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Crypto market update: Market has slightly bearish start to the weekend following an impressive Friday

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  • Ethereum and Ripple has had two straight bullish days in a row before Saturday,
  • Stellar (XLM) is the biggest winner among the top 20 coins so far. 

After a bullish Friday where most of the top 20 coins performed pretty admirably, the market has had a bearish start to Saturday. Let’s take a closer look at how the top three did and then reveal the biggest winners and losers of the day, among the top 20 coins.

Top three coins

  • Bitcoin: BTC/USD, unlike the rest of the top three, didn’t have two bullish days in a row. Instead, it only had a bullish Friday wherein its price went up from $10,110 to $10,405 and has so far fallen to $10,360 this Saturday.
  • Ethereum: ETH/USD has gone down from $194.60 to $192.80, so far this Saturday. Before that, Ethereum had two straight bullish days wherein its price $187.35 to $194.60.
  • Ripple: XRP/USD has had a bearish start to the day following two consecutive bullish days. From Thursday to Friday, the price of XRP/USD went up from $0.266 to $0.277. Currently, the price has gone down further to $0.276.

Biggest winners and losers (top 20 coins)

  • Stellar (XLM) was the biggest winner of the day with a 4% increase in price. It is currently trading for $0.069. That’s quite a turn around from yesterday when XLM was the biggest loser among the top 20.
  • Dash (DASH) went up by 3.27% and is priced at $93.90.
  • Tron (TRX) went up by 3.14% and is priced at $0.018.
     

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Crypto Markets Cool After China Rally, Though Hardly a ‘Massive Dump’

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A correction after such a monumental crypto rally is to be expected though some industry observers will always see the negative side of things. Bitcoin has largely held on to gains though it appears to be weakening, while the altcoins are falling back at a faster rate.

Bitcoin Holds Above $9,000

Many were expecting a big dump following the weekend’s rally but Bitcoin has held on to most of its gains and remains 24% higher than it was at the end of last week.

According to Tradingview.com BTC crept close to $10k again during trading yesterday but there was too much resistance at this level. Since then it has pulled back to an intraday low of $9,200 and is currently trading just above that.

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BTC prices 1 hour – Tradingview.com

A plunge through the $9k level could see BTC back at $8,600 very quickly and this could lead to further declines below $8k again. This would invalidate the recent rally according to economist Alex Krüger who remains bullish.

The Bitcoin bashers have already been out spouting about a whale manipulated pump and dump that was nothing to do with China. Peter Schiff just couldn’t resist despite the fact that his beloved yellow metal has never moved by such a massive amount in such a short space of time.

Schiff has altered his stance on crypto recently with a few positive things to say but was back bashing again yesterday with this gem.

“It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices.”

He refutes the fact that China had anything to do with it despite nearly all Chinese crypto assets surging even higher yesterday.

Altcoin Correction

As expected, the altcoins are correcting today with those making the most currently dropping the most. While this may look like a pump and dump, total crypto market capitalization remains above $245 billion at the moment which suggests the inflow of capital is still there.

Ethereum has remained flat, holding on to gains and trading just below $185 at the time of writing. If ETH can retake $200 and move independently of Bitcoin in the next week or so there could be a real rally ahead as Istanbul gets rolled out.

XRP has fallen back below $0.30 but only just, while Bitcoin Cash remains steady at $265. Litecoin and EOS are both weakening with a 3-4% loss but Tron has held on to most of its big gains yesterday.

There is a lot of red across the boards at the moment but losses are minimal for most and largely expected after such a big move. Price does not move in a straight line!

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Bitcoin Cash (BCH), Stellar (XLM) and Litecoin (LTC) Cryptocurrency Price Analysis and Prediction

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CRYPTOCURRENCY MARKETS ARE RESEMBLING THE STOCK MARKET THESE DAYS. TRADING SIDEWAYS ALL THROUGH LAST WEEK AND THIS WEEKEND. LET’S TAKE A LOOK AT BITCOIN CASH, STELLAR AND LTC AND SEE IF THEIR CHARTS TELL US WHAT’S TO COME AHEAD.

BITCOIN CASH PRICE ANALYSIS (BCH/USD)

The fifth-ranked cryptocurrency has today faced a mixed reaction that formed a sideways trend.  Besides, the pair’s price volatility was very low that stood the current price at $221.9, having escalated it from where it opened the session at $222.1.  That showed a slight drop of 0.09% over the last24hrs.  

The horizontal movement defined vital resistance and support level at $223.6 and $218.6.  The consolidation phase between $223.6 and 218.6 may proceed until the market showcase a potential breakout either on the downside or upside.

However, the parabolic SAR is giving a sell signal, while the moving averages that are currently below the prices, signal an increase in bullish momentum.  In addition, the RSI is heading north that suggests positive outcomes.

BITCOIN CASH PRICE PREDICTION (BCH/USD)

An upside correction above $223.6 may trigger strong Bull Run near $300.0.  However, a downside rally below $218.6 could extend a bearish momentum near $200.0.

STELLAR PRICE ANALYSIS (XLM/USD)

XLM/USD pair has lacked dominance, as reflected by the RSI indicator that hovered between the midpoints over the last 24hrs.  The famous crypto began the session trading at $0.0593, unfortunately, is at the press time exchanging hand at $0.0593 that showed the indecisive mode in the market momentum.

The pair’s price failed to break above $0.0595 but later found a strong support near $0.0578 level.  Afterwards, both support and resistance level was tested severally. However, during the last few hours, a price recovery was seen as bullish engulfing candles pushed the price a bit higher.  This shows high interest on the upper sides of the price.

Also, the short-term SMA has crossed above the long-term SMA, the parabolic SAR is below the candles, and the RSI is heading north.  All these are positive signs of incoming robust bullish outbreak.

STELLAR PRICE PREDICTION (XLM/USD)

A break above $0.0578 could result to further upside rally near $0.0650.  Therefore, investors should wait to take a long position in the short-term.

LITECOIN PRICE ANALYSIS (LTC/USD)

LTC/USD pair has expressed a bullish outlook, with an intraday gain of 2.5%.  It escalated from $55.6232 to now trading at $56.9726. Besides, the ascending channel formed reflected the bullish performance with support level being held near $55.5718.  The pair’s price is currently struggling to breach above $57.2742 resistance level, so is for the bulls to up there game.

Looking at the technical, the short-term SMA has currently crossed above the long-term SMA that suggests unbeatable outlook.  The RSI is above level 50 that also foreshadows a positive sign. Besides, the RSI also showed an increase in buyouts that indicates that buyers are dominating the momentum.  Investor’s sentiments are thereby likely to increase since they are optimistic for better prices in the near term.

LITECOIN PRICE PREDICTION (LTC/USD)

A long position should be taken, if the price manages to break above $57.000.  New targets should be set near $60.000 and $61.000.

Cryptocurrency Charts By Tradingview

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

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The Fate of Bitcoin, Altcoins, and Cryptocurrencies in General

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According to Peter Brandthim, Bitcoin is the only cryptocurrency that has real, lasting value, while most of the altcoins are just ‘junk,’ as he calls them.

The future of Bitcoin remains as uncertain as ever, but current speculation about what might happen to the crypto king and altcoins can vary significantly. A recent poll and the opposite opinion of an expert are a perfect example.

It wasn’t too long ago when the fate of cryptocurrencies was uncertain as the entire crypto space was considered to be nothing but a bubble that would burst at any given time. Each time when the crypto space faced a new bearish period, a controversy, or an incident of some kind — skeptics were quick to announce the death of Bitcoin and the entire crypto space. And as we all know, they ended up being wrong every time.

To this day, Bitcoin continues to lead the crypto market and dominate over it, with its performance setting an example for the performance of most other coins, the altcoins. But, many are wondering whether or not this will change in the future, or even if it can change at all. And, since the crypto space depends on the public opinion so much, researchers decided to address the public with this very question.

According to a survey done by bitFlyer Europe, it was discovered that Europeans believe that digital currencies are not going away. Many of the participants expressed a belief that crypto will still be around in ten years. In fact, this was an opinion of 63% of 10,000 questioned individuals in ten different European countries.

While this does seem like a good thing for crypto, the situation is not so bright for Bitcoin, in particular. The topic of Bitcoin actually brought a surprising turnaround, with poll participants showing a lot less confidence in the king coin, with only 55% of respondents thinking that BTC will stick around for another decade.

However, this is likely the result of bad press which the media continues to pump out by continually claiming that Bitcoin is dead, reporting hacks, investment losses, and focusing more on the damage that is being done to BTC than to any other coin. This kind of behavior is only bringing even more damage to it along the way.

A well-known analyst disagrees

On the other hand, there is Peter Brandt — an American trader, writer, publisher of the weekly Factor Service (and more), who turned out to be a significant Bitcoin supporter and believer. In fact, according to him, Bitcoin is the only cryptocurrency that has real, lasting value, while most of the altcoins are just ‘junk,’ as he calls them.

Earlier today, on his Twitter, Brandt argued that altcoins are lead to Bitcoin’s gold while showing charts that clearly indicate numerous altcoins whose performance follows Bitcoin’s lead. However, he may not be ready to dismiss absolutely all of the altcoins just yet.

When another Twitter user pointed out that younger generations might choose some of the altcoins such as Ethereum or Litecoin due to their benefits over BTC, Brandt confirmed that LTC and ETH have a lot more chances of surviving than the rest of the altcoins. The veteran finance expert believes that Bitcoin will remain the best and largest coin, while the majority of modern-day altcoins won’t be around in the next five years.

The future remains uncertain

Interestingly enough, Brandt’s opinion seems to be a total opposite of the bitFlyer’s poll results, which indicate that BTC will be the one to go away, while the crypto itself will survive. Obviously, no one can tell the future of Bitcoin right now and say with any certainty what could happen.

However, it is interesting to see the differences in opinion, with a professional analyst on one side, and the public view on the other. It will undoubtedly be interesting to see how the situation will unfold over the following decade, and whether or not Bitcoin will manage to keep its dominance for another ten years.

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