The valuation of the crypto market has remained above the $250 billion mark, closing July 1 at $255 billion. Tokens have performed particularly well, recording gains in the 10 percent region.
0x, Status, Funfair, and Aion
The top performers of July 2 were ERC20-based tokens 0x (ZRX), Status (SNT), Funfair (FUN), and Aion (AION). ZRX demonstrated the largest gain amongst major digital assets and tokens, seeing a 14 percent increase in its value against the US dollar and bitcoin.
Throughout last week, amidst a drop from $6,500 to $5,800, the price of 0x fell below the 0.00010 BTC mark, reaching a montly low. In the past 24 hours, the price of 0x has rebounded to 0.000137 BTC, with strong momentum.
Various momentum indicators and momentum oscillators show that the recent run of 0x is supported by high volume and a rapid rise in demand in the short-term. Both exponential and simple moving averages and MACD are portraying a positive short-term trend for 0x. Given that the Relative Strength Index (RSI) of 0x is at 54.77, the token is still not demonstrating an overbought condition and has the potential to continue its move to the upside.
In a sideways market, during a period in which bitcoin, Ether, Bitcoin Cash, and other digital assets struggle to record any major movement on the upside, tokens tend to perform well. The abrupt rise in the volume and momentum of tokens also show that investors have become more comfortable with the market now that it has become slightly more stable than where it was last week.
The volume of bitcoin has recovered to $4.6 billion and the volume of Ether has risen to $1.5 billion, from $3 billion and $1 billion respectively. The recovery of the daily trading volumes of major cryptocurrencies signify an increase in stability in the crypto market.
Still, the high daily trading volume of Tether (USDT) is a worrying indicator, as the volume of USDT is currently twice as large as the volume of Ether, the second most valuable cryptocurrency in the market.
If the volume of bitcoin and Ether decrease in the next few hours, the high volume of Tether would signify that investors are once again hedging the value of major digital assets to the value of the US dollar, which may trigger the market to enter yet another short-term downtrend. Hence, the next 24 hours will likely dictate the short-term price trend of bitcoin throughout the week.
Funfair, Status, and Aion did record a 10 percent gain over the past 24 hours, mostly due to the volume coming from Binance, the world’s most widely utilized cryptocurrency exchange. But, with a volume of less than $5 million, it is unlikely that the short-term movement of Aion and FunFair can be sustained, dissimilar to 0x and Status whose volume have supported their corrective rallies.
0x Coinbase Rumor
Several analysts have suggested that the corrective rally of ZRX on July 2 was initiated by the re-emergence of rumors about ZRX integration on Coinbase.
Last month, Coinbase clarified with its acquisition of Paradex that it will indirectly implement tokens through a decentralized digital asset relay, and if the ZRX run was solely triggered by Coinbase listing rumors, it is unlikely to continue throughout the next few days despite its optimistic momentum indicators.
Mike Novogratz: Bitcoin will reach all-time high by year-end thanks to Libra
Novogratz believes that Facebook’s Libra will help push Bitcoin’s price up.
He also observed that there has been a renewed interest in Bitcoin since the Libra announcement.
During an insightful interview with Bloomberg TV, Galaxy Digital CEO, Mike Novogratz, said that Facebook’s Libra will help push Bitcoin’s price up and will bring new users into the crypto space.
“Facebook’s got two billion-plus consumers. Why it’s such an exciting experiment is if it gets turned on, and I think there’s a probability it does and a probability it doesn’t, but assuming it gets turned on you, now have up to two billion consumers that get to actually experiment and use it….So before Facebook launches, we’re going to have a real view at an experiment called Telegram where they also have a userbase. These projects, if it’s Bitcoin or Ethereum, it’s converting new users. It’s not offering new product to existing users. So I think the chances of adoption in these existing platforms is pretty high and that will spill over into the broader crypto community.”
Novogratz also revealed that there is a renewed interest in crypto since the Libra announcement as Galaxy Digital has been getting a lot more calls than usual:
“From the moment the Facebook Libra project got announced, the phones started heating up again. Crypto had been quiet. Bitcoin had a monster correction. Crypto had a 95% correction in 2018. And when Bitcoin started moving back up again, when people start making money, people get interested. And the price went up for a few reasons.
It went up because of the China trade war. It went up because we’ve got political instability all over the world. It went up because people started talking about easing rates again. And the debasement of fiat currency argument got involved. And then mostly Facebook. Institutions are investing in funds out in San Francisco and they’re getting much closer to making either their first or major investments in the space.”
For his 2019 Bitcoin prediction, Novogratz feels that Bitcoin is going to consolidate in the short term with a drop to $8,500, but will spike up to its all-time high:
“So we had a big move from $4,000 to almost $13,500. And I think we’re going to consolidate. I originally said $10,000 to $14,000 – $8,500 should be the low that holds. I’m hoping it doesn’t get down there, but if it does, it wouldn’t surprise me. And then I think, as these institutions that have gotten excited again, maybe towards the end of the year, hopefully sooner, we push out of that range and we go back to the old highs at $20,000.”
OX Price Prediction: Long-term (ZRX) Value Forecast – July 14
- ZRX/USD market’s attempt to the up on July 8, has now reversed being a slightly bearish trend.
- Investors may now venture into the crypto-market, but traders going short should be wary of further violent price move to the south.
ZRX/USD Long-term Trend – Bearish
- Distribution territories: $0.35, $0.40, $0.45
- Accumulation territories: $0.20, $0.15, $0.10
On July 8, the ZRX market made a futile price move against the SMA trading indicators to average its last $0.35 upper range point. The move has now reversed being a slightly bearish trend to the south below the two indicators.
The 50-day SMA is located over the 14-day SMA. And, they appear pointing to the south direction. Price has been trading at a low value of around $0.25 mark. The Stochastic oscillators have closed the hairs tightly at range 20. That could lead to a consolidation movement.
Without doubt, the ZRX/USD market has been in depressions quite a while. And, the bears have almost driven the crypto’s value beyond one of its lowest trading zone at $0.25 point. Presently, it seems that it would take a while before this crypto-market sees a decent buy signal. Reason being that it would be necessary for the pair to find a foundation that price spot of the market. At this point of trading, traders should be wary of further violent price move to the south. But, investors may now decide to venture into it.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
0x [ZRX]’s price ascends by 7.2% while other cryptocurrencies struggle to stay afloat in the massacre
0x is ranked 26 largest cryptocurrencies by volume and has been gaining a lot of traction due to the active and responsive team behind the project.
At the time of writing 0x was soaring by 7.2% with a total market cap of $324.1 million, while cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], XRP are struggling to climb out of the enchanted bear-urn. The cryptocurrency is currentlytrading at $0.5932 with trading volume at $15.29 million.
0x is steadily gaining momentum as it keeps hitting higher highs. The price peaked at two points [$0.5975 and $0.5980] on November 16.
0x is an open protocol that provides a peer-to-peer exchange of digital assets on the Ethereum blockchain. In a recent blog post published by 0x team updates the development happening in the project. The Counterfactual project received an update, as the 0x teams [L4] have collaborated with teams from Prototypal, Celer, and Magmo.
Counterfactual is an open-source project that moves blockchain applications off-chain using “State Channels”. They aim to increase performance and scalability by moving it off-chain. The team wants to set a standard in the community for the foreseeable future for all Dapp developers to use the existing framework provided by Counterfactual to quickly build scalable apps on Ethereum.