out to > US$11,000. For the space as a whole this may mean a test of the US$350B market cap range.


  • 60 Minutes introduces Bitcoin to boomers
    – This is a rare bit of positive media coverage for Bitcoin
    – At the moment it’s estimated that ~60% of BTC users are < 34 years old
    – Older, mainstream investors, who control the bulk of investable assets globally still have relatively little exposure to Bitcoin and digital assets
    – In the US the 55–64 age bracket has an average net worth of > US$800k vs just under $75k for the under 35 age bracket



Chart 1. Weekly price vs volume

Chart 2. Weekly price change

Chart 3. Major thematics

Chart 4. Monthly average daily volume as % of this historic high

Chart 5. MTD average daily volume as % of this historic high

Chart 6. Price 50 day z sore

Chart 7. BTC vs other digital assets, 1 month % change

Chart 8. BTC, Bullish Flag?