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Cardano Founder Charles Hoskinson Predicts Quick Victory for Ethereum Against Bitcoin

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As a guest on Lex Friedman’s podcast, Charles Hoskinson made several important statements about Bitcoin.

First of all, Hoskinson criticized the excessive slowness of the Bitcoin network compared to Ethereum. The Cardano founder said that Bitcoin loses in speed and functionality to alternative proof-of-stake networks. In particular, Bitcoin’s basic proof-of-work mechanism was also criticized.

According to a guest on the podcast, the Bitcoin community is largely to blame for the current situation because of its conservative views due to the secondary scaling of the network.

This is one of the most important Lex Fridman episodes in the history of the podcast https://t.co/9yCTFFLmlh@lexfridman

— Charles Hoskinson (@IOHK_Charles) June 21, 2021

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Hoskinson said it (Bitcoin) is its own worst enemy. Bitcoin has network effects, a brand name and regulatory approval. But there is no way to change the system, not even to fix the obvious flaws in its system.

Unlike Bitcoin, Cardano’s founder singled out Ethereum’s flexible development culture and depth of evolution among its advantages. He noted that Ethereum has grown to the level of the Bitcoin network, but has a flexible development culture that accepts evolution. Hoskinson also said that if there were a fight between the two (Bitcoin and Ethereum) and he had to bet on someone’s victory, it would be Ethereum. Because he would be sure that in 9 out of 10 cases Ethereum would win.

In summarizing his thoughts, he said that the battle in cryptocurrencies is at an early stage, with several blockchains already struggling for a major share of the blockchain market. Nevertheless, Hoskinson noted that Cardano is also a serious competitor to all the others in this battle.

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Bitcoin Whales Buying Activity on Rise with 254 New Whales Entering Market

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More traders and institutions are buying Bitcoin prior to the potential launch of physically-backed ETFs

According to data provided by Santiment, the number of Bitcoin whales (addresses owning between 100 to 1,000 BTC) has significantly increased prior to the asset’s rise back to the previous ATH. More than 250 whales appeared on the network since Sept. 11.

The increased number of Bitcoin whales is also followed by progressively increasing exchange outflows. While traders and investors move funds away from exchanges, they have no other choice but to hold them in their wallets; hence the network is experiencing an increasing number of new wealth holders.

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Santiment data
Source: Santiment

On the other hand, the increasing number of holders can be tied to the rapid and significant increase of Bitcoin’s market capitalization. The current price action is followed by 40% growth, which itself attracts both institutional and retail investors.

In addition to the increasing popularity of cryptocurrency among the general public, the news of the upcoming ETF approval is a strong risk-on signal for institutional investors. Previously, U.Today reported that the market may see a strong inflow of funds right after physically-backed ETFs are approved.

According to Santiment’s data, the majority of whales have held through the previous market correction and only a minority of large holders have to get rid of their coins. The current increase in the number of whales is considered rapid compared to other periods.

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BTC Price Analysis: Bearish Divergence Signal On the Weekly May Cool off Intraday Longs

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The long-awaited Bitcoin BTC ETF-Exchange Traded Fund is now approved by the US SEC, and it’s viewed as a positive development for the entire cryptocurrency market. Analysts suggest that the crypto market could see capital flowing in, with speculations around investors moving out of Gold ETFs into Bitcoin.

Let’s analyze the BTCUSDT charts for insights into the recent price action.

Bitcoin (BTC) Weekly Chart Analysis

The Bitcoin price is back on the headlines of many digital media outlets as many analysts speculate on a price surge beyond the 2021 ATH. However, while the price is pumping real hard at press time, we also want to bring your attention to bearish reversal chart patterns that could lead to temporary retraction of the recent upswing.

A prominent bearish correction signal is an impending regular bearish divergence signal on the weekly chart above, where the RSI forms a lower peak [82] compared to the price chart setting a higher peak.

We anticipate a cool off of the BTC price if the RSI value stays below level-87 in the coming week.

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Bitcoin (BTC) Daily Chart Analysis

A view from the daily time frame shows the start of a bullish campaign on 01 October ’21 after the RSI crossed above level-75 and has not dropped below level-25 ever since. 

The Bitcoin BTC price continues to set new highs and is recently shy of the all-time high at $64854.00, as the relative strength index forms a lower peak [79] signaling a likely price pull-back to come.

We expect the upward price momentum to persist till the end of the current week, given that the RSI continues to trade above level-25.

While we are optimistic of a spike in demand for the BTC, we also suggest putting some funds on the sideline for a possible price dip which can be viewed with the RSI slumping below level-25 on the daily time frame.

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Bitcoin (BTC) 4 Hr Chart Analysis

The 12 October 20:00 support [$53879] confirmed the price correction on the daily time frame setting the BTC price back into a series of higher peaks and troughs.

A recent hidden bullish divergence at press time marks an end to the 3.8% correction from this week’s high.

However, a price breakdown below the hidden bullish divergence trend line would spark a rapid sell-off of the BTC price into lower price zones, perhaps around the $58k mark.

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Bitcoin Price Analysis: BTC still holds above $60,000, slowly targets $65,000 next week?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD consolidates above $60,000.
  • Next significant resistance at $65,000.

Bitcoin price analysis is bullish today as consolidation was formed above $60,000 after a slight retracement yesterday from $62,000. Therefore, we expect BTC/USD to rally again over the next 24 hours and target the $65,000 next week.

Bitcoin Price Analysis: BTC still holds above $60,000, slowly targets $65,000 next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, lost 0.03 percent, while Ethereum was down 1.54 percent. Meanwhile, Fantom (FTM) is the best performer, with a gain of over 12 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retests $60,000 as support

BTC/USD traded in a range of $60,206.12 – $61,413.82, indicating low volatility over the last 24 hours. Trading volume has declined by 34 percent and totals $28.97 billion,  while the total market cap trades around $1.145 billion, resulting in the market dominance of 46.29 percent.

BTC/USD 4-hour chart: BTC prepares for another rally?

On the 4-hour chart, we can see Bitcoin price action forming consolidation above $60,000, likely leading to another push higher next week.

Bitcoin Price Analysis: BTC still holds above $60,000, targets $65,000 next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong bullish momentum so far in October. After forming a strong swing low of around $41,000 at the end of September, a push higher was seen on the 1st of October.

BTC/USD reached previous resistance at $48,500 on 2nd of October, while second push higher took BTC to $56,000 on 7th of October. After another several-day consolidation, the third push higher began Wednesday, leading BTC above the $60,000 major price target.

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Eventually, the Bitcoin price action briefly spiked above $62,000 on Friday, resulting in a slow retracement since. Over the last 24 hours, a consolidation above $60,000 has been established, indicating that we will likely see another move higher from there.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a new local higher low was set over the last 24 hours after a slight retracement yesterday. As long as the $60,000 support holds, we expect BTC/USD to continue moving higher next week.

While waiting for Bitcoin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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