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Cryptocurrencies

Bitcoin Smashes $12K, Crypto Cap Up $25 Billion: BCH, LTC, EOS, ADA Analysis

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  • The total crypto market cap rallied recently and broke the key $325.0B resistance area.
  • Bitcoin price is up more than 8% and it recently broke the key $12,000 barrier.
  • Litecoin (LTC) price is likely to accelerate above the key $140 resistance area.
  • Bitcoin cash price about to surpass the main $500 resistance to start a fresh increase.
  • EOS price is currently above $7.300 and it could rise towards the $7.400 and $7.500 levels.
  • Cardano (ADA) price is about to gain momentum above the key $0.1000 resistance area.

The crypto market cap surged above $340.0B, bitcoin (BTC) broke $12,000, and Ethereum (ETH) climbed above $330. Altcoins such as ripple, litecoin, BCH, EOS, tron (TRX), and ADA could continue higher.

Bitcoin Cash Price Analysis

There was a slow and steady rise in bitcoin cash price from the $460 support against the US Dollar. The BCH/USD pair climbed above the $470 and $480 resistance levels to move into a positive zone. The price is now trading above $485 and it seems like the bulls are likely to push the price above the $500 barrier in the near term.

Above $500, the price could accelerate towards the $515 and $520 levels. On the downside, the main supports are near $480 and $470.

Litecoin (LTC), EOS and Stellar (XLM) Price Analysis

Litecoin price is trading with a positive bias above the $125 and $130 support levels. LTC price is facing a strong resistance near the $140 level, above which there are chances of sharp gains towards the $150 level. On the downside, a break below the $130 support might start a bearish wave.

EOS price settled above the $7.20 and $7.25 support levels. It seems like the price is facing a tough resistance near the $7.45 and $7.50 levels, above which there are high chances of a run towards the main $8.00 resistance.

Cardano price remains in an uptrend above the $0.0900 and $0.0920 support levels. ADA price recently broke the $0.0950 and $0.0980 resistance levels. It is currently near $0.1000 and it may perhaps continue to rise towards the $0.1050 and $0.1100 levels.

Crypto Market Bitcoin BTC BCH EOS TRX XLM LTC ADA

Looking at the total cryptocurrency market cap hourly chart, there was a sharp rise above the main $325.0B resistance level. The market cap gained more than $25 billion and broke the $340.0B resistance. The current technical formation is very positive, suggesting more upsides towards the $350.0B and $360.0B levels. If there is a downside correction, the previous resistance near the $325.0B level is likely to act as a strong support. Overall, there are chances of further upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins.

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Cryptocurrencies

Cryptocurrencies price prediction: Bitcoin, Ethereum & TRON – European Wrap – 17 October

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Bitcoin price prediction: BTC/USD recovery stalled on approach to $8,100 – Confluence Detector

Bitcoin (BTC) is changing hands marginally below $8,100. The first digital coin managed to regain some ground, having gained about 1% of its value in a matter of hours ahead of the European opening. Despite the recovery, BTC is vulnerable to further losses as the upside momentum is weak so far.

Bitcoin confluence levels

During early European hours BTC/USD  tested area above $8,100. Despite the recovery from the intraday lows, the upside momentum remains weak, which poses risks for Bitcoin. There are a few barriers both below and above the current price, though the move to the South looks like a path of least resistance. 

Bitcoin price prediction: BTC/USD recovery stalled on approach to $8,100 – Confluence Detector

Bitcoin (BTC) is changing hands marginally below $8,100. The first digital coin managed to regain some ground, having gained about 1% of its value in a matter of hours ahead of the European opening. Despite the recovery, BTC is vulnerable to further losses as the upside momentum is weak so far.

Bitcoin confluence levels

During early European hours BTC/USD  tested area above $8,100. Despite the recovery from the intraday lows, the upside momentum remains weak, which poses risks for Bitcoin. There are a few barriers both below and above the current price, though the move to the South looks like a path of least resistance. 

Ethereum market update: ETH/USD recovery capped by $178.00

ETH bottomed at $171.90 on Wednesday. By the time of writing, the second largest coin recovered to $176.78, however, the upside momentum is too weak to allow for an extended recovery towards critical $180.00. ETH/USD has gained 1.2% since the beginning of the day amid global recovery on the cryptocurrency market led by Ripple’s XRP.

Ethereum

TRON price analysis: TRX/USD crashes to 14th place on CoinMarketCap

At the time of writing, TRX/USD is changing hands at $0.0148. The coin has lost over 6.5% in recent 24 hours, and the downside momentum is still growing. Currently, TRON takes 14th place in the global cryptocurrency market rating, losing three positions to Monero (XMR), Cardano (ADA) and LEO. The total market value of Tron reduced to $983 million; an average daily trading volume registered at $626 million.

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China is Even “Closer” to Launching its Own Cryptocurrency

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While Libra is fighting obstacles, China is on the track to release its own crypto.

While Libra is fighting obstacles, China is on track to launch its own cryptocurrency. 

Cryptocurrency and China: closer and even closer. In August, the country said that its own token is just around the corner. The recent reports reiterate this “closeneness.” 

To be fair, China’s efforts are remarkable. Why? Because the country has banned and re-banned crypto. As a result, 88 Chinese cryptocurrency-exchanges closed. 85 projects for the initial placement of tokens seized to exist.

At the same time, in March 2019, the People’s Bank of China refused to recognize cryptocurrency as a means of payment, referring to its unreliability. However, it seems like it is a matter of who actually owns the cryptocurrency — the Chinese government or someone else. Thus, in August China’s central bank announced it is going to launch CBDC very soon.

It seems that the continuously worsening trade war between the U.S. and China only encourages this project.

What will be the main features of China’s crypto?

The CBDC coin will have a 2 level structure due to the country’s complicated economy. Mu Changchun, Deputy Chief of the People’s Bank of China (PBOC) explained, “The People’s Bank of China is the upper level and the commercial banks are the second level. This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the acceptance of the digital currency.”

He also mentioned that CBDC’s design will to some extent replicate Libra. And it will handle 30.000 transactions per second.

CBDC will be supported by Alipay and accessible through WeChat. Curiously, Alipay officially advised a few days ago they will ban any crypto payments.

The soon-to-be launch has generated a lot of opinions. In particular, Ripple’s CEO, Brad Carlinghouse believes it should be “a call for action for the US” if they want to remain a leader in the cryptocurrency industry.

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Which Cryptocurrency Should I Invest in 2019?

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What is the best cryptocurrency to invest in 2019? Lots of new and existing crypto investors ask this question. There are so many cryptos to invest in, but many analysts recommend investing in the oldest cryptocurrency in existence. If you have heard of digital currency, then Bitcoin must be the first you would come across. Its dominance is the highest in the market. If the coin continues to rise, it may just be the best cryptocurrency to invest in 2019.

Why you should invest in Bitcoin

Bitcoin price changes every day and it has seen several lows and highs in the last couple of years. BTC price went from $76 to $20,000 in a massive bull run in December 2017. After reaching this point, the coin dropped again to $6,000 and picked up again in April 2019. Since this time, it has fluctuated up and down.

With such a volatile market, how can you pick an excellent time to invest in Bitcoin? Here are some ways to find out:

One event was when BTC was split into 2 cryptos – Bitcoin and Bitcoin Cash. The investors who took advantage of this opportunity made huge profits while doubling their investments.

BTC price dropped a while later and investors panicked and sold off their Bitcoin which pushed the price below $10k. Bitcoin is the best long-term crypto investment you can make in 2019. Now is the best time to buy since there are only a few BTC left to be purchased. Also, BTC is the most secure investment of crypto and it also controls the market to a large extent.

In addition, the technical competence of bitcoin with Schnorr signatures, Segwit, MAST, Bulletproofs, MimbleWimble, Confidential Transactions, Drivechains, Sidechains, and Lightning Network is on the rise. All these factors come together to make it hard for other cryptos to catch up.

How to invest in bitcoin

You can buy Bitcoin from popular crypto exchanges such as Binance and Coinbase. The process is easy and you can easily store it in so many wallets on the web or even hardware wallets. It is an excellent time to have Bitcoin in your portfolio and it can take up 40-50% of the crypto portfolio.

However, if you want to venture into a Bitcoin investment, you need to remain updated with the latest trends and news around BTC. Most times, when there is new information about technical improvement in BTC, it may be a good time to buy. Another good time to buy is when the price of Bitcoin crashes because it is a good opportunity to buy at a low price.

If you haven’t invested in cryptos at all, then starting with BTC is the best option. Despite missing the first opportunity to buy bitcoin when it was cheap, investing now is still an excellent idea.

Investing in cryptos generally can be profiting. However, it means that you must also be ready to lose money. All the expert predictions in the world can not be correct all the time. No one in the space truly knows what will happen to the price of a cryptocurrency.

The best advice to heed when it comes to investing is only investing money that you aren’t afraid to lose. Keep this in mind before investing in any cryptocurrency.

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