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Bitcoin Price Watch: Currency’s Market Dominance Grows Stronger

At press time, the most well-known and largest cryptocurrency is still trading in the $6,300 range. This is exactly where it stood yesterday and the day before, suggesting that bitcoin has found some sort of “comfort” where it is and is refusing to move up or down.

According to one source, the currency did experience a small breakout during the early morning hours of Sunday, August 12, though it was unable to deal with present resistance levels and immediately fell backwards shortly after. However, the currency also hit a new low in the $6,100 range before spiking up again to $6,300. The path has been paved for the bulls to rush in and take over; they just need to grab the reins. Current resistance is presently leveled at roughly $6,500.

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Another source agrees with this sentiment and claims that bitcoin is attempting to fly further up the financial ladder. The currency has managed to increase its total market cap to approximately $108 billion, while its daily trading volume is just shy of $4 billion.

Perhaps the biggest move by bitcoin comes in the form of its current market dominance. Previously, we had mentioned that this percentage stood at nearly 50 percent, and that bitcoin was close to controlling half of the digital currency arena. That figure has since grown to an even 50 percent, which means that bitcoin is now the head honcho, and is the leading figure in the digital currency arena.

This is the first moment where bitcoin has hit such a number in 2018. The last time occurred in December of 2017, when bitcoin was trading for almost $20,000. The currency’s total market cap is over $900 million more than the market caps of virtually every other cryptocurrency combined.

Interestingly, bitcoin – though falling in price – has been on a steady streak of market dominance since May of this year, when it stood at a measly 14 percent. By contrast, the market dominance of virtually every other altcoin has been on the decline.

Bitcoin is generally viewed as the primary indicator of how the cryptocurrency market is performing. If bitcoin isn’t performing well, neither is the market, whereas if bitcoin is performing strongly, other altcoins are likely to mirror its behavior.

Despite its consistent price swings, many people are selling or trading their altcoin stashes for bitcoin, which means that it still holds the top spot in the cryptocurrency market. People seem to trust it, and believe that as the largest cryptocurrency, it also has the most promise. To this day, no other digital currency possesses the adoption rate of bitcoin.

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NEO Price Notes Strong Momentum to Strengthen Support at $17

In the world of altcoin trading, there isn’t too much to get excited about these days. After all, most of the top 20 currencies are in the red right now with little improvement in sight. NEO is still trying to note some sort of uptrend, although sustaining a value of over $17 will be quite challenging. NEO Price Surpasses $17 It is always interesting to see how things evolve in the world of altcoins. A lot of people flock to Bitcoin first and foremost, yet the world’s leading cryptocurrency has been a bit of a letdown throughout 2018. Some altcoins try to benefit from this stagnating price momentum, and NEO is seemingly reaping the rewards at this time. Over the past 24 hours, the NEO price has surpassed $17 again. It is not the first time this happens this year, although any uptrend to remain above that value has been pushed down fairly quickly. It remains to be seen if this latest push will yield any results, although the current trend looks promising. A 3.5% increase in USD value and a 4% gain over Bitcoin are quite telling. Looking at the social media activity pertaining to NEO, it is evident some interesting things are happening. A NEO technical article competition is being organized as of right now. This venture runs between now and December 19th. The best articles will receive a financial compensation to be paid in NEO, which makes for an interesting opportunity. More technical articles will help raise awareness about NEO in the long run, which can only be considered to be a good thing. Call for #NEO Technical Articles!!!We are running a competition to encourage participants to share their experiences and knowledge focusing on the technical aspects of #NEO #Blockchain. Submission is open until Dec.17! Find more detail here: https://t.co/CLiBcPX1Qn pic.twitter.com/abv4XzMN4i — NEO Smart Economy (@NEO_Blockchain) October 18, 2018 Interestingly enough, not everyone thinks the NEO price will continue to move up. DaVinci, for example, sees an ascending triangle forming for NEO, which could effectively cause the market to see a pretty steep correction later this week. For the time being, the support seems to hold its own quite well, although a dip below $17 can be quite problematic. Ascending triangle on #neo Havent opened any trade though.. waiting for grey line to break, so bears can take over.. pic.twitter.com/kyvCHg35fl — DaVinci (@crypto_DaVinci) October 18, 2018 One interesting announcement has been made regarding an upcoming NEO fork. Known as Neo Super Fork, a clone of NEO will be created, and an airdrop will occur for all existing token holders. Users will receive the newly created NEOX token for every NEO they hold in their wallet at the same of the snapshot. That fork will occur on November 10th, which gives NEO owners something to look forward to. $neo fork le 10 novembre. Projet non affilié à #neo. Distribution à 2:1. Voyons voir comment les choses evoluent ! pic.twitter.com/EA1YuIhjep — CryptoFrenchy (@FrenchyCrypto) October 18, 2018 Based on the current circumstances, it will be interesting to see how the NEO price evolves in the near future. There is a pretty strong uptrend brewing, although key support levels can still be broken with some ease. Its overall trading volume of $206m shows there is sufficient interest in this altcoin right now, albeit things can always turn around when people least expect it. The post NEO Price Notes Strong Momentum to Strengthen Support at $17 appeared first on NullTX.

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