{"id":376354,"date":"2019-03-28T19:00:52","date_gmt":"2019-03-28T19:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=376354"},"modified":"2024-06-11T21:14:40","modified_gmt":"2024-06-11T21:14:40","slug":"open-market-cap-research-bitcoin-btc-volumes-6x-those-of-ethereum","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/open-market-cap-research-bitcoin-btc-volumes-6x-those-of-ethereum\/","title":{"rendered":"Open Market Cap Research: Bitcoin (BTC) Volumes 6X Those of Ethereum"},"content":{"rendered":"<ul>\n<li><em>Bitcoin price stable below $4,200<\/em><\/li>\n<li><em>Bitcoin market cap share is 52 percent<\/em><\/li>\n<li><em>Transaction volumes low but bullish divergence could help lift prices<\/em><\/li>\n<\/ul>\n<p><em>Most crypto exchanges are deliberately inflating volumes according to a follow up analysis by Open Market Cap (OMC). After making their findings public, OMC concludes that Bitcoin trade volumes are up-to 6X those of Ethereum. We expect Bitcoin (BTC) trade volumes to spike once bulls breach $4,500.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>After Bitwise revelations, Open Market Cap <a href=\"https:\/\/medium.com\/dirt-protocol\/how-much-are-cryptocurrency-volumes-overstated-7a80873ffe69\" rel=\"nofollow\">took it upon themselves<\/a> to re-affirm just \u201chow cryptocurrency volumes are overstated.\u201d And the results are dizzying. OMC findings lay bare the level of disguise, deception and cheating employed by exchanges for profit&#8217;s sake. What\u2019s discouraging is that only 10 out of the more than 50 exchanges are honest and broadcasting correct volumes of traded assets.<\/p>\n<blockquote><p><em>\u201cEven when factoring out wash trading, the daily trading volume for Bitcoin on trusted exchanges is large enough to sustain a healthy market. For most small-cap coins, this is not the case. A 95% drop in trading volume means the market for most alts is extremely illiquid\/non-existent.\u201d<\/em><\/p><\/blockquote>\n<p>These honest exchanges include Binance, CoinBase, Bitstamp, Winklevoss\u2019s Gemini, BitFinex, Bittrex BitFlyer, Kraken and Poloniex. When Open Market Cap re-ranks assets based on crypto-to-fiat or crypto-to-crypto volumes from these honest exchanges they confirmed Bitwise findings. However, that&#8217;s not all. Bitcoin volumes dominate and \u201care up-to 6X those of ETH.\u201d<\/p>\n<h3>Candlestick Arrangement<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-376347\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-28.png?resize=1280%2C1024\" alt=\"Bitcoin\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-28.png?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-28.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-28.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-28.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-28.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-28.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>From the above and according to OMC trackers, the actual market cap is $70,899 million with 24 hours trading volumes of $878 million, stable in the last 24 hours. Most BTC trading is off Binance. In a bullish breakout trade, bulls are yet to close above Mar 16 highs at $4,200 meaning the three-bar bull reversal pattern of Mar 25 to 27 isn&#8217;t valid.<\/p>\n<p>As emphasized in our last BTC\/USD trade plans, it is imperative for bulls to build momentum and breach this minor resistance level opening doors for $4,500. In return, this shall catalyze participation, drawing demand that shall eventually drive prices to our ideal targets at $6,000.<\/p>\n<h2>Technical Indicator<\/h2>\n<p>There is a bull divergence, and our reference bar in the short-term is Mar 16 with 13k. Although bullish, Mar 27 bar has light volumes\u20147.9k. Therefore, from the above, confirmation of Mar 4-5 bulls demand high trade volumes above 13k as the three-bar reversal pattern of Mar 25-27 is validated. When that prints out, risk-off traders can begin buying on dips with first targets at $6,000 in a minor bull breakout trade.<\/p>\n<p><strong><em>Chart courtesy of Trading View<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price stable below $4,200 Bitcoin market cap share is 52 percent Transaction volumes low but bullish divergence could help lift prices Most crypto exchanges are deliberately inflating volumes according to a follow up analysis by Open Market Cap (OMC). After making their findings public, OMC concludes that Bitcoin trade volumes are up-to 6X those of Ethereum. We expect Bitcoin (BTC) trade volumes to spike once bulls breach $4,500. Bitcoin Price Analysis Fundamentals After Bitwise revelations, Open Market Cap took it upon themselves to re-affirm just \u201chow cryptocurrency volumes are overstated.\u201d And the results are dizzying. OMC findings lay bare the level of disguise, deception and cheating employed by exchanges for profit&#8217;s sake. What\u2019s discouraging is that only 10 out of the more than 50 exchanges are honest and broadcasting correct volumes of traded assets. \u201cEven when factoring out wash trading, the daily trading volume for Bitcoin on trusted exchanges is large enough to sustain a healthy market. For most small-cap coins, this is not the case. A 95% drop in trading volume means the market for most alts is extremely illiquid\/non-existent.\u201d These honest exchanges include Binance, CoinBase, Bitstamp, Winklevoss\u2019s Gemini, BitFinex, Bittrex BitFlyer, Kraken and Poloniex. When Open Market Cap re-ranks assets based on crypto-to-fiat or crypto-to-crypto volumes from these honest exchanges they confirmed Bitwise findings. However, that&#8217;s not all. Bitcoin volumes dominate and \u201care up-to 6X those of ETH.\u201d Candlestick Arrangement From the above and according to OMC trackers, the actual market cap is $70,899 million with 24 hours trading volumes of $878 million, stable in the last 24 hours. Most BTC trading is off Binance. In a bullish breakout trade, bulls are yet to close above Mar 16 highs at $4,200 meaning the three-bar bull reversal pattern of Mar 25 to 27 isn&#8217;t valid. As emphasized in our last BTC\/USD trade plans, it is imperative for bulls to build momentum and breach this minor resistance level opening doors for $4,500. In return, this shall catalyze participation, drawing demand that shall eventually drive prices to our ideal targets at $6,000. Technical Indicator There is a bull divergence, and our reference bar in the short-term is Mar 16 with 13k. Although bullish, Mar 27 bar has light volumes\u20147.9k. Therefore, from the above, confirmation of Mar 4-5 bulls demand high trade volumes above 13k as the three-bar reversal pattern of Mar 25-27 is validated. When that prints out, risk-off traders can begin buying on dips with first targets at $6,000 in a minor bull breakout trade. Chart courtesy of Trading View<\/p>\n","protected":false},"author":384,"featured_media":344596,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,32577],"class_list":["post-376354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-open-market-cap"],"acf":[],"yoast_head":"\n<title>Open Market Cap Research: Bitcoin (BTC) Volumes 6X Those of Ethereum<\/title>\n<meta name=\"description\" content=\"Bitcoin price stable below $4,200 Bitcoin market cap share is 52 percent Transaction volumes low but bullish divergence could help lift prices Most crypto\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Open Market Cap Research: Bitcoin (BTC) Volumes 6X Those of Ethereum","url":"http:\/\/wncen.com\/news\/open-market-cap-research-bitcoin-btc-volumes-6x-those-of-ethereum\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/open-market-cap-research-bitcoin-btc-volumes-6x-those-of-ethereum\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc8.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc8.jpg?fit=1200%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","open market cap"],"dateCreated":"2019-03-28T19:00:52Z","datePublished":"2019-03-28T19:00:52Z","dateModified":"2024-06-11T21:14:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Open Market Cap Research: Bitcoin (BTC) Volumes 6X Those of Ethereum\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/open-market-cap-research-bitcoin-btc-volumes-6x-those-of-ethereum\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/open-market-cap-research-bitcoin-btc-volumes-6x-those-of-ethereum\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/techanalysis-btc8.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/techanalysis-btc8.jpg?fit=1200%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"open market cap\"],\"dateCreated\":\"2019-03-28T19:00:52Z\",\"datePublished\":\"2019-03-28T19:00:52Z\",\"dateModified\":\"2024-06-11T21:14:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc8.jpg?fit=1200%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/376354"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=376354"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/376354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/344596"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=376354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=376354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=376354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}