Crypto prices see muted trade; Asia still dominant market for digital currencies – MarketWatch

Original Source    2018-05-10 00:05

Crypto prices traded sideways ahead of next weeks Consensus conference in New York, which one analyst has said could be a cue for another move higher for digital assets.

Bitcoin, the world’s No.1 digital currency has traded in a tight $200 range Thursday but holds above the $9,000 short-term support. The price of a single bitcoin BTCUSD, +0.87% was last trading at $9,329.89, up 0.8% since Wednesday’s levels at 5 p.m. Eastern Time on the Kraken exchange.

“Very quiet. The bulls will say it’s an accumulation phase. The bears will say it’s the markets turning cautious based, at least in part, on Buffett, et all,” wrote Jeff Koyen, President of 360 Blockchain USA in an email to MarketWatch. Koyen added that he’s inclined to think the former.

Read: Why bitcoin could rally more than 70% in the coming week, Fundstrat’s Lee says

Asia is the crypto-hub

Almost completely unknown a few years ago, cryptocurrencies have exploded into the spotlight, led in part by the surge in the value of bitcoin, which rose more than 1,000% in 2017.

In a survey by Dalia Research, a Berlin-based tech startup, results showed that Asia remains the most popular continent for cryptocurrency owners.

Surveying nearly 30,000 people across eight countries, 49% of respondents said they have some knowledgeable of cryptocurrencies. Of the countries surveyed, Japan, 61%, and South Korea, 60, topped the list with the U.S. ranked fifth with 47%.

Additionally, Japan topped the list for cryptocurrency ownership.

“Unsurprisingly, Japan has the highest degree of adoption and is the only country to score in the double digits for ownership, at 11%. This is in line with the general consensus in the cryptocurrency space, where Japan is believed to be leading the world,” wrote Rytis Jakubauskas of Dalia Research.

Read: Bitcoin-friendliest state isn’t even a state

Altcoins and futures showing marginal gains

Altcoins and futures have begun Thursday mostly the green. Ether ETHUSD, +2.31% the second largest currency by market cap has risen 2.3%, trading at $758.91, Bitcoin Cash BCHUSD, +0.42% is up 1.1% at $1,653.40, Litecoin LTCUSD, -0.11% is unchanged at $156.50 and Ripple’s XRP XRPUSD, +0.43%  has added 0.1% at 80 cents.

The Cboe Global Markets Inc.’s May contract XBTK8, +0.51% is up 0.4% at $9,335 and the CME Group Inc. May contract BTCK8, +0.75% has added 0.7%, trading at $9,345.

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Original Source