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$5 Billion Back into Crypto Markets as Bitcoin Cash, Litecoin and Tezos Surge

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Crypto markets moving again this Monday; Bitcoin Cash, Litecoin and Tezos cranking, Bitcoin holds gains.

Market Wrap

Monday brings fresh movement to crypto markets and it is upwards following three days of consolidation. A further $5 billion has been added back into crypto assets as the altcoins lead market cap back up towards $180 billion once again.

Bitcoin has spent the best part of the weekend floating around the $5,100 level. Since pulling back slightly on Sunday BTC has registered a gain of 2.3 percent to reach $5,180 at the time of writing. Sentiment is still bullishhowever more analysts are shifting into the correction camp and predicting a larger retreat for Bitcoin.

Ethereum is moving a little more as it approaches $170 again. The three percent gain has shifted volume levels back over $5 billion and ETH is back over the 100 hour moving average. Further gains are likely providing it can hold these levels above $165.

The top ten is all green at the moment but two altcoins have surged surging during Asian trading today. Bitcoin Cash jumped 10 percent to top $300 once again and take fourth place with a market cap reaching $5.3 billion. Fundamentals have been positive for BCH recently and it continues to outperform its big brother. Litecoin is the other big mover as it pumps 8% to reach $83 and flip EOS once again. The rest have made 2 – 4 percent aside from XRP which has barely moved.

The top twenty is also awash with green and some altcoins are ripping right now. Tezos is one of them with a big pump and Ontology is making a comeback with 5% added on the day. The rest are all climbing 3 – 4 percent on the day as markets move following weekend lethargy.

Tezos has surged 18% on the day to reach $1.15 and is today’s top one hundred top performer. The Foundation has updated its charter to improve its governance and Tezos ‘baking’ which is part of its staking based consensus protocol.

Maximine Coin is back on a pump again as it adds a further 15% to yesterday’s gains and Lambda is still on the fomo train with 12% more today. ABBC Coin is the only crypto getting a double digit dump as it loses 12% while the majority of the rest are in the green. Enjin Coin is also pulling back 6% today.

Total crypto market capitalization 24 hours. Coinmarketcap.com

Total crypto market cap is up $5 billion overnight to reach $176 billion and a slow and steady gain of just below 3 percent. Daily volume is approaching $40 billion again as Monday momentum starts to ramp up. The altcoins are commanding things at the moment as Bitcoin dominance drops below 52% once again.

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Cryptocurrencies

Ripple releases Q1 report for 2019, Charlie Lee on LTC’s vision and more

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Bitcoin [BTC] and the rest of the cryptocurrency market has been working towards achieving mainstream adoption amongst the masses. This mantra seems to have worked in small capacities after the adoption of blockchain technology and cryptocurrencies by institutions and other popular individuals in the general financial space.

In a move that may provide a significant boost to Bitcoin’s claim of being ‘digital gold,’ Lil’ Pump, the American rapper best known for his Billboard-topping ‘Gucci Gang,’ revealed that users can now use BTC to purchase articles and memorabilia on his merchandise store, ‘Unhappy’.

The clincher in the deal, according to many proponents of the cryptocurrency, is the fact that payments will be conducted over the Bitcoin Lightning Network [LN]. The release of the Lightning Network was meant to increase the speed of Bitcoin transactions, while at the same time reducing fees on individual transactions.

Source: unhappy.com

Source: unhappy.com

On checkout, the website gives the user three options of payment: credit card, PayPal and finally, Bitcoin. Once the user chooses the Bitcoin payment option, they are directed to a window where they have the choice to transact payments on the Lightning Network or opt for a standard on-chain Bitcoin transaction. Both options can be carried out by scanning their respective QR codes, a process that is aimed at streamlining the checkout process thanks to the LN.

Many supporters of Bitcoin consider Lil Pump’s involvement in Bitcoin as a step in the right direction for the world’s largest cryptocurrency. The ‘Gucci Gang’ singer is not the first mainstream personality to associate himself with Bitcoin as both Eminem and Soulja Boy have previously made references to it in their songs. However, Pump is the first to implement a practical application around digital assets.

The Bitcoin Lightning Network saw another use case recently when Sparkswap raised $3.5 million to build a cryptocurrency exchange on the network. Terry Griffith, Founder of Sparkswap, stated,

“They’re just frustrated by the fact that it takes weeks to pull their money out. By building Sparkswap on Lightning Network Atomic Swaps, we can get performance and currencies needed to build liquid markets without giving up control of your assets.”

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‘Stars Aligning’ for 2019 Bitcoin Bull Run, Says Crypto Analyst – BTC, XRP, Ethereum, Litecoin Forecast

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Bitcoin is gearing up for a big rally in 2019, according to eToro analyst Simon Peters.

In a new interview with The Independent, Peters says BTC’s recent golden cross is a major signal that Bitcoin has already hit a bottom and the bear market is ending.

“The stars are aligning for a bitcoin bull run. The short-term moving average for the price of bitcoin has finally moved above the longer-term average, which is often referred to as a golden cross, so investors are starting to believe that we might just be approaching a new phase for the price of Bitcoin.

According to Peters, the $6,000 mark is the next crucial line for Bitcoin to cross. If it breaks the barrier, he believes Bitcoin will surpass $14,000 this year.

Right now, the overall crypto market is mixed, with Bitcoin up 0.84% at $5,437, according to Coin360. Ethereum is up 0.93% at $164.04, and XRP is up 1.39% at $0.3032.

Source: Coin360

In the short term, CoinDesk’s Omkar Godbole says Bitcoin is facing further losses and risks dropping below $5,000 in the coming days.

Technical analysts across the board are watching for Bitcoin’s next move, with mixed signals on Ethereum, XRP and Litecoin.

 

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Crypto Loans in Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC) Spike to Over $1.5 Billion: Genesis Capital

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Digital asset loan provider Genesis Capital has issued over $1.5 billion in loans since launching its crypto lending platform in March of 2018, adding $425 million in the first quarter of 2019.

An affiliate of Genesis Trading, one of the largest over-the-counter cryptocurrency brokerages, the New York-based lending platform offers institutions and market-makers the ability to borrow Bitcoin and other digital currencies in large sizes over fixed terms with a minimum loan size of $100,000. Total loans in the first quarter of 2019 increased by 17%.

The loan book is denominated in a mix of cryptocurrencies, including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and Ethereum Classic, with Bitcoin capturing 63.5% of loans originated.

Borrowing of the number one cryptocurrency has been consistent among high-frequency trading firms in need of capital with data showing that most of the Bitcoin loans were made to hedge investments, implement market strategies or invest in businesses, as opposed to price speculation.

Digital Asset Lending Composition

  • Bitcoin – 68.1%
  • Ethereum – 3.6%
  • XRP – 6.7%
  • Litecoin – 3.6%
  • Bitcoin Cash – 0.3%
  • Ethereum Classic – 2.3%
  • USD – 9.6%
  • Other – 5.9%
Source: Genesis Capital Q1 Insights

In Q4 2018, Genesis began offering US dollar loans, the most active sector in the company’s portfolio, after Bitcoin.

“Because we have been operating in this industry for several years and understand the liquidity and volatility characteristics of digital assets, we are happy to accept digital assets as collateral for cash financing.

We believe this experience adds value to institutions looking for liquidity without having to sell and realize capital gains, miners looking to pay electricity bills without selling inventory, and hedge funds seeking to leverage long positions.”

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