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Monero Headed to $18k, Ripple Price Primed for 97% Crash: Research

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Anonymity-centric cryptocurrency monero may be the best buy in crypto right now, and bitcoin’s not far behind. The ripple price (XRP), on the other hand, could be primed for a historic crash.

Bitcoin, Monero Have Bright Futures

That’s according to a new report from initial coin offering advisory and research firm Satis Group, which attempts to forecast what shape the cryptocurrency market will take over the next decade.

The real winner from the analysis is monero, currently the 11th-largest cryptocurrency, which Satis predicts could be worth $18,000 within the next five years. That represents a more than 18,200 percent increase from its present value, which stands at just over $98.

That bullish XMR forecast largely stems from the firm’s expectation that 90 percent or more of cryptoasset valuations over the next decade will be linked, not to decentralized applications (dApps) or other exciting use cases, but to penetration into the offshore deposits market. As a cryptocurrency that is not only uncensorable but also helps users obfuscate transaction data, monero stands to be one of the decade’s top gainers.

monero price ripple price bitcoin price
Source: Satis Group

Unsurprisingly, then, bitcoin also ranks among Satis’ highest-upside cryptoassets, with the firm predicting that the “digital gold” will eclipse the $96,000 mark in five years. This would give the flagship cryptocurrency a market cap well north of $1.5 trillion, enabling it to cement its dominant market position.

From the report:

“Despite a lack of appeal during retail frenzies, we continue to believe that BTC and its network effect will dominate end-market share within Currencies and the overall cryptoasset market, driven by: 1) increasing liquidity and purchasing avenues, 2) increasing brand recognition, 3) its position as the default base-pair within the crypto markets, 4) declining relative volatility, 5) relative lack of attack vectors, 6) network capacity alleviation through the maturity of layer-2 solutions, and 7) an increasingly high attack and overthrow cost.”

Other large-cap cryptocurrencies that are expected to appreciate against the dollar over the next decade include ethereum, litecoin, and dash, though all of these coins will see their market share crater compared to BTC and XMR.

Ripple Price Eyes Crash Toward $0.01

Even so, Satis believes they will fare far better than their other large-cap peers, who, aside from bitcoin and monero, will outright implode.

The analysts predict that XRP, which once traded as high as $3.84 and is now valued at $0.33, will crash another 97 percent over the next five years, ultimately declining to penny parity. Cardano will face a similar fate, plunging by 99 percent to just $0.001, as will stellar, which has a 91 percent drop-off on the horizon. Bitcoin cash and EOS also have bearish forecasts, and while their declines will not be quite so severe, it’s unlikely that at these valuations they will be used for anything beyond day trading and speculation.

Commenting on this controversial outlook, the report concludes:

“Within the currency networks, we continue to see…meaningful downside from networks that have inherited brand recognition and potentially short-lived adoption during hiccups from their fork-parent (such as BCH), and very little value in networks that are misleadingly marketed and not even required for use within their own network (such as XRP).”

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Bitcoin technical analysis: Support levels are in focus for now

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  • Bitcoin is struggling once again but the price has found some support at an internal trendline.
  • Below the price level at the moment is the psychological 8,000 level.

Bitcoin is struggling like most cryptocurrencies today. The BTC/USD pair is currently trading 2.63% lower as sentiment remains weak. The price on the hourly chart is making lower highs and lower lows after the pivotal 8,233.00 support level was broken. The price is currently just under the value area now 8,164.17. This is the price where most contracts have been traded on the Coinbase exchange. 

The interesting thing on the chart is the internal trendline it was respected five times in total. Two times in a previous wave series and then three more times after it was broken on October 9th. The next support level is at the 8K psychological support level and below that the consolidation low of 7701.00.

On the daily chart, the price is still firmly in a downtrend and this will only continue if the wave low of 7701.00 is broken to the downside. On the upside there is some way to go before the consolidation wave high is taken out at 8,826.00. Only when this is broken can we talk about a price recovery. 

Bitcoin analysis

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Bitcoin Whale Transfers Almost $25M in BTC from Binance to Gemini

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A major player in the cryptocurrency space has just moved 3,000 BTC from Binance to Gemini. The reason for the transfer is still not clear.

It seems like yet another whale in the cryptocurrency market is again flaunting his or her money. A recent massive transfer was picked up by Whale Alert (@whale_alert) which notified the rest of the cryptocurrency community that 3,000 BTC ($25M) was being moved from Binance to Gemini.

There are a few possible catalysts for such a major move, but it seems most likely that someone is cashing out some BTC on Gemini through an OTC sale. Interestingly enough, the move came just a few hours after Bitcoin rebounded from the $8,280 price point to $8,380 or so.

Major whales have been making moves in the past few days. As BeInCrypto has reported on this past week, just two days ago one whale moved 1,000 BTC to an external wallet presumably to HODL. Another whale yesterday moved 650 BTC ($5.3M) from Coinbase to an external wallet as well, another indication that accumulation is happening behind the scenes. This uptick in high-value transfers to external wallets indicates that something may be brewing in the background.

However, this particular transfer of 3,000 BTC does not appear to be a whale interested in HODL’ing. Instead, this is transfer is likely for a possible sale or, at the very best, purchasing of altcoins on Gemini. The market has not responded to this transfer, but this is just one piece of the puzzle.

Recently, the market has been quiet, but the odd increase in high-value transfers makes one wonder — could we see a major move for Bitcoin in the coming weeks? Maybe the whales are giving us a hint.

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‘Satoshi’ Enters the Oxford English Dictionary

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The Oxford English Dictionary, published by the Oxford University Press, has added “satoshi” to its compendium of the English language.

First used less than seven years ago, satoshi is the newest word added to the dictionary. The addition was made as part of a quarterly update to the respected source’s database that also includes the words “Manhattanhenge,” “whatevs” and a revised history of “fake news.”

According to the now official OED definition, a satoshi is “the smallest monetary unit in the bitcoin digital payment system, equal to one hundred millionth of a bitcoin,” or 0.00000001 BTC.

OED lexicographers take a descriptive approach to language, meaning that the dictionary observes how words emerge, grow or diminish in popularity and change definitions over time.

The OED’s policy says:

“Our role is to monitor and record emerging vocabulary so that we can make new terms available to our dictionary users as soon as they start to gain traction.”

Cited uses of the noun come from Ripple Project, a Usenet newsgroup in 2012, from the Guardian in 2013 and the Times in 2017.

The OED notes American and British pronunciations differ. Stateside, the “o” in Satoshi is pronounced like the “ʊ” sound in foot, whereas across the pond the “o” sounds like the “ɒ” in “lot.”

The word is derived from the proper noun, Satoshi Nakamoto, the “probably pseudonymous” creator or creators of bitcoin. In this context, Nakamoto is an etymon, or a word from which a later word is derived.

Curiously, the authorities on grammar state Nakamoto was “reportedly born in 1975,” referring to one of the only bread crumbs left behind by the mysterious founder when asked to give a birth date on a website where he first described the plan for bitcoin.

sourde:coindesk

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