MaiCoin Digital Asset Weekly, May 24 2019

MaiCoin Digital Asset Weekly, May 24 2019

Commentary

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 Block.one 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.

Thoughts

  • 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

News

Charts

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?

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