As of August 2019, the Crypto Coin Top Ten (the top 10 cryptocurrencies by market capitalization as of August 6th, 2019) are as follows:
|Ripple (XRP)||$13.43 B|
|Bitcoin Cash||$6.01 B|
|Binance Coin||$4.36 B|
|Bitcoin SV||$2.64 B|
Bitcoin reached above $12,000 and then above $13,000 in June, only to fall back below $10,000 by the end of the month. It began August in an uptrend that has so far spiked above $11,000, with $12,000 appearing to be the next stop. In fact, BTC/USD has begun the month with 7 straight days of gains. From a technology perspective, it appears to be a resistance zone between about $9,500 and about $13,700. Once this range is passed and the $13,700 level becomes a support that survives multiple tests, this is a great place to buy.
Ethereum has also started the month of August on an uptrend. There appears to be a resistance level around $231 on the ETH/USD chart. This same level acted as a support level in late May and early June. If ETH can establish itself above this level, it should be able to march unabated toward $334, which was the high reached on July 29th.
Ripple has been above $0.2817 since September 2018. This strong support shows no sign of breaking. Buying as close to this level as possible will maximize profits and minimize risk.
Bitcoin Cash appears poised to reach $400 on the BCH/USD chart, at which point it will encounter a resistance level. The area around $275 is a strong support level if things go south.
Litecoin has been developing a wedge pattern on the daily chart for the past two weeks or so. This means that there is a higher probability that the upward pressure and the downward pressure are about to collide, and one of the forces will win out and overtake the other.
With the halving process recently completed on August 5th, the price of LTC/USD briefly spiked above $100. Speculation continues as to whether this move was caused by the halving itself or by the bullish rise in Bitcoin that occurred at the same time. However, the halving of the mining reward should theoretically result in less coin being mined in a given time, resulting in lower supply and higher prices.
Binance Coin experienced a downtrend with massive daily ranges in late June and early July. ?? itself began to flatten out. Since BNB is the token currency of Binance cryptocurrency exchange, as Binance goes, so goes the price of BNB coin. With BNB becoming the ICO token of choice and being usable in many everyday financial transactions, the fundamentals are firmly behind this coin rising in value.
Tether has remained pretty stable in the last couple of months, staying in a channel bounded by five cents over $1 and five centers under $1. This is to be expected as Tether is more of an exchange medium and store of value. It can be useful for hedging or for wanting to take advantage of moves in the U.S. dollar to which it is pegged. This peg also means that Tether is the lowest priced of all the coins in the Crypto Coin Top Ten.
The area around $4 is forming a strong support zone. This level has more or less held since being tested during the second week of July. Although the trend is still downward in weekly terms, it may be time to consider position yourself to go long.
Bitcoin SV (the “SV” stands for Satoshi’s Vision, a reference to Satoshi Nakamoto, the name used by the author(s) of the original Bitcoin whitepaper) was spawned from a hard fork of the Bitcoin Cash project in November 2018. The main points of contention with those who backed the fork was a desire to expand the block size, expand the block size at a faster rate and a limit on smart contract features. SV has had a quiet August, particularly in comparison with its performance in the previous month. In July, the price practically halved from $200 to $110 in the first half of the month, only to almost double back to $180 in the last half. BSV/USD has spent August in the $140-$160 range.
Monero only recently supplanted Stellar as #10 in the crypto coin top ten (in terms of market capitalization). Monero has spent August in a strong uptrend on the daily chart, which actually is a reaction against the near end of a much larger uptrend on the monthly chart.
The Crypto Coin Top Ten does change a little bit from time to time. However, Bitcoin has been #1 since its existence and Ethereum has been #2 for a very long time. These coins are the most stable that the cryptocurrency world has to offer and they are great for beginners. All market capitalization figures and ranking provided by CoinMarketCap.com