Categories
Crypto Market Analysis

Daily Crypto Review, Feb 3 – Cardano, the most decentralized crypto in the world? Altcoin season coming?

The crypto market went into a consolidation phase over the weekend. Altcoins seem to move up slightly more than Bitcoin in these phases. Bitcoin, the largest cryptocurrency by market cap, is currently trading for $9,372, which represents a 0.16% increase on the day. Meanwhile, Ethereum gained 1.55% on the day, while XRP went up 4.66%.

ICON took today’s most prominent daily gainer title with gains of 22.65%. On the other side, BitShares lost 9.72% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance decreased significantly over the weekend. It is now at 65.30%, which represents a decrease of 0.56% when compared to the value it had yesterday.

The cryptocurrency market capitalization stayed at pretty much the same level over the weekend. It is currently valued at $261.34 billion, which represents an increase of $0.97 billion when compared to Friday’s value.

What happened in the past 24 hours

The UAE’s Ministry of Health and Prevention, alongside the Ministry of Presidential Affairs, Dubai Healthcare City, as well as other relevant authorities, started operating on a blockchain-based health data storage platform.

The blockchain-based platform is built to improve the efficiency of MoHAP and others by using smart health services. Users will benefit from having a more streamlined search for health facilities as well as its licensed medical and technical personnel. It will also help with all inquires about medicine supply chains.

Honorable mention

Cardano (ADA)

Cardano (ADA) seems to be on a green path, as its price is constantly rising. This is happening because of all the positive news surrounding it. Cardano’s co-founder and CEO of IOHK Charles Hoskinson announced building a new commercial strategy by partnering with PriceWaterhouseCoopers. This news was greeted well by the market participants, and the price of ADA surged over 30%.

Hoskinson claimed in an interview that once all the upgrades of the protocol are implemented, Cardano could become the most decentralized cryptocurrency the world has ever seen.

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Technical analysis

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Bitcoin

Bitcoin bulls tried to push the price above $9,500 over the weekend, but failed to do so on a couple ocasions. The largest cryptocurrency took the time after each failed attempt to establish its footing right around $9,300 levels. This is exactly where Bitcoin currently is, guided by the 14.6% Fib retracement from the move – usually not a well-respected retracement level. Bitcoin is currently trading between its nearest strong support of $9,251 and the $9,585 resistance level.


Bitcoin’s RSI is slowly reducing while its volume is average or slightly below.

Key levels to the upside                    Key levels to the downside

1: $9,585                                           1: $9,251

2: $9,732                                           2: $9,120

3: $10,000                                         3: $8,905


Ethereum

Unlike Bitcoin, Ethereum did not consolidate in the past 24 hours. The second-largest cryptocurrency managed to push over the next resistance in the line ($185) and push towards new highs. The move faded as the bulls could not break $193.6 resistance. Ethereum is now trading below the level of $193.6 and above the support of $185.


Ethereum’s volume increased slightly while it was running up in price. Its RSI level dropped out of overbought on the 4-hour chart and is now in the upper part of the value range.

Key levels to the upside                    Key levels to the downside

1: $193.6                                            1: $185

2: $198                                              2: $178.5

                                                         3: $167.8


Ripple

XRP was explosive today. Its price surged as the bulls gathered to break the resistance of $0.2454. The move was fast and extremely explosive and brought the price from $0.236 all the way up to $0.262. However, XRP moved slightly down as the bulls got exhausted. It is now consolidating in the middle of the range, somewhere around $0.25.


XRP’s volume was elevated during the move but quickly came to normal. Its RSI level is near the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $0.266                                            1: $0.2454

2: $0.285                                            2: $0.235

3: $0.31                                              3: $0.227

 

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 31 – Bitcoin just under $9,500; CME Bitcoin futures surpass $100 billion

The crypto market took another try at reaching new highs after a day of consolidation. Altcoins seems to have taken over the day, as most of the large altcoins moved up more than Bitcoin. Bitcoin, the largest cryptocurrency by market cap, is currently trading for $9,450, which represents a 2.08% increase. Meanwhile, Ethereum gained 6.2%% on the day, while XRP went up 4.24%.

Kick Token took today’s most prominent daily gainer title with gains of 47.56%. On the other side, DxChain lost 11.01% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance decreased significantly in the past 24 hours. It is now at 65.86%, which represents a decrease of 0.76% when compared to the value it had yesterday.

The cryptocurrency market capitalization gained a considerable amount of value in the past 24 hours. It is currently valued at $260.37 billion, which represents an increase of $7.05 billion when compared to yesterday’s value.

What happened in the past 24 hours

The crypto boom of 2017 made mainstream financial entities look at the crypto industry. That was also the time they began moving into it. The Chicago Mercantile Exchange (CME) launched Bitcoin futures trading in December 2017, and since then, it has hosted over $100 billion in trading volume.

CME Group Managing Director, as well as Global Head of Equity Index Alternative Investment Products, Tim McCourt, told the press that the news of total volume of over $100 billion in Bitcoin futures trading is true.

Honorable mention

XRP

The world’s third-biggest cryptocurrency, XRP, is facing more regulatory concerns than ever. As these concerns have intensified, many people stepped in and talked about what they think about this asset.

Ben Askren, a former UFC fighter as well as a known Bitcoin bull, posted a tweet that expressed a lot of skepticism towards XRP. He tweeted on Jan 28: “I think XRP is a scam.” Askren is s well-known Bitcoin and Litecoin fan, but not quite a fan of XRP (as we can see from the tweet).

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Technical analysis

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Bitcoin

Bitcoin bulls tried to propell the price of the largest cryptocurrency above $9,500. However, the buying power was not as high as it needed to be, and Bitcoin failed to make it above this resistance level. Bitcoin immediately pulled back to the mini-support line of $9,375 (which is a 14.6% Fib retracement from the move – usually not a well-respected retracement level). Bitcoin is currently trading between its nearest big support of $9,251 and the $9,585 resistance level.


Bitcoin’s RSI is dancing around the overbought level line, while its volume is quite normal, apart from the one 4-hour candle which came out when BTC started a big upwards-facing move.

Key levels to the upside                    Key levels to the downside

1: $9,585                                           1: $9,251

2: $9,732                                           2: $9,120

3: $10,000                                         3: $8,905


Ethereum

Ethereum is one of the altcoins that gained more than Bitcoin in the past 24 hours. The second-largest cryptocurrency managed to push over its $178.5 resistance and finally break above. The moves were strong and without much resistance, while the volume was enormous (in comparison to the volume of the past week or so). Ethereum also tried to go over the next resistance level of $185 but failed to do so. It is currently consolidating just above the resistance level.


Ethereum’s volume was huge during the time of the price spike, while its RSI is slowly leaving the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $185                                                1: $178.5

2: $193.6                                            2: $167.8

3: $198                                           3: $164


Ripple

XRP also outperformed Bitcoin on the day. Its price moved up in order to pass the $0.2454 resistance level but failed to do so. However, XRP did make a good move to the upside. Its price is now just below the resistance.


XRP’s volume was elevated on the day, while its RSI level almost reached the overbought territory. However, it quickly backed down as the price stopped moving up.

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $$0.285                                          3: $0.221

 

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 28 – Bitcoin over 9,000; Deutsche Bank changing its narrative on crypto

The crypto market might be on the verge of a bull season. Bitcoin, as the most prominent cryptocurrency, stepped above $9,000 level and is currently establishing its price above it. Bitcoin’s price went up 4.43% on the day. It is currently trading for $9,012. Meanwhile, Ethereum gained 2.68% on the day, while XRP went up 1.29%.

KickToken gained 22.81% on the day, making it the most prominent daily gainer. Bytecoin lost the most today (6.62%), which made it the most prominent daily loser.

Bitcoin’s dominance increased slightly in the past 24 hours. It is now at 65.99%, which represents an increase of 0.21% when compared to the value it had yesterday.

The cryptocurrency market capitalization gained quite a bit of its value in the past 24 hours, as all the bigger cryptocurrencies went up in price. It is currently valued at $248.77 billion, which represents an increase of $8.84 billion when compared to yesterday’s value.

What happened in the past 24 hours

Deutsche Bank, Germany’s largest bank, said that cash is unlikely to be replaced by crypto any time soon despite being used less and less over time as a payment method, as well as despite the surge of digital currencies.

Deutsche Bank, which previously predicted that cryptocurrencies would almost certainly replace fiat by 2030, now changed its statement and said that cash “will be around for a long time.”

Honorable mention

Bitcoin Gold

The Bitcoin Gold blockchain has suffered a 51% attack, which resulted in over $70,000 worth of BTG being double-spent. James Lovejoy, a researcher at MIT’s Digital Currency Initiative, posted on GitHub that the Bitcoin Gold network was hit by two deep reorganizations, which counted over ten blocks. This event happened on Jan 23 and 24.

A 51% attack is a network breach where a single entity controls over half of the hashpower which secures a blockchain. This allows the aforementioned entity full control over confirmation of new transactions. If this power is abused, it could reverse completed transactions, allowing for the double spending of coins.

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Technical analysis

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Bitcoin

Bitcoin had another great day, leading the cryptocurrency market to new highs. The largest cryptocurrency passed a major milestone of $9,000, and started consolidating right above it. The $9,120 resistance level seems to have stopped Bitcoin from going up, at least for now. Bitcoin’s closest support line (bestides the $9,000 level which is not exactly a support level, but rather an emotional barier) is $8,905.


Bitcoin’s RSI is deep into the overbought territory on the 4-hour chart, while its volume is elevated and on the approximately the same level as all the significant price fluctuations (up or down) in the past two weeks.

Key levels to the upside                    Key levels to the downside

1: $9,120                                           1: $8,905

2: $9,251                                           2: $8,815

3: $9,585                                           3: $8,650


Ethereum

Ethereum also continued to increase in price after a good weekend. Its price passed the $167.8 support line on Sunday, but the bulls and bears were continually fighting for the next day on whether ETH will remain above the price level. However, the most recent spike in price decided that for sure. Ethereum is now in the middle of the range, with the closest resistance level being $178.5, and the closest support level still being $167.8.


Ethereum’s volume is elevated, while its RSI bounced off of the overbought territory and is (for now) moving down.

Key levels to the upside                    Key levels to the downside

1: $178.5                                             1: $167.8

2: $185                                               2: $164

3: $193.6                                            3: $160


Ripple

XRP followed the market to the upside, but it gained much less than Bitcoin and Ethereum. XRP bulls tried pushing the price above its resistance level of $0.235 but failed to do so. Ripple is now trading just below this price, with $0.235 being confirmed as a major resistance point. Its closest support level is still $0.227.


XRP’s volume is still not elevated and is on the same level as it was over the past few days. Its RSI is oscillating between 55 and 65 for the past two days.

Key levels to the upside                    Key levels to the downside

1: $0.235                                            1: $0.227

2: $0.2454                                          2: $0.221

3: $0.266                                            3: $0.211

 

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 24 – Crypto sell-off or just a leg down? Libra discussed at World Economics Forum

The crypto market spent the past 24 hours losing value. Prices started moving down the day before and continued throughout the day. Bitcoin’s price went down 1.76% on the day. It is currently trading for $8,336. Meanwhile, Ethereum lost 2.66% on the day, while XRP went down 2.84%.

Centrality gained 28.89% on the day, making it the most prominent daily gainer. On the other side, Komodo lost 16.04% on the day, making it the biggest daily loser.

Bitcoin’s dominance went up half a percent over the past 24 hours as its price decreased far less than the price of other cryptocurrencies. It is now at 66.25%, which represents an increase of 0.5% when compared to the value it had yesterday.

The cryptocurrency market capitalization lost quite a bit of its value in the past 24 hours. It is currently valued at $229.11 billion, which represents a decrease of $8.43 billion when compared to the value it had on yesterday.

What happened in the past 24 hours

After some time of not hearing about it and writing it off as a failed project, Libra might be back in the game. Major global economists are now crediting Facebook’s Libra with pushing the entire world to start reconsidering the US dollar as the anchor currency.

World Economic Forum panel in Davos, filled with officials as well as financial experts, discussed the US dollar and how it has become the world’s reserve currency.

Honorable mention

Bitcoin

Bitcoin enthusiasts have been fighting for an exchange-traded fund (ETF) for a long time now. Everyone expected an ETF to be approved in 2019. However, most of the proposals sent to the SEC were quickly rejected.

However, this might be the end of all the waiting. Ryan Selkis, a cryptocurrency analyst, claims that “we’ll finally see a Bitcoin ETF in the next 12-18 months.” Selkis believes Grayscale will be the first approved ETF, as the developments in the past 3 months placed Grayscale in quite a good position in SEC’s eyes.

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Technical analysis

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Bitcoin

Bitcoin lost quite a bit of its value in the past 24 hours. The sell-off was not quick, but rather slow and happened throughout the entire day. Bitcoin moved away from its $8,650 level and started decreasing in price. Bulls resisted a bit, but bears ultimately took over and the price went down to $8,270. However, the price recovered slightly and Bitcoin is now just slightly above that level, sitting at $8,300.


The key level of $8,436 moves to the upside levels.

Key levels to the upside                    Key levels to the downside

1: $8,436                                           1: $8,130

2: $8,815                                           2: $7,880

3: $8,905                                           3: $7,640


Ethereum

Ethereum also faced a sell-off. Its price dropped slightly more than Bitcoin’s. The pattern of the price drop seems almost entirely the same as Bitcoin’s, as the price fell under $167.8 and continued going downwards. Bulls made some noise, but were quickly ran over, and the price continued dropping to $157.9, where it is at currently. A drop to these price levels means that Ethereum made $160 level its immediate resistance, while its support is currently sitting at $154.2.


Ethereum’s volume is at the same level for four days already, while its RSI moved to the lower parts of the value-range.

Key levels to the upside                    Key levels to the downside

1: $160                                                1: $154.2

2: $163.5                                            2: $148.2

3: $167.8                                            3: $141.3


Ripple

XRP lost quite a bit of value in the past 24 hours. Not only that, but it fell under two major support levels. XRP bears pushed the price down below the $0.227 and $0.221 support levels all the way down to $0.220. The price is stable at that level, at least for the moment being. XRP’s immediate resistance is now $0.221, while its first major support level is at $0.211.


XRP’s volume is pretty stagnant for the past couple of days, while its RSI is extremely close to the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $0.221                                            1: $0.211

2: $0.227                                            2: $0.204

3: $0.235                                            3: $0.198

 

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 23 – SEC hunting ICOs, Cryptos having a red day

The crypto market seems to have stopped consolidating and started moving slightly downwards. Prices started moving down slightly, so the real downtrend is still early to call. Bitcoin’s price went down 1.76% on the day. It is currently trading for $8,567. Meanwhile, Ethereum lost 2% on the day, while XRP went down 2.31%.

SWIPE gained 18.95% on the day, making it the most prominent daily gainer. On the other side, Centrality lost 9.52% on the day, making it the biggest daily loser for the third time in a row.

Bitcoin’s dominance went up a quarter of a percent in the past 24 hours. It is now at 65.75%, which represents an increase of 0.25% when compared to the value it had yesterday.

The cryptocurrency market capitalization lost a bit of its value in the past 24 hours. It is currently valued at $237.54 billion, which represents a decrease of $2.61 billion when compared to the value it had on yesterday.

What happened in the past 24 hours

It is known that the Securities and Exchange Commission (SEC) is investigating ICOs for any potential fraud. During the investigation, the SEC has charged Sergii Grybniak, the founder of Opporty. The SEC targeted this project for falsely declaring that they are 100% SEC compliant, while they were not. This project managed to raise $600,000 during its ICO.

Opporty project launched its ICO between Sept and OCT 2018. The project was mainly aimed at US investors and claimed to provide a “blockchain-based ecosystem for small businesses and their customers.”

Honorable mention

NEM/XEM

The NEM Foundation managed to reach an agreement with the leading crypto hotel booking platform, Travala. The deal makes the NEM native token, XEM, available for booking. This way, NEM users can book their stay in over 2 million hotels across the world.

The integration of XEM on the platform would certainly open the path for this cryptocurrency, as it will provide a great use-case to it. XRM can now be used to book hotels in over 2 million hotels in 230 countries.

Travala users who want to use XEM for booking a hotel will get about 40% discount rate where Travala offers accommodation booking services.

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Technical analysis

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Bitcoin

Bitcoin was trading in a very tight range for 48 hours straight. The largest cryptocurrency finally left that range and started moving. Unfortunately, the move was downward-facing. Bitcoin moved away from its $8,650 level and started decreasing in price. Bulls and bears are currently fighting for who is going to take over the next move. Bitcoin’s next support level is somewhere around $8,436, while its resistance is all the way up to $8,815. The $8,650 level was not an important level in the most recent price activities, so it should be disregarded.


Key levels remain the same as there were no support or resistance breakouts.

Key levels to the upside                    Key levels to the downside

1: $8,815                                           1: $8,436

2: $8,905                                           2: $8,130

3: $9,115                                           3: $7,880


Ethereum

Ethereum has once again confirmed that it is the most correlated crypto asset. Its price followed the market downwards, which made the price drop to $165. Ethereum is currently in a really tight range, as its immediate support level is right at $163.5. On the other hand, its nearest resistance level is at $167.8.


Ethereum saw a slight rise in volume in the past few candles as the direction of the next move is unsure, and bulls and bears are fighting. Its RSI value is right below the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $167.8                                             1: $163.5

2: $178.65                                          2: $160

3: $185                                               3: $154.2


Ripple

XRP lost some value as well today. The price drop solidified XRP’s position below the $0.235 line. Even though this line was not well-respected in the most recent price activity, it is still a valid resistance level. XRP is now trading in the middle of the range, bound by $0.227 to the downside and $0.235 to the upside. If we disregard the $0.235 resistance, the next viable level would be $0.24545.


XRP’s volume is pretty stagnant for the past couple of days, and so was its RSI level.

Key levels to the upside                    Key levels to the downside

1: $0.235                                            1: $0.227

2: $0.24545                                        2: $0.221

3: $0.2553                                          3: $0.211

 

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 21 – CME Bitcoin Options double in one week; Bitcoin SV wash-trading scheme

If we take a look at Bitcoin, Ethereum, and Ripple, we would conclude that the cryptocurrency market did not move much in the past 24 hours. However, while the top3 did not move as much, some altcoins were gaining over 10% on the day. Bitcoin’s price went down 0.44% on the day. It is currently trading for $8,613. Meanwhile, Ethereum gained 0.83% on the day, while XRP went up 1.51%.

The past 24 hours had quite a few prominent gainers. HedgeTrade and Bitcoin SV gained 12.52% and 12.35% on the day, respectively. On the other side, Centrality lost 14.52% on the day, which makes it the biggest daily loser.

Bitcoin’s dominance took a hit today, as altcoins moved while bitcoin did not. It is now at 65.68%, which represents a decrease of 0.63% when compared to the value it had yesterday.

The cryptocurrency market capitalization did not move today. It is currently valued at $238.53 billion, which represents an increase of $1.27 billion when compared to the value it had on Friday.

What happened in the past 24 hours

CME group’s Bitcoin options had their traded volume doubled (and some more) in the first week after going live. Data provided by the CME group itself shows that the Bitcoin options volumes simply skyrocketed since they went live on Jan. 13.

As of Friday, Jan. 17, the traded volume was 122 contracts, which is worth 610 BTC or $5.27 million. To compare, the first day’s trading volume was 55 contracts, which is 275 BTC or $2.37 million.

Honorable mention

Bitcoin SV

Most of the cryptocurrency industry started in 2020 with some great price increases. However, one cryptocurrency performed far better than the rest. Bitcoin SV (BSV) started the year under $100 and now trades for over $300. Even in the past 24 hours, when most cryptos are stagnating, BSV is gaining in price.

CTO of CoinText, Vin Armani, has a theory that accuses Calvin Ayre, one of the biggest proponents of BSV of operating a wash trading scheme. Armani alleges that the failed deal to sell mining devices with Squire Mining LTD. left Ayre with quite a lot of SHA-256 miners.

However, instead of mining BSV (as Armani also said that Ayre is one of the only miners of BSV and adding hash rate wouldn’t grant him bigger profits), the theory is that Ayre is deploying the hardware to mine BCH. He then sells the Bitcoin Cash generated for US Dollar Tether and uses this to wash trade Bitcoin SV’s price up.

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Technical analysis

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Bitcoin

Bitcoin is pretty much exactly where it was 24 hours ago. The largest cryptocurrency traded sideways for over 24 hours in an attempt to consolidate. Its consolidation price is bound by an immediate (though not so well-respected) level of resistance, sitting at $8,460. It has recovered since and is currently trading right above the $8,650 level.


Bitcoin’s volume is decreasing, and the volume chart (if zoomed in) looks like it is descending. Its RSI is in the lower part of the value range.

Key levels to the upside                    Key levels to the downside

1: $8,815                                           1: $8,650

2: $8,905                                           2: $8,436

3: $9,115                                           3: $8,130


Ethereum

Ethereum also took the pas 24 hours to consolidate. However, it did end up gaining almost a percent on yesterday’s price, while Bitcoin lost a fraction of a percent. As with Bitcoin, Ethereum is bound to the upside by an immediate resistance level of $167.8. It has a bit more leeway on the downside, where its next support level is standing at $163.5.


Ethereum’s volume currently on the lower end of the spectrum, while its RSI level is exactly in the middle of the range.

Key levels to the upside                    Key levels to the downside

1: $167.8                                             1: $163.5

2: $178.65                                          2: $160

3: $185                                               3: $154.2


Ripple

While XRP performed a bit better than BTC and ETH over the past 24 hours, it followed the same guidelines. Its price was trying to consolidate and trade sideways during the whole day. The only difference was that XRP managed to gain over 1.5% on the day while doing that. XRP is currently just above $0.234, which it passed since the last time we reported. However, this level got less important and less respected as of lately.


XRP’s volume is on the lower end of the spectrum, while its RSI is just slightly above the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.24545                                        1: $0.234

2: $0.253                                           2: $0.227

3: $0.266                                           3: $0.221

 

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 19 – Bitcoin above $7,000 while the market is in the green

Bulls have retaken the crypto market after quite a few red days. Most cryptocurrencies gained some value on the day, with some growing in value exponentially. Bitcoin gained 6.37%, and it is trading for $7060 at the time of writing. Meanwhile, Ethereum increased its price by 1.88%, while XRP gained 1.65%.

Aidos Kuneen, on the other hand, gained 50.04% on the day, making it the biggest daily gainer. Out of the cryptos that ended up in the red, the biggest loser was Centrality, which lost 4.71% of its value on the day.

Bitcoin’s dominance increased yet again in the past 24 hours, as cryptocurrencies (on average) gained less value than it did. Its dominance in percentage is currently 67.95%, which represents an increase of 0.36% when compared to the value it had yesterday.

The cryptocurrency market capitalization rose in the past 24 hours as the individual cryptocurrencies gained. Its total market value is currently $187.39 billion. This value represents a decrease of $7.39 when compared to the value it had yesterday.

What happened in the past 24 hours

Recent statistics show that 14.4% of Americans own at least some cryptocurrency. The cryptocurrency accounting firm Lukka announced its “do-it-yourself” cryptocurrency tax preparation software that is suited for retail investors. The product will come live just in time for the 2019 tax season.

Lukka’s main focus was providing institutional-grade solutions to crypto funds in the past. However, the company decided to expand to the retail investor market.

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Technical analysis

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Bitcoin

After almost a week of its price continously falling, Bitcoin finally had a decent green day. In fact, the past 24 hours were amazing for Bitcoin price-wise. Its price went from $6,400 all the way to $7,500 before settling at around $7,050 for now. Many analysts show that Bitcoin is now bullish in the short-term.


Bitcoin’s volume has currently increased, while its RSI was dangerously approaching overbought territory. However, that quickly ended, and its RSI is now approaching the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $7,260                                           1: $6,940

2: $7,415                                           2: $6,410

3: $7,525


Ethereum

Ethereum has had a great day as well, though not as good in terms of the price increase as Bitcoin. Ethereum spent the past couple of days repeating the same price pattern over and over. Its price dropped severely during a short period, following by it trying to consolidate just above its lows for the day. Similar to yesterday and the day before, Ethereum started losing value extremely quickly.  However, the $117 line held up quite well, and Ethereum bounced off of it to $135. However, Ethereum’s direction is still unknown as the price fell back down to $128 at the time of writing.


If Ethereum falls under $117, new support levels will have to form naturally as Ethereum does not have any “prepared” ones yet.

Key levels to the upside                    Key levels to the downside

1: $120.35                                            1: $117

2: $128.1

3: $130


Ripple

XRP did not have a bad day, either. Its price gained some value today, too, while the gains were quite marginal compared to Bitcoin’s gains. XRP’s price found support in the $0.176 level, which propelled it to $0.2. However, that was just a short-term gain as XRP started going down almost as quickly as it went up. With the current price of $0.1865, XRP has not broken any resistance lines since the price started rising.


Unlike Bitcoin, which had its RSI almost reach overbought levels during the price spike, XRP has its RSI still walking on the edge of being oversold.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.176

2: $0.198                                            2: $0.16

3: $0.2045

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 11 – NIKE patents blockchain-based system for their business, crypto markets in the slight red

The crypto market is consolidating and trying to find a price to stabilize. Most cryptocurrencies did end up in the red. However, the losses were quite negligible. If we look at the past 24 hours, Bitcoin’s fell by 0.84%. Its price is $7,238 at the moment of writing. Meanwhile, Ethereum lost 0.7%, while XRP fell 0.09%.

The biggest daily crypto gainer for the largest market cap cryptos is MINDOL, with gains of 67.83%. On the other hand, the biggest daily crypto loser is EDUCare, which lost 9.55% of its value.

Bitcoin’s dominance fell slightly in the past 24 hours. Its dominance sits at 66.3% at the time of writing. This value represents a decrease of 0.26% from yesterday’s value.

The cryptocurrency market’s market cap fell slightly in the past 24 hours. Its total value is currently $197.75 billion. This represents a decrease of $1.71 billion when compared to yesterday’s value.

What happened in the past 24 hours

Another good indicator of blockchain’s popularity is the number of companies trying to utilize it’s potential. Nike recently became one of these companies as they patented shoes that are tokenized as a non-fungible token. This tokenization will work on the Ethereum blockchain.

The patent thoroughly describes a digital asset for footwear as well as ways to use it. The document explained how Ethereum’s ERC721 or ERC1155 tokens are used to authenticate and transact a physical shoe.

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Technical analysis

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Bitcoin

Bitcoin had another small price drop in the past 24 hours. Even though the drop seems negligable, its price actually fell under another support line. The price was consolidating between the $7,415 resistance and $7,314 Fib retracement line yesterday. However, the $7,314 line got broken and turned resistance. Bitcoin’s next support level would be $7,000.


Bitcoin’s volume was on an upswing during the price drop but normalized quite fast at lower levels. Its RSI value fell and is now very close to the oversold levels.

Key levels to the upside                    Key levels to the downside

1: $7,314                                           1: $7,000

2: $7,415                                           2: $6,640

3: $7,565                                           3: $6,505


Ethereum

Ethereum had almost the same red candle that moved the market down slightly as Bitcoin. However, its price recovered a bit better, and Ethereum created a few small green candles.

On top of that, the second-largest cryptocurrency by market cap didn’t break any support levels. Its price now trades between the $150.5 key resistance and $144.1 critical support level. After the price drop, the support level got tested and held up quite well.


Ethereum’s volume is at a reasonably normal level compared to the previous days. Its RSI almost hit the oversold territory but is currently on the upswing.

Key levels to the upside                    Key levels to the downside

1: $150.5                                             1: $144.1

2: $155.8                                            2: $133.5

3: $161.1                                            3: $128.9


Ripple

XRP’s chart is looking like it’s having an identity crisis, as bulls and bears are constantly fighting. As stated before, it’s underwhelming to say that XRP just broke its uptrend. Rather, the price drop looks like a downtrend. Still, there is good news for XRP after all. After its price dropped below $0.222, which was the next key support and the 38.2% Fib retracement line, bulls rallied and brought the price above it. That way, the $0.222 level still acts as an immediate support level.


XRP’s volume is currently extremely low, while it’s RSI value is closer to the bottom half of the range. No key levels changed as XRP didn’t break any of them.

Key levels to the upside                    Key levels to the downside

1: $0.2267                                          1: $0.222

2: $0.234                                            2: $0.2182

3: $0.2351                                          3: $0.2145

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 10 – JP Morgan launching its blockchain network in 2020

The crypto market has its first red day after a green weekend. Most cryptocurrencies ended up in the red. If we look at the past 24 hours, Bitcoin’s price decreased by 1.76%. It is now trading for $7,353. Meanwhile, Ethereum lost 0.43%, while XRP fell 2%.

The biggest top100 crypto gainer for today is Chainlink, with gains of 10.85%. On the other hand, the cryptocurrency that lost the most today was Matic Network, which lost 50.4% of its value.

Bitcoin’s dominance stayed at the almost exact place when compared to where it was yesterday. Its dominance is currently 66.56%, which represents an increase of 0.03% from yesterday’s value.

The cryptocurrency market’s market capitalization dropped in the past 24 hours. The market cap is currently at roughly $199.46 billion. This value represents an increase of $4.7 billion against the value it had on yesterday.

What happened in the past 24 hours

JPMorgan announced the launch of its blockchain-based payment network for the Japanese market in early 2020. The payment network is based on JPMorgan’s in-house blockchain platform, Quorum. The Interbank Information Network (IIN) wants to improve payment transactions as well as data sharing between banks.

Bloomberg’s report says that over 80 Japanese banks have a serious intent to join the platform. Out of the 365 total members that announced to join the platform, over 20% are Japanese banks.

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Technical analysis

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Bitcoin

After a great weekend, Bitcoin came back to almost the exact same spot it was in before it. The biggest cryptocurrency managed to lost its gains and fall under the $7,415 resistance, which is now turned support. The price is now consolidating between the $7,415 resistance and $7,314 Fib retracement line which is now acting as support. The immediate support line got tested twice, but held up both times.


Bitcoin’s volume spiked during the price drop but is now normalizing at lower levels. Its RSI levels fell down from being close-to overbought and normalized as well.

Key levels to the upside                    Key levels to the downside

1: $7,415                                           1: $7,314

2: $7,565                                           2: $7,240

3: $7,828                                           3: $7,120


Ethereum

Ethereum followed Bitcoin once again, which became almost a daily occurrence whenever big moves happen. Ethereum bulls stepped in and brought the price above the resistance of $150.5 over the weekend. After that happened, Ethereum immediately had a small level retesting, but the real test was ahead (as we reported yesterday). As the bears gathered and pulled the price down, the $150.5 resistance did not hold up, and Ethereum went under it.


Ethereum’s volume is currently really low relative to the previous days. Its RSI is in the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $150.5                                             1: $144.1

2: $155.8                                            2: $133.5

3: $161.1                                            3: $128.9


Ripple

It’s underwhelming to say that XRP broke its uptrend. After a whole week of a steady increase in price, it dropped significantly and lost around 40% of its gains from the whole uptrend move. After a sudden burst towards the upside on Dec 8, the price reached $0.234 but quickly started falling due to bulls not having enough buying pressure. The downward-facing move continued, and XRP’s price dropped from $0.234 all the way down to $0.222. However, this key level held up, and the price stabilized, at least for the time being.


There was no volume increase when this price-drop happened, which is quite interesting. XRP’s RSI value also returned to the bottom half of the range.

Key levels to the upside                    Key levels to the downside

1: $0.2267                                          1: $0.222

2: $0.234                                            2: $0.2182

3: $0.2351                                          3: $0.2145

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 28 – Another bull rally despite China crypto-business crackdown

The cryptocurrency market had another great day. After a day of consolidation that the industry had yesterday, the past 24 hours have been quite bullish. Most cryptos ended up in the green, and some of them even broke their old key levels. If we take a look at today’s prices, Bitcoin went up %4.84, and it is now trading at $7,484. Ethereum gained 3.12%, while XRP went up 3.13%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Siacoin, with an explosive gain of 33.82% on the day. The biggest losers of the day were Silverway and Molecular Future, which lost 14.83% and 4.84% of their value, respectively.

 

The most recent jump in price was disproportional when we take into consideration all cryptocurrencies. Bitcoin’s dominance has increased more than 0.5% when compared to the value it had yesterday as it gained more value than the rest of cryptocurrencies. Its dominance is currently 66.52%.

The cryptocurrency market as a whole now has a market capitalization of $203.87 billion, which represents a significant increase when compared to the value it had yesterday.

What happened in the past 24 hours

China is showing its teeth with its latest crypto-crackdown. As reported, at least five local exchanges had to stop their operations or announce that they will no longer serve domestic users this month. Chinese regulators issued a series of warnings and notices as part of a cleanup of cryptocurrency trading.

The latest wave of shutdowns and restrictions in the crypto industry represent the biggest cleanup of the sector since September 2017.

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Technical analysis

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Bitcoin

Bitcoin did not spend much time consolidating its price as the bulls seemed to have made a decision to move the price up. After consolidating above 7,000, the bulls pushed Bitcoin above $7,415. This move was successful and Bitcoin has now made this key level its support.


Bitcoin’s volume was on the levels it was at during the sell-offs, which happened a few days ago. Its RSI level is currently more near overbought than near oversold territory.

 

Key levels to the upside                   Key levels to the downside

1:  $8,000                                          1: $7,415

2: $8,425                                           2: $6,620

3: $8,640                                


Ethereum

Ethereum bulls also had their run but left Ethereum right on the key level of $153. Ethereum is now trying to decide whether its price will stay above this line or below it. However, whether the price ends up above or below $153, the bullish move was successful as this key level was not the only one that the price passed to the upside.


Ethereum’s RSI is now approaching overbought territory, while its volume has decreased heavily after the move has ended.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185


XRP

XRP was another cryptocurrency that had a bull rally in the past 24 hours. However, its price is still not stable enough that we can say that this move was completely successful. After consolidating at around $0.21, XRP’s price shot up to $0.227 it is now trading at. However, with no key resistance levels broken and no real support levels formed, this move hasn’t brought XRP out of the limbo yet.


XRP’s RSI is slowly increasing while its volume is declining slightly.

Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  $0.202

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 27 – Crypto markets consolidating as adoption rises

After an explosive gain cryptocurrency industry had yesterday, the past 24 hours have been quite stagnant in price. Many cryptocurrencies just tried to consolidate and form respect towards support/resistance lines. If we take a look at today’s prices, Bitcoin went down2.15%, and it is now trading at $7,107. Ethereum lost 1.5%, while XRP went down 1..51%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is LINA, with 67.55% daily gain. The biggest loser of the day was Digitex Futures, which lost 8.10% of its value.

Bitcoin’s dominance has stayed on virtually the same spot when compared to its value from the past 24 hours. Its dominance now sits at 65.94%.

Note: At the moment of this publication, Bitcoin drops below $6,900 on the news of a $50 million hack of Ethereum in the Korean exchange Upbit. All cryptos are currently losing their close supports.

The cryptocurrency market as a whole now has a market capitalization of $1195.19 billion, which represents a significant increase (around $9 billion) when compared to the value it had yesterday.

What happened in the past 24 hours

Even though the price doesn’t show it, Bitcoin and other cryptocurrencies are slowly getting more and more adoption. A cryptocurrency-friendly travel booking platform has partnered with the online travel agency giant Booking.com therefor making cryptocurrencies available to people using Booking.com. This deal will allow Travala users to book their accommodation listed on Booking.com with cryptocurrencies.

While this is a great thing, there are no changes to Booking.com as a platform, so this info will impact just the Travala platform users.

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Technical analysis

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Bitcoin

After yesterday, when Bitcoin bulls rallied and managed to pull the price back above the $7,000 threshold, Bitcoin started consolidating. Once the price even pushed to break its key level of $7,415 but failed to do so, Bitcoin has been on a slight decline, but contained within two key levels.


Bitcoin’s volume started to drop after the failed attempt to break $7,415. Its RSI level broke the oversold territory once the movement up started.

 

Key levels to the upside                   Key levels to the downside

1:  $7,415                                        1: $6,620

2: $8,000

3: $8,425                                


Ethereum

Ethereum had a terrible weekend as well as its price plummeted almost $50. After the big drop, it rallied back up along with most cryptocurrencies. However, unlike Bitcoin, Ethereum did not manage to stay contained within its “safe zone.” It is now trading at around $145, which is just below the support zone, which now turned resistance.


Ethereum’s RSI is now above the oversold territory, while its volume has decreased heavily when compared to the past couple of days.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185


XRP

XRP has not yet decided on what price to anchor to, meaning its s support levels are still unclear. Its price seems to be consolidating as well, which means that support and resistance lines will be revealed soon. XRP did not break any resistance levels and stayed in the price limbo that it was at after the bear move. Its price is now somewhere around $0.219.


XRP’s RSI barely moved above the oversold territory, while its volume is still on very high levels.

Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  still unclear

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 21- $400 million XRP tied to illicit activities, crypto markets bleeding out

The cryptocurrency market was slowly bleeding out in the past 24 hours. Most cryptocurrencies ended up being in the red. If we take a look at the past 24 hours, Bitcoin went down 0.57%, and it is now trading at $8,072. Ethereum lost 1.17%, while XRP went down 1.71%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is EDC Blockchain, with 30.61% daily gain. The biggest loser of the day was Komodo, which lost 10.51% of its value.

Bitcoin’s dominance increased to over 66% as the market lost a bit more value than Bitcoin itself. Its dominance now sits at 66.02%.

The cryptocurrency market as a whole now has a market capitalization of $219.41 billion, which represents a slight decrease when compared to the value it had yesterday.

What happened in the past 24 hours

Cryptocurrency forensics and analysis firm Elliptic managed to put together a case on $400 million of XRP’s funds. Allegedly, about $400 million worth XRP ended up being used for illegal transactions.

In a press release published on Nov 20, Elliptic said that the $400m of illicit XRP activity  represents just a bit less than 0.2% of total XRP transactions. They also said that the vast majority of XRP activity is legitimate as this is all they could find.

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Technical analysis

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Bitcoin

Bitcoin had a red day today. However, it did not lose as much as most of the market. The price managed to stabilize above $8,000 resistance line as this key level ended up being well-respected by the market. The price is currently walking on the edge and anchoring to the key level, so any form of bear presence might threaten Bitcoin’s price above $8,000.


Bitcoin’s volume is continuing to gradually decrease from the big drop in price. Its RSI level is in the oversold territory for some time now.

Key levels to the upside                   Key levels to the downside

1: $8,425                                           1: $8,000

2: $8,640

3: $8,820                                       


Ethereum

Ethereum spent the day trading just below its immediate resistance, but could not break it. The price broke the $178.6 key support level and is currently trading below it, as bears are threatening with a move to the upside. However, the volume is not showing any initiative from the bull side.


The critical level of $178.6 moved to the upside as the price went below it. Likely, Ethereum won’t manage to go above this level in the short future as its volume and bull presence, in general, are not there.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5


XRP

XRP’s ranging movements are continuing today as well. After its price fell to its key support level of $0.245, bulls kicked in and kept the price above it. XRP is currently trading near the bottom of the range, stuck between the 0.245 support line and the 0.266 resistance line.


Both support and resistance levels seem to have been well-respected by the bulls and bears, which indicates that XRP might stay in this range for some time. The key levels remain the same as they were as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 20 – KPMG values Bitcoin-based companies less this year, Cryptocurrency markets in consolidation

The cryptocurrency market was mainly consolidating in the past 24 hours. Most cryptocurrencies gained and lost values that were not significant enough to cover. If we take a look at the past 24 hours, Bitcoin went down 0.45%, and it is now trading at $8,113. Ethereum lost 0.25%, while XRP gained 1.65%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Crypterium, with 21.06% daily gain. The biggest loser of the day was Aurora, which lost 9.37% of its value.

Bitcoin’s dominance remained at the pretty much the same place from the last time we checked the markets. Its dominance now sits at 65.87%.

The cryptocurrency market as a whole now has a market capitalization of $224.9 billion, which represents a slight decrease when compared to the value it had yesterday.

What happened in the past 24 hours

There was no big fundamental news that could impact the market positively or negatively today. Small price movements showed that no technical or fundamental indicators gave any signals.

Big Four auditing firm KPMG released its 2019 Fintech100 ranking. KPMG lists the top100 fintech firms in the world each year. This year, the list saw a drop in Bitcoin and crypto-related companies.

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Technical analysis

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Bitcoin

Bitcoin had a pretty slow day in the past 24 hours. After yesterday’s price drop, the price stabilized above $8,000 resistance line. This support key level seems to have been respected as bulls started to buy Bitcoin at this price point and stopped bears from taking over completely.


Bitcoin’s volume is continuing to gradually decrease from the big drop in price. Its RSI level is in the oversold territory for some time now.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820                                           2: $8,000

3: $9,120                                         


Ethereum

As Ethereum broke another support key level, it is currently stuck in a price limbo. The price broke the $178.6 key support level and is currently trading just below it. There are currently no attempts of Ethereum going back above this key level.


The key level of $178.6 moved to the upside as the price went below it. It is likely that Ethereum won’t manage to go above this level in the short future as its volume and bull presence, in general, are not there.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5


XRP

XRP had quite a turbulent day. Its price fell to its key support level of $0.245, but bulls kicked in and kept the price above it. XRP is currently trading in the middle of the range, stuck between the 0.245 support line and the 0.266 resistance line.


The key levels still remain the same as they were as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 15 – Cryptocurrency market bleeding out, major support levels broken

The cryptocurrency market suffered some losses in the past 24 hours. Every cryptocurrency in the top10 lost a percentage of its value. If we take a look at the past 24 hours, Bitcoin went down 1.21%, and it is now trading at $8,564. Ethereum lost 1.89%, while XRP went down 2.22%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Verge, with 26.34% daily gain. The biggest loser of the day was Icon, which lost 7.83% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.79%.

The cryptocurrency market as a whole now has a market capitalization of $236.4 billion, which represents a decrease of $3.3 billion from yesterday’s value.

What happened in the past 24 hours

There was no big fundamental news that could spark up any moves to the upside or downside in the past 24 hours. However, due to the lack of volume and inability to reach past some resistances, the cryptocurrency market started to bleed out in the past 24 hours.

This more bearish outlook on the cryptocurrency market resulted in most cryptocurrencies being in the red.On the other hand, many analysts are stating that the soon-to-come US recession might reflect extremely positively on the cyptocurrency market.

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Technical analysis

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Bitcoin

Bitcoin’s price went under a key support level in the past 24 hours. It passed $8,640 to the downside and is now trading at around $8,550 levels. This is a really bad price to be at as threr are no clear-set support lines that the price can anchor to.


Bitcoin’s volume is still extremely low, with RSI touching the oversold territory for a brief moment.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820

3: $9,120                                         


Ethereum

Ethereum also broke the range it was trading at. Its price was contained within a range between the resistance line of $193.5 and a support line of $185, but the most recent move to the downside broke the $185 support line. The next possible support key level is $178.6.


The key levels remain the same, but the support key level of $185 now became key resistance.

Key levels to the upside                   Key levels to the downside

1: $185                                              1: $178.6

2: $193.5                                           2: $167.8

3: $198


XRP

XRP did not have a good day either. Its price also broke a key support level. The major support level of $0.266 was broken to the downside, and XRP is now trading just under it. XRP’s price is currently hovering at around $0.264. XRP is currently creating a doji candle at the $0.264 level which might signal that bulls are coming in for the rescue.


XRP’s volume has dropped when compared to yesterday’s volume, while its RSI touched the oversold territory.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 8 – XRP bears and bulls fighting, Coinbase introduces staking with 5% annual interest

The cryptocurrency markets are almost in the same spot as they were yesterday. There were no big moves up in the top3 cryptocurrencies. However, XRP had a pretty rough day, as it lost over 4% in the past 24 hours. Even though most cryptocurrencies are in the red, the losses were extremely small. Bitcoin went down 0.73%, and it is now trading at $9,223. Ethereum lost 1.13%, while XRP went down by 4.03%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is DxChain Token, with 43.07% daily gain. The biggest loser of the day was Decred, which lost 8.15% of its value.

Bitcoin’s dominance increased slightly as some altcoins decreased in value while Bitcoin pretty much stayed at the same spot. However, the increase is only fractional. Its dominance now sits at 66.73%, which represents an increase of 0.14% when compared to yesterday’s value.

As XRP and some other cryptocurrencies had a slight red day, the cryptocurrency market declined slightly. Cryptocurrencies as a whole now have a market capitalization of $252.6 billion, which represents an almost $1.1 billion decrease when compared to the previous day.

What happened in the past 24 hours

Coinbase announced that they will be introducing staking as an incentive for holding a cryptocurrency. The first cryptocurrency that will be available for staking at Coinbase will be Tezos (XTZ) token.

Coinbase said U.S. customers (excluding residents of Hawaii and New York) can now stake Tezos with an estimated 5% annual return. The estimate of 5 percent is based on Tezos’ staking returns in the past three months. One thing to note is that there will be an initial holding period of 35–40 days. After the holding period is done, stakers will earn rewards for holding the cryptocurrency. The rewards will be paid every three days.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Slight decrease in volume was enough to put Bitcoin below the $9,250 support line, which now turned resistance. Once the price went below the line, the momentum tried to push it below the small $9,125 support line. However, bulls rallied and managed to keep the price above that point. Bitcoin is now trading at $9,223 which is just slightly less than how much it was trading for at 24 hours ago.


Bitcoin’s volume has decreased slightly in the past 24 hours. One change in the key levels is that the previous support line of $9,250 now acts as resistance.

Key levels to the upside                   Key levels to the downside

1: $9,250                                           1: $9,125

2: $9,580                                           2: $8,820

3: $9,740                                           3: $8,640


Ethereum

Ethereum is contained within a range between the resistance line of $193.5 and a support line of $185. After testing the upside on Nov 6 and failing, Ethereum attempted to test the downside. As the price reached $185 line, buyers rallied and brought the price up. Ethereum is now trading for $187.5.


Ethereum’s volume is hitting record lows in the past 24 hours. Without buying or selling pressure, ETH might stay in this price range for quite a long time.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8


XRP

XRP has had a wild ride in the past 24 hours. After having a major move that brought the price from $0.295 up to $0.315, XRP crashed. Not only that, the bears have brought the price to its original levels, but they were in control until the price reached $0.274. This major and sudden price drop was quickly nullified when the bulls stepped in. XRP is now trading for $0.289.


XRP is currently trading with a volume that exceeds the average by quite a large margin. Its RSI indicator dropped from overbought to the ~40 range.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Videos

The Ultimate Guide to Altcoins

What are altcoins?

Altcoins are, simply put, the cryptocurrencies that launched after Bitcoin. Altcoins are made to either do the things Bitcoin does but better or to fill some other gap in the market. Bitcoins’s success created a whole industry where people are trying to solve world problems using blockchain and cryptocurrency tech. As Bitcoin itself is not a complete project yet, some altcoins are trying to become a “better version of Bitcoin.” Others want to improve other industries and have no intention of being Bitcoin’s competition. As the term ‘altcoins’ represents all other cryptocurrencies other than Bitcoin, there are thousands of altcoins out there.
Why are non-Bitcoin cryptocurrencies called “Altcoins”?

“Altcoin” is a word combined from the words: “alt” and “coin.” “Alt” is a short term for “alternative,” while “coin” is a jargon term for cryptocurrency. Together, they represent alternative cryptocurrencies as they are not Bitcoin. However, many (if not all) altcoins are influenced by Bitcoin in many ways. While many came to life directly by forking off from Bitcoin’s blockchain, others created their own blockchains.

Many altcoins are built on the framework provided by Bitcoin, which means that most of them have similar characteristics. They have a peer-to-peer network and use Proof of Work concept to incentivize transaction validation through mining. However, there are a lot of altcoins, and almost all of them have a special feature or a set of features that differentiates them from the rest. They differ from Bitcoin with a range of variations which range from including different validation incentive algorithms to security and anonymity features.

The first Altcoins

The earliest notable altcoin is Namecoin, and it was almost an exact copy of Bitcoin. They had the same code as well as Proof of Work algorithm. They also had the same maximum amount of coins, namely 21 million coins. Namecoin was created in April 2011 with the main purpose of improving on privacy features. Namecoin tried to make user domains less visible, which allowed them to mine using their own .bit domains.

Namecoin was not a successful project, but many others were. Current leading examples of altcoins are :
Litecoin;
Ethereum and
XRP/Ripple.

Right after Namecoin’s launch, Litecoin came out and was branded as the “silver to Bitcoin’s gold.” Litecoin is another project that is extremely similar in code and functionality to Bitcoin. However, Litecoin differs from Bitcoin in several essential ways: It allows mining transactions to be approved four times faster than Bitcoin and has a supply that’s 4 times bigger. It also uses a different proof-of-work algorithm than Bitcoin that’s called Scrypt.

As of October 2019, there are more than 3,000 cryptocurrencies available over the internet, and they are all considered altcoins, except Bitcoin. New cryptocurrencies can be created at any time and by anyone. However, not all of them are successful. Many of them will not find their place in the market and will eventually fail, as many older cryptocurrencies already did.
Biggest Altcoins explained

Ethereum

Companies such as J.P Morgan Chase, Microsoft, and Intel gathered up in order to create the fiercest rival to Bitcoin in terms of market capitalization, Ethereum. The main purpose of Ethereum was not to directly compete with Bitcoin but to rather program binding agreements (which are called smart-contracts) into the blockchain itself. This incarnated into the now-popular smart contract feature that many cryptocurrencies use.

It should be noted that Ethereum is not just a currency as it did not copy its code from Bitcoin. It is also a blockchain platform that’s powered by its cryptocurrency: Ether. Ethereum has the potential to revolutionize many industries with its smart-contract feature as these contracts can be used to improve how we store medical records, how we do property sales and leasing etc.

XRP/Ripple

XRP attracted a great deal of venture capital during its inception, as it was the first cryptocurrency that had a plan to revolutionize the banking industry rather than turning it upside down. This altcoin startup managed to raise $50 million from banking institutions, gathering $90 million in total funding. The project is even backed by Google. XRP has a unique feature of allowing transacting with any unit of value, from fiat currency to frequent flier miles.

Ripple tries to improve the outdated SWIFT transfers, which are costly and slow. Using XRP would lower the total cost of international settlement by enabling banks to transact directly, instantly, and with a certainty of settlement. XRP quickly took its spot as the 3rd largest cryptocurrency and 2nd largest altcoins on the market.
However, many influential people think that XRP is not a real cryptocurrency and that all its value lies in the company that created it instead of the cryptocurrency, which was not being used all that much. Only time will tell whether this statement is true or false.

Litecoin

Former Google engineer Charles Lee created Litecoin in order to improve on how Bitcoin is used. His idea was that Bitcoin should be considered the “internet gold” while Litecoin would be used for smaller purchases as it was faster and cheaper, but less safe due to its network size. The block-generation speed is improved dramatically, and this resulted in much faster transactions. This speed, however, makes Litecoin’s blockchain much larger and more prone to producing orphaned blocks. Litecoin is often used for testing Bitcoin’s new features and their value.

Conclusion

While the altcoins mentioned above are out there to perform useful tasks (example: acting as a testnet capacity or offering greater anonymity than Bitcoin). There are, however, many other altcoins that are created to scam people and are completely driven by speculation. Not all projects are created equal, so check all the fundamentals before investing and beware.

 

 

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 21 – Cryptocurrencies in the green, Bitcoin leading the way

This weekend has been, unlike the previous one, a pretty stable one price-wise. After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets started to stabilize and then even attempt to make new highs. The past 24 hours have shown us mostly buying pressure and an increase in volume. Most of the top cryptocurrencies are in the green, with Bitcoin leading the path. After the gradual volume decrease during most of the weekend, new money seems to have been coming into the markets.  Bitcoin went up 3.68%, while Ethereum gained 2.47% of its value. XRP managed to gain 2.16%. Bitcoin seems to be leading the way for other cryptocurrencies at the moment.

Bitcoin’s dominance has increased when compared to the percentage before the weekend. It now sits at 66.6%, which represents a 0.05% increase.

Most cryptocurrencies ended up being in the green in the past 24 hours. These movements, of course, increased the value of the cryptocurrency market as a whole. The industry now has a market capitalization of $222.47 billion.

What happened in the past 24 hours

The British parliament voted another put-off on Prime Minister Boris Johnson’s deal, forcing Britain to ask EU for another Brexit delay.

William Thomas, CEO of peer-to-peer exchange Cryptomate, said that, in the event of no-deal being reached by Oct. 31st, “there will be substantial uncertainty within British and EU financial institutions.” Even though he claimed he is uncertain on how much (and if at all) demand for Bitcoin and cryptocurrency, in general, this will create, he also added, “I would expect to see some upward movement on BTC/GBP markets shortly after the deadline.”

This news could explain a slight increase in Bitcoin’s volume, as well as a slight increase in price and an overall green outlook on the cryptocurrency markets at the moment.

Technical analysis

Bitcoin


As we can see on the chart, Bitcoin has had a stable weekend with one failed attempt to break $8,000 as well as a successful one of doing that. After consolidating between the 0% and 23.6% Fib retracement lines, Bitcoin gained slight momentum and tried to break the resistance line. It did not happen the first time, but it did the second. Bitcoin not only broke the 23.6% line, but it also stormed past the 38.2% Fib retracement line, losing momentum and stopping at the 50% Fib retracement line. Its price is now stabilizing at the $8,200 levels, right above the 38.2% support line.

Bitcoin’s RSI skyrocketed during the price rise before falling under the overbought territory, which is where it’s at currently.

Ethereum

Ethereum is, as we said in our previous articles, extremely correlated to Bitcoin at the moment. Even though it is not entirely mirroring Bitcoin’s moves, Ethereum’s volume seems to be tied to Bitcoin’s volume.


As we can see on the chart, Ethereum (just like Bitcoin) tried to make an upward-facing move towards the 23.6% Fib retracement. The successful attempt, however, did not make Ethereum skyrocket all the way to the 50% retracement. The movement was contained quickly as Ethereum could not break $177.5. It is now consolidating somewhere around $175.

XRP

XRP has had a pretty choppy weekend. As its price could not manage to stay above $0.3, XRP started dropping in price. At one point, it even was priced as low as $0.283. However, the cryptocurrency quickly bounced back up as its volume increased. The upward-facing move was healthy and not as quick as with other cryptocurrencies. The price reached $0.298 but could not reach above that as XRP lost quite a bit of its momentum.


XRP is now fighting to stay above the 50% Fib retracement line. The fight looks like it will not go in favor of XRP at the moment.

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 14 – Recovery Day after a red Weekend

The cryptocurrency markets had quite a rough weekend. After a week of making substantial gains, the market started to rebound and go down. It all seemed like most cryptocurrencies found their sweet-spot of consolidation when two significant volume spikes happened. Both of these spikes seemed to have been sellers. During both of these downward-facing moves, RSI dropped from overbought straight down to oversold in a matter of minutes.

Ever since the last solid price jump that happened on October 10th, the volume kept dropping (apart from the sudden and short-lived sell-bursts). One thing to mention is that, before the first major move down, Bitcoin did try to reach a higher price, but got shut down at the price of $8,820, which is when the sellers kicked in. The price reached as low as $8,133 but managed to spring back up and stabilize, at least for a while. If we take a look at the past 24 hours, Bitcoin lost 0.83%, Ethereum gained 0.03%, and XRP went up 0.99%.

Bitcoin has kept its dominance percentage at the same level, which is currently at 66.7%. The market capitalization of the crypto markets decreased significantly over the weekend. However, it is now stabilizing at around $223.85 billion.

Technical Analysis

Bitcoin

Bitcoin has had quite a rough weekend, just like most of the cryptocurrencies. As mentioned above, after the price of $8,820 got rejected, Bitcoin spiraled down to as low as $8,133. Most of the selling pressure happened in two tight time periods. The selling pressure was immense both times, bringing RSI indicator from touching overbought territory to oversold territory. The last move brought Bitcoin’s price below the lower Bollinger Band line, but it quickly rebounded and stabilized. Bitcoin is now trying to go over the immediate resistance, which is standing at $8,300 but is not managing to beat it quite yet.


If we take a more in-depth look at the volume, we can see that it is getting lower and lower after each spike. This is certainly not a good sign for the bulls.

Ethereum

Ethereum is also struggling with recovery after the bears came in during the weekend. Unlike Bitcoin, however, Ethereum had quite a few volume spikes. After not breaking above $198, Ethereum bounced back and quickly dropped to $179. After some consolidation, it even tested the low of $178, but immediately rejected it and moved back up a bit. It is now consolidating just above $181. However, this price is just below the immediate resistance, which is represented by the 23.6% Fib retracement line.


Ethereum is currently in the RSI range of 40 and near the bottom Bollinger Band, which may show us some bullish tendencies due to the lack of bear pressure.

XRP

Unlike Bitcoin and Ethereum, XRP had a different path in the past couple of days. Even though every cryptocurrency is correlated to the moves of Bitcoin, it seems that XRP is a bit different. After not being able to break $0.29 on October 9th, it started to fall down in price. It reached as low as $0.265 but did not manage to find a price to stabilize at. With volume staying at relatively the same levels (apart from a few spikes), XRP did not move decisively up or down. Even its RSI level fluctuations confirm that.


XRP is in the middle of an attempt to break the 61.8% Fib retracement line, which acts as a resistance.

 

Categories
Crypto Market Analysis

Today´s Crypto Events 09.07.2018

Here you can find all the news about the upcoming hard fork, releases, exchange listings, updates, conferences, new launches, etc. We gather the most relevant events and conferences for you to pick from.


Today´s Crypto Events 09.07.2018


  • LBRY Credits (LBC) — Hard Fork
  • Rialto (XRL) — Trading Bot Launch
  • Havven (HAV) — Hack Summit Sponsorship
  • Wanchain (WAN) — Hack Summit Sponsorship
  • Stellar (XLM) — Hack Summit
  • Monero (XMR) — Hack Summit
  • Bancor (BNT) — Hack Summit
  • Zcash (ZEC) — Hack Summit
  • VeChain (VEN) — VeChainThor Mobile Wallet and X-Node Binding Service Launch
  • Monaco (MCO) — Pub Summit in Hong Kong
  • Nano (NANO) — Weekly Development Update
  • Effect.AI (EFX) — RISE Conference in Hong Kong
  • Augur (REP) — Mainnet Deployment and REP Migration
  • ClearPoll (POLL) — Website Pre-Launch
  • IHT Real Estate Protocol (IHT) — Allbit Exchange Listing
  • Bankex (BKX) — AMA on Facebook
  • Shopin (SHOP) — Token Swap
  • LALA World (LALA) — Wallet Launch
  • EOS (EOS) — London Fintech Week
  • Silent Notary (SNTR) — New Website Release
  • Universa (UTNP) — Innoprom 2018 in Ekaterinburg