PAC Market Update January 12, 2018

The historic highs set last week in the digital currency space brought some profit taking as the total market capitalization shed 4%.

Bitcoin was down a significant amount, 17% to be exact, which is nearly a 50 billion dollar loss in total value, yet the entire market was down 36 billion dollars.

As I have noted in the past writings, the Bitcoin “Dominance” continues to lose ground as investors enter the market via Bitcoin, and then move out of BTC into another pair.

As a Wall St. veteran of nearly two decades, I look for “events” that mark major turning points.  As luck would have it, the all time BTC high in flat price was December 17, 2017.  Another key event occurred that day.  The CME opened trading of Bitcoin futures.  It is no coincidence that the record high price of Bitcoin coincided with the launch of a futures contract.

The intriguing part to me is the movement of money within the space.  On December 17, the Cryptocurrency market cap was 589 billion dollars.  The Bitcoin market cap was 331 billion, or 56% of the total value.  Fast forward to present day, the entire asset class is valued at 731 billion while BTC is only valued at 238 billion.

The leader seems to be lagging and the rest of the field has been rising at a very rapid pace.  Will this continue?  Only time will tell.

The major stories this week was Bitcoin falling nearly 17%, while the number two and three coins, Ethereum and Ripple had some major shifts in capital allocations as well.  Investors piled out of Ripple and bought ETH to all time highs.  ETH was up nearly 30% while XRP, fell approximately 30%.

Another correlation that developed and was very apparent was that of PAC and DOGE.  Both PAC and DOGE hit all time highs in the same five minute period.  The majority of the weekend, PAC Coin demand was driving DOGE Coin demand.  DOGE is relatively flat on the week, while PAC lost some ground after one of the most stellar runs in the history of digital currencies.

Worth noting that PAC was the second best performing Crypto in 2017 posting a whopping 88,000% return.  PAC went from relative obscurity, all the way to the number 49 ranked currency last weekend.  When smaller dollar denomination coin finally breaks into Bitcoin Satoshi trade, the first few weeks general bring hyper volatility.  As I mentioned last week, when something has a bid of one and an offer of two, it is either up 100% or down 50% when it trades bid to offer.

The day PAC set all time highs in price it traded nearly 50 million dollars across just three exchanges.  Also of major importance was the news that during the past weekend, Cryptopia, which was the primary exchange for PAC Coin, more specifically the PAC-DOGE and the PAC-LTC pairs, had a “market pause” the majority of the weekend.  Thus allowing only a BTC-PAC trade, and it was really the first time that PAC had a bid and offer vs BTC in the history of the coin.  As the weekend ended, news broke that Cryptopia was closing ALL Lite Coin and DOGE Coin pairs.  This caused confusion for traders and investors who used that exchange to conduct business.

Now those who want to buy or sell are executing on the YOBIT and Trade Satoshi platforms.

The PAC team is already in talks with other exchanges.

I included a few charts to illustrate some of the key points I took out of this week.


The One 888

This Post Has 6 Comments

  1. I have purvhased PAC coins on cryptopia. Regardless of the current price of PAC coins… they list it for 0.00000001 btc. Why?

  2. Can i know what was pac price on jan 30th 2018

    1. According to CoinMarketCap, it was $0.00006

  3. I purchased 200000 pac in Jan on cyptopiya but they show 200 now

    1. Because your old PAC was swapped for the new $PAC at 1000:1 ratio.

Leave a Reply