Categories
Crypto Market Analysis

Daily Crypto Review, Mar 5 – Bitcoin uncertainty leading to a lack of buying or selling pressure

The crypto market had a green day, with only a few cryptocurrencies ending up in the red. Bitcoin is currently trading for $8,882, which represents a 0.95% increase on the day. Meanwhile, Ethereum gained 0.53% on the day, while XRP lost 0.05%.

Energi took the position of today’s most prominent daily gainer, with gains of 27.96%. On the other side, Bitcoin SV lost 4.56% on the day, making it the most prominent daily loser.

Bitcoin’s dominance managed to increase quite a lot over the past 24 hours. Its value is now 63.6%, which represents a 0.98% difference to the upside when compared to the value from when we last reported.

The cryptocurrency market capitalization increased slightly in the past 24 hours. It is currently valued at $255.45 billion, which represents an increase of $2.45 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

Andrew Bailey, the next governor of Bank of England, expressed his sentiment towards crypto yesterday in London. He argued that anyone putting money into Bitcoin should prepare to lose everything.

Bailey shared his thoughts on Bitcoin to members of the U.K. Parliament at a Treasury Select Committee hearing, which happened on Mar 4. Bailey expressed his dislike towards Bitcoin and other cryptocurrencies as a whole before saying that:

“If you want to buy Bitcoin, be prepared to lose all your money… [Bitcoin] has no intrinsic value.”

Honorable mention

Cardano

The legal leader at Big Four’s PwC, Gunther Dobrauz, recently expressed his opinion about Cardano and showed open support to the people responsible for Cardano’s development.

Dobrauz claimed that decentralization is the future, and that the Cardano Foundation and the team surrounding the IOHK CEO and founder Charles Hoskinson are certainly a “huge part of this” future in a tweet on Mar 3. IOHK is the blockchain company behind Cardano as well as Ethereum Classic.

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Technical analysis

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Bitcoin

Bitcoin had a slow day with quite predictable price movements. Buyers and sellers bound its price between $8,400 and $9,000. Bitcoin has been staying in this range for some time now with no real pressure to go up or down. When compared to the yesterday’s price, Bitcoin did manage to gain some value, breaking the $8,825 line, but quickly stopping at the $8,980 one.


Bitcoin’s volume is slightly below average when compared to this week, while its RSI level is starting to increase slightly. It is currently sitting at a value of 58.

Key levels to the upside                    Key levels to the downside

1: $8,980                                           1: $8,825

2: $9,115                                           2: $$8,650

3: $9,250                                            3: $8,535


Ethereum

Ethereum is in the same position as Bitcoin, as its price has been ranging for some time now, as well. There has been no sign of pressure towards any side. Ethereum is currently trading above the $225.5 line, bound by it to the downside and the $240 resistance to the upside. However, all pressure to the upside seems to fade far before Ethereum’s price reaches $240.


Ethereum’s volume is quite low, while its RSI is near the middle of the value range, sitting at around 52.

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

XRP is the only crypto out of the top3 that ended up in the red. Its price is also bound in a range, sitting between $227 and $2454. XRP’s price is not pressured to any side and is trading freely within this range. However, with fading volume, the volatility is fading as well, and the up and down movements seem smaller and smaller. XRP is now trading slightly above the $0.235 support line.


XRP’s volume is currently below average, while its RSI level is near the middle of the value range, sitting at around 53.

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, Mar 4 – Bitcoin and Altcoins Recover, Look for Further Strength

The crypto market had a pretty quiet but effective day. Most cryptos that were going down yesterday ended that move and gained some value. Bitcoin is currently trading for $8,808, which represents a 0.24% increase on the day. Meanwhile, Ethereum lost 0.47% on the day, while XRP gained 0.84%.

Matic Network took the position of today’s most prominent daily gainer, with gains of 21.46%. On the other side, Kyber Network lost 9% on the day, making it the most prominent daily loser.

Bitcoin’s dominance managed to decrease slightly over the past 24 hours. Its value is now 62.62%, which represents a 1.12% difference to the downside when compared to the value from when we last reported.

The cryptocurrency market capitalization stayed at the pretty much same spot from when we last reported. It is currently valued at $253 billion, which represents a decrease of $1.43 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

The tax bureau of Beijing made an official announcement that it will start implementing invoicing via blockchain within the city on March 2. Beijing wants to bring transparency, traceability as well as immutability by using blockchain invoicing.

The Beijing tax bureau will slowly and gradually carry out the promotion of the blockchain invoicing service throughout the city.

Honorable mention

MakerDAO

Major decentralized finance (or DeFi for short) player MakerDAO established a partnership with the payment processor Simplex. This partnership came to life to create a fiat on-ramp for MakerDAO’s Dai decentralized stablecoin.

The partnership allows people to buy Dai with the credit and debit cards that Simplex’s partner firms issued.

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Technical analysis

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Bitcoin

Bitcoin had a pretty slow day. However, the downtrend price movement that happened yesterday ended and Bitcoin moved up slightly. After the whole day of price going down, BTC bounced off of its $8,650 support and changed direction. Bitcoin is now right below the $8,825 which is did not manage to pass yet.


Bitcoin’s volume is slightly below average when compared to this week, while its RSI level is in the middle of the value range, sitting at around 51.

Key levels to the upside                    Key levels to the downside

1: $8,825                                           1: $8,650

2: $9,115                                           2: $$8,535

3: $9,250                                            3: $8,250


Ethereum

Ethereum had a slow day as well. However, its price movement did not make it to the green side when compared to the price of 24 hours ago. The slight downwards-facing move seems to have ended, and Ethereum stabilized right above the $225.5 support level.


Ethereum’s volume is quite low, while its RSI is in the middle of the value range, sitting at around 49.

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

XRP also made a similar move as Bitcoin and Ethereum did. Once the bear pressure was weakened, bulls took over and brought the price above $0.235. XRP is now consolidating in the middle of the range, bound by $0.235 level to the downside and $0.2454 level to the upside.


XRP’s volume is slightly below average, while its RSI level is in the middle of the value range, sitting at around 50.

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, Mar 3 – Cryptocurrencies back to bear cycle? Argentina suspending its blockchain registering system

The crypto market ended its one-day uptrend and backtracked a bit from the gains it made over the past 24 hours. Bitcoin is currently trading for $8,761, which represents a 1.7% increase on the day. Meanwhile, Ethereum gained 3.02% on the day, while XRP gained 1.7%.

Aragon took the position of today’s most prominent daily gainer, with gains of 17.41%. On the other side, Aragon lost 7.56% on the day, making it the most prominent daily loser.

Bitcoin’s dominance managed to increase slightly over the past 24 hours. Its value is now 63.8%, which represents a 0.15% difference to the upside when compared to the value from when we last reported.

The cryptocurrency market capitalization stayed at the same spot from when we last reported. It is currently valued at $251.57 billion, which represents a decrease of $0.36 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

The government of Argentina made an announcement that its national blockchain-based mechanism for registering new companies will be suspended for a period of 180 days.

This measure, according to the statements made by the head of General Inspectorate of Justice Ricardo Nissen to La Nación, is made so Argentina could reorder the registration of new companies so that the inspectorate could also participate in the entire process.

Honorable mention

EOS 

Block.one released EOSIO 2.0 in January 2020 as an upgrade to the protocol. Some cryptocurrency exchanges like Coinbase announced that there was trouble with the performance of the network once the new set of protocol improvements was installed. This implementation slowed down or even stopped deposits and withdrawals.

In the meantime, the EOS community voted to slash the network inflation from 5% down to 1%, which marked this event as the blockchain’s second massive token burn event ever since Q2 of 2019.

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Technical analysis

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Bitcoin

Bitcoin ended its one day long upswing which managed to reach all the way to $8980 before crashing slightly. The biggest cryptocurrency by market cap broke the $8,825 resistance and rushed towards price levels of above $9,000 but failed as bears kicked in. Bitcoin’s price is now dropping, currently trading just around the levels that BTC has when we last reported.


Bitcoin’s volume is quite average when compared to the past and this week, while its RSI level is just below the middle of the value range, sitting at around 48.

Key levels to the upside                    Key levels to the downside

1: $8,825                                           1: $8,650

2: $9,115                                           2: $$8,535

3: $9,250                                            3: $8,250


Ethereum

Ethereum more or less mirrored the actions of Bitcoin in the past couple of days. Its upswing also ended after price not being able to push above $235. ETH is now slowly dropping in price, possibly testing the support level of $225.5. However, so far, the price is safe above this support level.


Ethereum’s volume is quite low, while its RSI is just below the middle of the value range, sitting at around 48.

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

XRP also moved in the same direction and played out the same patterns as Bitcoin and Ethereum. After its upswing ended, XRP started to move to the downside. However, the bear presence was strong, and XRP is now testing the $0.235 support. It is still unknown whether the price will end up above or below it as the fight for the level is continuing. However, there is a good probability that XRP will continue its path to the downside in the short term.


XRP’s volume is slightly below average, while its RSI level is just below the middle of the value range, sitting at around 46.

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, Mar 2 – Cryptos regaining pre-weekend prices; Watch out for crypto-stealing Trojans

The crypto market had a pretty slow weekend, with prices at almost the same place as they were on Friday. Bitcoin is currently trading for $8,773, which represents a 2.58% increase on the day. Meanwhile, Ethereum gained 3.07% on the day, while XRP gained 1.99%.

Bytecoin took the position of today’s most prominent daily gainer, with gains of 22.74%. On the other side, Kyber Network lost 9.66% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly over the weekend. Its value is now 63.65%, which represents a 0.88% difference to the downside when compared to the value from when we last reported.

The cryptocurrency market capitalization gained some value on the daily chart, while it stayed at almost the same spot from when we last reported. It is currently valued at $251.93 billion, which represents an increase of $2.84 billion when its value is compared to the value it had on Friday.

What happened in the past 24 hours

ThreatFabric, an Amsterdam-based firm specializing in cybersecurity and threats to the financial industry, managed to identify “Cerberus” Trojan that is able to steal 2-Factor Authentication (2FA) codes that are generated by the Google Authenticator app.

Coinbase, which is one of the biggest crypto exchanges in the world, is one of the cryptocurrency platforms listed in Cerberus’ list of targets.

Honorable mention

IOTA 

Iota began its seed migration on Feb 29, while they will open the network around Mar 10. Although many have criticized the decision to close the Coordinator verifier, it may have saved quite a lot of funds from being stolen from users.

The Iota network got shut down on Feb 12, shortly after their team received multiple reports of breached and drained user wallets. This was all possible thanks to the presence of the Coordinator, which is a centralized transaction verifier that is used to operate the network.

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Technical analysis

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Bitcoin

Bitcoin spent the past 24 hours gaining some value after the yesterday’s drop to $8,400. The biggest cryptocurrency by market cap managed to bounce off this price level and reach the price it had on Friday. Bitcoin bulls also attempted an upswing above $8,825, which failed.


Bitcoin’s volume is average when compared to the past week, while its RSI level is rising above the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $8,825                                           1: $8,650

2: $9,115                                           2: $$8,535

3: $9,250                                            3: $8,250


Ethereum

Ethereum’s also gained some value in the past 24 hours. This price gain made up for the price drop, which happened yesterday, and brought the price to $212. Ethereum reached over $225.5 and regained its pre-weekend levels. It also broke the descending trend line that it formed right before the weekend.


Ethereum’s volume is average when compared to the previous week, with its RSI level right in the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

XRP performed almost exactly the same as Ethereum. Its price dropped to lows of $0.224 but recovered to levels above $0.235 in the past 24 hours. The third-largest cryptocurrency by market cap broke the descending trend line as well, confirming that it will stay above it (at least in the short term).


XRP’s volume is slightly below average while its RSI level is in the middle of the value range.

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, Feb 28 – CFTC approaching stablecoin projects; Crypto market preparing for a move

The crypto market pretty much stayed at the same place price-wise in the past 24 hours. Bitcoin is currently trading for $8,758, which represents a 0.41% decrease on the day. Meanwhile, Ethereum lost 0.77% on the day, while XRP lost 0.11%.

Swipe took the position of today’s most prominent daily gainer, with gains of 19.28%. On the other side, DxChain Token lost 9.85% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased in the past 24 hours as some altcoins dropped in price more than it did. Its value is now 64.53%, which represents a 0.45 difference to the upside when compared to the value from when we last reported.

The cryptocurrency market capitalization stayed in pretty much the same place in the past 24 hours. It is currently valued at $249.09 billion, which represents a decrease of $0.92 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

One of Switzerland’s biggest stock exchanges, SIX Swiss Exchange, announced a partnership with Omniex, a US-based firm that specializes in developing trading platforms for institutional investors, mainly targeting the cryptocurrency market.

The partnership will provide SIX and its clients with a way to include crypto to their business.

Honorable mention

Stablecoins 

American financial regulators had a sitdown with three major stablecoin projects in an effort for them to better understand the industry.

The CFTC Advisory Committee organized and held a public meeting in hopes of learning more about stablecoins, crypto insurance, custody practices as well as cybersecurity. JPM Coin, MarkerDao and Paxo had their representatives attend the event, discussing different aspects of stablecoins.

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Technical analysis

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Bitcoin

Bitcoin spent the past 24 hours trading at pretty much the same level. However, while there was seemingly not much price movement, Bitcoin made one attempt of breaking $8,825, which it did for a while. However, the price quickly pulled back and Bitcoin is almost exactly where it’s at 24 hours ago.


Bitcoin’s volume dropped to average levels after yesterday’s spike. It’s RSI level is currently on the line the oversold territory and regular value range.

Key levels to the upside                    Key levels to the downside

1: $8,825                                           1: $8,650

2: $9,115                                           2: $$8,535

3: $9,250                                            3: $8,250


Ethereum

Ethereum’s was also pretty stagnant over the past 24 hours. Its price attempted to reach the $240 mark but did not manage to get to it before bears took over again and put an end to the move. Ethereum fell to its previous prices and even attempted to break $225.5 to the downside. While its price is currently above this support level, it is unknown how long that will hold.


Ethereum’s volume is extremely low at the moment, while its RSI level is in the lower part of the value range.

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

XRP performed the best out of the three biggest cryptos once again. However, this time, it was not by much. Its price tried to move above the $2454 level but failed to do so. As a result, XRP started dropping in price and pulled back to the $0.235 support. It is currently trading just above this support level.


XRP’s volume is slightly elevated, but nothing compared to yesterday’s volume. Its RSI level is in the lower part of the value spectrum.

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, Feb 27 – “Craig Wright is a disgrace”; $150 million worth of BTC positions liquidated

The crypto market dropped severely as bear pressure continued throughout the day. Bitcoin is currently trading for $793, which represents a 4.45% decrease on the day. Meanwhile, Ethereum lost 5.76% on the day, while XRP lost 3.07%.

Aion took the position of today’s most prominent daily gainer, with gains of 17.23%. On the other side, Swipe lost 16.79% on the day, making it the most prominent daily loser.

Bitcoin’s dominance remained in the same place in the past 24 hours. Its value is now 64.08%, which represents a 0.03 difference to the downside when compared to the value from when we last reported.

The cryptocurrency market capitalization a lot of its value over the past 24 hours. It is currently valued at $250.01 billion, which represents a decrease of $11.61 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

Binance CEO Changpeng Zhao recently tweeted about Craig Wright, the Bitcoin SV (BSV) founder. He made it clear that he did not trust the self-proclaimed Bitcoin (BTC) creator, and called him a fraud.

Zhao said that Wright is not only hurting his own reputation, but rather the reputation of the cryptocurrency industry as a whole. “He claims to be the creator of Bitcoin, Satoshi Nakamoto, which is a lie. He hurts the credibility of Bitcoin and is a disgrace to our entire industry.”

Honorable mention

Bitcoin 

According to the data provided by the analytics website Skew, over $150 million worth of Bitcoin got liquidated on the trading exchange BitMEX on Feb 26. This is the biggest liquidation in 2020.

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Technical analysis

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Bitcoin

Bitcoin spent the past 24 hours spiraling down below $9,000. The largest cryptocurrency dropped in price fast and decisively as the bear pressure was high and many longs liquidated. However, ever since the bounce off of the $8,650 support, Bitcoin seems to have been going up slightly.


Bitcoin’s volume was increased during the price drop, during its normal or slightly lower than that at the time of writing. It’s RSI level is currently in the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $8,825                                           1: $8,650

2: $9,115                                           2: $$8,535

3: $9,250                                            3: $8,250


Ethereum

Ethereum’s price took a dive, just like Bitcoin’s price did. Its price broke many support levels along the way, but the $217.7 one held up quite strong and managed to bounce ETH’s price back up. Ethereum looks like it’s gaining some value now, as it managed to even pass the next resistance level, which is standing at $225.5.


Ethereum’s volume is elevated, while its RSI level has just recently left the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

When Bitcoin drops in price, it is common that Ethereum falls a bit more in price, while XRP does either better than Bitcoin or worse than almost every other coin in the industry. This time, XRP did better than both Bitcoin and Ethereum price-wise as it did not drop as much over the past 24 hours. The downwards moving trend seems to have stopped at the $0.227 and XRP turned slightly bullish from there as its price started to increase. The move was strong enough to even break the $0.235 resistance, which is where XRP is currently at.


XRP’s volume is elevated, while its RSI level is just above the oversold territory.

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, Feb 26 – Crypto market continuing the downtrend; BTC to retest $9,000?

The crypto market continued its path down and lost some value as a whole. Bitcoin is currently trading for $9,170, which represents a 3.78% decrease on the day. Meanwhile, Ethereum lost 6.59% on the day, while XRP lost 7.89%.

Dragon Coins took the position of today’s most prominent daily gainer, with gains of 22.16%. On the other side, Decentraland lost 16.54% on the day, making it the most prominent daily loser.

Bitcoin’s gained some dominance in the past 24 hours. Its value is now 64.11%, which represents a 0.73 difference to the upside when compared to the value from when we last reported.

The cryptocurrency market capitalization a lot of its value over the past 24 hours. It is currently valued at $261.62 billion, which represents a decrease of $13.63 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

Coinbase announced that the company became a principal member of Visa on Feb 19. Coinbase, which is one of the biggest crypto exchanges in the world, is now able to issue their own debit cards without involving any third parties.

While Coinbase didn’t share what it would do in the future, its new status grants it the possibility to issue debit cards to other cryptocurrency firms. This development certainly marks an important milestone for the cryptocurrency payments sector.

Honorable mention

Chainlink 

Polkadot is preparing for its upcoming network launch after the reveal that they will be integrating with Chainlink. The integration of Chainlink oracles could be crucial for the development of DeFi (Polkadot decentralized finance) as well as other advanced smart contracts.

Chainlink has completed its initial integration on Kusama, which is a canary network for Polkadot (similar to a testnet).

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Technical analysis

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Bitcoin

Bitcoin continued to move downwards as a prolonged Feb 24 bearish move. The largest cryptocurrency fell under the $9,255 support, which could not hold the bear pressure for long. The RSI finally entered the oversold area where the bear move stopped (for now) and BTC started consolidating.


Bitcoin’s volume is average for this week. It’s RSI level is currently in the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $9,255                                           1: $9,120

2: $9,580                                           2: $9,070

3: $9,735                                            3: $8,915


Ethereum

Ethereum’s price took an even bigger hit than Bitcoin’s. The second-largest cryptocurrency continued its move down and dropped under the $251.3 support as well as under the $240 one. However, bulls came to the market and pushed the price slightly above the $240 support, which is where ETH’s price is at right now.


Ethereum’s volume average when compared to volumes from this week, while its RSI level is currently just above the oversold territory on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $251.3                                             1: $240

2: $259.5                                            2: $225.5  

3: $279                                                3: $217.7


Ripple

XRP performed the worst out of the top3 cryptos in the past 24 hours. After its price fell below the $0.266 major support (now resistance), the outlook quickly became bearish. However, the drop did not end there, as XRP managed to break $0.2454 to the downside as well. Its price is now right under this level.


XRP’s volume quite low, with the exception of one candlestick, which brought its price below $0.2454. Its RSI level is currently sitting in oversold territory.

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, Feb 25 – Crypto market continuing its move down; First crypto bank in the US?

The crypto market dropped some value as Bitcoin, and the other cryptos failed to reach new highs. This move is a continuation of the small downtrend that started on Feb 24. Bitcoin is currently trading for $9,527, which represents a 2.29% decrease on the day. Meanwhile, Ethereum lost 4.03% on the day, while XRP lost 3.96%.

DxChain Token took the position of today’s most prominent daily gainer, with gains of 5.46%. On the other side, Wayki Chain lost 22.69% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance increased slightly in the past 24 hours. Its value is now 63.38%, which represents a 0.53 difference to the upside when compared to the value from when we last reported.

The cryptocurrency market capitalization increased slightly over the past 24 hours. It is currently valued at $275.25 billion, which represents a decrease of $7.28 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

Former Wall Street executive Caitlin Long is taking advantage of Wyoming legislature to establish the first crypto-native bank in the United States. The bank’s name will be Avanti, meaning “forward” in Italian.

Long announced the news in a series of 29 tweets. She believes that a critical piece of US market infrastructure is missing, with her bank being the solution.

Honorable mention

EOS troubles? 

One of the largest cryptocurrency exchanges, Coinbase, said that the EOS has degraded its performance, with sends and receives possibly suffering from delays.

The exchange later stated that the EOS network is still suffering from degraded performance. However, EOS Nation responded that the EOS main net is “currently extremely reliable.”

The tweet that EOS Nation posted included a chart that was showing a slight blip on Feb 20, with 192 blocks missing due to the micro-forking issue. However, the chart also indicated a stable mainnet performance for the past two weeks.

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Technical analysis

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Bitcoin

Bitcoin continued to move down as a prolonged Feb 24 move to the downside. The largest cryptocurrency is now under the $9,580 support, and it looks like it will drop some more. With RSI still not reaching oversold and plenty of leeway to the next support, Bitcoin certainly has a big chance of pulling back even further.


Bitcoin’s volume is lower when compared to the past week. It’s RSI level is approaching lower values of the value range.

Key levels to the upside                    Key levels to the downside

1: $9,580                                           1: $9,255

2: $9,735                                           2: $9,120

3: $9,870                                            3: $9,070


Ethereum

Ethereum followed in Bitcoin’s footsteps and lost some value as well. In fact, Ethereum managed to drop more in price than Bitcoin over the past 24 hours. While going down in price, Ethereum broke its $259.5 support.


Ethereum’s volume is on the lower side of the spectrum, while its RSI level is slightly below the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $259.5                                             1: $251.3

2: $279                                               2: $240  

3: $289                                                3: $225.5


Ripple

XRP made pretty much the same move as Ethereum. Its price continued to move down, breaking one of the biggest support levels to the downside. XRP broke $0.266 and is slowly moving below it. However, the 4-hour candle did not close below the support (now resistance) yet.


XRP’s volume is extremely low, while its RSI level is approaching oversold.

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, Feb 24 – New Jersey regulating crypto?

The crypto market is currently at the same price level as when we last reported. However, that does not mean that the markets were stagnant over the weekend. Many cryptos attempted to reclaim previous highs but failed and started consolidating or losing a bit of value. Bitcoin is currently trading for $9,736, which represents a 1.41% decrease on the day. Meanwhile, Ethereum lost 1.39% on the day, while XRP lost 3.29%.

WaykiChain took the position of today’s most prominent daily gainer, with gains of 62.30%. On the other side, Swipe lost 9.58% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance remained at exactly the same place as before the weekend. It is now at 62.85%, which represents a decrease of 0.03% when compared to the value it had on Friday.

The cryptocurrency market capitalization increased slightly over the weekend. It is currently valued at $282.53 billion, which represents an increase of $1.78 billion when its value is compared to the value it had on Friday.

What happened in the past 24 hours

The New Jersey state legislature is considering a new bill to regulate cryptocurrency. If passed, every cryptocurrency businesses would have to obtain a proper license in order to operate in their state.

This bill is called the Digital Asset and Blockchain Technology Act, which was proposed by assemblywoman Yvonne Lopez on Feb 20.

Honorable mention

Monero 

Italy’s crypto-powered debit card supplier Bitsa is continuing with its expansion. Its prepaid card expanded by adding support to the privacy-focused altcoin Monero (XMR).

By enabling support for Monero on its Bitsa Card, this company unclocks the ability to use all Monero-based card transactions in both physical stores and online.

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Technical analysis

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Bitcoin

Bitcoin had a turbulent weekend, though its current price doesn’t show it (if compared to our last report on Friday). The largers cryptocurrency by market cap attempted to break $10,000 over the weekend on two ocasions. however, the $10,015 resistance held up nicely and the bulls could not reach above. The price fell sharply after the second failed attempt, which brought BTC to the support of $9,580. However, the bulls did not allow it to drop further and BTC is now consolidating just above the $9,735 support level.


Bitcoin’s volume is slightly lower when compared to the past week. It’s RSI level is in the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $9,870                                           1: $9,735

2: $10,015                                         2: $9,580

3: $10,360                                          3: $9,255


Ethereum

Ethereum had a nice upwards-moving trend that started on Feb 20. However, the most recent failed attempt to break $279 made bears take over and bring the price down to lower levels. Ethereum is now consolidating at $268, which is in the middle of the range between $279 to the upside and $259.5 to the downside.


Ethereum’s is slightly lower when compared to the past week, while its RSI level is slightly above the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                               2: $251.3  

3: $302                                                3: $240


Ripple

XRP was, unlike ETH and BTC, extremely stagnant over the weekend. In fact, its price has been moving within the range bound by $0.285 to the upside and $0.266 to the downside since Feb 19. XRP made one attempt to break this range to the upside over the weekend but failed. Its price is now consolidating in the middle of the range.


XRP’s volume is quite low at the moment, while its RSI level is in the lower part of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                             3: $0.235

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 21 – Morgan Stanley dipping its toes into crypto? Analysts still confused by the price drop

The crypto market seems to have taken the day off, as there were no significant price movements. Meanwhile, analysts are still trying to pinpoint the cause of the fifth-largest single-hour drop since 2017. Bitcoin is currently trading for $9,677, which represents a 0.77% increase on the day. Meanwhile, Ethereum lost 0.01% on the day, while XRP lost 0.38%.

Algorand took the position of today’s most prominent daily gainer, with gains of 15.96%. On the other side, ABBC Coin lost 11.94% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance increased slightly as altcoins fell just a bit more than BTC did in the past 24 hours. It is now at 62.85%, which represents an increase of 0.11% when compared to the value it had yesterday.

The cryptocurrency market capitalization increased slightly in the past 24 hours. It is currently valued at $280.75 billion, which represents an increase of $1.85 billion when compared to yesterday’s value.

What happened in the past 24 hours

Morgan Stanley, one of the biggest investment banks, is buying an online trading firm called E*Trade Financial Group. This $13 billion deal will be Morgan Stanley’s largest takeover since the economic breakdown of 2008. Morgan Stanley will bring E*Trade’s five million clients as well as $360 billion in assets.

E*Trade is planning to offer digital currency trading on its platform. The company is preparing to offer BTC and ETH trading.

Honorable mention

Cardano 

The Cardano network is scheduled to perform a network upgrade on Feb 20. This upgrade will introduce Ouroboros BFT to its users. Ouroboros BFT is an improved consensus mechanism, which will allow for staking.

The upgrade will be executed on Thursday at exactly 9:44 PM UTC, or 4:44 PM EST. The network will undergo a hard fork.

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Technical analysis

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Bitcoin

Bitcoin didn’t move much price-wise in the past 24 hours. Bulls attempted to make a run and take over the $9,735 resistance level, but failed to do so. This put Bitcoin in the same spot as yesterday, bound between the $9,735 resistance and $9,580 support levels.


Bitcoin’s volume fell in the past 24 hours, while its RSI level is just below the middle of the value range. All key levels stayed the same as the largest cryptocurrency did not break any supports or resistances.

Key levels to the upside                    Key levels to the downside

1: $9,735                                           1: $9,580

2: $9,870                                           2: $9,255

3: $10,015                                          3: $9,120


Ethereum

Ethereum didn’t move much either. In fact, most of the market had quite a low volume, so the volatility was low as well. The second-largest cryptocurrency fell below the $259.5 support level at one point but managed to reach back above it. It is currently hovering at around $260.


Ethereum’s volume dropped slightly, just like Bitcoin’s. It’s RSI level is also at nearly the same level, which is just under the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                               2: $251.3  

3: $302                                                3: $240


Ripple

XRP suffered from the same fate as the top3 cryptocurrencies in the past 24 hours. However, its price movement was more alike to Ethereum’s than to Bitcoin’s. The third-largest cryptocurrency attempted to break the $0.266 support line but failed to do so. The price has increased since and XRP is now trading at $0.275, which is almost exactly where it was during our last report.


XRP’s volume is quite low at the moment, while its RSI level is in the lower parts of the value range. No key levels have been broken in the past 24 hours.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                             3: $0.235

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 20 – Sudden selloff puts crypto market in the red; Bitcoin under $10,000 yet again

The crypto market fell significantly in the past 24 hours as Bitcoin dropped below $10,000 yet again. Bitcoin is currently trading for $0,590, which represents a 4.63% decrease on the day. Meanwhile, Ethereum lost 5.84% on the day, while XRP lost 6.09%.

Kyber Network took the position of today’s most prominent daily gainer, with gains of 22.18%. On the other side, WAX lost 21.81% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance increased slightly as altcoins fell just a bit more than BTC did in the past 24 hours. It is now at 62.74%, which represents an increase of 0.19% when compared to the value it had yesterday.

The cryptocurrency market capitalization decreased significantly in the past 24 hours. It is currently valued at $278.90 billion, which represents a decrease of $14.94 billion when compared to the value it had yesterday.

What happened in the past 24 hours

South Korean technology giant Samsung unveiled its latest smartphone series recently. The Galaxy S20 was revealed at the Unpacked 2020 event that took place in San Francisco.

While most people looked at the new camera, the official marketing material assured the market that the phone would also improve the integrated blockchain security features that they introduced a year ago with the Galaxy S10.

Honorable mention

Bitcoin Gold 

Bitcoin Gold’s price is being heavily manipulated by a whale controlling almost half of the circulating supply. Independent trader and analyst, who wants to remain anonymous, conducted this research, and came to the conclusion that one whale holds this much BTG.

He published the findings in a blog post, explaining why he believes that an individual or a single group of people accumulated a huge Bitcoin Gold position.

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Technical analysis

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Bitcoin

Bitcoin was moving slightly up or sideways until one big red candle, which brought its price to the $9,300 levels. The largest cryptocurrency experienced a massive sell-off (possibly from a single source) as the price fell from $10,150 to $9,300 during only one 5-minute candle. Bitcoin is now stable and trading above the $9,580 support level.


Bitcoin’s volume in the past 24 hours was average, with the exception of one big candle which occurred during the sudden price drop.

Key levels to the upside                    Key levels to the downside

1: $9,735                                           1: $9,580

2: $9,870                                           2: $9,255

3: $10,015                                          3: $9,120


Ethereum

Ethereum experienced the same fate as Bitcoin. Its price was solid and stable while moving to the upside or sideways until one big red candle brought ETH’s price to $250. Ethereum recovered and managed to stay above the $259.5 support line.


Ethereum’s volume was average, with the exception of the big red candle. Its RSI level is hovering around the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                               2: $251.3  

3: $302                                                3: $240


Ripple

XRP was no different from the other two of the top3 cryptocurrencies in the past 24 hours. The third-largest cryptocurrency experienced a quick and sudden selloff, which brought its price from $0.31 all the way down to $0.27. The price has not moved much from the bottom, so it is currently hovering just around $0.275.


XRP’s volume declined slightly, while the red candle during the selloff was above the daily average candle, but below average big “spike” candle XRP had recently. It’s RSI level is approaching oversold territory.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                             3: $0.235

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 19 – IRS aiming at Crypto regulation; BTC over $10,000 once again

The crypto market rallied as Bitcoin moved above the $10,000 mark yet again. Bitcoin is currently trading for $10,058, which represents a 2.54% increase on the day. Meanwhile, Ethereum gained 2.97% on the day, while XRP gained 0.04%.

ABBC Coin took the position of today’s most prominent daily gainer, with gains of 29.24%. On the other side, MonaCoin lost 7.83% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance increased slightly as altcoins rose while BTC stood still in the past 24 hours. It is now at 62.55%, which represents an increase of 0.44% when compared to the value it had yesterday.

The cryptocurrency market capitalization increased slightly in the past 24 hours. It is currently valued at $293.84 billion, which represents an increase of $6.87 billion when compared to the value it had yesterday.

What happened in the past 24 hours

With the 2019 US tax season just around the block, the IRS wants to leave nothing off the table. The IRS has invited crypto companies and advocates to show up for a March 3 summit in Washington DC. One of the aims of the summit is to determine how to “balance taxpayer service with regulatory enforcement.”

Topics that will be discussed at the summit include regulatory guidance as well as compliance, preparing tax returns, crypto exchange issues, and technology updates.

Honorable mention

Ripple (XRP) 

A recent Medium post from Whale Alert (blockchain monitor) showed Jed McCaleb, CTO of Stellar, sold more than 1 billion XRP between 2014 and 2019. Whale Alert, however, noted that compared with the trade volume XRP has on a daily basis, the amount McCaleb sold seems insignificant.

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Technical analysis

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Bitcoin

Bitcoin’s went above $10,000 yet again. The bull presence increased and the price spiked from the $9,580 support level all the way to $10,290, breezing through the $9,735, $9,870 and $10,015 resistance levels. As the bulls got tired and overextended, bears took over and the price fell a bit. Bitcoin is now consolidating at the $10,100 level.


Bitcoin’s volume quite average when compared to the past week, while its RSI is now near the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $10,360                                         1: $10,015

2: $10,505                                         2: $9,870

3: $10,855                                          3: $9,735


Ethereum

Ethereum also had a green day, with gains similar to Bitcoin’s. The second-largest cryptocurrency increased in price from $244 all the way up to $286. The move broke the $251.3, $259.5, and $279 resistances with ease. The move, however, ended, and Ethereum’s price fell slightly, dropping under the $279 support (now resistance) level.


Ethereum’s volume is quite average, while its RSI level is just above the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $302                                              2: $251.3  

                                                           3: $240


Ripple

XRP performed worse than Bitcoin and Ethereum on the day. The third-largest cryptocurrency gained a bit of value, but actually stayed at the same level it was at 24 hours ago. It is currently consolidating and preparing for the next move, bound by the $0.31 resistance as well as $0.285 support level.


XRP’s volume is on the same levels it was at during the past week (if we disregard the few large candlesticks during the breakouts), while its RSI just under the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.31                                              1: $0.285

2: $0.324                                            2: $0.266

3: $0.332                                             3: $0.2454

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 18 – Altcoins on the rise yet again; India voting with Blockchain

The crypto market suffered decent losses over the weekend as BTC failed to break the $10,500 mark. The aftermath was BTC falling under $10,000 and altcoins dropping massively in price. However, the past 24 hours passed with altcoins rising (some more and some less) while BTC was stagnating. Bitcoin is currently trading for $9,791, which represents a 0.13% increase on the day. Meanwhile, Ethereum gained 7.04% on the day, while XRP gained 3.06%.

Golem took the position of today’s most prominent daily gainer, with gains of 20.23%. On the other side, WAX lost 7.51% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance dropped slightly as altcoins rose while BTC stood still in the past 24 hours. It is now at 62.11%, which represents a decrease of 1.47% when compared to the value it had yesterday.

The cryptocurrency market capitalization increased slightly in the past 24 hours. It is currently valued at $286.97 billion, which represents an increase of $6.4 billion when compared to the value it had yesterday.

What happened in the past 24 hours

India’s citizens will be able to vote even while outside their city of registration, all thanks to a blockchain-based system of voting.

India’s Chief Election Commissioner Sunil Arora announced that the country, in hopes of increasing voter turnout, will implement a blockchain-based voting solution. Arora added that, in the 2019 elections, over 300 million eligible voters did not manage to cast their vote because they were either not politically engaged or could not make it to their city of registration on that day.

Honorable mention

IOTA updating their Trinity wallet 

As we recently reported, IOTA’s Trinity wallet had a security breach where many users reported their funds as missing. The IOTA Foundation has recently released a safe desktop version of the Trinity wallet, which will hopefully not suffer from the same security issues.

According to a Feb 17 update post, IOTA will update their Trinity application to securely check balances and transactions by using Trinity 1.4.1. Trinity 1.4.1. is a new version of the wallet that is designed to remove the detected vulnerability from the wallets.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price failed to go above $10,500 due to the lack of bull pressure during the weekend, which was a great time for bears to take over. The largest cryptocurrency spent the weekend falling in price, and even touched the $$9,460 level on Feb 17. However, that price point was quickly rejected and its price rose above the $9,580 support line. The price went further up above the $9,735, which is where it is at right now.


Bitcoin’s volume is on a lower level than where it was over the past week. Its RSI is now on the lower side of the value range.

Key levels to the upside                    Key levels to the downside

1: $9,870                                           1: $9,735

2: $10,015                                         2: $9,580

3: $10,360                                          3: $9,375


Ethereum

Ethereum had a worse than Bitcoin, as most of the altcoins dropped significantly in price. Its price fell from its highs of $287 all the way down to $237. However, the price got rejected, and bulls took over yet again. The story has changed in the past 24 hours, as Ethereum exploded to the upside and gained over 7%. Its price is now hovering around the $265 mark.


Ethereum’s volume is quite average, while its RSI level is around the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $302                                              2: $251.3  

3: $240


Ripple

XRP performed better than the stagnating Bitcoin on the day but worse than Ethereum, which increased its price by over 7%. The third-largest cryptocurrency tested the $0.266 support level a few times over the past couple of days. The support held up nicely, and the price now pushed past the $0.285 resistance as the bulls established their presence. XRP is now stable and consolidating at the $0.29 level.


XRP’s volume is on the same levels it was at during the past week (if we disregard the few enormous candlesticks during the breakouts), while its RSI is slowly rising to the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.31                                              1: $0.285

2: $0.324                                            2: $0.266

3: $0.332                                             3: $0.2454

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 17 – Altcoins take a dive as Bitcoin drops under $10,000; Craig Wright suing BTC and BCH?

The crypto market suffered some losses over the weekend as BTC could not break the $10,500 mark. However, BTC held up nicely compared to altcoins, which took a dive. Bitcoin is currently trading for $9,796, which represents a 1.53% decrease on the day. Meanwhile, Ethereum lost 6.65% on the day, while XRP lost 9.6%.

MaidSafeCoin took the position of today’s most prominent daily gainer, with gains of 9.29%. On the other side, HyperCash lost 20.93% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance increased slightly over the weekend as altcoins dropped more than the largest crypto by market cap. It is now at 63.58%, which represents an increase of 1.5% when compared to the value it had on Friday.

The cryptocurrency market capitalization lost quite a bit of value over the weekend. It is currently valued at $280.57 billion, which represents a decrease of $19.69 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Craig Wright, the person claiming to be the creator of Bitcoin better known as Satoshi Nakamoto, sent out a warning to BTC and BCH to stop using the Bitcoin database as they will face lawsuits if they continue to use it. He claims that both these networks might be violating the laws under the terms of Bitcoin’s original EULA as well as MIT License.

Wright, which is also the person behind Bitcoin SV, added that he will take control of his creation in his personal blog.

Honorable mention

NEO 

Major and well-known cryptocurrency exchange Binance announced that it will launch a new financial product: futures that track the crypto-asset NEO.

They made an announcement on Feb 16, which stated that the NEO/USDT futures will be available starting Feb 17. Traders will be able to select their leverage between 1x-50x. The exchange will pose fees on these trades, namely: 2% base initial margin rate, 0.5% liquidation fee and 1% base maintenance margin rate.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price failed to go above $10,500 due to the lack of bull pressure, which was a great time for bears to take over. The largest cryptocurrency spent the weekend falling price-wise, and even touched the $$9,580 support line. However, that price point was quickly rejected and its price is now consolidating above the $9,735 support line.


Bitcoin’s volume is a tad bit lower than over the past week. Its RSI is now on the lower side of the value range.

Key levels to the upside                    Key levels to the downside

1: $9,870                                           1: $9,735

2: $10,015                                         2: $9,580

3: $10,360                                          3: $9,375


Ethereum

Ethereum had a bad weekend as well, even worse than Bitcoin. Its price fell down from its highs of $287 all the way down to $237. However, the price got rejected, and bulls pushed it up to the $251.3 level. After some time spent deciding whether it will consolidate above or below this level, Ethereum fell below it. Its price is now right under the $251.3 resistance level.


Ethereum’s volume is on the level it was at during the bullish trend, while its RSI is currently hovering around the value of 40.

Key levels to the upside                    Key levels to the downside

1: $251.3                                             1: $240

2: $259.5                                            2: $225.4 

3: $279                                              3: $217.7


Ripple

XRP performed the worst out of the top3 cryptocurrencies over the weekend. Even in the past 24 hours, its price dropped by almost 10%. The $0.345 price got rejected as the bears took over the market, and XRP moved down to $0.27. However, the bulls did not agree with this bottom and took the price back up a bit. XRP is now consolidating around the $0.28 line. It is bound by the $0.285 resistance and the $0.266 support.


XRP’s volume is on the same levels it was at during the past week, while its RSI is around the 35 level.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                             3: $0.235

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 14 – Cryptos consolidating as BTC fails to break $10,500

The crypto market is slowing down to catch a breath from all the explosive growth it experienced lately. Most of the cryptos are stagnating or moving slightly down. Bitcoin is currently trading for $10,186, which represents a 2.59% decrease on the day. Meanwhile, Ethereum lost 3.1% on the day, while XRP lost 2.46%.

THETA took the position of today’s most prominent daily gainer, with gains of 21.06%. On the other side, Hedera Hashgraph lost 30.44% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance increased slightly in the past 24 hours. It is now at 62.08%, which represents an increase of 0.26% when compared to the value it had yesterday.

The cryptocurrency market capitalization lost quite a bit of value in the past 24 hours but managed to stay above the $300 billion mark. It is currently valued at $300.26 billion, which represents a decrease of $7.2 billion when compared to yesterday’s value.

What happened in the past 24 hours

Coinbase Commerce, a platform that specializes in supporting cryptocurrency payments for internet retailers, added MakerDAO’s DAI stablecoin to the list of available supported payment methods this week.

This integration will allow merchants all around the world to accept the DAI stablecoin as payment for goods and services. Coinbase Commerce will not be taking any extra fees.

Honorable mention

IOTA 

The IOTA Foundation warned its user base regarding the IOTA coin wallet Trinity. The reason for the warning is that the Trinity wallet is associated with some stolen funds.

After many IOTA holders reported their coins to be missing, the IOTA Foundation made an announcement stating that they will suspend its network node, called the Coordinator. The suspension will last until the entity explores the situation.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin fell down slightly as its price failed to go above $10,500. The move down was quite sharp and brought Bitcoin all the way down to $10,060. However, the price has recovered and is now consolidating at the $10,180 mark.


Bitcoin’s volume is at almost the same level since the start of the bullish trend. Its RSI dropped from the overbought territory line and is now at around the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $10,360                                         1: $10,015

2: $10,505                                         2: $9,870

3: $10,855                                          3: $9,735


Ethereum

Ethereum had a great week, as its price kept increasing day by day. The past 24 hours were a bit slower for Ethereum, though. Its price could not gain enough momentum to push for the $279 resistance level, so it started to consolidate at the $263 level. It is currently bound by the closest resistance point at $279 and the closest support sitting at $259.5.


Ethereum’s volume dropped quite a bit after it started consolidating. Its RSI dropped below the overbought territory recently and looks like it’s on its way down.

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                              2: $251.3 

3: $302                                              3: $240


Ripple

XRP has spent the last 24 hours testing its support levels. The third-largest cryptocurrency tried and failed to get above $0.324 level, which caused bears to take over and bring the price down a bit. XRP’s price fell to the $0.31 support level, which held up quite nicely. The cryptocurrency is now consolidating in the middle of the range, bound by $0.31 to the downside and $0.324 to the upside.


XRP’s volume fell to the average levels, while its RSI level is just below the overbought territory line.

Key levels to the upside                    Key levels to the downside

1: $0.324                                            1: $0.31

2: $0.3328                                          2: $0.285

                                                            3: $0.266

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 13 – Altcoin season finally here? BTC right under $10,500

The crypto market is reaching new highs but is slowing down from the explosive growth. Some cryptos, however, are still charging straight ahead to the new highs. Bitcoin is currently trading for $10,461, which represents a 1.03% increase on the day. Meanwhile, Ethereum gained a staggering 10% on the day, while XRP skyrocketed as well, with its 12.91%.

Hedera Hashgraph took the position of today’s most prominent daily gainer yet again, with gains of 47.35%. On the other side, Synthetix Network lost 7.5% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance fell by almost a full one percent in the past 24 hours as most of the market moved up more than Bitcoin itself. It is now at 61.82%, which represents a decrease of 0.97% when compared to the value it had yesterday.

The cryptocurrency market capitalization gained a great amount of value on the day and managed to pass the $300 billion mark. It is currently valued at $307.46 billion, which represents an increase of $8.01 billion when compared to yesterday’s value.

What happened in the past 24 hours

The cryptocurrency market passed the mark of $300 billion market capitalization as of today. Over the past month, this figure slowly and steadily increased from $218.4 billion to $303.1 billion. This represents a total market cap gain of 65.92% from the start of 2020.

Ever since the beginning of the year, the market cap was slowly rising, while Bitcoin’s dominance was slowly falling. Bitcoin’s dominance rate dropped from 68% to 62% as many altcoins managed to score double and even triple-digit percentage gains.

Honorable mention

Tezos 

Tezos (XTZ) is outperforming almost every single cryptocurrency in 2020 and is testing all-time highs. This wave of enthusiasm began in January and continues to this day.

The data from Coin360 and Cointelegraph Markets shows us that Tezos’ XTZ token managed to hit $3.24 on Feb. 12. This represents a 25% increase in the past twenty-four hours alone. Tezos also managed to gain over 54% in the past week alone, while it gained 150% in the year-to-date.

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Technical analysis

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Bitcoin

Bitcoin managed to score yet another day of steady gains. Its price recently rose above $10,000 and stayed above it for a while. Now, Bitcoin is establishing its position above the line and even pushed up slightly to the highs of $10,500. Its price is currently right below this line. This push managed to get Bitcoin above the $10,360 and $10,460 resistances without any problem.


Bitcoin’s volume is at almost the same level ever since the start of the bullish trend. Its RSI is on the edge of the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $10,855                                         1: $10,460

2: $11,090                                         2: $10,360

                                                           3: $10,010


Ethereum

Ethereum is having a great day, as its price keeps going up. The second-largest cryptocurrency managed to score a two-digit gain in the past 24 hours. Its price moved from $217.5 on Feb 11 to $273 where it is now. The price is now approaching the resistance of $279, which might have trouble passing.


Ethereum’s volume extremely high at the moment, while its RSI level is deep into the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                              2: $251.3 

3: $302                                              3: $240


Ripple

XRP finally joined other top cryptocurrencies in the bull season yesterday. However, it is quickly catching up what it lost over the past few days it was stagnating. XRP managed to score double-digit gains on the day, just like Ethereum. Its price moved up sharply but got stopped at the $0.324 resistance, where the bears rallied. It has tried to break this resistance a couple of times since but has not yet succeeded.


XRP’s volume increased over the past couple of hours, while its RSI level is deep in the overbought area.

Key levels to the upside                    Key levels to the downside

1: $0.324                                            1: $0.31

2: $0.3328                                          2: $0.285

                                                            3: $0.266

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 12 – Bitcoin pushing to $11,000? Coronavirus affecting Crypto Mining

Cryptocurrency bulls returned to make another push towards new yearly highs. Bitcoin went back above $10,000. It was not the only crypto to gain, as almost every single cryptocurrency in the top100 is green on the day. Bitcoin is currently trading for $10,344, which represents a 5.74% increase on the day. Meanwhile, Ethereum gained an astonishing 12.03% on the day, while XRP gained 7.28%.

Hedera Hashgraph took the position of today’s most prominent daily gainer, with gains of 151.1%. On the other side, Kick Token lost 35.99% on the day, which made it the most prominent daily loser. Kick Token is holding this position for the second day in a row.

Bitcoin’s dominance fell in the past 24 hours as most of the market moved up more than Bitcoin itself. It is now at 62.79%, which represents a decrease of 0.74% when compared to the value it had yesterday.

The cryptocurrency market capitalization gained a great amount of value on the day. It is currently valued at $299.45 billion, which represents an increase of $19.03 billion when compared to yesterday’s value.

What happened in the past 24 hours

Mainstream financial entities are starting to look at Bitcoin as a non-correlated asset that could be used as a hedge. Morgan Creek Digital Co-founder Anthony Pompliano promoted this concept/viewpoint on Bitcoin for over a year.

If Bitcoin is unlikely to correlate to economic factors, or other traditional equities and fixed income securities, then it (Bitcoin) could serve as a tool for portfolio diversification,” said Bluford Putnam, the chief economist at the CME.

Honorable mention

Bitcoin (And how Coronavirus affects mining) 

The slowdown in the growth of mining difficulty shows that miners had to pause upgrading their equipment as the epidemic prompted Chinese authorities to put certain areas into quarantine. This caused mining equipment makers to delay production as well as shipments.

Mining difficulty is adjusted on Feb. 11 to a level of 0.52% higher than 14 days earlier. While still an increase, this is a significant drop from the growth rates of 4.67% and 7.08%, which were recorded during the 2 adjustments prior to the ones listed.

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Technical analysis

_______________________________________________________________________

Bitcoin

The first bull wave that took Bitcoin over $10,000 failed after the bulls couldn’t push the price above $10,200. After some time spent in a downwards trend, Bitcoin spiked up yet again. This time, the price broke $10,200 and went all the way to the $10,360 resistance. Bitcoin bulls and bears are currently fighting to push the largest crypto above this resistance level or to keep it under.


Bitcoin’s volume is currently quite high, while its RSI level is dangerously close to the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $10,360                                         1: $10,010

2: $10,460                                         2: $9,872

3: $10,855                                         3: $9,732


Ethereum

After a short term downside correction, Ethereum (just like Bitcoin) found support near the $217.5 area. Bulls came to the market aggressively and pushed the price above the $240 resistance. It is currently stabilizing between the $240 support and the $251 resistance level.


Ethereum’s volume is on nearly the same level it was at over the whole uptrend that started on Feb 4. Its RSI on the 4-hour time frame has entered the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $251.3                                             1: $240

2: $259.5                                            2: $225.5 

3: $279                                               3: $217.5


Ripple

XRP finally joined other top cryptocurrencies and went into the bull mode, at least for a short while. Its price, after many failed attempts, broke the $0.285 resistance and is now consolidating right above it. The upwards price move was not steep, but rather gradual and strong. It was not accompanied by a big volume increase.


XRP’s volume is average at best, while its RSI level is approaching the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $0.31                                              1: $0.285

2: $0.324                                            2: $0.266

3: $0.3328                                          3: $0.2454

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 11 – Bear Cycle or just a Bump before the Major Bull Run?

Bitcoin turned away from its $10,200 resistance as bears took over the playing field and the crypto market as a whole. As a result, most of the cryptocurrencies ended up in the red over the past 24 hours. Bitcoin is currently trading for $9,757, which represents a 3.22% decrease on the day. Meanwhile, Ethereum lost 2.6% on the day, while XRP lost 3.72%.

OKB took the position of today’s most prominent daily gainer, with gains of 47.04%. On the other side, Kick Token lost 19.27% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance fell down slightly in the past 24 hours. It is now at 63.53%, which represents a decrease of 0.22% when compared to the value it had yesterday.

The cryptocurrency market capitalization lost some value as the market turned red. It is currently valued at $280.42 billion, which represents a decrease of $4.62 billion when compared to yesterday’s value.

What happened in the past 24 hours

Italy might be showing a slight degree of hostility towards the crypto industry, as it’s securities regulator ordered a shutdown of six foreign exchange websites as well as two crypto investing and derivative trading sites.

The Commissione Nazionale per le Società e la Borsa (CONSOB), which is operating as a securities regulator in Italy, has accused these websites of violating their Mifid2 as well as the Consolidated Law on Finance for providing illegal trading products and services.

Honorable mention

Ethereum – Anonymous? 

A part of the Ethereum network became anonymous on Feb 1. This happened due to the implementation of the Aztec protocol, which was created and launched on the network’s main net by Thomas Walton-Pock and his team.

Aztec protocol is designed to provide a high level of privacy on the ETH network, as well as to, hopefully, significantly reduce transaction costs.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin fell under $10,000 as bears took over the market at the $10,200 mark. The move down was quite sharp, and placed Bitcoin below a few key support levels (now resistance levels). After falling below $10,000, Bitcoin dropped all the way to $9,700. It has then been stopped by the bulls and returned above $9,732 support. However, Bitcoin is testing the support level quite hard, and is currently right below it.



Bitcoin’s volume is currently on average levels, while its RSI dropped from the overbought territory sharply. It is currently in the lower portion of the value range.

Key levels to the upside                    Key levels to the downside

1: $9,872                                           1: $9,732

2: $10,010                                         2: $9,585

3: $10,360                                         3: $9,380


Ethereum

Ethereum also stopped moving upwards after a weekend of great gains. After reaching $230, its price started moving sideways or slightly towards the downside. However, unlike Bitcoin, Ethereum did not have a major test of its support levels and kept above the $217.5 support.


Ethereum’s volume is on the lower side at the moment, while its RSI is hovering around the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $225.5                                             1: $217.5

2: $240                                              2: $198 

3: $251.3                                           3: $193.6


Ripple

While most cryptos exploded to the upside over the weekend, XRP spent the time mostly by being in consolidation mode. However, it made one (unsuccessful) attempt to break the $0.285 resistance level. The price continued to consolidate at the levels between $0.285 resistance and $0.266 support, which is where it’s at now as well. However, XRP might be testing its closest support level as its price is moving towards the downside and forming a small downtrend.


XRP’s volume is average at the time of writing, while its RSI level is in the lower parts of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 10 – Bitcoin fighting to regain $10,000 after a sudden crash occurs

Another green weekend for the crypto industry came as Bitcoin broke the $10,000 mark. Many say that this is only the beginning of a move that can take Bitcoin to $100,000. However, the past couple of hours were quite turbulent. The majority of the cryptocurrency market made gains over the weekend, but they mostly fell down in price in the past 24 hours. Bitcoin is currently trading for $9,963, which represents a 1.7% decrease on the day. Meanwhile, Ethereum lost 2.86% on the day, while XRP lost 3.65%.

Kick Token took the position of today’s most prominent daily gainer, with gains of 53.88%. On the other side, Synthetix Network lost 12.41% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance fell down slightly over the weekend. It is now at 63.75%, which represents a decrease of 0.72% when compared to the value it had on Friday.

 

The cryptocurrency market capitalization gained quite a bit over the weekend. It is currently valued at $285.04 billion, which represents an increase of $9.9 billion when compared to Friday.

What happened in the past 24 hours

American investment data provider Weiss Ratings updated its ranking for Bitcoin (BTC) to “excellent” by assigning it the A- grade. The rating update came due to strong price performance.

Weiss Ratings posted a tweet published on Feb. 7, saying that: “The Weiss Crypto Rating for BTC is now A- (excellent). This is thanks to improving fundamentals as well as positive price action ahead of Bitcoin’s halving.

Before Bitcoin received the A- rating, it was rated lower than XRP and EOS as they were considered cryptocurrencies with the best combination of tech and adoption. However, Bitcoin has a higher grade than both of them now.

Honorable mention

Binance Coin (BNB) 

Binance Coin (BNB) has shown its strength, mostly due to the changes in the fundamentals. Several fundamental core events happened during the last week. These events were perceived as positive by the traders. Binance launched futures trading for Zcash as well as BNB this week.

The exchange also added support for the Russian ruble. This feature allows users to make cryptocurrency purchases via their Visa banking card. On top of that, Binance hired Iskander Malikov, former COO at TradingView, as the new director of fiat in order to boost its fiat-to-crypto gateways.

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Technical analysis

_______________________________________________________________________

Bitcoin

The uptrend that started on Feb 4 continued over the weekend as well, pushing Bitcoin’s price over 10,000. The price slowly approached $9,900 and then spiked up all the way to $10,200. The move was not accompanied by a significant volume increase, but it was rather a slow grind towards the goal. However, the past few hours brought us a massive drop in price, where Bitcoin fell to $9,725 in a matter of minutes. The price recovered and the largest cryptocurrency by market cap is now trading just under $10,000.


Key levels to the upside                    Key levels to the downside

1: $10,010                                         1: $9,872

2: $10,360                                         2: $9,732

3: $10,470                                         3: $9,585


Ethereum

Ethereum had quite a bit of a run over the weekend as well. The price steadily went up and rose to $230, but consolidated below the $225.5 level. The past couple of hours brought us a sudden price drop, where Ethereum fell down to the $217.5 support level. However, bears did not manage to break this support level, and Ethereum quickly bounced back.


Ethereum’s volume is elevated at the moment, while its RSI left the overbought territory and is currently in the higher part of the value range.

Key levels to the upside                    Key levels to the downside

1: $225.5                                             1: $217.5

2: $240                                              2: $198 

3: $251.3                                           3: $193.6


Ripple

XRP spent the weekend mostly by being in the consolidation mode. However, it made one attempt to break the $0.285 resistance level, which failed. The price continued to consolidate at the levels right below $0.285 ever since the failed spike. However, the past couple of hours brought XRP bears to the game as well. A sudden move made XRP go from $0.282 to $0.27. However, the bulls quickly reacted, and the price went back to the previous levels.


XRP’s volume is still a bit elevated, while its RSI level is moving to the lower portions of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 7 – Bitcoin Futures over 10,000; US crypto regulators stalling

Another green day for the crypto industry is on its way, as bullish sentiment rises. Many people are talking about Bitcoin going over $10,000 very soon. The majority of the market made some gains in the past 24 hours. Bitcoin is currently trading for $9797, which represents a 1.73% decrease on the day. Meanwhile, Ethereum gained4.61% on the day, while XRP lost 0.43%.

Kick Token took the position of today’s most prominent daily gainer, with gains of 26.17%. On the other side, Molecular Future lost 15.29% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance increased by quite a lot in the past 24 hours. It is now at 64.23%, which represents an increase of 3.58% when compared to the value it had yesterday.

The cryptocurrency market capitalization gained quite a bit over the past 24 hours as cryptocurrencies gained some more value. It is currently valued at $277.71 billion, which represents an increase of $4.54 billion when compared to yesterday’s value.

What happened in the past 24 hours

The bullish sentiment continues to rise in the crypto market. Numerous altcoins score double-digit gains on a daily basis, while Bitcoin’s price on crypto exchanges also continues to push higher and higher.

Skew Markets has recently published data showing Bitcoin futures that expire in May 2020 and June 2020 rose above $10,000 at more than one exchange. On top of that, Bitcoin futures at BitMEX recently expanded to a new high of $1.5 billion.

Honorable mention

Ripple 

We are mentioning Ripple yet again today, as the company seems like it’s in quite a spotlight with all the partnerships and deals it made. An advocacy group called the Blockchain Association, which is representing many high-profile cryptocurrency firms, launched a working group with the aim to push for a U.S.-wide regulatory framework earlier this month.

This new working group is led by senior employees of Ripple and Coinbase. Its main aim is, as mentioned above, to advise United States regulators on how to approach crypto-friendly policies. However, the congresspeople are too busy preparing for the upcoming elections, so these policies are put to the side. U.S. crypto firms, in the meantime, have to work by complying with state-by-state regulations or avioding specific states in the near future.

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Technical analysis

_______________________________________________________________________

Bitcoin

Another day, another swing to the upside with Bitcoin trying to climb its way to 10,000. The price slowly moved above the $9,732 resistance level and is currently safe above it. The move was not accompanied by a significant volume increase. While Bitcoin’s outlook is bullish, its 4-hour time frame RSI level is still in the overbought territory.


One thing to note is that Bitcoin returned its dominance after losing 4% yesterday.

Key levels to the upside                    Key levels to the downside

1: $9,872                                           1: $9,732

2: $10,010                                         2: $9,585

                                                         3: $9,251


Ethereum

Ethereum gained quite a bit today as well. Its price continued moving upwards after a brief consolidation and just one 4-hour red candle. While the price is currently broken, the resistance of $217.5, it is unknown whether Ethereum will stay above the price line. However, the outlook is still bullish.


Ethereum’s volume increased massively during yesterday’s upswing, but it has reduced by a lot today. However, it is still elevated. Its RSI level is deep in the overbought territory for a couple of days now. The key level of $217.5 will remain on our left side of key levels until Ethereum spends at least a couple more hours above it.

Key levels to the upside                    Key levels to the downside

1: $217.5                                             1: $198

2: $225.5                                            2: $193.6 

                                                          3: $185


Ripple

XRP spent the day attempting to break the $0.285 resistance. However, all of its attempts were unsuccessful. For that reason, XRP is now just below the resistance line and consolidating. XRP had one 4-hour candle where its price suddenly dropped from $0.2848 all the way down to $0.261. However, the move was quite short, and XRP quickly recovered to the previous levels.


XRP’s volume is still a bit elevated, while its RSI level is moving out from the overbought area.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Guides

What Is SegWit & Why Is It Required?

Introduction

There are over two thousand cryptocurrencies and tokens in the market, and all of them have a set of rules to ensure they work properly. These rules are also referred to as protocols, and they are continuously in progress. Similarly to any computer code, mobile phones, and apps, the cryptocurrency protocols must be updated and improved, which means teams of programmers work every day to detect code errors, improve their performance and add new functionality. And SegWit is one of the updates that has been implemented in the Bitcoin protocol.

What is SegWit? 

Pieter Wuille was the man who came up with the idea of SegWit at a Bitcoin conference in 2015. Wuille claimed that SegWit was a possible solution to the flaw in the Bitcoin protocol. SegWit was a proposed solution to the problem of transaction malleability. Transaction malleability is a way of saying that coins can be stolen from the user just by changing tiny pieces of transaction information.

How does transaction malleability work?

Let’s say Bob sends 10BTC to Billy. But, with transaction malleability, Billy can trick Bob into sending him 20BTC instead of 10. The transaction malleability flaw in Bitcoin’s code enables Billy to tamper Bob’s witness before the transaction is confirmed on the blockchain network.

In this case, the transaction ID changes, but the transaction does not (10BTC were still sent from Bob to Billy). Now, Billy contacts Bob, saying that he hasn’t received 10BTC, though he actually has. Since the transaction id was altered, Bob checks and sees that the original transaction hasn’t been confirmed. So, seeing this, Bob sends 10BTC again to Billy. And Billy now receives 10 BTC more and 20 BTC in total.

The patch to transaction malleability

As mentioned earlier, a patch is a solution to this glitch in the Bitcoin protocol. SegWit is a patch designed by Pieter Wuille to bring a stop to transaction malleability. To prevent witness data from being used to alter the transaction ID, Peiter suggested removing it from the transaction. Hence, it is given the SegWit, which is the abbreviation for segregated witnesses, means to remove or separate the witness data.

A segregated witness creates something called as sidechain where witness data is stored aside from the main blockchain. This method efficiently prevents transaction IDs from being changed by dishonest users. Also, a smart thing about SigWit is that it’s backward compatible. So the nodes that are updated with the SegWit protocol can still work with nodes that are not updated yet. Such an update is called a soft fork, as opposed to updates that are not backward compatible, which are called hard forks.

Wuille wanted SegWit to be backward compatible so that the witness data was still recorded on the main blockchain. To solve this problem, he encrypted all the witness data of a block on the SegWit sidechain and then stored this root code on the main blockchain. Hence, transaction malleability was successfully patched without a hard-fork update.

The Pros on SegWit

💡 Patch to the transaction malleability – The problem of the malleability of transactions was solved by SegWit.

💡 Faster Blockchain transactions – SegWit makes the network much lighter. More transactions can be performed without increasing the overall block size.

💡 Room for more development – Things don’t end just at transaction malleability. If the use of blockchain increases drastically, the issue of scalability must be figured. And SegWit helped lightning network technology come to reality.

Conclusion

The problem of transaction malleability was a real concern to Bitcoin. A patch to it was really in need. Hence, Pieter Wuille came up with a successful patch to it. And this brought talks about the bright future of the Bitcoin platform. We hope you understood the concept of segregated witness (SegWit). If you have any questions, let us know in the comments below. Cheers!

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 6 – Is this the Start of the Altcoin Season?

Taking a look at the market, and it has never looked more green. Almost every single cryptocurrency made some gains in the past 24 hours. Bitcoin, the largest cryptocurrency by market cap, is currently trading for $9611, which represents a 3.98% decrease on the day. Meanwhile, Ethereum gained a staggering 9.36% on the day, while XRP went parabolic and gained 0.94%.

NEM took today’s most prominent daily gainer title with gains of 27.94%. On the other side, MaidSafeCoin lost 4.84% 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 60.65%, which represents a decrease of 4% when compared to the value it had yesterday.

The cryptocurrency market capitalization gained quite a bit over the past 24 hours as cryptocurrencies gained momentum upward. It is currently valued at $273.17 billion, which represents an increase of $12.04 billion when compared to yesterday’s value.

What happened in the past 24 hours

Lightning Labs, the developer Bitcoin’s high-speed transaction protocol “Lightning Network,” secured $10 million in their Series A funding round. Lightning Labs CEO and co-founder, Elizabeth Start, told the news via a public announcement in a blog post.

The company plans to use the raised funds to continue with the development of the Lightning payments technology as well as scaling of its developer ecosystem.

Honorable mention

Ripple 

Ripple, the company behind the third-largest cryptocurrency XRP, has made a new partnership. Apparently, Ripple will use its technology to bolster cross-border payments between the US and Mexico.

The company has, for this to happen, partnered with International Money Express, which is a money remittance services company mostly focused on the Latin and Caribbean corridor. International Money Express (also known as Intermex), Ripple’s new financial partner, is listed on the Nasdaq stock market with the stock ticker IMXI.

Ripple made announcement of the new partnership on Feb 5.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin made another swing up, trying to climb its way to 10,000. The price moved from the support level of $9,120 upwards, all the way up to $9,732 where the momentum faded. The move was accompanied by a slight (but not as substantial as some thought) volume increase. Bitcoin is now safely consolidating between the resistance of $9,732 and support of $9,585. Bitcoin’s RSI is just below the overbought territory while its volume is slightly above average.


One thing to note is that Bitcoin got outperformed by many cryptocurrencies in the past 24 hours, and even lost 4% of its dominance.

Key levels to the upside                    Key levels to the downside

1: $9,732                                           1: $9,585

2: $9,872                                           2: $9,251

3: $10,010                                         3: $9,120


Ethereum

Ethereum went parabolic today, as its price rose from $185 all the way to $212. The momentum faded down, and Ethereum is (at least for now) trying to consolidate at the highs. The second-largest cryptocurrency breezed through its $193.6 and $198 resistances as the volume skyrocketed.


Ethereum’s volume increased massively during the upswing, while its RSI level is deep in the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $217.5                                             1: $198

2: $225.5                                            2: $193.6 

                                                          3: $185


Ripple

XRP is, after it skyrocketed yesterday, mostly consolidating at its highs. Because of that, the third-largest cryptocurrency gained less than 1% on the day. Its move did not break any resistances and kept withing the bounds of its current ones. XRP is currently trading in between the $0.266 support and $0.285 resistance, which is quite a large range.


XRP’s volume descended from the highs it had during yesterday’s move, but it is still elevated. Its RSI level on the 4-hour chart is still deep into overbought territory.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 5 – XRP Skyrockets after Breaking a 2-year Downtrend; Bitcoin SV Upgrade Tesults in Chain Split

While the crypto market is still mostly in the consolidation phase, the outlook is much greener in the past 24 hours. Cryptocurrencies are mostly in the slight green with a cryptocurrency losing a tiny bit of their value here and there. Bitcoin, the largest cryptocurrency by market cap, is currently trading for $9276, which represents a 0.08% decrease on the day. Meanwhile, Ethereum gained 1.5% on the day, while XRP went parabolic and gained 10.59%.

Decentraland took today’s most prominent daily gainer title with gains of 19.82%. On the other side, ICON lost 16.64% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance kept decreasing over the past few days as altcoins outperformed it slightly each day. It is now at 64.65%, which represents a decrease of 0.17% when compared to the value it had yesterday.

The cryptocurrency market capitalization stayed at pretty much the same level as yesterday. It is currently valued at $261.13 59.66 billion, which represents an increase of $1.47 billion when compared to yesterday’s value.

What happened in the past 24 hours

Gemini, a well-known cryptocurrency exchange founded by Tyler and Cameron Winklevoss, announced the integration of the popular trading analysis service TradingView.

As TradingView announced on Feb. 4, Gemini added the trading service as a trading partner. This will allow its institutional customers to trade directly through TradingView. As part of this integration and partnership, Gemini is now listed in the TradingView’s Trading Panel. It can also be found in the TradingView’s Brokerage Section.

Honorable mention

Bitcoin SV 

Bitcoin SV performed a scheduled chain upgrade called Genesis on Feb. 3. However, most nodes have not yet updated, which resulted in a minor chain split. Bitcoin SV is now split into two versions.

Somewhere around 1/4 of all blockchain nodes are still running the old version, which means that they cannot synchronize to the main BSV chain. On top of this, a chain split occurred several hours later, where the old chain got extended by one block, which means that some miners also failed to upgrade to the new chain.

This event does not appear to be a premeditated attempt at creating a new BSV sub-chain.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price might be in trouble as the sentiment grows bearish for the short-term. The largest cryptocurrency fell out of the consolidation range bound by $9,251 which indicated the possibility of price going further down. However, the $9,120 resistance was strong enough to keep Bitcoin bears at bay, and Bitcoin is now trying to regain its position above $9,251.


Bitcoin’s RSI is slowly rising in value while its volume is slightly below average.

Key levels to the upside                    Key levels to the downside

1: $9,251                                           1: $9,120

2: $9,585                                           2: $9,070

3: $9,732                                          3: $8,905


Ethereum

Ethereum also went down slightly as the ETH bears tried to test the $185 support. However, the support held and the downward-facing trend got rejected. Ethereum’s price is now pushing above the middle of the range, bound by $185 to the upside and $193.6 to the upside.


Ethereum’s volume increased greatly in the past few hours, while its RSI level is approaching overbought territory.

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 is certainly the best performer out of the top3 cryptocurrencies (and beyond). After breaking a downtrend it was in for two years, the price skyrocketed and reached above $0.266. The price increase was accompanied by a major spike in volume. XRP is now trading in-between $0.266 to the downside and $0.285 to the upside.


XRP’s volume is enormous when compared to the volume it had previous days/weeks. Its RSI level on the 4-hour chart is deep into overbought territory.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 4 – Mastercard explaining Libra situation; Waves launching in 6 European countries

The crypto market went into a consolidation phase, which it is still in. Cryptocurrencies are divided between slightly red and slightly green on the day. Bitcoin, the largest cryptocurrency by market cap, is currently trading for $9267, which represents a 1.09% decrease on the day. Meanwhile, Ethereum lost 1.18% on the day, while XRP went up 0.68%.

Hedera Hashgraph took today’s most prominent daily gainer title with gains of 34.17%. On the other side, MonaCoin lost 10.66% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance decreased significantly over the weekend. It is now at 64.82%, which represents a decrease of 0.48% when compared to the value it had yesterday.

The cryptocurrency market capitalization stayed at pretty much the same level as yesterday. It is currently valued at $259.66 billion, which represents an increase of $1.68 billion when compared to yesterday’s value.

What happened in the past 24 hours

Mastercard Chief Executive Officer Ajay Banga explained why this company dropped its support for Libra in an interview with the Financial Times on Feb 3. He boldly stated Libra’s lack of transparency and argued that national payment systems are “really stupid.”

Mastercard, at the start of the project, was one of the founding members of the Libra association. Mastercard was not the only one, but one among many. Companies such as Visa, PayPal, and Stripe were also supporting Libra. All four dropped their support in Oct 2019 without any proper explanation. However, many suspected fear of regulation to be the main contributor to how things unveiled.

Honorable mention

Waves 

Open-source blockchain platform Waves founded a non-profit organization that goes by the name Waves Association. The organization is located in Frankfurt, Germany. It aims to provide governance for its ecosystem, Web3, as well as to foster the development of DLTs, which would include both public and private blockchain protocols.

The Waves Association will not be represented only in Germany. It will be supported and represented by ten community members located in six different countries: Germany, Portugal, Spain, the Netherlands, Switzerland, and Russia.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price entered a slight stagnation period as the bulls dropped pressure by the end of January. Its price is now trading in a tight range between $9,251 (majoy support) and $9,373 (minor resistance) or $9,585 (major resistance). Its price dropped slightly on the day, but no significant breaks happened.


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

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 also entered a consolidation phase, just like Bitcoin. However, its consolidation phase started a bit later, as ETH kept making moves even when BTC stopped. Ethereum could not break its $193.6 resistance level and decided to consolidate below it. Its price is now bound by this resistance, as well as the $185 support level.


Ethereum’s volume is on the lower side of the spectrum, while its RSI is still above the middle of the value range. However, it is slowly descending.

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 seems to be sharing fate with Ethereum for the past couple of days. It too began consolidating a bit after Bitcoin, but at approximately the same time as Ethereum. Once its price went above the $0.2454 resistance (now support) level, the bulls lost the strength that was required to push the price even further. Because of that, XRP is now in the middle of a wide price range between $0.2454 and $0.266.


XRP’s volume is tilting towards average when compared to the past week. Its RSI level is slowly descending from the higher values.

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, 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.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

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).

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

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 29 – Bitcoin Cash mining tax not happening; Bitcoin leading the crypto market to bull season

The crypto market is having a great weekend so far. Bitcoin, as the most prominent cryptocurrency, stepped above $9,000 level and is comfortably above it. Bitcoin’s price went up 3.45% on the day. It is currently trading for $9,359. Meanwhile, Ethereum gained 3.49% on the day, while XRP went up 2.97%.

BlockStamp took today’s most prominent daily gainer title with gains of 104.92%. On the other side, Molecular Future lost 7.90% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance increased slightly in the past 24 hours. It is now at 66.13%, which represents an increase of 0.14% 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 $257.06 billion, which represents an increase of $8.29 billion when compared to yesterday’s value.

What happened in the past 24 hours

Popular Bitcoin exchange platform LocalBitcoins seems to be stealthily suspending its user accounts from certain countries with little forewarning. Each suspended account got suspended for the “enhanced due diligence process.”

LocalBitcoins, one of the biggest P2P crypto exchanges, has reportedly suspended its user accounts based on their location. The targets were some parts of Africa, the Middle East as well as Asia. This all happened without any warning, with some users even being unable to withdraw their Bitcoin.

Honorable mention

Bitcoin Cash

Bitcoin Cash announced earlier this month that they would impose a 12.5% mining tax on all its miners. This news caused a major backlash as the decentralization that this coin promotes would be gone. According to an announcement, Roger Ver’s Bitcoin.com is officially backing down from this idea due to the negative responses they got from their user-base.

They said that they will not follow through as the negativity regarding the new implementations could cause a chain split. Bitcoin.com also added that they value transparency, flexibility as well as unity.

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Technical analysis

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Bitcoin

Bitcoin’s chart looks like the bull season is starting. The largest cryptocurrnecy had another great day, leading the cryptocurrency market to new highs. The price established itself above $9,000 and is currently in the consolidation move after it stopped going up. Bitcoin breezed through the $9,120 resistance, making it a support line. Its next support looks like it will be near $9,585, while its support is at $9,251. The price is currently standing above the 200-day moving average (on the 1-day chart), which acts as another form of support.


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 in the past two weeks.

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 also continued to increase in price, racking in another green day. Its price exploded from $171 and reached all the way to $178.5, but could not break the resistance level. Ethereum is now trading just below the immediate resistance. With elevated volume it has now, another small spike might just bring the price above the level. However, as this has not happened yet, Ethereum is still 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 is currently showing overbought trading. Key levels are remaining the same as Ethereum didn’t break any levels (to the upside or downside).

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

Out of the top3 cryptocurrencies, XRP was the one that had the most linear path to the upside. The bullish trend that Started Jan 25 continued, and XRP passed through the resistance level of $0.235. It is currently trading in the middle of the range, bound by $0.235 to the downside and $0.2454 to the upside.


XRP’s volume had one major 4-hour candle, which had elevated volume. However, the rest of the day remained on the same volume levels as the past week. XRP’s RSI level dipped into the overbought territory but is on a downward slope.

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 27 – Crytpos on a rise over the weekend; Blockchain companies helping coronavirus victims

The crypto market established its prices above major support lines over the weekend. Bitcoin, as the most prominent cryptocurrency, stepped above $8,500 and stayed there. Prices started moving up on Saturday and continued throughout the weekend. Bitcoin’s price went up 3.87% on the day. It is currently trading for $8,632. Meanwhile, Ethereum gained 4.85% on the day, while XRP went up 4.58%.

Centrality had another great day. The cryptocurrency gained 22.37% on the day, making it the most prominent daily gainer. There were no losers in the past 24 hours, as only four cryptocurrencies out of the top100 were in the slight red. Enjin Coin lost the most, which was 1.09%.

Bitcoin’s dominance increased slightly over the weekend. It is now at 65.78%, which represents an increase of 0.53% when compared to the value it had yesterday.

The cryptocurrency market capitalization gained quite a bit of its value over the weekend. It is currently valued at $239.93 billion, which represents an increase of $10.82 billion when compared to yesterday’s value.

What happened in the past 24 hours

Some blockchain and cryptocurrency firms decided to use their resources to help victims of the coronavirus in Wuhan, China. Cryptocurrency exchange Binance will donate 10 million Chinese yuan (which is approximately $1.44 million) to the effort.

Binance CEO Changpeng Zhao told the press that Binance did make a pledge towards the cause, but did not announce it after a Twitter user tagged the exchange CEO in a post regarding cryptocurrency donations being accepted for the cause.

Honorable mention

MakerDAO

Financial technology data company Digital Assets Data shared that out of all the Ether (ETH) that is locked in the collateralized debt positions of the old MakerDAO system, an astonishing 27% belong to a single Ethereum address.

Dai, a cryptocurrency made by MakerDAO, allows its users to borrow or generate stablecoins by staking their cryptocurrency funds as collateral.

The Dai stablecoin reached a milestone of 100 million token debt ceiling and introduced a multi-collateral Dai that can be backed by multiple assets in November 2019.

The old, single-crypto collateral Dai, became known as “Sai.”

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Technical analysis

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Bitcoin

Bitcoin had a great weekend as its price reached over $8,500 and established support there. Bitcoin bulls pushed (and are still trying to push) the price above the $$8,650 price line, which became recognized again after some time of price movements ignoring it. However, Bitcoin did not yet manage to cross this resistance line.


Bitcoin’s RSI is approaching overbought territory on the 4-hour chart, while its volume is elevated, but not at the high levels it had on Jan 14.

Key levels to the upside                    Key levels to the downside

1: $$8,650                                         1: $8,436

2: $8,815                                           2: $8,130

3: $8,905                                           3: $7,880


Ethereum

Ethereum also increased in price over the weekend. Its price went from $156 all the way up to $170. However, Ethereum is still fighting to stay above the $167.8 line, as it is right on it at the moment of writing. If the price goes above, it might face the next resistance at $178.5. If it, however, goes down, its support level will be at $164.


Ethereum’s volume is elevated, while its RSI is (just as with Bitcoin) approaching the overbought territory.

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 did not stay from the rest of the market, and it increased in price as well. The third-largest cryptocurrency moved from $0.2165 to $0.2333 but fell down to the current level of $0.23. Its first resistance level is waiting at $0.235, while its support is currently at $0.227.


XRP’s volume is, unlike with Ethereum and Bitcoin, not elevated. It has been steadily rising over the weekend, but it is still lower than what it was most of 2020. Its RSI level is descending at the moment after XRP’s price stopped moving upwards.

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 22 – Companies abandoning Libra project, BNB on the rise

The markets didn’t make any significant gains over the past 24 hours. Prices remained at the same level for the second day in a row. Bitcoin’s price went down 0.07% on the day. It is currently trading for $8,641. Meanwhile, Ethereum gained 0.56% on the day, while XRP went down 0.64%.

Komodo gained 23.90 on the day, making it the biggest daily gainer. Golem followed with a gain of 21.47% on the day. On the other side, Centrality lost 7.80% on the day, which makes it the biggest daily loser. Centrality was the biggest daily loser for two days in a row.

Bitcoin’s dominance didn’t move at all. It is now at 65.5%, which represents a decrease of 0.18% when compared to the value it had yesterday.

The cryptocurrency market capitalization did not move today. It is currently valued at $240.15 billion, which represents an increase of $1.62 billion when compared to the value it had on yesterday.

What happened in the past 24 hours

After Facebook’s Libra project had a successful start with many big companies supporting it, things started falling apart. We can now add the telecom giant Vodafone to the list of companies that cut ties with the Libra association. Vodafone’s spokesperson confirmed the news on Jan. 21, 2020.

Dante Disparte, Libra association’s head of policy and communications, confirmed this news in a statement. “We can confirm that Vodafone is no longer a member of the Libra Association.”

Honorable mention

Binance Coin

Binance Coin was one of the few top cryptocurrencies that gained over 2% on the day. Binance Coin managed to go up by 3.44%, making it today’s top performer in the top10. The reason for that is not technical, but rather fundamental.

Binance announced that it officially launched its Peer-to-Peer (P2P) Merchant Program. This program is a user-oriented fiat currency trading platform, which started working yesterday.

According to Coin360’s reports, Binance managed to achieve a staggering 30% growth in trading volume just over the past month. The Hong Kong-based firm also has the largest average monthly traffic at the moment, counting over 18 million users.

With the increased volume which means more users transacting with BNB, as well as the good news regarding the P2P platform launch, Binance Coin has a great fundamental outlook.

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Technical analysis

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Bitcoin

Bitcoin is trading in a very tight range for 48 hours straight. The largest cryptocurrency traded sideways for around 2 days now, which is an incredibly long time for this tight of a range. The price movement shows lack of respect for the $8,650 trend line, which should be removed from the equation, at least for now (we will keep the line on our charts for now, but the price level will be removed from the “key levels” table). Each time Bitcoin consolidated in this way, the break afterwards was explosive.


Bitcoin’s volume stopped decreasing. It is now maintaining a certain level. Its RSI is hovering around the middle of the value range.

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’s chart looks very similar to Bitcoin’s chart. The second-biggest cryptocurrency is consolidating as well at the moment. Its price is sitting right on top of the $167.8 line, and it is currently unknown whether the price will move up or down. If the price moves to the downside, Ethereum will face a support level of $163.5. On the other hand, if the price goes up, it will have leeway because the next resistance level is further away, sitting at 178.65.


Ethereum’s volume currently on the lower end of the spectrum, while its RSI level is precisely in the middle of the range (just like yesterday).

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 was not performing any differently than the rest of the market. Its price is going through consolidation for the second day now. Its price is sitting right at the key level of $0.235, struggling to go up or down. If the price goes down, XRP will face support at the $0.227 level. If, on the other hand, it goes up, the price will face resistance at the $0.24545 level.


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

Key levels to the upside                    Key levels to the downside

1: $0.24545                                        1: $0.227

2: $0.253                                           2: $0.221

3: $0.266                                           3: $0.211

 

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 20 – India at a crypto crossroads; Bitcoin outperforms altcoins

The cryptocurrency market had a red weekend as Bitcoin could not make it through $9,000 to create a clear bull market path for the rest of the cryptos. Bitcoin’s price went down 4.61% on the day. It is currently trading for $8,643. Meanwhile, Ethereum lost 5.93% on the day, while XRP went down 5.95%.

The past 24 did not have any particular prominent gainers. Seele gained 6.78% on the day, making it the biggest daily winner. On the other side, Steem lost 14.74% on the day, which makes it the biggest daily loser.

While every cryptocurrency in the top10 by market cap performed better than Bitcoin during the price rise, each one of them (excluding BSV) fell more than Bitcoin once it was time to go down in price. Bitcoin’s dominance, therefore, increased over the weekend. It is now at 66.31%, which represents an increase of 0.47% when compared to the value it had yesterday.

The cryptocurrency market capitalization decreased over the weekend. It is currently valued at $237.26 billion, which represents a decrease of $8.54 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Following the last August session, the Supreme Court of India reconvened once again this week. The topic was the Crypto v. RBI case. The Supreme Court had asked the Reserve Bank of India to further clarify its position towards crypto and to explain why it enforced a nationwide ban during the last session. It was also on the agenda to discuss if this move was constitutional at all.

In an attempt to defend its stance, the RBI tried to showcase all the security breaches that happened in the crypto industry, therefore presenting itself as an entity that takes care of its peoples’ financial safety.

Honorable mention

Bitcoin SV

Anyone who watched the markets over the past week saw the explosive gains that Bitcoin SV made, as well as the price drop afterward. The cryptocurrency led by Craig Wright, a prominent figure in the crypto industry that claims to be Satoshi Nakamoto, is leading a campaign claiming that Bitcoin SV is the “real deal” because he is the real Satoshi.

He is scheduled to appear before the court on Feb 3 to present the keys to the Tulip Trust that holds over 1.1 million Bitcoin. He supposedly got the rest of the key required from his former business partner Dave Klaiman.

An important thing to note is that most of the volume that brought Bitcoin SV’s surge was actually fake. The majority of the volume came on small exchanges that are easily influenced by one person. There is much evidence pointing to wash trading rather than a genuine interest in this cryptocurrency.

However, Bitcoin SV did manage to be the only cryptocurrency that ended up in the green over the past few day.

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Technical analysis

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Bitcoin

Bitcoin tried to push over $9,000 over the weekend, but failed to do so. Pushing over this barier would, to most people, mean the start of a bull market. However, afterfailing to secure its position above the desired price, Bitcoin tumbled all the way down to $8,460. It has recovered since and is currently trading right above the $8,640 level. The level got tested several times, and might not hold if tested more.


Bitcoin’s volume is on the levels similar to the past week’s levels. 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: $8,640

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

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


Ethereum

Ethereum followed Bitcoin both to the upside and downside. While its gains surpassed Bitcoin’s during the “bull phase,” its losses were larger than Bitcoin’s during the price drop. Ethereum couldn’t break $178.65 and fell back down. It dropped under $167.8 where it is at currently. It is trading in a very tight range between $167.8 to the upside and $163.5 to the downside.


Ethereum’s volume currently on the lower end of the spectrum. Its RSI is near 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 performed very similarly to other cryptocurrencies over the weekend. Its price was surging until it hit a wall at $0.24545. The only difference was that XRP actually managed to pass over the resistance a few times before dropping below it once again. It dropped more and more until bulls picked up the pace at $0.226. XRP’s price is now consolidating in a tight range, bound by $0.27 to the downside and $0.234 to the upside.


XRP’s volume is descending and currently on the lower end of the spectrum, while its RSI is in the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.234                                            1: $0.227

2: $0.24545                                        2: $0.221

3: $0.253                                           3: $0.211

 

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 17 – Russia making a national digital currency; Bitcoin fighting for $9,000

The cryptocurrency market went on a bull ride once again in the past 24 hours. Most cryptos ended up in the green, with altcoins usually performing better than Bitcoin. Bitcoin’s price went up 3.46% on the day. It is currently trading for $8,943. Meanwhile, Ethereum gained 6.95% on the day, while XRP went up 4.42%.

The past 24 had quite a few gainers, but we will mention only the most prominent ones. Mona Coin and Ethereum Classic were the best-performing digital assets today, gaining 29.15% and 28.32%, respectively. On the other side, Swipe lost 10.65% on the day, which makes it the biggest daily loser.

Every cryptocurrency in the top10 by market cap performed better than Bitcoin (excluding USDT).

Bitcoin’s dominance lost more than half a percent in the past 24 hours. It is now at 65.84%, which represents an increase of 0.53% when compared to the value it had yesterday.

The cryptocurrency market capitalization increased by quite a bit when compared to yesterday’s value. It is currently valued at $245.82 billion, which represents an increase of $10.88 billion compared to yesterday.

What happened in the past 24 hours

The new Prime Minister of the Russian Federation announced that the country will prioritize the development of the digital economy.

Mikhail Mishustin, who was confirmed for the Prime Minister position earlier today, said that Russia should improve and walk towards modern information technologies. One of the main things to develop, he said, was a national digital economy program.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had another explosive gain today. Even though its price rise is small in comparison to other cryptocurrencies, it still did move up with quite a good bull presence. Bitcoin bulls pushed the price to $9,000. The bull move is still in play, so this doesn’t have to be the biggest price we will see today. This move crushed all the upside levels, including $8,640, $8,815 and $8,905.


Bitcoin’s volume is quite high and stable. Its RSI level hit the overbought level on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $9,115                                          1: $8,905

2: $9,250                                          2: $8,815

3: $9,580                                          3: $8,640


Ethereum

Ethereum moved up along with other cryptos. Its move was bigger than Bitcoin. Ethereum’s price breezed through the resistance level of $167.8 and is currently trading at around $171. This move outperformed Bitcoin’s as well as XRP’s, making Ethereum the biggest gainer out of the top3 cryptocurrencies.


Ethereum’s volume is quite high due to the bull presence. Its RSI level is currently in the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $178.5                                             1: $167.8

2: $185                                              2: $160

3: $193.5                                           3: $154.2


Ripple

XRP had a good day, as it too had quite an explosive gain. The price movement was quite linear and moved to the upside from $0.221 all the way to $0.237, which is XRP’s current price. There is still a place for XRP to move further up as the next resistance is quite far away.


XRP’s volume decently high and steady, while its RSI is touching the overbought territory at the moment. It has not, however, entered it yet.

Key levels to the upside                    Key levels to the downside

1: $0.24545                                        1: $0.2332

2: $0.253                                           2: $0.227

3: $0.266                                           3: $0.221

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 16 – Malaysia considering IEO’s, markets consolidating

It looks like the cryptocurrency market stopped growing and started consolidating. The past 24 hours were not very turbulent. Bitcoin’s price went down 1.51% on the day. It is currently trading for $8,617. Meanwhile, Ethereum lost 2.78% on the day, while XRP went down 4.38%.

The past 24 did not have as many big gainers as the day before had. However, Augur made some incredible uptick, gaining 52.02%. On the other side, Bitcoin SV bounced back 19.13% on the day, which makes it the biggest daily loser.

Out of the top50 cryptocurrencies by market cap, only the aforementioned Augur managed to rise significantly. Bitcoin Diamond also made some gains today.

Bitcoin’s dominance stayed at virtually the same place in the past 24 hours. It is now at 66.37%, which represents an increase of 0.03% when compared to the value it had yesterday.

The cryptocurrency market capitalization decreased slightly to yesterday’s value. It is currently valued at $234.94 billion, which represents a decrease of $3.88 billion compared to yesterday.

What happened in the past 24 hours

Following the US SEC’s alert to investors against Initial Exchange Offerings and their safety, Malaysia’s regulator published a regulatory guide that requires token offerings in the country to be attached to exchanges.

Malaysia’s Securities Commission report makes it clear that digital tokens are only supposed to be used for goods and services and within strict guidelines. These guidelines will take effect late 2020.

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Technical analysis

_______________________________________________________________________

Bitcoin

After a few days of explosive gains, Bitcoin bulls stopped pushing the price upwards and Bitcoin started consolidating today. The largest cryptocurrency could not break the $8,815 mark neither of two times, which made the price go slightly down. Bitcoin is now consolidating at around $8,600.


Bitcoin’s volume is still elevated, but it has reduced when compared to yesterday. Its RSI level dropped below overbought and is currently falling even further.

Key levels to the upside                    Key levels to the downside

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

2: $8,815                                           2: $8,125

3: $8,905                                          3: $7995


Ethereum

Ethereum, after it could not reliably break its $167.8 resistance, started to consolidate. Its price is now hovering just above the $160 support level.


Ethereum’s volume drop, in conjunction with a descending value of the RSI indicator, may show that the consolidating will last a little while longer.

Key levels to the upside                    Key levels to the downside

1: $167.8                                             1: $160

2: $178.5                                            2: $154.2

3: $185                                               3: $148.5


Ripple

XRP performed the worst out of the top3 cryptos on the day. It lost the most value as it managed to break a key support level of $0.227. Its price is currently right below this level, which could prove to be quite a resistance.


XRP’s volume is lower than yesterday and higher than its average, while its RSI is descending to the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.227                                            1: $0.221

2: $0.2332                                          2: $0.211

3: $0.24545                                        3: $0.205

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 15 – Bitcoin SV skyrockets on fundamentals, Dash loved by Venezuela

It looks like the cryptocurrency market is booming as options on Bitcoin futures became available for trading at CME. The past 24 hours were very turbulent. While most cryptocurrencies are in the green, some moved just a bit while others skyrocketed. Bitcoin’s price went up 2.25% on the day. It is currently trading for $8,685. Meanwhile, Ethereum gained an astonishing 8.52% on the day, while XRP went up 5.8%.

The big gainer among the top cryptos, the controversial Bitcoin SV, managed to gain over 100% before starting to fall. At this moment, it retained 65% of its gains.

The past 24 hours had many big gainers. Bitcoin Gold and Bitcoin SV went up the most, gaining 72.48% and 65.23% on the day, respectively. On the other side, MaidSafeCoin lost 22.82% of its value when compared to yesterday, making it the biggest daily loser.

Worth mentioning is Dash, the private cryptocurrency which got lost in the news of Bitcoin SV. Dash went up 45.28%. Many attributed Dash’s rising price to its popularity in Venezuela. Burger King announced that they would accept Dash in forty of the country’s restaurants. This fact could have sparked up speculative investing.

Bitcoin’s dominance had a major drop over the past 24 hours. It is now at 66.34%, which represents a decrease of 1.62% when compared to the value it had yesterday.

The cryptocurrency market capitalization increased significantly to yesterday’s value. It is currently valued at $238.82 billion, which represents an increase of $15.92 billion compared to yesterday.

What happened in the past 24 hours

The big talk of the market in the past 24 hours definitely seems to be the price gain of Bitcoin SV. This parabolic move happened as the rumor has it that Craig Wright, the man behind Bitcoin SV and the person that claims he is Satoshi Nakamoto, announced that he received the other part of the Tullip Trust keys. If this is true, Wright could unlock the 1.1 million Bitcoin held in the trust.

On Jan 14, Craig Wright, filed a notice of compliance with the U.S. District Court of Southern Florida that states that he recieved the private keys that can, in conjunction with the ones he currently have, unlock 1.1 million Bitcoin.

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Technical analysis

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Bitcoin

Even though Bitcoin made gains yet again today, its moves lagged behind some other top cryptocurrencies. Its price went up and above $8,900 atfirst, but then died down and slowly reduced to its current state of around $8,650. This happened as bulls could not pass through the $8,810 resistance leve. However, they did pass the $8,640 support.


Bitcoin’s volume increased dramatically over the past 24 hours. Its RSI instantly went up to the overbought territory on the 4-hour chart, but has now gone below and is hovering near it.

Key levels to the upside                    Key levels to the downside

1: $8,815                                           1: $8,640

2: $8,905                                           2: $8,165

3: $9,120                                           3: $8,000


Ethereum

Unlike Bitcoin, Ethereum did make some great gains. Its price skyrocketed past its immediate resistance of $148.5. However, it did not stop there. It also went above the $154.2 and $160 resistances and managed to reach $171.25 before cooling off and consolidating at the ~$160 mark. Its current pivot point is the $164 level. Ethereum is currently fighting on whether its price will consolidate above or below it.


Ethereum’s volume is disproportionally huge when compared to the previous days, while its RSI is in the overbought territory for some time now.

Key levels to the upside                    Key levels to the downside

1: $167.8                                             1: $160

2: $178.5                                            2: $154.2

3: $185                                               3: $148.5


Ripple

XRP is also making some great daily gains. Its price went from $0.211 to $0.245 in less than a day. However, the $0.24545 resistance was too strong, and XRP bulls could not get past it. Its price started settling below the $0.235 level, where it currently is. Still, this bull move managed to break two resistances, namely $0.221, $0.227, and resistance levels. Its price is currently fighting with the $0.235 resistance level, which is the current pivot point.


XRP’s volume spiked significantly during the uptick, while its RSI is on the edge of the overbought zone, often going in and then out of it.

Key levels to the upside                    Key levels to the downside

1: $0.24545                                        1: $0.2332

2: $0.266                                           2: $0.227

3: $0.285                                           3: $0.221

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 14 – Travala now accepts USDT, Crypto market spiking up yet again

The cryptocurrency market scored even more gains today. The past 24 hours passed with a slight upward movement from all cryptocurrencies. Bitcoin’s price went up 3.45% on the day. It is currently trading for $8,413. Meanwhile, Ethereum gained 1.9%, while XRP went up 1.81% on the day. The big gainer among the top cryptos is Bitcoin SV which has made another 26% leap and is approaching its historical maximum valuation.

DxChain Token gained 32.51% on the day, making it the most prominent daily gainer yet again. On the other side, Energi lost 7.19% of its value when compared to yesterday, making it the biggest daily loser. Worth mentioning is POL(+36.4%), which moved from cents to over $100 in a couple of days, as blockchain voting solutions is gaining momentum.

Bitcoin’s dominance increased slightly over the past 24 hours. It is now at 67.99%, which represents an increase of 0.19% when compared to the value it had yesterday.

The cryptocurrency market capitalization increased by when compared to where it was yesterday. It is currently valued at $222.9 billion, which represents an increase of $5.9 billion compared to yesterday.

What happened in the past 24 hours

Hotel booking company Travala announced that they now accept payment from Tether (USDT). Travala announced that Tether (USDT) could be used as a form of payment for its two million linked properties.

In addition to Tether, Travala accepts other cryptocurrency payments such as Bitcoin, Ethereum, Litecoin, XRP,  Bitcoin Cash, Binance Coin,  Cardano, Stellar, and  as well as its native coin, AVA.

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Technical analysis

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Bitcoin

Bitcoin made gains yet again today. After a great weekend, not many people expected a sudden increase in price. However, Bitcoin went above its upside resistance level of $8,165 and went as high as $8,500. However, its price is now stabilizing below this level. Its next upside target is $8,630, but the target seems unlikely to break in the short-term.


Bitcoin’s volume was descending steadily but had a major spike during the uptick. Its RSI instantly went up to the overbought territory on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $8,630                                           1: $8,165

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

3: $9,100                                           3: $7,780


Ethereum

Unlike Bitcoin, Ethereum did not break any resistance levels. It did, however, follow Bitcoin in the upward-facing price movement. Its price gained momentum as the volume increased, but that was not enough to break the $148.5 resistance. Its price is now trading in the higher levels of the range.


Ethereum’s RSI is currently in the upper part of the value range. Its volume was descending until the price started moving up. It is currently slightly elevated.

Key levels to the upside                    Key levels to the downside

1: $148.5                                             1: $141.15

2: $154.2                                            2: $130

3: $160                                              3: 128.1


Ripple

XRP is also following the industry trend of moving up. XRP managed to bring its price above $0.211 over the weekend, but couldn’t move past the next resistance level this time. Its price went up rapidly as the volume spiked. However, the price reached $0.2177 and could not move above it. It is now consolidating right below that level.


XRP’s volume spiked during the uptick, while its RSI is moving upwards towards the overbought zone.

Key levels to the upside                    Key levels to the downside

1: $0.221                                           1: $0.211

2: $0.227                                           2: $0.205

3: $0.2332                                         3: 0.1978

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 13 – Block.One releasing EOS.io 2.0, Bitcoin back over $8,000 over the weekend.

The cryptocurrency market managed to restore some of its losses over the weekend. However, the past 24 hours were without much movement. Most cryptocurrencies made slight losses and are in the red. Bitcoin’s price went down 0.13% on the day. It is currently trading for $8,118. Meanwhile, Ethereum lost 0.54%, while XRP lost 1.51% on the day.

DxChain Token gained 31.22% on the day, making it the most prominent daily gainer. On the other side, Energi lost 8.52% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance decreased by approximately half a percent during the weekend. It is now at 67.8%, which represents an increase of 0.58% when compared to the value it had on Friday.

The cryptocurrency market capitalization increased by over $10 billion over the weekend. It is currently valued at $217 billion. This value represents an increase of $11.11 billion on Friday’s value.

What happened in the past 24 hours

Blockchain software development company Block.One publically announced the release of EOS.io 2.0. EOS.io 2.0 is an update to the software that operates under the EOS blockchain.

Block.One called this update “faster, simpler, and even more secure” in the announcement.

This change is implemented with the aim to improve smart-contract execution performance. After testing the update behind close doors, Block.One claims that this update is supposedly up to 16 times faster when compared to their previous version of the engine.

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Technical analysis

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Bitcoin

Bitcoin managed to get over $8,000 over the weekend. It is currently in a tight range, bound by support level of $8,000 and resistance level of $8,165. There are currently no sure ways to see where Bitcoin’s price will go from here. Traders might consider abandoning range-trading and wait for the breakout to happen so they could catch the move.


Bitcoin’s volume is descending and is undoubtedly lower than what it was over the past week. Its RSI level is currently at 54.34, just above the middle point.

Key levels to the upside                    Key levels to the downside

1: $8,165                                           1: $8,000

2: $8,630                                           2: $7,780

3: $8,820                                           3: $7,530


Ethereum

Ethereum followed other cryptos on their move up over the weekend. It gained some upward momentum and reached over $141.15 level, which is where it’s at right now. Ethereum is now bound within a range between $148.5 to the upside and $141.15 to the downside.


Ethereum’s RSI is currently in the middle part of the value range. Its volume is descending but is still pretty high.

Key levels to the upside                    Key levels to the downside

1: $148.5                                             1: $141.15

2: $154.2                                            2: $130

3: $160                                              3: 128.1


Ripple

XRP is also following the industry trend of moving up after the consolidation, which brought the price down. XRP managed to bring its price above $0.211 over the weekend. However, unlike Ethereum and Bitcoin, XRP is now struggling to keep above that support. Its price is currently right on the $0.211 line or slightly below it. Whether the price will end up above or below this level plays an important role in this move, as passing above will mean consolidating at a much higher price. Consolidating below the line will most likely mean that XRP will fall into the middle of the range it was in on Friday.


XRP’s volume is much lower than yesterday, while its RSI is in the middle part of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.211                                           1: $0.205

2: $0.221                                           2: $0.1978

3: $0.227                                           3: 0.1892

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 10 – Blockchain will be used to tackle climate change; KPMG leader predicts

The cryptocurrency market is on the second day of consolidation after a big swing up. Bitcoin’s price went down 2.16% on the day. It is currently trading for $7,732. Meanwhile, Ethereum lost 1.64%, while XRP lost 1.17% on the day.

Aidos Kuneen gained 10.25% on the day, making it the most prominent daily gainer. On the other side, Bytecoin lost 20.76% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance increased marginally in the past 24 hours. It is now at 68.38, which represents an increase of 0.23% from yesterday’s value.

The cryptocurrency market capitalization decreased slightly in the past 24 hours. It is currently valued at $205.89 9.65 billion. This value represents a decrease of $3.76 billion when compared to yesterday’s value.

What happened in the past 24 hours

One of the big four world-recognized accounting giants, KPMG, provided the media with its stance on the blockchain. KPMG US blockchain lead, Arun Ghosh, said that blockchain, alongside with the Internet of Things could be used to manage climate change in 2020 and beyond.

Ghosh also noted that the convergence of these two technologies enables organizations to accelerate their environmental governance. Blockchain’s chain of custody would be deployed as a central component in this system and it would be used to drive sustainability.

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Technical analysis

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Bitcoin

Bitcoin on a downward-facing path yet again. However, this may not be a bearish thing at all. Though some see this move as another short-term bear trend, many see it as the retracement to the base of the inverted H&S pattern which Bitcoin just left.


Bitcoin’s price went broke the $7,780 resistance and is right above it at the moment. Its volume is slowly descending, while its RSI value on the 4-hour chart is right in the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $7,780                                           1: $7,530

2: $7,990                                           2: $7,415

3: $8,165                                           3: $7,275


Ethereum

Ethereum followed Bitcoin on its downward path yet again today. The consolidation above the $141.15 support line currently does not seem like an option, as Ethereum continued its move down and is currently trying to stabilize in the middle of the range, bound by $141.15 at the top and $130 at the bottom.


Ethereum’s RSI is currently in the lower part of the value range. Its volume is descending but is still pretty high.

Key levels to the upside                    Key levels to the downside

1: $141.15                                            1: $130

2: $148.5                                            2: $128.1

3: $154.2                                            3: 122.1


Ripple

XRP is also following the industry trend of consolidating or going down in price. Its price fell under the $0.205 support level and is currently in the middle of the range, bound by $0.205 at the top and $0.1978 at the bottom. As momentum fades, volume lowers, and RSI drops down, further sharp downward movement is less likely to happen.


XRP’s volume is much lower than yesterday, while its RSI is in the lower part of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.205                                           1: $0.1978

2: $0.211                                           2: $0.1892

3: $0.221                                           3: 0.1758

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 09 – China announcing its cryptocurrency launch date

The cryptocurrency market got a well-deserved consolidation phase after the big moves to the upside it made over the past couple of days. As far as daily price changes go, Bitcoin’s price went down 4.88%. It is currently trading for $7,899. Meanwhile, Ethereum lost 3.74%, while XRP lost 3.55% on the day.

Lisk gained 23.41% on the day, making it the most prominent daily gainer. On the other side, Centrality lost 11.45% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance fell quite drastically in the past 24 hours. Its dominance is now at 68.15, which represents an increase of 0.84% from yesterday’s value.

The cryptocurrency market capitalization decreased in the past 24 hours. It is currently valued at $209.65 billion. This value represents an increase of $8.83 billion when compared to yesterday’s value.

What happened in the past 24 hours

China announced that its nationwide blockchain network called the Blockchain-based Ser­vice Net­work (BSN) would be operational in April 2020. This is only six months after it’s testing phase started.

This project is fully backed by Chinese government policy. It is created to provide a platform on top of which new blockchain projects could be made, but also to help with the development of smart cities and the digital economy as a whole.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin is following the price movement that most analysts predicted so far. Even though it fell under the 200-day moving average (1-day time-frame) which it was under since November, this doesn’t have to be considered bearish at all. After creating an almost perfect head and shoulders pattern and breaking it to the upside, the true confirmation of a successful move would be a retracement to the neckline and then a burst in upwards momentum. This price movement seems exactly like a pullback that was expected.From a fundamental standpoint, Bitcoin is more and more bullish as the tension between the US and Iran rises.


Bitcoin’s price went under $8,000 and broke the $8,165 and $7,790 resistances.

Key levels to the upside                    Key levels to the downside

1: $7,990                                           1: $7,780

2: $8,165                                           2: $7,530

3: $8,640                                           3: $7,415


Ethereum

Ethereum didn’t have an additional day of gains, which resulted in it falling slightly less than Bitcoin. The consolidation above the $141.15 support line continues until the bearish pressure pushed the price below support.


Ethereum’s RSI moved away from the overbought territory and is currently in the lower value range. Its volume, on the other hand, is still above average.

Key levels to the upside                    Key levels to the downside

1: $141.15                                            1: $130

2: $148.5                                            2: $128.1

3: $154.2                                            3: 122.1


Ripple

XRP did not have a day last time we reported, as it was falling in price while other cryptocurrencies were either rising or consolidating sideways. However, XRP might have found a strong support line to consolidate at. After creating a downtrend line, which dates from two days ago, XRP managed to find its support at $0.205. The price is currently right at that level and is testing it to the downside.


XRP’s volume lower than yesterday, while its RSI moved out of the overbought territory and is currently moving towards oversold on all time-frames.

Key levels to the upside                    Key levels to the downside

1: $0.211                                           1: $0.205

2: $0.221                                           2: $0.1978

3: $0.227                                           3: 0.1892

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 08 – Bitcoin moves above 8,000 as people move to safer assets and from USD

The cryptocurrency spent most of its day consolidating and being in the slight green. However, Bitcoin continued moving higher and higher as the US attacks Iraqi bases. As far as daily price changes go, Bitcoin’s price went up 5.58%. It is currently trading for $8,317. Meanwhile, Ethereum gained 1.08%, while XRP lost 1.42% on the day.

Quant gained 17.68% on the day, making it the most prominent daily gainer. On the other side, MaidSafeCoin lost 7.93% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance increased massively in the past 24 hours. Its dominance is now at 68.99, which represents an increase of 1.01% from yesterday’s value.

The cryptocurrency market capitalization increased by almost $10 billion just in the past 24 hours. It is currently valued at $218.48 billion. This value represents an increase of $7.56 billion when compared to yesterday’s value.

What happened in the past 24 hours

Coinbase has expanded on its Coinbase Pro trading platform compatibility. The Coinbase Pro mobile app can be downloaded off the Android’s application store. This news got announced by Coinbase a Jan. 7 blog post. The exchange also unveiled its Pro app for iOS users in October 2019.

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Technical analysis

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Bitcoin

Bitcoin is currently at a level of great importance for the long-term movement of its price as well as the price of the entire crypto industry. Taking a look at the 1-day chart shows us that Bitcoin just passed the 200-day moving average which it was under since November. On the shorter time-frames, the move to the upside looks overextended as its RSI is in the overbought territory. Its price broke the $7,990 and $8,165 resistances from when we last reported.


From a technical standpoint, this move looks like a continuation of the inverted head and shoulders pattern (which still requires a pullback to be confirmed). However, from a fundamental standpoint, this move is explained by many as people moving to gold and crypto as tensions between the US and Iran rise. The majority of the most recent push actually happened soon after the news of the US attacking two military bases in Iraq got released.

Key levels to the upside                    Key levels to the downside

1: $8,640                                           1: $8,165

2: $8,820                                           2: $7,990

3: $9,125                                           3: $7,780


Ethereum

Unlike Bitcoin, Ethereum did not skyrocket to the upside. It continued its consolidation above the $141.15 support line, which it conquered the day before. Its price looks quite stable above this support and has a bigger chance to move upwards than downwards when it gets ready for a move.


Ethereum’s RSI is moving away from the overbought territory, while its volume is still above average.

Key levels to the upside                    Key levels to the downside

1: $148.5                                             1: $141.15

2: $154.2                                            2: $130

3: $178                                              3: 128.1


Ripple

XRP did not have as good a day as some other cryptocurrencies did. Its price fell down slightly and managed to breach the $0.221 support level. However, it remained above the $0.211 support line. Even though it did lose a bit of value and broke one support line, XRP did not cause any move that could cause a further selloff. This pullback can only be a healthy thing after such explosive rise in price.


XRP’s volume is quickly dwindling down, while its RSI moved out of the overbought territory and is currently above the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.221                                            1: $0.211

2: $0.227                                            2: $0.205

3: $0.233                                            3: 0.1978

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 07 – XRP making steady gains, state of Virginia considering using blockchain for elections

The cryptocurrency market had yet another great day. The majority of the crypto market ended up in the green and made some great progress to the upside. As far as daily price changes go, Bitcoin’s price went up 4.24%. It is currently trading for $7,887. Meanwhile, Ethereum gained 1.19%, while XRP gained 3.81% on the day.

Centrality gained 35.68% on the day, making it the most prominent daily gainer. On the other side, Synthetix Network lost 16.69% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance increased by a fraction of a percent in the past 24 hours. Its dominance is now at 67.98, which represents an increase of 0.29% from Friday’s value.

The cryptocurrency market capitalization increased by almost $10 billion just in the past 24 hours. It is currently valued at $210.92 billion. This value represents an increase of $8.24 billion when compared to the value it had when we last reported.

What happened in the past 24 hours

The United States’ state of Virginia is looking into studying blockchain to improve its election process and voting.

A new bill which involved a request to study blockchain-based elections was prefiled on Dec. 27 and scheduled for offering on Jan. 8. The bill is called House Joint Resolution 23 and asks the Department of Elections to investigate and dettermine whether blockchain technology will improve the security of voter records and election results.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin bulls were not stagnant today either. After Bitcoin’s price moved explosively to the upside yesterday, it did the same today as well. During the yesterday’s price increase, Bitcoin broke the $7,260, $7,415 and $7,525 resistances. In the most recent price movement, it managed to break the $7,780 resistance as well. It is now consolidating right above $7,780 whcih now turned support.


Bitcoin’s RSI is deep inside the overbought territory, while its volume was extremely high during the spike and is currently reducing to average daily levels.

Key levels to the upside                    Key levels to the downside

1: $7,990                                           1: $7,780

2: $8,165                                           2: $7,525

3: $8,640                                           3: $7,415


Ethereum

Ethereum did not stay stagnant either. It continued its move to the upside after breaking the descending trend line and made some solid gains yet again. Ethereum ended the move right below the $141.15 resistance line yesterday. In the past 24 hours, that line of resistance was broken, and Ethereum is now consolidating above it.


Its RSI stepped into the overbought territory but went out of it shortly after. Ethereum’s volume is above average for a couple of days already.

Key levels to the upside                    Key levels to the downside

1: $148.5                                             1: $141.15

2: $154.2                                            2: $130

3: $178                                              3: 128.1


Ripple

XRP’s move to the upside went from $0.185 to $0.211 yesterday. Most analysts thought that this is where the move would end, but XRP pushed through and broke the $0.211 resistance line. On top of that, it gained more momentum and broke the $0.221 resistance as well. However, once it could not break through its next obstacle ($0.227), the price tumbled down at $0.216. XRP is now trying to consolidate.


XRP’s RSI left the overbought territory once the price started going down. Its volume is extremely high throughout the day.

Key levels to the upside                    Key levels to the downside

1: $0.221                                            1: $0.211

2: $0.227                                            2: $0.205

3: $0.233                                            3: 0.1978

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 06 – Qatar against crypto, Ripple skyrocketing

The cryptocurrency market had another good weekend, as the price seems to recover from the downturn it was in before 2020. The price of most cryptos increased when compared to when we last reported. If we talk about daily changes, Bitcoin’s price went up 1.62%. It is currently trading for $7,565. Meanwhile, Ethereum gained 2.97%, while XRP gained an astounding 7.04% on the day.

Dash gained 15.43% on the day, making it the most prominent daily gainer. On the other side, Bytecoin lost 12.74% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance decreased by over half a percent over the weekend. Its dominance is now at 67.69, which represents a decrease of 0.62% from Friday’s value.

The cryptocurrency market capitalization increased by over $10 billion over the weekend. It is currently valued at $202.68 billion. This value represents an increase of $10.98 billion when compared to the value it had when we last reported.

What happened in the past 24 hours

The Qatar Financial Centre Regulatory Authority (or QFCRA for short) announced a flat-out ban on cryptocurrency businesses. They forbid any form of conducting virtual asset services in or from the Qatar Financial Centre (QFC).

The regulator announced this news in a tweet, where it stated that authorized firms are not allowed to provide or facilitate the provision or exchange of cryptocurrencies as well as any related services until further notice.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin bulls gathered over the weekend and brought its price from $7,000 all the way to $7,570. Its price moved explosively to the upside and gained a couple of hundred dollars before consolidating. Successful consolidation at the top of the move led to another spike which brought the price to its current levels. During the price increase, Bitcoin broke the $7,260, 7,415 and 7,525 resistances. It is now consolidating right above 7,525 and testing its strength.


Bitcoin’s RSI is very close to the overbought territory, while its volume is above average.

Key levels to the upside                    Key levels to the downside

1: $7,780                                           1: $7,525

2: $7,990                                           2: $7,415

3: $7,165                                           3: $7,260


Ethereum

Ethereum also moved up along with Bitcoin. It quickly broke the descending trend line and spiked to the upside. Its price went from $126 all the way to $141, where it is currently. Ethereum is currently right below the $141.15 resistance line, which it is attempting to break. However, RSI, which already reached overbought, as well as descending volume, are not promising indicators when it comes to price rises.


Key levels to the upside                    Key levels to the downside

1: $141.15                                           1: $130

2: $148.5                                            2: $128.1

3: $154.2                                            3: 122.15


Ripple

XRP’s move to the upside reminds us of the 2017 spike. Its price skyrocketed and went from $0.185 to $0.21. However, the $0.211 resistance line stopped the move. XRP is now trying to recover from hitting a resistance it can’t pass. It is still unknown at which price XRP will consolidate.


XRP’s RSI is deep in overbought territory, while its volume is extremely high.

Key levels to the upside                    Key levels to the downside

1: $0.211                                            1: $0.205

2: $0.221                                            2: $0.1978

3: $0.227                                            3: 0.19

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 03 – Bitmain reportedly laying off 50% of their workforce, Crypto bulls back in the game today

The cryptocurrency market took a step towards the upside in the past 24 hours. The price of most cryptos increased when compared to yesterday. However, not many cryptos made significant gains, and some even lost in value. If we talk about daily changes, Bitcoin’s price went up 1.1%. It is currently trading for $7,214. Meanwhile, Ethereum gained 0.6%, while XRP lost 0.9%.

BlockStamp gained an astounding 297.56% on the day, making it the most prominent daily gainer. On the other side, EDUCare lost 13.05% of its value when compared to yesterday, making it the biggest daily loser. EDUCare is the biggest daily loser for the third time in a row.

Bitcoin’s dominance increased from when we last reported. Its dominance is now at 68.31, which represents an increase of 0.5% from yesterday’s value.

The cryptocurrency market capitalization gained some value in the past 24 hours. It is currently valued at $191.7 billion. This value represents an increase of $2.13 billion when compared to the value it had when we last reported.

What happened in the past 24 hours

Cryptocurrency mining mogul Bitmain reportedly plans to reduce its workforce by fifty percent. This news got reported by a Chinese news media outlet Wushuo Blockchain on Dec. 2. It reported that Bitmain’s “personnel optimization plan” is to layoff a significant portion of its employees before the BTC halving of May 2020.

The world’s largest cryptocurrency mining hardware producer will reportedly hold an annual meeting on January 17. It is expected that the layoffs will happen before that date.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin gathered its bulls and attempted to make new short-term highs in the past 24 hours. Its price moved explosively to the upside and gained a couple of hundred dollars, but then hit the first resistance level and stopped there. The $7,260 resistance level seemed unbreachable at the moment, and the price backed off a tiny bit and started to consolidate. Its price is, therefore, still bound witin a range, with its resistance sitting at $7,260 and support at $6,940.


Bitcoin’s RSI spiked from oversold to a high value under overbought territory for the duration of the move.

Key levels to the upside                    Key levels to the downside

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

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

3: $7,525                                           3: $6,410


Ethereum

Ethereum also moved up along with Bitcoin. However, it is in a different spot than Bitcoin at the moment. Even though it is bound to the upside by the descending trend line, which it could not pass, the price is still on the rise and managed to stay above the $130 line, turning it into support. As the descending trend line will soon cross the $130 level to the downside, Ethereum will have to make a decision of whether to stay in a descending trend or stay above $130.


Ethereum’s volume seems to be above average, and the possibility for a move (up or down) in the short term is extremely high.

Key levels to the upside                    Key levels to the downside

1: $141.15                                           1: $130

2: $148.5                                            2: $128.1

3: $154.2                                            3: 122.15


Ripple

XRP broke its $0.19 support level in the past 24 hours but managed to recover. As we reported yesterday, XRP  made a lower high compared to Dec 29/30, which indicated a possible retest of the support level in the short-term. This is exactly what happened. Its value fell below $0.19 level and reached $0.185. However, it quickly bounced back, led by the bull presence in the overall crypto market. The price is yet again above $0.19 level and seems stable.


Key levels to the upside                    Key levels to the downside

1: $0.198                                            1: $0.19

2: $0.2058                                          2: $0.178

3: $0.211                                            3: 0.1678

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 2 – Ripple releasing funds from escrow, markets in the red due to low volume

The cryptocurrency market declined in price slightly due to the lack of volume during the New Year’s celebration. The price of most cryptos decreased when compared to when we last reported the prices. If we talk about daily changes, Bitcoin’s price went down 1.79%. It is currently trading for $7,095. Meanwhile, Ethereum lost 1.15%, while XRP lost 2%.

Seele gained 11.10% on the day, making it the biggest daily gainer. EDUCare lost 12.72% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance decreased from when we last reported. Its dominance is now at 67.81%, which represents a decrease of 0.26% from our report on Monday.

The cryptocurrency market capitalization decreased by a significant amount since Monday. It is currently valued at $189.57 billion. This value represents a decrease of $7.78 billion when compared to the value it had when we last reported.

What happened in the past 24 hours

Ripple, the blockchain payment network which made the altcoin XRP, started the year 2020 by releasing funds from its escrow account. The value released from the account is $192 million.

Whale Alert, the monitoring resource that performs data scans, caught the latest consignment of XRP tokens. This forms one installment of a pre-planned release schedule that Ripple began in 2017.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin entered the new year in without much volume and entusiasm. Its price moved down slightly from our last report. Bitcoin managed to break the $7,260 level to the downside, turning it from a support level to a resistance level. Its price is currently bound witin a range, with its resistance sitting at $7,260 and support at $6,940.


Bitcoin’s RSI almost touched the oversold territory but quickly bounced above it.

Key levels to the upside                    Key levels to the downside

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

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

3: $7,525                                           3: $6,410


Ethereum

Ethereum also moved down a bit during the holidays. Its price is currently sitting at the $130 level. Whether the price goes above or below the $130 line, it will be met by a support or resistance trend line, which Ethereum was forming since Dec 29.


Ethereum’s RSI level is gradually going down over the days. Its volume is somewhat elevated, but still far from the levels that could indicate any form of a big move.

Key levels to the upside                    Key levels to the downside

1: $141.15                                           1: $130

2: $148.5                                            2: $128.1

3: $154.2                                            3: 122.15


Ripple

XRP is bound by the same support and resistance levels as before the New Year, as it didn’t break any in the meantime. However, it made a lower high compared to Dec 29/30, which could indicate a possible retest of the support level in the short-term.


XRP’s RSI level is slowly reducing while its volume is on levels lower than average.

Key levels to the upside                    Key levels to the downside

1: $0.198                                            1: $0.19

2: $0.2058                                          2: $0.178

3: $0.211                                            3: 0.1678

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 30 – Coinbase getting hit by Apple, Crypto market gains size over the weekend

The cryptocurrency market had a slightly green weekend. The price of most cryptos increased while compared to when we last reported the prices. If we talk about daily changes, Bitcoin’s price went down 0.93%. It is currently trading for $7,374. Meanwhile, Ethereum gained 4.13%, while XRP gained 1.12%.

BitTorrent gained 14.66% on the day, making it the biggest daily gainer. EDUCare lost 15.24% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance decreased by almost half a percent over the weekend. Its dominance is now at 68.07%, which represents a decrease of 0.43% from when we last reported.

The cryptocurrency market capitalization increased by a significant amount over the weekend. It is currently valued at $197.35 billion. This value represents an increase of $6.2 billion when compared to the value it had on Friday.

What happened in the past 24 hours

After Google announced the removal of the Ethereum-based DApp browser MetaMask from its application store for Android devices, Apple may do the same with Coinbase’s DApp browser feature.

Coinbase warned its users that they might have to remove the DApp browser feature from its wallet application in order to comply with the App Store policy.

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Technical analysis

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Bitcoin

If we take a look at the chart price movement, we can conclude that Bitcoin had quite a good weekend. Its price broke the 38.2% Fib retracement level which acted as resistance and stayed above it. It also attempted to go up in price further and passed the $7,415 and line but got stopped out at the $7,525 level. After hitting a wall, Bitcoin’s price returned below $7,415 which now acts as its immediate resistance.


Even though Bitcoin has seen its price go down on the daily overview, it still made progress to the upside over the weekend.

Key levels to the upside                    Key levels to the downside

1: $7,415                                           1: $7,260

2: $7,525                                           2: $6,940

3: $7,780                                           3: $6,640


Ethereum

Ethereum performed far better over the weekend when compared to Bitcoin. It, too, had an upward-facing price movement, but it did not lose any of its gains. The price broke the immediate resistance level of $128.1, as well as the next resistance level of $130. Its price is now in between the $130 support line and the $141.15 resistance line.


Ethereum’s RSI level stepped into the overbought territory. Its volume is has dropped significantly, which may result in a price drop in the short term.

Key levels to the upside                    Key levels to the downside

1: $141.15                                           1: $130

2: $148.5                                            2: $128.1

3: $154.2                                            3: 122.15


Ripple

XRP also had a great weekend, along with Ethereum. Its price went up as the bulls rallied. However, only the $0.19 resistance was broken. However, that is not such a significant event as XRP just fell under the $0.19 line during the weekend as well. Its price is now consolidating between $0.19 and $0.198. There were a couple of attempts to break the $0.198 resistance, but all failed.


XRP’s RSI level just passed below the overbought territory and seemed to be staying right below it. Its volume is average and showing no signs of reducing at the moment.

Key levels to the upside                    Key levels to the downside

1: $0.198                                            1: $0.19

2: $0.2058                                          2: $0.178

3: $0.211                                            3: 0.1678

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 27 – Russia’s central bank testing stablecoins

Bitcoin and the rest of the cryptocurrencies had quite a slow day. The price of most cryptos remained at the same place it was yesterday. Bitcoin’s price went up by 0.1% on the day. It is trading for $7,224 at the time of writing. Meanwhile, Ethereum gained 1.8%, while XRP gained 0.48%.

LUNA gained 32.04% on the day, making it the biggest daily gainer. The biggest loser of the day was the same as yesterday. Silverway lost 21.43% of its value when compared to yesterday.

Bitcoin’s dominance decreased by a tiny bit on the day. Its dominance is now at 68.5%, which represents a decrease of 0.2% from when we last reported.

The cryptocurrency market capitalization stayed at the same place it was at yesterday. It is currently sitting at $191.15 billion. This value represents a decrease of $0.17 billion when compared to the value it had 24 hours ago.

What happened in the past 24 hours

Russia’s central bank, the Bank of Russia, has reportedly started testing cryptocurrencies. The cryptocurrencies mentioned were stablecoins pegged to real assets. They are reportedly being tested in a regulatory sandbox.

Elvira Nabiullina, the head of Russia’s central bank, said that the bank does not assume the functionality of these stablecoins when it comes to them being means of payment or becoming a substitute for money.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin spent the day without much action price-wise. Once its price fell under the 38.2% Fib retracement line of $7,260, there weren’t many attempts to break it. The past 24 hours went by with Bitcoin trying to break the resistance level once, but the push failed quickly after the bulls couldn’t break the $7,415 level. After failing to pass these levels, Bitcoin returned to its previous levels and remained there.


Bitcoin’s volume is higher than yesterday, especially during the price push. Its RSI quickly entered and left the overbought territory during the time of the push.

Key levels to the upside                    Key levels to the downside

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

2: $7415                                            2: $6,640

3: $7,525                                           3: $6,415


Ethereum

Ethereum followed Bitcoin in almost every possible way. Its price is still contained within the resistance level of $128.1 and the support level of $122.5. Just like Bitcoin, Ethereum attempted to move above its resistance line but quickly failed as the price could not reach past $130. The price is now consolidating at the level it was at before the push.


Ethereum’s RSI level stepped into the overbought territory but quickly left it. Its volume is exceptionally high during the spikes and rather average during consolidation.

Key levels to the upside                    Key levels to the downside

1: $128.1                                             1: $122.07

2: $130                                               2: $117

3: $141.15


Ripple

Unlike Ethereum and Bitcoin, XRP made some progress to the upside in the past 24 hours. Its price rose above $0.19 and returned to where it was before Christmas. It is now consolidating just above the $0.19 support level. XRP’s attempt to reach past this price failed quickly, just as with other top cryptocurrencies. After reaching $0.195, the price went down to the nearest support line.


XRP’s volume was extremely high during the price spike but is quickly fading away. Its RSI levels also stepped into the overbought territory for a brief moment but returned to the middle of the value range quickly.

Key levels to the upside                    Key levels to the downside

1: $0.198                                            1: $0.19

2: $0.2058                                          2: $0.178

3: $0.211                                            3: 0.1678

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 24 – Chinese national digital currency will be “different” from Bitcoin and Stablecoins

Bitcoin, as well as the rest of the cryptocurrencies, lost some of their value in the past 24 hours. Bulls could not sustain the prices after the price spike, which resulted in consolidation below the most recent highs. Bitcoin’s price went down by 2.96% on the day. It is trading for $7,302 at the time of writing. Meanwhile, Ethereum lost 3.23%, while XRP lost 2.45%.

Bytecoin gained 42.47% on the day, making it the biggest daily gainer. The biggest loser of the day was Aeternity, which lost 9.00% of its value when compared to yesterday.

Bitcoin’s dominance finally stopped rising and took a healthy push to the opposite side. Its market dominance is currently 68.2%, which represents a decrease of 0.52% when compared to the value it had yesterday.

The cryptocurrency market capitalization lost some of its value when compared to yesterday. It is currently sitting at $195.01 billion at the time of writing. This represents a decrease of $4.92 billion when compared to the value it had 24 hours ago.

What happened in the past 24 hours

Whoever invests their time in learning about cryptocurrencies, knows that China is one of the biggest players in the game. What many people do not know, however, is that China is already designing its cryptocurrency.

The People’s Bank of China’s deputy director Mu Changchun announced that China will be introducing the world to a digital form of the yuan. However, the digital currency will be different to Bitcoin (BTC) and stablecoins. China’s digital currency will be made, so there is no room to speculate on its value. However, it will not be backed by a basket of currencies either.

Mu recently indicated that the digital Yuan would operate in a two-tier system. The top layer would be governed by the PBoC while the bottom layer would be reserved for commercial banks.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin is trying to find a price at which it could consolidate safely. That price, it seems, is below the 38.2% Fib retracement line of $7,260. Bitcoin spent the past 24 hours dropping past the levels beat to the upside just a day ago. The price breezed through the $7,525 and $7,415 levels to the downside just as it did to the upside yesterday.


Bitcoin’s volume during the price drop was at almost the same level as it was during the price spike. However, the volume is now slowly reducing. RSI has left the overbought territory and is hurling towards the lower part of the value spectrum.

Key levels to the upside                    Key levels to the downside

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

2: $7415                                            2: $6,640

3: $7,525                                           3: $6,415


Ethereum

Ethereum also spent its day losing all of the gains it made yesterday. The price managed to reach past the $128.1 and $130 resistances yesterday, and even stay above it for some time now. However, the bull presence faded, and Ethereum lost all of its gains, returning its price to almost exactly the same spot as before the price spike.


Ethereum’s RSI level is currently in the lower part of the value register, with its volume dropping as the bear presence faded.

Key levels to the upside                    Key levels to the downside

1: $128.1                                             1: $122.5

2: $130                                               2: $117

3: $141.15


Ripple

XRP’s price did not move much to the upside yesterday, which resulted in not moving as much to the downside in the latest crypto price drop. The price drop was contained within a range, as it dropped from XRP’s immediate key resistance level of $0.198 to its key support level of $0.19. XRP’s price seems to have stabilized above $0.19 and there is no indication of it dropping down further unless the market as a whole loses much of its value due to some unexpected event.


Key levels to the upside                    Key levels to the downside

1: $0.198                                            1: $0.19

2: $0.2058                                          2: $0.178

3: $0.2121                                          3: 0.16

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 23 -Cryptos having a Green Weekend

The cryptocurrency market has spent the weekend without much sudden movement. The vast majority of the cryptocurrencies, however, did end up in the green. Bitcoin’s price increased by 5.75% on the day. It is trading for $7,589 at the time of writing. Meanwhile, Ethereum gained 4.32%, while XRP gained 1.49%.

TRON managed to gain 9.12% on the day, making it the biggest daily gainer. Out of the cryptos that ended up in the red, the biggest loser was Matic Network, which lost 17.41% of its value when compared to yesterday.

Bitcoin’s dominance increased over the weekend. Its dominance in percentage is currently 68.72%, which represents an increase of 0.34% when compared to the value it had yesterday.

The cryptocurrency market capitalization gained quite a bit of value over the weekend. It is currently sitting at $199.93 billion at the time of writing.

What happened in the past 24 hours

Self-proclaimed Bitcoin (BTC) creator Craig Wright, who claimed many times that he is Satoshi Nakamoto, revealed that he has a document that explains the origins of the Satoshi Nakamoto pseudonym.

Wright showed this document during an interview he was the main guest of.  This document represents an article from the digital database of an academic journal’s JSTOR, which dates Jan 5, 2008. It shows how the pseudonym Satoshi Nakamoto was created.

Satoshi Nakamoto is known to be the creator of Bitcoin. He also mined the origin blocks on the Bitcoin blockchain which are called “Satoshi” blocks.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a couple turbulent few weeks, dropping its price to as low as $6,415. However, this weekend was not so bad for Bitcoin. It spent the past 24 hours establishing bull presence and attempting to break a couple of resistance levels. The price breezed through the $7,260 and $7,415 levels and even passed the $7,525 level. It seems to be losing momentum and it is still unknown whether the $7,525 level will hold up as new-found support or not.


Key levels to the upside                    Key levels to the downside

1: $7,785                                           1: $7,525

2: $8,646                                           2: $7,415

3: $8,820                                           3: $7,260


Ethereum

Ethereum also spent its day trying to reach higher prices. The price managed to reach past the $128.1 and $130 resistances and stay above it for some time now. However, it is still uncertain of which of these levels will hold when the bull presence fades.


Ethereum’s RSI level is approaching the overbought territory quite fast as the bull presence seems to be fading slowly.

Key levels to the upside                    Key levels to the downside

1: $141.4                                             1: $130

2: $148.5                                            2: $128.1

3: $154.1                                            3: $117


Ripple

XRP’s “bull run” made the least impact of the top3 cryptocurrencies. Its price didn’t move up and break resistance levels as Bitcoin’s and Ethereum’s did. The bull move was quickly stopped at the 38.2% Fib resistance line of $0.198. However, the line of $0.19 broke during the weekend, and XRP has tested and established it as a resistance line.


Passing $0.198 to the upside seems like an impossible feat to XRP at the moment, with the current bull presence.

Key levels to the upside                    Key levels to the downside

1: $0.198                                            1: $0.19

2: $0.2058                                          2: $0.178

3: $0.2121                                          3: 0.16

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 20 – South Korean Telecom launching a blockchain-based currency

The cryptocurrency market has spent the past 24 hours stabilizing from the past and current week’s volatility. The vast majority of the cryptocurrencies either gained or lost an insignificant percentage of their value. Bitcoin dropped in price by 0.39%. It is trading for $7,136 at the time of writing. Meanwhile, Ethereum lost 1.24%, while XRP lost 1.96%.

LUNA, on the other hand, managed to gain 19.73% on the day, making it the most prominent daily gainer. Out of the cryptos that ended up in the red, the biggest loser was Lisk, which lost 5.93% of its value when compared to yesterday.

Bitcoin’s dominance increased yet again, as other cryptocurrencies fell in price a tad bit more than it did. Its dominance in percentage is currently 68.38%, which represents an increase of 0.45% when compared to the value it had yesterday.

The cryptocurrency market capitalization rose slightly in the past 24 hours. Its total market value is currently $190.39 billion. This value represents a decrease of $3 billion when compared to the value it had yesterday.

What happened in the past 24 hours

South Korea’s biggest telecom company, KT, announced that it is launching a local blockchain-based currency in Busan. Busan is one of Korea’s largest cities.

Their currency, Dongbaekjeon, will be a blockchain-based card-type local currency. It will be issued by Busan City in an attempt to revitalize Busan’s local economy as well as ease the management burden of small business.

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Technical analysis

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Bitcoin

Bitcoin had a couple turbulent few weeks. The past 24 hours were spent in consolidating and establishing price security. The price oscilated in a range, bound by the 38.2% Fib resistance line of $7,260 and the 23.6% Fib retracement line which acted as support, sitting at $6,940.


Bitcoin’s volume has decreased when compared to yesterday, which is only natural in periods of consolidation. It’s RSI level is slowly falling from the near-overbought values.

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 also spent its day trying to consolidate. The price fluctuated above and below the $128.1 line but finally decided to stay below it. Even though it is currently trading within a range and bound by strong support and resistance lines, Ethereum has quite a bit more space down until it hits the support line of $120.35.


Ethereum’s volume has decreased significantly when compared to yesterday, even more so than Bitcoin’s volume.

Key levels to the upside                    Key levels to the downside

1: $120.35                                            1: $117

2: $128.1

3: $130


Ripple

XRP followed the path of Bitcoin and Ethereum and took its time to consolidate as well. However, its price did attempt to pass above the resistance of $0.19. The attempt has failed, and its price slowly moved down. XRP established strong support at the $0.176 level, as well as resistance, which got re-confirmed at $0.19.


XRP’s volume went down when compared to yesterday due to consolidating, while its RSI level is currently very near oversold territory.

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 18 – Bears hitting the Crypto Market yet Again

Bears seem to have taken over the crypto market yet again this week. Cryptocurrencies keep falling further and further down each day. Bitcoin held up better than most of them, while the majority of the market lost over 5% on the day. Bitcoin fell by 3.49% in the past 24 hours, and it is trading for $6.652 at the time of writing. Meanwhile, Ethereum dropped by 7.26%, while XRP fell 6.92%.

Silverway, on the other hand, was the crypto that gained some value today. Its price increased by 21.96%, making it the biggest daily gainer. Out of the cryptos that ended up in the red, the biggest loser was Kyber Network, which lost 18.61% of its value on the day.

Bitcoin’s dominance increased yet again in the past 24 hours, as cryptocurrencies lost far more value than it did. This time, however, the increase was marginal. Its dominance in percentage is currently 67.58%, which represents an increase of 0.35% when compared to the value it had yesterday.

The cryptocurrency market capitalization lost quite a bit of value yet again. Its total market value is currently $180 billion. This value represents a decrease of $6.45 when compared to the value it had yesterday.

What happened in the past 24 hours

Cryptocurrency regulation is coming to Europe as well. The Fifth Anti-Money Laundering Directive (or 5AMLD for short) is a piece of legislation that intends to bring regulation to fiat-to-crypto exchanges as well as custodial wallets that operate in the European Union. All exchanges must comply with the legislative rules by January 10, 2020.

David Carlisle, the former US Treasury Anti-Money Laundering (AML) specialist, acknowledged that regulation might hurt crypto companies in the short term. However, he thinks that, in the medium and long term, regulation will enable and improve adoption and success for the companies who choose to embrace it.

On the other hand, Russian legislators are still struggling to define the legal status of cryptocurrencies. That has been the case since at least 2017, which is when the first bill was getting drafted. There has been no regulatory action announced by the Russian government so far.

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Technical analysis

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Bitcoin

Another red day for Bitcoin , another broken support level . Bears have taken over the market for now and the price has definitely shown that. Bitcoin broke the $6,640 key support level which put it in a very vulnerable spot. Its price is now hovering right below this level, trying to return and stabilize above it.


Bitcoin’s volume is incredibly high when compared to its average last week’s daily volume. Its RSI is in the oversold territory for quite some time now, but it seems like it will manage to reach non-oversold values soon.

Key levels to the upside                    Key levels to the downside

1: $6,640                                           1: $6,505

2: $7,000                                           2: $5,940

3: $7,314


Ethereum

Ethereum is repeating the price pattern it had yesterday, almost to a tee. Its price dropped severely and, then, tried to consolidate just above its lows for the day. Similar to yesterday, Ethereum lost close to 8% of its value.  The current price of ETH/USD is currently $123, which is quite problematic as the cryptocurrency broke all of its current support levels. It will have to find some significant support as soon as possible, or its price will dwindle down.


Ethereum’s volume extremely high at the moment, while its RSI value is deep in the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $128.1                                             1: $120.35

2: $130                                              2: $117

3: $133.5


Ripple

XRP did not lose as much price-wise as yesterday, but it is still lost quite a bit (over 6%). Its price drop continues as it broke all of the known key support levels. It is still unknown where XRP might find its support levels, as the $0.19 level was broken as well.


XRP’s volume skyrocketed in the past 24 hours as bears “played” with its price. As with Bitcoin and Ethereum, its RSI values are deep in the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.1785

2: $0.2025                                          2: $0.1634

3: $0.207

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 17 – Bitcoin below $7,000, investors buying the dip

Bitcoin, as well as the majority of the cryptocurrency market, had a significant price drop in the past 24 hours. The psychological resistance of $7,000 has been broken to the downside. Most cryptos stabilized for now, but no one knows where this price action will lead us. Bitcoin fell by 2.87% in the past 24 hours, and it is trading for $6.881 at the time of writing. Meanwhile, Ethereum lost a staggering 8.13%, while XRP fell 9.01%.

There were, however, cryptocurrencies that gained some value in the past 24 hours. The cryptocurrency that gained the most was Waves, which increased in price by 23.97%. On the other hand, the biggest loser of the day was EDUCare, which lost 16.92% of its value on the day.

Bitcoin’s dominance skyrocketed in the past 24 hours, as cryptocurrencies lost far more value than it did. Its dominance in percentage is currently 67.23%, which represents an increase of 1.14% when compared to the value it had yesterday.

The cryptocurrency market capitalization plunged due to the price drop of almost every single large cryptocurrency. Its total market value is currently $186.45 billion. This value represents a decrease of $7.09 when compared to the value it had yesterday.

What happened in the past 24 hours

The price drop that occurred was not a surprise for most people, though many expected it to be a bit less sudden and explosive. However, not everything is terrible.

Traders and long-term investors are buying into this dip, which suggests that they view the price drop as an opportunity to open their long positions or accumulate more Bitcoin.

Further proof of this can be found in the seemingly unaffected level of Bitfinex BTC/USD longs. The number of long positions that opened skyrocketed after the drop has happened, and it is still on the increase. On top of that, the significant rise in long positions started near the end of November.


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Technical analysis

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Bitcoin

Bitcoin broke yet another key support as its price plunged below $7,000. The price is currrently trying to stabilize at around $6,850. It’s currently bound by the $7,000 line which now turned resistence, as well as the $6,640 support line.


Bitcoin’s volume soared during the price drop but quickly dwindled to its regular levels. RSI finally went into the oversold territory after hovering around it for many days. The key level of $7,000 moves to the “upside” key levels.

Key levels to the upside                    Key levels to the downside

1: $7,000                                           1: $6,640

2: $7,314                                           2: $6,505

3: $7,415


Ethereum

Ethereum also had a major price drop. However, this one was far bigger than the one Bitcoin had. Ethereum fell under another key support line. The pressure on the downside was so strong that the price fell over 8% in just 24 hours. However, it quickly found support after dropping below the key level. It is now stabilizing just above $130.


Ethereum’s volume is slightly below average when compared to the past couple of days if we take away the significant volume spike that occurred during the price drop. Its RSI value is deep into the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $133.5                                             1: $130

2: $144.1                                           2: $128.1

3: $150.5


Ripple

The biggest loser out of the top3 cryptocurrencies by market cap was XRP. Not only it lost most of its value (over 9% on the day), but it also broke all of the known key support levels. Its price movement to the downside, as well as the support levels it may form, are an enigma for now. There certainly have been some levels that had some traction, but these possible support levels are from over two years ago, and it is still unknown if they are valid. All we know is that, for now, XRP stabilized and created an immediate support level at $0.19.


Key levels to the upside                    Key levels to the downside

1: $0.2025                                          1: $0.19

2: $0.207

3: $0.2117