Tag: ada

Categories
Cryptocurrencies

Most Important Cryptocurrencies Apart From Bitcoin

As the most popular and successful cryptocurrency, Bitcoin enjoys most of the spotlight. For this reason, it’s easy for most people to think that cryptocurrency is synonymous with Bitcoin. Indeed, a YouGov study reported 75% of US adults knew about Bitcoin, while other cryptocurrencies such as Bitcoin Cash and Ethereum were each known by less than 30% of the population. 

As the most popular and successful cryptocurrency, Bitcoin enjoys most of the spotlight. For this reason, it’s easy for most people to think that cryptocurrency is synonymous with Bitcoin. Indeed, a YouGov study reported 75% of US adults knew about Bitcoin, while other cryptocurrencies such as Bitcoin Cash and Ethereum were each known by less than 30% of the population. 

As the most popular and successful cryptocurrency, Bitcoin enjoys most of the spotlight. For this reason, it’s easy for most people to think that cryptocurrency is synonymous with Bitcoin. Indeed, a YouGov study reported 75% of US adults knew about Bitcoin, while other cryptocurrencies such as Bitcoin Cash and Ethereum were each known by less than 30% of the population. 

If you’re an aspiring user of cryptocurrencies, or simply interested in that world, it’s important to acquaint yourself with other forces in the space. This article takes a look at other cryptocurrencies that have proved themselves worthy of attention and, of course, investor money. But before we get into that, let’s do a refresher on this new and exciting asset class. 

What are Cryptocurrencies? 

It’s necessary to do a recap of what cryptocurrencies are because many people associate the word cryptocurrency with just Bitcoin. So, when we are talking about cryptocurrencies and altcoins, what do we mean? A cryptocurrency, at its most basic definition, is a purely digital and internet-based currency that’s secured with modern cryptography and utilizes a ledger that is distributed across network participants. The most common type of distributed ledger is a blockchain. The blockchain concept always existed in the computer space but was only actualized in 2009 by the creator of Bitcoin, Satoshi Nakamoto.

The ‘crypto’ in cryptocurrency refers to the cryptography that is used to encrypt and hence secure cryptocurrencies and transactions. Cryptocurrencies subscribe to the tenet of decentralization, which means free from state manipulation or control and self-issuance. Cryptocurrencies are designed as code – almost always open source, with in-built mechanisms for issuance. These mechanisms vary from one cryptocurrency to another. 

As you probably already know, Bitcoin is the first-ever and most successful of cryptocurrencies. All other cryptocurrencies apart from bitcoin are collectively referred to as altcoins. Currently, there are more than 5,000 altcoins, according to Coinmarketcap. The total market valuation of cryptocurrencies is currently 269 billion, with Bitcoin taking the lion’s share with 62.3 billion in market valuation. Many of these coins have been designed to improve on Bitcoin in one way or another – either on security or speed or ease of storage (e.g., in terms of space). 

With that background, let’s look at some of the most important cryptocurrencies apart from Bitcoin.

1. Ethereum (ETH) 

Ethereum is a cryptocurrency and blockchain launched in 2015. The project is the brainchild of Vitalik Buterin, a Russian-Canadian programmer. Industry experts view Ethereum is the next most important crypto after Bitcoin. Let’s examine why. 

Ethereum is the next cryptocurrency that brought a ground-breaking product into the blockchain space. The project is more than a digital finance platform. Its main objective is to be a decentralized applications and smart contracts platform. Decentralized applications (DApps) are a new kind of application that can run without downtime and are free from control, manipulation, and censorship by a third party.

Smart contracts are a new kind of contract – not unlike the traditional contracts, but this time is purely digital, self-enforcing, unalterable, and completely transparent to all relevant parties. 

Applications on the Ethereum platform are powered by its native token called ether (ETH). Ether is the currency in which people using the Ethereum blockchain pay in transaction fees. As an investor, you can also use Ether as a store of value. Ether is the second most successful cryptocurrency after Bitcoin – even though it trails behind the dominant currency considerably.

In 2014, Ethereum launched a pre-sale (an initial coin offering ICO) to fund the project. The effort was incredibly successful and is credited with helping usher in the age of the ICO. Ethereum has also weathered one of the biggest security breaches in the history of cryptocurrency – the DAO attack in 2016. This attack led to the split of the Ethereum blockchain, birthing Ethereum (ETH) Ethereum Classic (ETC). As of July 18, 2020, ETH has a market capitalization of $26 billion, and one ETH is going for $232.93.

2. Ripple (XRP)

Launched in 2012, Ripple is a cryptocurrency and a real-time digital payments network. The project was created by Chris Larsen and Jed McCaleb.

Ripple’s protocol facilitates the global, peer-to-peer, decentralized, and real-time exchange and transfer of money in any currency, whether it’s the US dollar, Japanese Yen, Bitcoin, Ethereum, and so on. XRP can settle transactions within 3 to 5 seconds. 

XRP is the platform-specific asset of the Ripple network. Individuals can exchange XRP between each other without the need for an intermediary. It’s the go-between currency in any exchange that happens on the Ripple network. 

Ripple’s transaction confirmation mechanism differs from that of Bitcoin in that it does not utilize ‘mining.’ All XRP tokens were ‘pre-mined’ or ‘minted’ before launch, meaning there is no release of new coins over time. Indeed, Ripple ‘burns’ XRP tokens immediately after they facilitate a transaction, in a bid to avoid inflation. Ripple’s no-mining approach is a massive save on power, and it also considerably aids the network to achieve incomparably faster transactions. 

For a long time, XRP occupied the third spot in the crypto market. However, it has been knocked down to the fourth spot. As of July 18, 2020, XRP is trading at $0. 194295, with a market cap of $8.6 billion.

3. Litecoin (LTC)

Litecoin is a cryptocurrency that is modeled after Bitcoin but aims to be more lightweight and scalable. It was launched in 2011 and is a brainchild of former MIT graduate and Google engineer Charlie Lee. 

Litecoin is often called the “silver to bitcoin’s gold.” It’s a “lite” version of Bitcoin only with more coins, faster transactions, and a different hashing algorithm. While Bitcoin uses the SHA-256 algorithm, Litecoin utilizes one known as “Scrypt.” 

Another difference is Bitcoin’s circulation can never exceed 21 million, while Litecoin is designed to help 84 million coins. This might not mean much for either currency in terms of real-world usage since both are divisible to very tiny amounts. Litecoin is also way faster in terms of transaction confirmation time. While Bitcoin’s transactions can take up to 10 minutes, Litecoin takes about 2.5 minutes. Litecoin is also one of the cryptocurrencies that have enjoyed significant merchant adoption. 

So how is Litecoin performing today? Well, as of July 18, 2020, Litecoin traded at $41.95, with a market cap and rank of 2.7 billion and #9 respectively.

4. Chainlink (LINK)

Launched in September 2017, Chainlink, a project by FinTech company SmartContract Chainlink Limited SEZC, has seen the success that few cryptocurrencies do within such a short period. Perhaps this is because of its unique proposition of providing an oracle system that allows on-chain contracts to utilize external data, greatly expanding the capability of smart contracts. 

Courtesy of this feature, Chainlink has deep-running relationships with a lot of other innovative blockchain projects, a factor that’s given it a leg-up in the space. Some of these partnerships include Synthetix, Loopring, Aave, Ampleforth, and Binance. The project has also managed to secure other significant partnerships out of the blockchain space, including Google, Oracle, Gartner, Brave New Coin, and Web3 Foundation. 

Thus far, Chainlink has no competitor, and this has given it the dominance as far as its selling point is concerned. As of July 19, 2018, Chainlink’s price was $7.96, and, with a market cap of 2.8 billion, it was the 8th largest cryptocurrency.

 

Categories
Forex Assets

Analyzing The ‘ADA/USD’ Crypto-Fiat Asset Class

Introduction

Introduction

Introduction

Cardano is a decentralized platform allowing programmable transfers of value securely in a scalable fashion. It is the first blockchain created out from a scientific philosophy. It is also the first research-driven cryptocurrency that is built on the Haskell programming language.

Cardano is traded with the ticker ADA. It has a market capitalization of $2.2 billion. It can be bought, sold, and exchanged in several cryptocurrency exchanges. Apart from USD, it can be traded against other cryptos such as BTC, ETH, USDT, etc.

Understanding ADA/USD

The price of ADA/USD depicts the value of the US Dollar equivalent to one Cardano. It is quoted as 1 ADA per X USD. For example, if the market price of ADA/USD is 0.086112, then each ADA will be worth 0.086112 US dollars.

ADA/USD specifications

Forex brokers allow trading of only a few popular cryptocurrencies like Bitcoin, Ethereum, Ripple, etc. The other cryptos must be traded via cryptocurrency exchanges. And the working of these exchanges is different from that of forex brokers. As a major difference, cryptos are not traded in lots, in cryptocurrency exchanges.

Spread

Spread is the difference between the buying and selling price of the cryptocurrency. Crypto exchanges match these prices between induvial traders. Thus, there is no fixed spread. Also, typically, the spread is negligible in trading cryptos.

Fee

There are different fees charged by cryptocurrency exchanges for trading any coin. The various forms of fees include

  • Execution fee (Taker or Maker)
  • 30-day trading volume fee
  • Margin opening fee, if applicable

Note that the taker or maker fee will be considered for opening as well as closing the trade, and will depend on the value being traded.

Example

  • Short 10,000 ADA/USD at $0.085800
  • 30-day volume fee is $0
  • Order is executed as Taker

Total cost of the order = 10000 x $0.085800 = $858

Assuming the taker fee to be 0.26%, the opening fee will be – $858 x 0.26% = $2.23

Assuming the trade is opened with leverage, and the margin opening fee is 0.02%, the fee is calculated as – $858 x 0.02% = $0.17

If the order is closed at $0.095800, the total cost of closing will be 10,000 x $0.095800 = $958. And the fee for the same obtained is – $958 x 0.26% = $2.5

Thus, the total fee for the opening, maintaining and closing the trade would be equal to – $2.24 + $0.17 + $2.5 = $4.91

Trading Range in ADA/USD

The trading range represents the number of units moved in the pair in a specified time frame. For example, if 10,000 ADA/USD is traded and the average unit movement in the 1H time frame is 0.000778, then it means the pair will yield 10,000 x 0.000778 = $7.78.

Note: the above values are for trading 10,000 units of ADA/USD. If X units are traded, then the ATR values will be,

(Above ATR value / 10,000) x X units

Procedure to assess ATR values

  1. Add the ATR indicator to your chart.
  2. Set the period to 1
  3. Add a 200-period SMA to this indicator.
  4. Shrink the chart so you can assess a large time period
  5. Select your desired timeframe
  6. Measure the floor level and set this value as the min
  7. Measure the level of the 200-period SMA and set this as the average
  8. Measure the peak levels and set this as Max.

ADA/USD Cost as a Percent of the Trading Range

The following tables depict the variations in total cost in terms of percentage based on the change in volatility and time frame.

Taker Execution Model

Opening = $2.23 | Margin fee = $0.17 | Closing = $2.5

Total fee = Opening + Margin fee + Closing = $2.24 + $0.17 + $2.5 = $4.91

Maker Execution Model

Opening = $1.37* | Margin fee = $0.17 | Closing = $1.53*

Total fee = Opening + Margin fee + Closing = $1.37 + $0.17 + $1.53 = $3.07

*Assuming maker fee to be 0.16% the trade value.

Trading the ADA/USD

Cardano stands 10th in CoinMarketCap in terms of market capitalization. Thus, making it a tradable pair in the crypto market. Almost all forex brokers do not ADA enabled for trading, so it must be traded through cryptocurrency exchanges. The fee structure here is quite different from forex brokers. However, the overall fee is more or less the same.

Comprehending the above tables, the magnitude of the percentage depicts how expensive/cheap a trade will be relative to the time frame and profit/loss. Let us understand this with an example.

The average values in 4H and 1D are 26.65% and 9.73%, respectively. The percentage in the 4H time frame is greater than the percentage in the 1D time frame. This means that the total cost for both is the same ($4.91), but relative to the generated profit, it is higher in the 4H time frame. A detailed reason for this can be given from the trading range table.

In the trading range table, the corresponding values are $11.52 and $31.55. This can be interpreted as, an average of $11.52 will be generated in trading the 4H time frame, and $31.55 when trading the 1D time frame. The fee in both cases is the same. Thus, we infer that the fee that is paid to generate $31.55, the same fee is deducted for generating $11.52. And hence, this is exactly what the higher percentage value depicts.

Reading through the row, the percentage values for a time frame is highest in the minimum column and least in the maximum column. So, if you’re are able to deal with higher volatility, it is ideal to trade when the volatility is around the average or maximum values. And if you cannot deal with the high volatility, you may trade the higher time frames to reduce the relative costs.

Categories
Cryptocurrencies

Your Complete Guide to Cardano

Launched in 2015, Cardano has defied expectations to rise to the top ten in market capitalization. For those not privy to the inner workings of the Cardano project, it can be hard to pin down what has catapulted its rise to the highest sanctums of cryptocurrency, despite being less than popular on the price side.

Launched in 2015, Cardano has defied expectations to rise to the top ten in market capitalization. For those not privy to the inner workings of the Cardano project, it can be hard to pin down what has catapulted its rise to the highest sanctums of cryptocurrency, despite being less than popular on the price side.

Launched in 2015, Cardano has defied expectations to rise to the top ten in market capitalization. For those not privy to the inner workings of the Cardano project, it can be hard to pin down what has catapulted its rise to the highest sanctums of cryptocurrency, despite being less than popular on the price side.

Nicknamed the “Ethereum Killer,” Cardano has an intriguing approach and pretty remarkable technology.

So, what is it about Cardano that makes it worthy of the “Ethereum Killer” tag? In this guide, we’ll find the answer to that query, as well as explore some of the exciting innovations of this project.

What is Cardano?

Cardano is a cryptocurrency project and blockchain-based smart contracts platform. Cardano believes digital cash is the future of money and aims to create a platform in which people from all over the world can send and receive money in a fast, direct, and secure manner.

Cardano was conceptualized by Charles Hoskinson, an Ethereum cofounder. He calls it a third-generation cryptocurrency – meaning it exists to improve on the scaling problems and other weaknesses of the first generation (Bitcoin) and second-generation (Ethereum) blockchains.

Cardano uses the new Haskell programming language, a ‘functional language’ that enables mathematical proofing of the code’s future behavior.

The Cardano platform has a native cryptocurrency known as ADA, with which users can send digital funds. It also houses two layers: the Cardano Settlement Layer (CSL) and the Control Layer. CSL is used to settle transactions that are conducted with ADA, while the Control Layer will be used to host smart contracts.

Who is Behind Cardano?

Three distinct organizations have pooled resources together to create Cardano. There’s the Cardano Foundation, a Switzerland-based standards body whose job is to support the Cardano community and fulfill regulatory and compliance requirements. The other is Input Output Hong Kong (IOHK), a well-known organization in the cryptosphere. And then there is Emurgo, a startups investor tasked with assisting businesses to build on the Cardano blockchain.

What’s Special with Cardano?

Unlike its contemporaries, Cardano is a peer-reviewed blockchain. Before protocols are greenlit for release, they’re first reviewed by a network of academics and researchers from various universities. While other blockchain projects present just a white paper, the Cardano team goes the extra mile and crafts several academic papers for researchers, investors, and so on.

The rationale behind this? The team wants to ensure that the platform is secure, scalable, and fit for mass usage once it goes mainstream. As such, there’s much scientific rigor involved as there would for a mission-critical system.

How Does Cardano Work?

As previously mentioned, the Cardano comprises a Cardano Settlement Layer and a Control Layer. In the long term, Cardano hopes to be used as a medium of exchange and a smart contract platform that can be interoperable with the traditional banking system.

At the very heart of Cardano is Ouroboros. Ouroboros is an algorithm-based Proof of Stake Protocol through which miners can mine ADA. The protocol is also custom-built in a manner that saves as much energy and time as possible.

What does Ouroboros entail, you wonder? Let’s find out below.

What is Ouroboros?

Ouroboros works based on ‘slot leaders’ who are akin to miners in the Proof of Work protocol. Slot leaders are the ones who determine which blocks will be added on the blockchain, with a maximum of only one block per slot leader at any time. Time is divided into ‘epochs,’ and every epoch has a slot leader. Also, immediately after one epoch ends, another one begins.

In case a slot leader misses their chance to choose a block leader for one reason or another, they have to wait until the next time they’re eligible to become block leaders. In every epoch, at least more than 50% of blocks has to be generated. 

To be eligible for a slot leader position, a participant has to own at least a two percent stake in Cardano.  Slot leaders are also electors. When an epoch is in progress, electors choose the slot leaders for the next epoch. Also, the more stake you own in Cardano, the bigger your chance of being selected as a slot leader.

Now, slot leaders wield a considerable amount of power. For this reason, extra caution must be exercised to ensure as much fairness as possible. Cardano achieves this by implementing a ‘multiparty computation’ (MPC). In an MPC, each elector conducts a random action known as “coin tossing,” after which they share their results with the rest of the electors. In short, the end result is randomly generated, but the final value is collectively arrived at.

Statistics of Cardano (ADA)

As of 28th January 2020, Cardano is trading at $0.051903, with a 10th place market capitalization of $1, 345, 697, 885. Also, its 24-hour trading volume is $179, 384, 436. Its all-time high was $1.33 on Jan 04, 2018, while its all-time low was $0.017354.

ADA’s circulating supply is 27, 927, 070, 538, while its total supply is 31, 112, 483, 745. The coin has a limited supply of 45 billion.

Is Cardano an Ethereum Killer?

Cardano has been dubbed the “Ethereum Killer” since it offers the same functionalities as Ethereum, but better.

Also, it is the first blockchain platform that utilizes peer-reviewed research, giving it an edge over other cryptos, at least in terms of rigorousness.

As well, Cardano has an impressive speed of 257 transactions per second (TPS), which stacks strongly against Ethereum’s current meager 15. Its Ouroboros proof of stake is superior over the typical proof of stake by being the first consensus mechanism to be mathematically proven as secure.

These features, and more, make Cardano an impressive blockchain. But that doesn’t mean it’s about to dethrone Ethereum, not yet.

First of all, Ethereum is a project under continuous improvement. Its developers are always working to improve its scalability and other functions. For instance, Ethereum plans to migrate from the current Proof Of Work to a Proof of Stake mechanism, which provides better room for scalability, is quicker, and is not as power-hungry as the former.

Moreover, being the first reliable smart contracts platform, Ethereum has somewhat of a loyal following – from the developer community to the crypto market to users.

For these reasons and more, it is unlikely that Ethereum will be unseated anytime soon, whether by Cardano or any other cryptocurrency.

The Coinbase Effect

As of January 2020, Cardano is yet to be listed on Coinbase, despite the exchange signaling it was considering the addition way back in July 2018. Cardano fans are still waiting with bated breath for this to happen.

Coinbase is big, not just in market volume but also in name. So, many wonder what this would mean for the Cardano price if it were to be listed.

First, it’s important to know a coin getting listed on the exchange does not herald its bullish rally for all the time to come. Many coins have been listed, surged in price thereafter, and went on to fizzle out.

It’s likely that ADA will shoot up in price as the exchange’s user rush in to get a piece of the Cardano action at an affordable price. From then on, the coin experienced up and down swings like any other crypto, depending on the improvements its developers will continually integrate on its blockchain. 

Also, Coinbase’s massive user base means massive interaction with the coin, and hence more liquidity. More liquidity means more investors, and more investors mean more support. Support often leads to an increase in value.

Conclusion

Cardano has distinguished itself from other crypto projects by being the first to be built on peer-reviewed protocols and pure mathematics. That fact alone gives it an edge over other similar projects. Also, the people leading it – heavyweights in the crypto scene, add massive credibility to the project. Cardano fans expect only great things from the project.

Categories
Crypto Market Analysis

ADA heading downwards

Market cap: $1,928,057,452
Total supply: 31,112,483,745
Circulating supply: 25,927,070,538
Daily volume: $44,902,483

ADA heading downwards
Cardano has had

Market cap: $1,928,057,452
Total supply: 31,112,483,745
Circulating supply: 25,927,070,538
Daily volume: $44,902,483

ADA heading downwards
Cardano has had

  • Market cap: $1,928,057,452
  • Total supply: 31,112,483,745
  • Circulating supply: 25,927,070,538
  • Daily volume: $44,902,483

ADA heading downwards

Cardano has had quite a decline, even if we take the downtrend of Cryptocurrencies into consideration. With big resistances coming at $0.079 and $0.083, it will have a hard time outperforming other Cryptocurrencies in their potential upwards move. So how do we trade ADA/USD?



Trading Cardano

To be quite frank, there is only one possible trading scenario. ADA will be underperforming or matching the upward moves of Cryptocurrencies, and outperforming them in the downwards moves (at least in the near future). We advise taking a small size short or staying out of this Cryptocurrency in general. Entry point should be a fail of breaking through the $0.079 resistance line, and there is no set goal to take profits. Stop-loss should be set either at $0.085 (less risk) or between $0.083 and $0.0845. We do NOT advise taking long entries when it comes to Cardano until it comes back over its resistances, and confirms them as clear support lines/areas. Overall Cryptocurrency bearish sentiment further adds to this thesis.

Final word

Long-short portfolios are advised to take a small-sized short position in ADA/USD. However, and other form of trading that includes this pair is too risky to open up. Therefor, being extremely careful is a must in these unstable markets. Short positions are favored in the market, and that’s why this trade is considered.

Categories
Crypto Market Analysis

Daily crypto update 23.07.2018 – Sideway movements

The market is shown today mainly negative with 65% of the top 100 of the cryptos in red, some of them with two digits losses such as Bitcoin Diamond and Ardor. However, the BTC has been supported by good news about the ETF and also by the possible BlackRock investment in the currency and has left its lateralized momentum and it’s generating a positive market sentiment. The market capitalization compared to the previous Monday raised 19 Billion.

General overview

Market Cap: $286.644.683.222

24h Vol: $14.487.725.028

BTC Dominance: 46.1%

Top 100 Gainers of the day

Holo HOT                  49,37%
Electroneum ETN    17,55%
GXChain GXS            9,12%
Dropil DROP             8,31%
Bitcoin Gold BTG      7,49%

Top 100 Losers of the day

Bitcoin Diamond BCD -37,07%
Ardor ARDR                  -11,36%
Power Ledger POWR   -9,73%
PIVX PIVX                     -7,73%
TenX PAY                       -6,92%

News

Encrypted Email Provider ProtonMail Could be Planning an ICO
Cryptocurrency-friendly encrypted email provider ProtonMail appears to be planning an initial coin offering (ICO), a job posting has revealed. The Swiss firm, founded in 2014 by CERN researchers, has long supported cryptocurrency payments for its premium email and VPN services. Now, the company is hiring a blockchain developer for a project that may see the firm launch its own cryptocurrency.
Source: ccn.com

Chinese City Starts a $1.5 Billion Fund to Promote Public Blockchain Projects
Nanjing, Jiangsu’s capital, is committed to investing in public blockchain projects and overall token economy. The capital of this Chinese province put together a 10 billion yuan ($1.5 billion) fund in a blockchain investment fund.
A Beijing-based alliance, Zhongguancun Blockchain Industry Alliance, is teaming up with Nanjing City to launch this blockchain investment fund of $1.5 billion. The alliance, formed by government research institutes and blockchain companies, revealed the bold initiative at the first Industrial Public Chain Summit (IPCS). Among the high-level government official attendees, there was the Deputy Secretary of the Communist Party of China, Luo Qun.
Source: ccn.com

Cryptocurrency Fraud Now Second Most Common Investment Scam in Australia: Watchdog
Australia’s national consumer watchdog has warned that cryptocurrency trading scams have grown ‘significantly’ over a 12-month period and are now the second most-common kind of investment scam in the country.
An independent government authority tasked with the mandate of enforcing consumer protection laws with oversight into scam-related trends in Australia, the Australian Competition and Consumer Commission (ACCC)has a scam-alert domain dubbed ‘Scamwatch’.
Source: ccn.com

Analysis

EOS/USD

EOS is currently trading over the 100 EMA at $ 8.06 this EMA is offering immediate support to the price that has been moving in range during the weekend; if buyers pressure appears during the session and the price can cross this EMA, there is still a strong support at the central pivot point at $ 7.92.



Market sentiment

4-H chart technicals signal a Bearish sentiment.

Oscillators are showing mixed signals on the overbought zone.

Pivot points

R3 8.69
R2 8.46
R1 8.14
PP 7.92
S1 7.61
S2 7.38
S3 7.06

ETH/USD

ETH/USD is now moving below the EMA 100 in this 4h chart at $ 462.10 the price is moving in a narrow range since Saturday and it seems it will continue in the upcoming hours.



Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in the overbought zone and pointing down.

Pivot points

R3 485.30
R2 478.65
R1 468.11
PP 461.46
S1 450.92
S2 444.27
S3 433.73

ADA/USD

Cardano reports today a negative -2.86% in the last 24 H, the price has bounced in the Pivot R1 and now is testing the central pivot point around $ 0.1701 if this level is crossed, we could see an extended movement towards the pivot S1 at $ 0.1604.



 

Market sentiment

4-H chart technicals signal a Bearish sentiment.

Oscillators are in the overbought zone, showing sell signals and pointing down.

Pivot points

R3 0.1974
R2 0.1886
R1 0.1789
PP 0.1702
S1 0.1604
S2 0.1517
S3 0.1419

Conclusion

There is not a clear trend movement to consider right now, the market is moving mainly sideways in most of the pairs.

Categories
Crypto Market Analysis

Daily crypto update 04.07.2018 – Another Low Coming Before The Recovery

General Overview

Coin Capital Market Cap: $272,844,346,322

24h Vol: $15,104,000,275

BTC Dominance: 42.0%

From this morning, the cryptocurrency market cap has increased by aproximately 10 billion, the evaluation coming to 277,181,000,000$ at the higest point.

Coin Capital Market

As you can see from the global chart, that area is clearly the seller’s territory, so the evaluation retraced from those levels as selling was activated.

The market is still in green as the prices haven’t retraced more than they have increased over the 24 hour period.

News

There aren’t any significant headlines that have come out from this morning. The only one that is worth mentioning is that the cryptocurrency exchange Binance has now resumed services after it announced the suspension of all trading and withdrawals, as reported by cointelegraph.

The temporary suspension was due to an alert over “irregular” Syscoin (SYS) trades “from a number of API users.” Binance subsequently chose to suspend trading, withdrawals and other account functions, as well as to take a series of further measures in order to protect its users.

Another headline that is worth mentioning is that UK housing minister Eddie Hughes released a report into blockchain July 4, calling on the government to “show leadership” by making the technology and its benefits a priority.

The report, ‘Unlocking Blockchain,’ makes several key proposals, using state projects currently underway in Estonia as the standard authorities should follow at home.

“The state should focus its attention on using blockchain to enable social freedom, to increase efficiency, and to rebuild societal trust,” Hughes summarises.

Source: cointelegraph

Analysis

ETH/USD

From today’s low at 454$, the price of Ethereum has increased by 4.25% as it is currently sitting at 474.40$.



Looking at the hourly chart, we can see that the latest high was lower than the last, and it looks like this may be the start of a descending channel of some kind, but currently, we are seeing another attempt to break that resistance, as the green candle is on its levels.

Market sentiment 

Ethereum is in the buy zone.

Pivot points

S3 414.42 
S2 442.08 
S1 452.05 
P 469.74 
R1 479.71 
R2 497.40 
R3 525.06

EOS/USD

From today’s low at 8.64$ the price of EOS went to 9.28$ and has retraced since to 9$ which is an overall increase of 4.76%.



Looking at the hourly chart, we can see that the 9.20$ levels are where the prior top was and that area serves as strong resistance. Now that the price has failed to break that resistance once again I am expecting the price to drop to around 8.50$.

Market sentiment 

Hourly chart technicals signal a buy.

Oscillators are on neutral and moving averages signal a strong buy.

Pivot points 

S3 7.5413
S2 8.2669 
S1 8.5395 
P 8.9925 
R1 9.2651 
R2 9.7181 
R3 10.4437

XMR/USD

From today’s low at 136$, the price of Monero increased by 3.44% and is currently 141.70$.



Looking at the hourly chart we can see that the price is currently interacting with the median line of the pitchfork, and I am expecting it to go further down to create a higher low.

Market sentiment 

Monero is in the buy zone.

Pivot points

S3 123.033
S2 131.213 
S1 134.787 
P 139.393 
R1 142.967 
R2 147.573 
R3 155.753

ADA/USD

From today’s opening at 0.147$, the price of Cardano has increased by 5.13% coming to 0.1558$.



As you can see, the price went higher to the resistance at 0.16$ and has retraced since to the mid-range support line. I am expecting the price to break the support and go further down to the next support levels at 0.146$.

Market sentiment 

Cardano is in the buy zone.

Moving averages signal a strong buy.

Pivot points

S3 0.078
S2 0.104
S1 0.121
P 0.13
R1 0.147
R2 0.156
R3 0.186

Conclusion

Coin Capital Market: After the prices have been increasing rapidly in the last 24 hours, we are seeing interaction with first significant resistance levels, and this retracement as the result of that. I am expecting that tomorrow will be another green day.

Categories
Crypto Market Analysis

Daily Crypto Update 20.06.2018 – Red Field

The market today is again in red with 92 of the top 100 in the negative territory, brief bullish signals are not enough to put the currencies in green and

The market today is again in red with 92 of the top 100 in the negative territory, brief bullish signals are not enough to put the currencies in green and

The market today is again in red with 92 of the top 100 in the negative territory, brief bullish signals are not enough to put the currencies in green and a successful attack on South Korea’s largest crypto exchange Bithumb can send the prices down again during this week.

General Overview

Market Cap: $283.698.523.519

24h Vol: $12.865.375.764

BTC Dominance: 40.0%

marketCap20.06

Cryptocurrency Market News

3 Hacks in 12 Months: The Reasons Behind Crypto Exchange Bithumb’s Failings
South Korea’s biggest cryptocurrency exchange Bithumb, which has been the most trusted digital asset trading platform within the country alongside UPbit, Coinone, and Korbit over the past few years, has been hacked for the third time in 12 months.

Australia’s Tax Office is Using a ‘100-Point’ Check System to Chase Crypto Traders
The Australian Tax Office (ATO) has cast a wide net to investigate crypto investors after classifying cryptocurrencies like bitcoin as ‘assets’, liable for capital gains taxes.

Siacoin Mining Malware Generates Nearly $1 Million in China-based Attack, 16 Arrested
Cryptjacking is fast becoming a popular way for cyber crooks to make money. For instance, around 5% of the cryptocurrency Monero currently in circulation is estimated to have been mined fraudulently, according to security firm Palo Alto Networks.

Retail Adoption of Crypto Would “Bring the Internet to a Halt” – BIS Report
The Bank of International Settlements (BIS) has leased a chapter from its forthcoming annual report that delivers a critical appraisal of bitcoin and cryptocurrency.

Source: ccn.com

Analysis

IOTA/USD

IOTA is trading positive in the last hours, very close to the critical price of $ 1.00 and has not been affected by the Bithumb hack that is considered as a bearish factor.


The next resistance for the pair is $1.21 and then $1.35 and $1.38 (R1 Pivot). On the downside, supports are in $1.00 S1 Pivot and psychological level, a breakout here could send the price to $0.94.

Market sentiment

4-H chart technicals signal a sell sentiment.

Oscillators are showing buy signals and pointing up.

Pivot points

R3 1.72
R2 1.59
R1 1.38
P 1.25
S1 1.03
S2 0.90
S3 0.69

ADA/USD

ADA has lost 1.17% in the last 24 hours and continues to move within a narrow range in the last six days, the support at $0.1567 is still tested but the rebounds are permanent, the EMA-50 is still approaching the support and it is very likely that the price will break down.



Market sentiment

4-Hourly chart technicals signal neutral.

Pivot points

R3 0.2192
R2 0.2005 
R1 0.1801 
P 0.1614 
S1 0.1413 
S2 0.1226 
S3 0.1021

XRP/USD

XRP has lost 0.55% in the last 24 hours and has not been able to move above the resistance at $0.5620, and the EMA-50 is also bouncing the price in the absence of strong buyers.


Market sentiment

4-Hourly chart technicals signal neutral.
Oscillators are pointing up.

Pivot points

R3 0.6805
R2 0.2005 
R1 0.5831 
P 0.5431 
S1 0.4858 
S2 0.4469 
S3 0.3896

Conclusion

Cryptocurrency Market News: The market is in a complete red dot today, the buyers are absent and nervous because they do not want to involve themselves in risks facing the possibility of new drops, I think the market will continue like this for the rest of the week without many bullish movements and in the control of the sellers.