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Bitcoin Steady While Altcoins Take-Off: The Weekly Crypto Market Update

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This week the market continued to stagnate, but we saw some promising signs in the altcoins field. While most of the attention is towards Bitcoin’s price and whether the support will hold, traders have also moved to altcoins where we saw a lot of interest during the week.

Bitcoin’s dominance declined since peaking at 72% and other cryptocurrencies finally managed to reclaim some grounds.

Despite the fact that during the past 3 months Bitcoin’s price has shuffled up, its current point is still respectable, compared to the beginning of the year when it was trading in the range of low $3,000s.

Meanwhile, it’s worth noting that big companies are abandoning Facebook’s Libra, including PayPal, Visa, and Mastercard. There are growing fears that the project won’t launch at all. However, Facebook has said that they will continue with their work so that Libra can see daylight and that there are no changes in their plans.

Overall, it was a positive week for altcoins which started to wake up from the crypto winter and it was a rather quiet one for Bitcoin.

Market Data

Market Cap: $226B24-Hour Volume: $52.2MBTC Dominance: 66.4% BTC: $8,336 ETH: $184 XRP: $0.29BTC Shorts (BFX): 8.7K BTC

BTC Longs (BFX): 25.3K BTC

Market-Update-51-min

Alipay Fires Back at Binance’s CZ, Will Block Bitcoin Transactions. The official Twitter page of Alipay has responded to Binance’s Changpeng Zhao who had previously confirmed that users can use Alipay to buy Bitcoin on Binance. According to the payment processor, however, this is not the case and all transactions associated with cryptocurrencies are immediately halted.

Sweden’s Debt Collection Agency Is Auctioning Some Off. The Swedish Enforcement Authority auctioned off 4.59 BTC at a price of around $8,200 per coin. The entire thing was conducted online. The main reason for auctioning it off and not keeping it is the lack of existing infrastructure.

SEC Halts Telegram (TON) Sale: How Does It Differ From the EOS Case? The US SEC has halted the token sale of Telegram’s TON cryptocurrency. This happened soon after Block.one was fined for conducting its unregistered EOS initial coin offering. However, there are some key differences between the actions of the Commission.

It’s Been 10 Years Since the First Bitcoin Transaction: 5,050 BTC For $5. Ten years ago, the first Bitcoin market transaction took place. Back then, 5,050 bitcoins were sold for a grand total of $5.02. Now, these are worth upwards of $42 million. The network has also grown substantially ever since then.

US SEC Rejects Bitwise Bitcoin ETF Proposal. In a somewhat expected act, the US SEC has rejected the Bitcoin ETF proposal filed by Bitwise. The Commission said that it failed to meet the necessary requirements. More specifically, the main concerns were, once again, associated with market manipulation and illicit activities.

83% of Generation Zers Interested in Cryptocurrencies: KPMG Study. According to a study by big-four professional services company KPMG, approximately 83% of people from Generation Z are interested in cryptocurrencies. Moreover, it also appears that Millennials are intrigued as well as 71% of them said they are interested in the future of tokens.

Leading London Brokerage Provides Cryptocurrency Basket Including Bitcoin to Retail Investors. FCSM Group, a leading provider of online foreign exchange trading and other related services, has announced the introduction of a new cryptocurrency basket which includes Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP. All of the cryptocurrencies are weighted equally.

Grayscale Wins Approval for First Public Digital Currency Index Fund. Grayscale Investments has received a legislative approval to list its publicly-traded digital currency index fund. It’s called Digital Large Cap Fund, carrying the ticker GDLCF. It will be available to all investors who have access to US securities. Source: cryptopotato

 

Bitcoin

Why Is the Bitcoin Price Still Suffering?

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Bitcoin’s gains are short lived, and the world’s number one cryptocurrency is now trading where it was during late September when Bakkt initially failed to make a solid impression on crypto traders.

Bitcoin and Its Comrades Are Suffering

As it would seems, positive blockchain comments from Chinese president Xi Jinping and Bakkt ultimately picking up and attracting several bitcoin futures contracts trades weren’t enough to keep bitcoin where it was. The $9,000 proved difficult for the currency to maintain, and resistance levels appear are inherently winning.

But it’s not just bitcoin that suffers. Ethereum, the second-largest cryptocurrency, is down to $175 at press time. Just yesterday the currency was trading for $180, and Ethereum seems to be experiencing more losses than even BTC, but bitcoin cash – the little “brother” of everyone’s favorite digital coin – has incurred some of the highest losses to date. At the time of writing, it is trading for just over $236 when bitcoin cash, just weeks ago, was trading for $300 even.

The currency has thus lost nearly $70 in a relatively short period of time, and Ripple’s XRP – the world’s third-largest cryptocurrency – is trading at 25 cents, meaning it’s lost more than five cents since reaching its late October trading figure of $0.30.

The strange thing is that there doesn’t seem to be any real reason for the drops. Crypto continues to make headway in developing nations, where it is largely used as a means of paying for goods and services. In addition, regions such as Switzerland – as covered yesterday by Live Bitcoin News – are replacing many of their traditional financial services and institutions with those of blockchain and crypto.

With so much being done to cement crypto’s place in the financial world, why aren’t prices higher? What are we doing wrong?

One explanation is that this could just be a case of “end-of-year” blues for most forms of crypto. As we likely recall, the final months of 2018 saw bitcoin trading at a serious low. Roughly $3,500, which was about 70 percent lower than where it had ended 2017. One holiday season proved bitcoin good, worthy of numerous gifts and praise, while another proved it naughty and dropped hunks of “digital coal” in users’ stockings.

Some New Projects Aren’t Hitting the Right Mark

At the same time, there are serious projects out there that ultimately serve against the morals and properties of standard crypto. China’s plans for a state-backed cryptocurrency, for example, go against BTC’s decentralized and independent nature, while companies like Google are looking into developing new checking account systems that undermine the stamina and protocol of enterprises like cryptocurrency exchanges.

Bitcoin is being hit from all sides, so while it’s retaining its reputation and moving up the financial ladder, it seems its price is not quite strong enough to undertake further bullying.

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On February 1st 2028, Bitcoin Will Hit $1m… Allegedly

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  • It’s estimated that BTC could hit $1 million on precisely February 1st, 2028. 
  • The million-dollar target comes from Timothy Peterson’s ‘Never Look Back’ analysis.

There have been multiple analysts that have predicted bitcoin to reach a million dollars. However, a few have gone a far as to predict a specific date. 

By looking into the history books, we can see the bitcoin price action over the years and how it’s changed over time. It’s estimated that BTC could hit $1 million on precisely February 1st, 2028. 

The million-dollar target comes from Timothy Peterson’s ‘Never Look Back’ analysis.

He explains that bitcoin is keeping up its ever-growing ‘Never Look Back’ price. So in laymen terms, this is a price floor that is never crossed as adoption increases.

$1 million bitcoin

When the ‘Never Look Back’ price was plotted on a logarithmic scale, a strong trend emerged over bitcoin’s decade-long history. Specifically, if we take it back to high school, the chart shows a long line of positive correlation. 

Peterson said:

“Bitcoin has a relatively unnoticed and — for most — unknown characteristic. I call it the “Never Look Back Price.” The NLB price is the last time bitcoin was at a particular price level. Once it reached that price, it only proceeded up, it never retraced to that value again.”

Peterson’s ‘never look back’ price represents the primary adoption of bitcoin. It represents the “hodlers of last resort.” 

People have got on the bitcoin bandwagon and hold it for the significant long term. This is why it won’t drop back below a specific level.

“This group’s behavior is not just long-term focused, it is infinite-term focused. These people are the bitcoin adopters. This group provides a floor value for bitcoin’s price.”

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Bitcoin Visits Critical Long-Term Trendline; Break Below Could Lead to Massive Losses

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Bitcoin (BTC) has continued to consolidate around its key near-term support at $8,000 and both its bulls and bears have remained deadlocked as it fails to gain any decisive momentum in the time since its recent drop down to its current price levels.

Analysts are now noting that Bitcoin is currently trading at a key trendline that could significantly influence its near-term price action, with a break below it potentially leading to further losses.

Bitcoin Consolidates Around $8,000 as Bulls and Bears Remain in Deadlock

At the time of writing, Bitcoin is trading down marginally at its current price of $8,150, which marks a slight climb from its daily lows of $8,000 that have been visited on multiple occasions over the past several days.

Although this price level does appear to be a strong support region for the cryptocurrency, its slow grind downwards that has ensued in the time since it lost the upwards momentum that was gained during its meteoric rally to $10,600 may point to an underlying weakness amongst the cryptocurrency’s bulls.

Analysts are noting that Bitcoin may still be able to post a decent rally so long as it is able to hold above its key near-term support level, but they are also noting that a break below this level could spark a sharp sell-off.

The Crypto Dog, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet while referencing the chart seen below.

“$BTC at daily support. I expected a bounce before now, but not stressing (yet). Above POC – bullish. Below – re-evaluate,” he explained.

Reaction to Parabolic Trendline May Give Insight into BTC’s Future Price Action

One important factor to keep in mind is that Bitcoin is currently trading at its parabolic trendline, which could spark a massive movement in either direction, depending on whether BTC’s bulls or bears prevail in their current battle.

Mr. Anderson, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that a hold above this trendline could spark an “explosive” movement, whereas a dip below could send BTC reeling significantly lower.

“$BTC: back for a retest of the previous parabolic trend line. As discussed over a month ago… A weekly break of this diagonal will likely bring on a new “playground” for PA. Whereas as a hold can lead to explosive behavior and continuation within this level,” he explained while pointing to the below chart.

The coming few hours and days will likely determine where Bitcoin trends for the coming weeks and months as 2019 draws to a close.

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