Crypto prices were down sharply at the start of Friday trading, with the total market capitalization falling $22 billion over the past 24 hours.
At the time of writing, cryptocurrencies were collectively valued at $361.6 billion, according to the latest data from CoinMarketCap. The asset class peaked above $391 billion roughly 20 hours ago.
Trading volumes slipped to roughly $18.8 billion, with Hong Kong and South Korean exchanges accounting for the largest share of total activity.
Like previous declines, the bulk of the losses were concentrated in the altcoin class, allowing bitcoin to boost its market share to nearly 38%.
Bitcoin prices breached the $8,000 floor early Friday, with prices shedding 4.8% to $7,974.
In terms of percentage losses, IOTA was the worst performing cryptocurrency in the top-ten. The coin shed 13% to $1.67.
Bitcoin cash continued its post-fork decline, with prices shedding 9.1% to $1,183. BCH is currently trading near its lowest level in a month.
Ethereum prices declined 6.6% to $664. Ripple’s native XRP currency was down more than 7% at $0.658.
Cryptocurrencies are on track for their second consecutive weekly decline, with prices shedding nearly 14% from last Friday.
The first peer-reviewed study examining bitcoin’s energy consumption was released Wednesday, and the results aren’t endearing.
Research that appeared in a monthly publication by Cell Press estimates that bitcoin mining consumes at least 2.6GW of power, which is equivalent to the entire electric power grid harnessed by the Republic of Ireland. The report, titled Bitcoin’s Growign Energy Problem, predicts that power consumption from mining could reach 7.7GW before the end of 2018. That’s roughly the same amount as electric that Austria currently requires.
Author Alex de Vries made it clear in his report that the numbers he is using are speculative given the decentralized and secretive nature of the mining industry. The paper shows that current energy consumption could be as low as 2.6GW if we factor in the latest and most efficient mining hardware from Bitmain.
The so-called energy problem associated with bitcoin is expected to become more cumbersome as the network’s size increases. Some have speculated that mining could account for 5% of global energy consumption in the future.
Globetrotting crypto miners are constantly on the look out for the best energy deals, especially in the wake of China’s ban on the practice. Interestingly, several countries have stepped forward to highlight their favorable energy policies toward miners.
BTC, ETH, and XRP Price Analysis: Top Cryptocurrencies Are Stuck Trading In A Horizontal Range
1 BTC/USD =$9.599,25 change ~ 1.01%
Coin Market Cap$171.5 Billion
24 Hour Volume$4.53 Billion
24 Hour VWAP$9.56 K
24 Hour Change$ 96.2000
Last week the price of Bitcoin was $10641.1 at its highest point on Monday. From there we’ve seen the price decreasing until Wednesday when the price started recovering and came to $10168 which was again retested on Saturday but since the price failed to exceed the prior high another shart downfall has been seen to $9367 on the same day.
Since then the price has been hovering in a horizontal range between the Saturday’s low and $9580 but the price spiked to the downside and retested the prior low on a quick spike after which a retest of the 0 Fib level has been made. This horizontal range could be interpreted as a consolidative range after the price fell below the 0 Fib level and is likely a sign of indecision.
On the hourly chart, you can see that the price of Bitcoin attempted to start moving to the upside after it fell below the 0 Fib level but failed to do so and instead formed a three-wave upward correction after which another downside move has been seen. This could mean that the price is headed for another downside move before the completion of the downtrend which started on the 20th of July when the price of Bitcoin was $10970 above the 0.236 Fib level.
If we see another downside move I wouldn’t believe that it’s going below the still unconfirmed descending trendline and the intersection with the horizontal level at $8506 but its equally possible that the price would be headed upward from here as this downtrend from the 20th of July could be the 2nd wave out of the next structure to the upside as the WXY correction ended.
The price of Bitcoin most likely ended its 5th wave to the upside of the Minor degree on the yearly high which is why we are seeing a corrective downside move as the first wave out of the same degree starting downtrend but this could also be a prolongation of the corrective decrease after the uptrend continues.
Considering that the price of Bitcoin has been in an upward trajectory since 15th of December we are most likely seeing the first formation in the entering bearish period so in either way even if the price is to increase from here I would be expecting further decrease below $8500 in the upcoming period.
All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News
|05:04 PM||This is the Beginning of the End: Trump Yet Again Buildin…|
|04:03 PM||Bitcoin Price Prediction Today: Daily (BTC) Value Forecas…|
|03:27 PM||BTC, ETH, and XRP Price Analysis: Top Cryptocurrencies Ar…|
|02:20 PM||Will Bitcoin Price Finally Break its 5-Month Winning Stre…|
|07:00 PM||Bitcoin is in a New Market Cycle and a “Much More Mature …|
1 ETH/USD =$210,34 change ~ -0.24%
Coin Market Cap$22.6 Billion
24 Hour Volume$1.56 Billion
24 Hour VWAP$210
24 Hour Change$ -0.5000
From last week’s high at $226.84 the price of Ethereum has decreased by 8.92% as it came down to $206 level around which it is currently being traded.
On the hourly chart, you can see that the last week’s high was an interaction with the 0.382 Fib level at the intersection with the ascending trendline of a higher degree which served as a significant resistance point.
As a rejection occurred we have seen the price going to the prior low level which was retested on a quick spike to the downside yesterday but the price
Prior to this horizontal range, we’ve seen the price of Ethereum decreasing impulsively which is why this range is most likely a corrective upward correction that is going to end on the 3rd wave. This is why I would be expecting another retest of the 0.382 FIb level before another downside move which would be the 5th wave out of the five-wave move from the yearly high at $362.
This five-wave move to the downside could be the first wave out of the starting downtrend as the 5th wave from the upward impulse wave ended on the yearly high and is why I would be expecting the price of Ethereum below $187 in the upcoming period.
All of Today’s Ethereum (ETH) Price Analysis, Chart Forecasts and Industry News
|03:48 PM||Ethereum As An Altcoin? SFOX Explains Why ETH Is No Longe…|
|11:44 AM||Ethereum Price Prediction Today: Daily (ETH) Value Forec…|
|04:09 AM||Ethereum Price Prediction: Long-term (ETH) Value Forecast…|
|01:52 AM||Ethereum Price Prediction Today: Daily (ETH) Value Forec…|
|02:49 PM||Suspected “More Gold Coin” Airdrop Clogs Ethereum Network…|
1 XRP/USD =$0,319 change ~ 2.81%
Coin Market Cap$13.75 Billion
24 Hour Volume$199.72 Million
24 Hour VWAP$0
24 Hour Change$ 0.0087
The price of Ripple has been following the chart pattern of Bitcoin as like in the case of Bitcoin we’ve seen a horizontal range after an attempt for a recovery ended as a failure with the price decreasing over the weekend. From last weeks high at $0.3303 we have seen a decrease to $0.305 at its lowest point after which recovery to the 0.236 Fib level occurred but the price got rejected by the resistance found there and again fell to the mentioned low level.
On the hourly chart, you can see that the price of Ripple is stuck in a horizontal range between the 0.236 Fib level and the $0.305 low which is most likely a consolidative range showing indecision as the price is stuck between significant horizontal support/resistance points. As we have seen an increase from the 0.29405 horizontal level to the 0.382 Fib level and a decrease after we are most likely seeing a higher degree three-wave correction to the upside after the prior downfall ended.
This is why I would be expecting another increase from here to the 0.382 Fib level as another retest of the significant resistance point before another downside move to the lower horizontal support level. The likelihood of a breakout from both sides is equal at this point which is why I don’t believe that we are to see a decisive move soon, instead, more likely we are going to see further sideways movement in the upcoming period.
All of Today’s Ripple (XRP) Price Analysis, Chart Forecasts and Industry News
|04:39 PM||Ripple (XRP) Short-Term Price Anchors on $0.3000, Will th…|
|03:06 PM||5 New Banks and a Total of 25 are Now Investing in Ripple…|
|02:50 AM||Ripple Quarter 2 Market Report: A Look at XRP Performance…|
|02:08 PM||Ripple CEO’s Open Letter To Congress: ‘We Are Here Not To…|
|10:03 AM||XRP Price Prediction Today: Daily (XRP) Value Forecast – …|
The cryptocurrency market is hovering around the same levels from yesterday and is stuck in a horizontal range. This is most likely a short consolidation after another attempt for a starting recovery which would fail and cause another downfall.
This expected downfall would be the 5th wave from the first impulse wave of the starting downtrend as we’ve most likely seen the end of the bullish period.
Bitcoin (BTC), Litecoin (LTC), And Ripple (XRP) Analysis: Market Recovers After Overnight Drop
From last Tuesday when the price of Bitcoin came down to $9833 at its lowest point we have seen an increase of 30% measured to the highest point the price has been today which is at $12814. The price is currently being traded at $12348 and even spiked further down to $12119 at its lowest point today.
Looking at the hourly chart you can see that the price of Bitcoin came up above the ascending trendline zone which served as resistance on the way up and has retested it on today’s spike to the downside and found support there which indicates that the trendline zone is still serving as a significant pivot point. The price came down last Tuesday in a three-wave manner after which a five-wave increase has been seen forming a lower high with the price going below the ascending range and the 0.5 Fibonacci level.
As the price found support around the descending resistance level it started increasing again. I believed that the
Another possibility would be that the ABC to the downside which ended last Tuesday was the end of the correction with the 30% increase seen after being the start of the next impulsive move to the upside, but I don’t believe that’s likely because according to my count the 5th wave of the Minor count ended on the yearly high at $13740.
As the price is in an upward trajectory in the upcoming period I would be expecting an interaction with the 0.618 Fib level or a retest of the yearly high before another downfall potentially below the 0.382 Fib or slightly above it, to around the vicinity of the last Tuesday’s low.
Bitcoin Price Could Hit $25,000 Before 2020, Says Bullish Crypto Analyst
The millionaire cryptocurrency analyst and trader told The Independent that more investors are viewing bitcoin as a safe-haven asset in the wake of growing macroeconomic tensions. Isaacs referred to the ongoing trade conflicts between the U.S. and China that last month sent the global equity market on a downward trend. The negative sentiment prompted investors to hedge in cryptocurrencies. He stated:
“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”
The statement followed bitcoin’s dramatic correction in the recent market cycle. The cryptocurrency dropped by more than 18% after establishing its 2019 high near $9,090 on San Francisco-based exchange, Coinbase. Nevertheless, bitco
Isaacs noted that the bitcoin adoption rate is heading in the direction of the cryptocurrency’s price. He cited significant organization like Amazon, Starbucks, Whole Foods, and Microsoft that recently started accepting BTC payments, indicating that the cryptocurrency ecosystem has turned more positive since crashing more than 85% in 2018.
THE BEARISH TAKE ON BITCOIN
Meanwhile, other notably analysts believe bitcoin is due for a considerable drop. Willy Woo, the founder of Woobull.com, said the cryptocurrency has become overvalued following the latest upside movements. The analyst put bitcoin against his popular NVT metric, which represents the ratio of bitcoin’s market capitalization to the volume transmitted by its blockchain. He noted a considerable divergence between the current bitcoin price and the NVT Ratio (explained here), which is bearish:
Josh Rager, another prominent analyst, provided a less harsh bitcoin price outlook, stating that a sharp downside correction would attract more investors to purchase it at cheaper rates. He noted that the BTC-to-dollar exchange rate dropped by at least 30% after every significant bullish move on a broader timeframe, as shown in the graph below.
If Rager is correct, BTC could go as low as $6,000 before attempting a sharp pullback to reclaim the session top of $9,090.