PACcoin/$PAC Market Update Feb 20, 2018

Last week produced the second solid week of gains in the cryptocurrency space with the broader market gaining 19%, led by Bitcoin which was up 30% and Lite Coin which gained 48% in just 24 hours starting late Tuesday Night.  With this gain, the Cryptocurrency Market is now back above the 500-billion-dollar mark.

Since it was just two weeks ago that the sky seemed to be falling in the majority of asset classes across the board, it is worth noting what other investments returns were over the past seven days.

VIX                             Down 33% (Hint)

Cryptocurrency    Up 19% (Hint, Hint)          

SP Futures                   Up 2.5%

Ten Year                       Unchanged       (Only a few ticks away from multi year lows)

Eurodollar                    Down .2%         (Eurodollar rates highest since July 2015)

Dollar Index                 Down 1%           (DX heavily weighted vs Europe .. 58% EURO 12% POUND)

Gold                               Up 1%

Please take a look at the past few weeks of market updates to see the strong inverse correlation that is developing between the VIX and the Cryptocurrency market.

The past weeks rally was led by Bitcoin’s rise of 30% while the total market only rallied 19%.  That said, BTC has been the primary entry point into the digital currency markets, so for continued expansion of the broader market, I would like to see the rest of the currencies keep pace with the Bitcoin rally on a percentage basis.

On broad based expansions, money historically goes into market leaders then makes its way into the smaller market cap assets.  BTC Dominance hit an all time low of 32% in between January 4th and January 7th of 2018, while the Cryptocurrency Total Market Cap hit an all-time high of 832 Billion Dollars on January 7th and January 8th of this year.

Also worth noting:

December 17, 2017, (CME BTC Futures 1st day of trade) the BTC all time high $19,850, and was 55% of the total market

January 8, 2018, Cryptocurrency Market high 832 Billion, and Bitcoin was only 32% of the total market

From December 17, 2018 to January 8, 2018, BTC lost 45 billion in market cap (12%) while the rest of the crypto space gained 268 billion (111%.)

Hence my belief that for a sustained broad-based rally, BTC dominance needs to decrease.

I would also note February 20, 2018 as a historic day in the history of blockchain and digital currencies.  Tomorrow will be the first day that a Government will issue a digital currency. Venezuela will start its sale of PETRO.

Whether or not price increases or decreases is of less importance, the fact that a country is issuing a crypto is a water shed moment.

Below please take a look at some of the charts to help illustrate some of the points I noted in today’s market update.

Best,

The One 888

This Post Has 7 Comments

  1. there was a typo, the blog title should beFebruary 20 not March 20

  2. Thanks for all the analysis this really helps to get a good perspective on how the market is behaving,.

    Regards

    Fahad

  3. I am in Venezuela, Petro is not a crypto currency with any support, is not descentralized, not have a comunity, and the goverment have the 100% of the control, .the suport is false, because the law here not allow use the reserve of petroleum for give any garanty, .. USA is against to this coin for many reasons, and many people on the world not wnat this coin, then, why you talk about that Petromoneda if is a trick that can push amny person to make a mistake? PETRO is A scam.

    SEE THIS LIMK

    https://www.coindesk.com/venezuelas-citizens-worry-national-cryptocurrency/

  4. I have about 132,000 paccoin in yobit but to login yesterday and discovered it’s slaced to 132 without the three ooo..please what could be d cause of it.. Thanks regards

    1. They swapped your coins for the new $PAC.

      Yobit’s exchange can’t use the $ symbol, so the new coin is listed as just PAC, but it is the new coin in your wallet.

  5. Since yobit.net automatically swap our paccoin but why the sudden reduction, my paccoin was before 1,000,000 now 1000 paccoin. Is this not great loss?

    1. The redemption is 1000:1. So for every 1000 old PAC, you get 1 new $PAC. The value is x1000 of the old price. So it’s the same 🙂

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