Thursday saw a subdued start to crypto trading. The major coins are almost unchanged from Wednesday with Binance Coin (BNB) being the exception up over 10% on Thursday (currently trading down at the time of this article). This is a rally of over 100% in a month and is now ranked number 7 by market capitalization. Once again, the success of their Binance Launchpad is catching investors’ attention and likening BNB to ETH in 2017.
Elsewhere BTC trades around $3,870 and ETH either side of $137. Momentum has slowed but if we rally above $3,900 and $140 respectively, there might be an opportunity for another technical leg higher.
Still, nothing much on the news front to drive the market. A survey conducted by the UK’s Financial Conduct Authority that 73% of UK consumers do not know what a cryptocurrency is, which highlights one of the major obstacles to real-world adoption. Coverage of blockchain and the digital asset world is limited, and not always cast in the most positive of lights. More thought needs to be applied as to how to educate the average person on the street and make them aware of even the existence of cryptocurrencies and the relative pros and cons. Right now, that does not appear to be happening.
One of the top performing coins over the past month has been Litecoin (LTC). Looking at a 2H chart below comparing it to ETH (the blue line). Going back to October of last year, the two coins have moved very much in tandem. These correlations among the top coins are something we have pointed out on a number of occasions.
However, as we approach February, LTC started to considerably outperform. In fact, while ETH is well below its recent high around $164, LTC has gone on to make a new high for 2019, around $58.85.
So when looking at the major coins, it’s well worth seeing if some of these correlations are beginning to break as the individual projects differentiate themselves.