- LEO surges, up 32 percent
- FOMO likely accelerating LEO demand
The tokenization of BitFinex through the sale of LEO tokens was an opportunity for investors to draw maximum benefits from a liquid exchange. At the time of writing, LEO is up 32 percent week-to-date.
LEO Price Analysis
Desperate times call for desperate measures. That’s the adage that BitFinex’s owners, iFinex Limited, heeded, quite literally. Faced with insurmountable pressure upon the damaging revelation that the exchange used part of Tether Limited’s fund to fix a deluge, the management settled for an Initial Exchange Offering (IEO).
The objective was quite clear and brazen: crowdfund $1 billion in USDT from private investors. That meant tokenizing the exchange through the Unus Sed LEO tokens. Hardly surprising, Justin Sun was said to be among one of those who had made applications for consideration.
However, reports had it that he pulled out, it was apparent that opportunity seeking billionaires couldn’t leave this lying. Of the many investors who kept decided to keep it low key, the outspoken “china’s BTC billionaire” Zhao Dong, notified the community of BitFinex’s plans:
“Leo tokens are intended to be the utility token at the heart of the iFinex ecosystem. Token holder will experience immediate benefits across iFinex trading platforms, products, and services including LEO holders’ taker fees will be reduced by 15 percent overall crypto-to-crypto pairs (including crypto to Stablecoin. Taker fees…reduced by an additional 10 percent overall crypto pairs. For traders with an average >$5,000 USDT in LEO tokens in their account during the previous month…etc.”
Considering the benefits, it was highly anticipated that the coin sold out in minutes, gifting BitFinex the much-needed liquidity. However, for investors, LEO prices sunk. Upon listing on May 20th, LEO prices dropped from $2.49 to $1.025 before closing at $1.07.
Even though it was seven percent in the green, investors were shaken. Presently, LEO on a recovery path, adding 96 percent and changing hands at $1.96 against the greenback. As a result of this, LEO’s market cap is $ $1,959 million surging 32 from week-to-date.
Technically, hype alone will shore LEO as investors don’t want to miss another BNB moment. Therefore, even though prices could react at $2.15 or the 78.6 percent Fibonacci retracement, bulls will likely prevail in the long term. Thus, for the savvy trader, every dip is another buying opportunity. Stop limits at $1.55 could be the safety net just against there is an unexpected liquidation.
Noteworthy, trading volumes are increasing. That is buoying bulls, which is positive. Breaks above May 20th high at $2.15 should ideally be with high trading volumes exceeding 3.95 million of June 10th.
Litecoin (LTC), Binance Coin (BNB), & Stellar (XLM) Price Indicate Slight Recovery
Litecoin (LTC/USD) Price Analysis:
Today, Litecoin opened at $73. The currency marked $4,642,867,397 as of the Market Cap. The coin has a high prospect of improvement in the coming time. The investment in the coin would go futile. The week-long Litecoin price chart is indicating a heavy drop, but alongside, there is also a slight hope of recovery. Let’s have a look at the chart.
Starting from 16th August, the LTC price slipped from $76.404 to $74.844 by 2.04%. On 17th August, the Litecoin continued the drop from $74.844 to $72.838 by 1.83%. On 18thAugust, the coin price shifted from $72.838 to $76.404 by 4.90%. On 19th August, Litecoin price escalated from $76.404 to $77.426 by 2.22%. On 20th August, the LTC coin slipped from $77.426 to $75.364 by 2.66%. On 21st August, the Litecoin slipped from $75.364 to $73.488 by 2.49%. The coin is currently dealing at $73.371.
The future of the Litecoin is speculated to be great. Litecoin would offer colossal profit to the long-term traders.
Binance Coin (BNB/USD) Price Analysis:
Binance Coin is dealing at $26.93 on 22nd August 2019. The Market Cap is noted as $4,206,073,698. There is a visible fall in BNB coin price on the weekly chart. Take a look at the Binance Coin price chart.
Above chart is reflecting a heavy fall in the BNB coin price. Starting from 16th August, the coin opened with a drop from $28.101 to $27.443 by 2.34%. On 17th August, the Binance Coin shifted from $27.44 to $27.58 by 0.52%. On 18th August, BNB coin price shifted from $27.58 to $27.87 by 1.04%. On 19th August, the coin escalated from $27.87 to $28.83 by 3.43%. On 20th August, Binance Coin price slipped from $28.83 to $28.03 by 2.76%. On 21st August, the coin slipped from $28.03 to $27.18 by 3%.
The coin is speculated to rise in some time. We would recommend digging in for a long-term plan.
Stellar (XLM/USD) Price Analysis:
Stellar (XLM) holds a high prospect of upsurge. The weekly XLM price chart is indicating a heavy price drop. Let’s have a look at the chart.
On 16th August, the XLM coin slipped from $0.07066 to $0.06868 by 2.80%. On 17thAugust, the coin slipped from $0.06868 to $0.06780 by 1.27%. On 18th August, the coin jumped from $0.06780 to $0.07076 by 4.36%. On 19th August, the coin escalated from $0.07076 to $0.07233 by 2.22%. On 20th August, the coin opened with a drop from $0.07233 to $0.06871 by 5.03%. On 21st August, the drop continued from $0.06871 to $0.06579 by 4.24%. The coin has shown its remarkable potential in the past. We believe, it will regain its momentum soon and start the price rally. Till then, the traders are recommended to stay put.
Crypto Analysts React As Bitcoin (BTC) Falls Below $10,000
Crypto analysts are reacting to Bitcoin’s drop below the psychological $10,000 mark.
A popular analyst on Twitter known as the Crypto Panda told his 15,000 followers he believes Bitcoin remains in a symmetrical triangle, which happens when an asset’s price consolidates while creating two converging trend lines with similar slopes.
The analyst believes BTC will break out of the triangle to the downside, triggering a major drop in price – an outlook that was quickly countered by Adaptive Capital’s CIO Murad Mahmudov.
Meanwhile, The Crypto Dog told his 159,000 followers on Twitter that BTC may be on course to drop below $8,000.
“It isn’t a good gut feeling seeing BTC lingering at support. That being said, I have no interest in shorting support. A close below $10k and I start to think we see the $8000s. Yesterday I got chopped longing too early. For now, sitting on my hands and holding long term spot.”
The director of digital currency research at TradeBlock cites the Fear & Greed Index from Alternative.me, which remains in the “extreme fear” zone at 11. John Todaro told Forbes he believes several recent events in the news may be placing pressure on the market.
“Sentiment has drifted lower as a sustained push higher has been halted, while alt-coin sentiment has been low for several weeks now as alt prices continue to decline.
[In addition], Ethereum founder Vitalik Buterin commented how rising transactions costs could slow adoption of ether, US regulators hit companies in the space including ICOrating, and Facebook’s stablecoin project is facing probes in Europe.”
Meanwhile, the CEO of crypto hedge fund BitBull Capital points to low volume is the key technical factor behind the dip. But despite the pullback, Joe DiPasquale says the leading crypto’s long-term fundamentals are looking up.
“This is a technical pullback due to Bitcoin’s failure to cross $11,000 amidst low trading volumes. On the fundamental front things are looking up, especially with Bakkt cleared for launch next month.
What Bitcoin currently needs is higher volume and new capital, which is likely to enter markets once Bakkt starts offering its physically settled futures contracts.”
Altcoins Real Dominance Is Only 10% Of The Crypto Market, Not 30%: New Study Reveals
Bitcoin dominance is the crypto market share of the leading cryptocurrency, Bitcoin, over the rest of the crypto market. The indicator has been fluctuating between a high of almost 96% in November 2013 and a low of 33.4% recorded in January 2018, during the craziest altcoin season.
Following the BItcoin’s Bull Run of 2019, the dominance has risen from 51% at the beginning of the year to nearly 70% as of now. However, a new study suggests that the real dominance of Bitcoin is approximately 90%, a lot more than what we are used to.
Market Dominance Calculated
In order to obtain the percentage of each coin, the circulating supply must be multiplied by the coin’s price and then divided by the market capitalization of all cryptocurrencies. Doing this math shows that Bitcoin has always been the most dominant force in the cryptocurrency community. As per Coingecko, Bitcoin’s market dominance today is 68.13%, which is near to the year-to-date high of 69.73%. However, new research by Arcane shows that different numbers may arise when adding trading liquidity to the mix.
90% Bitcoin Dominance
When liquidity is considered as well, Bitcoin’s presence appears to be even more dominant at around 90%. Liquidity is the key to receiving the most accurate market capitalization numbers as per the person who conducted the research – Bendik Schei, who explains:
“The main reason is that one could easily create a cryptocurrency with 1 billion pre-mined coins, and do one trade at say three dollars each. This would lead to a total market capitalization of $3 billion, which would represent 1% market dominance with today’s valuations and inflate the total market capitalization. The problem is that the calculation does not take liquidity into account. One might be able to sell one token for three dollars, but what happens if you want to sell 1 million? Without accounting for liquidity, market capitalization becomes a meaningless measure.”
What is Left for Altcoins?
By modifying the numbers when liquidity is in the mix, altcoins appear to be in an unenviable position. Even the highest altcoins in regular market capitalization like Litecoin, Ripple, and Ethereum struggle to achieve 10% combined. Schei also added: “Everyday Bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as money.