Tag: EOS

Categories
Crypto Guides

Is EOS A Better Investment Than Ethereum Right Now?

Introduction

Introduction

Introduction

EOS and Ethereum both are popular blockchain smart contract platforms. To know whether EOS is a better investment or Ethereum, we will need to compare the two technologies by exploring basic concepts and comparing their mechanisms to draw out the necessary conclusions. After Ethereum was introduced in the crypto industry, two years later, EOS was launched and claimed to fix the flaws in Ethereum. EOS is a strong, scalable contender and might outperform Ethereum. The battle of EOS vs. Ethereum is the most interesting and happening space in the crypto industry. 

What is Ethereum?

Ethereum is a blockchain platform launched in 2015 by Vitalik Buterin. It allows users to send and receive funds independently without the assistance of any third party. It was the first blockchain project to install the smart technology contract. In this technology, some predefined conditions are applied, and users are needed to justify the conditions to proceed with transactions without the need for an intermediate body. This decentralized blockchain has its own cryptocurrency called Ether (ETH), which is tradable in most of the crypto exchanges. 

What is EOS?

EOS is a new blockchain platform that can also manage smart contracts. The Block.one company launched this project in 2017. It has created history by raising the highest Initial Coin Offering(ICO), worth more than $2.5 billion. It has its own EOS coin, which can be transferred from wallet to wallet. EOS aims to become the most scalable, cheapest, and fastest blockchain platform. 

Scalability

Presently Ethereum can support 15 transactions per second, whereas EOS can serve up to at least 10,000 transactions/second. EOS using IoT provides for inter-blockchain communication, which creates blockchains to allow more transactions. Ethereum is working on two protocols called “Plasma” and “Sharding” to increase transaction numbers per second. 

Transaction Cost

On Ethereum, users need to pay gas for each transaction, but EOS works completely in a different way. EOS blockchain users deposit their token to cover the bandwidth required for the transaction. 

Consensus Mechanism

Ethereum is based upon the proof-of-work model, and EOS follows the proof-of-stake model. The transactions are verified without the support of any intermediate system. Ethereum generates random puzzles at every node before confirming the transactions. These puzzles are so difficult to solve that you need to take the help of experts called “Miners.” While EOS offers to stake your coins to verify transactions, the stakers have a chance to earn the rewards. 

EOS Vs. Ethereum: Who holds the future?

Ethereum, just after Bitcoin, is the most popular cryptocurrency across the world. EOS, right from its initial days, is performing exceptionally well. EOS is yet to achieve growth that Ethereum has already achieved, but EOS is significantly better than Ethereum. EOS is a more user-friendly cryptocurrency than ETH. It’s still too early to think about how far EOS will go because the blockchain ecosystem is highly unpredictable. 

Conclusion 

EOS is younger than Ethereum and has improved scalability and transaction fees as compared to Ethereum, but still, it’s under so much controversy because of its more centralized layout. If Ethereum successfully implements the proof-of-stake mechanism, then EOS might not be able to outperform it. On the other hand, if Ethereum doesn’t reduce it’s transaction costs, then EOS will easily overtake Ethereum soon is what crypto experts believe. Cheers! 

Categories
Cryptocurrencies

What’s EOS? A Beginner’s Guide

The first (Bitcoin) and second (Ethereum) generation blockchains each brought groundbreaking innovations in the blockchain space. Bitcoin pioneered the concept of blockchain and cryptocurrency – completely changing the face of finance. Ethereum took the idea of blockchain and expanded it to include smart contracts and decentralized applications. 

The first (Bitcoin) and second (Ethereum) generation blockchains each brought groundbreaking innovations in the blockchain space. Bitcoin pioneered the concept of blockchain and cryptocurrency – completely changing the face of finance. Ethereum took the idea of blockchain and expanded it to include smart contracts and decentralized applications. 

The first (Bitcoin) and second (Ethereum) generation blockchains each brought groundbreaking innovations in the blockchain space. Bitcoin pioneered the concept of blockchain and cryptocurrency – completely changing the face of finance. Ethereum took the idea of blockchain and expanded it to include smart contracts and decentralized applications. 

But even with those contributions, the two blockchains somehow couldn’t hack the test of scalability. Both Bitcoin and Ethereum’s transactions per second (at 7 and 15 respectively) pale in comparison with real-world systems that can handle millions of daily active users. 

EOS, a blockchain project by Chinese company Block.One wants to solve these problems. It aims at supporting thousands of transactions per second, as well as providing a free interactive environment for developers from all over the world to experiment with and create decentralized applications. Ambitious goals notwithstanding, EOS has not made it unscathed by a controversy or two.

Let’s dig into what EOS is all about.

Understanding EOS

EOS is a blockchain and cryptocurrency project that supports the creation of decentralized applications (DApps). The EOS team also wants to solve some of the problems burdening blockchains such as low transaction speeds and complexity of use that would lock out many developers. The EOS platform claims to support 1000+ transactions per second. For these reasons, it has been dubbed the ‘Ethereum Killer.’

EOS is the brainchild of Dan Larimer, a well-known figure in the crypto space and creator of successful blockchain platforms, Steemit and BitShares. EOS is known as just that: EOS. There doesn’t exist a full form of the name, and neither have the creators offered any. 

Block.one, the company behind EOS, raised a record-setting $4.1 billion in a year-long initial coin offering (ICO) that ran up until July 2017. This represents the biggest ICO to ever happen in the blockchain space to date. 

EOS’s Approach to Blockchain Applications

EOS believes in and seeks to achieve these requirements for blockchain: 

#1. Support Millions of Users 

If blockchain applications are to compete with businesses such as eBay, Amazon, Uber, and Facebook, blockchain tech would need to support tens of millions of users at any time. 

#2. Free Usage

If blockchain is to realize greater adoption, it needs to be free for users. Developers and businesses using the platform can then explore and implement other monetization strategies. 

#3. Flexibility and Bug Recovery

A blockchain platform should be flexible to allow businesses to upgrade their applications if and when needed. The platform should also be able to identify and root out bugs when they occur.

#4. Low Latency

Blockchain applications should relay high volumes of data with minimal delay (latency). Low latency would ideally be near real-time access to data. Anything less would frustrate users and render blockchain uncompetitive against legacy systems.

#5. Support Sequential Performance

Not all applications can be implemented with parallel algorithms. Applications like, let’s say, crypto exchanges require sufficient sequential performance to deal with high volumes. 

How Does EOS Work?

EOS’s product is essentially like that of Ethereum – offering a conducive environment for developers to create DApps. But EOS wants to focus on the most critical problems currently facing blockchain, such as high latency, scalability, flexibility, that have held back blockchain from achieving its full potential.

EOS endeavors to address these issues by supporting more scalability, flexibility, and ease of use. The developing team claims the network can support thousands of industrial-scale DApps without suffering performance bottlenecks by the use of sequential performance and “asynchronous communication” of data. 

Additionally, EOS achieves scalability by employing certain features. First, it’s ownership model promotes free usage for clients, and significantly reduces or eliminates transaction fees. Developers can also utilize various on-platform resources based on their stake in EOS. This means app developers are in a better position to predict their hosting costs, as well as design the best monetization strategies for their respective products. 

EOS: Delegated Proof of Stake (DPoS)

Dan Larimer conceptualized the delegated proof-of-stake of consensus mechanism. In DPoS, network delegates vote for a few representatives, who are then tasked with securing the network. These chosen delegates will also oversee the generation and verification of new blocks as well as their addiction to the blockchain.

In the context of EOS, 21 delegates (supernodes) are chosen from a pool of potential block producer candidates. Block producers are rewarded for their role in maintaining and securing the network. Rewards are granted on a per-block-basis and the block rewards system bankrolled by a 1% annual token inflation. 

Controversies Surrounding EOS

EOS has not been without a few controversies. It all started with the year-long ICO that raked in $4.1 billion. Some members of the community felt this was irresponsible, greedy, and shady. 

There have also been concerns that its delegated proof-of-stake consensus mechanism, in which there are only 21 producers, is too centralized. Blockchain testing company Whiteblock has also come out to say that the project is not genuinely censorship-resistant, saying “the foundation of the EOS system is built on a flawed model that is not truly decentralized.” 

The EOS network was also rigged with bug after bug, especially leading up to the main net release. This was very bewildering for many people who couldn’t fathom how this was possible with all that money collected. This led to the company establishing a bug bounty system that rewarded benevolent hackers who identified bugs in the system. Even after the project went live, bugs were still reported.

EOS.IO and EOS Tokens

The EOS network houses two tokens: EOS and EOS.IO. The role of EOS.IO is to manage functions in the ecosystem. It facilitates the vertical and horizontal scaling on the network. 

The EOS token allows developers to purchase a stake and obtain access to various natural processes to create and run DApps. Token holders who are not running DApps can rent their bandwidth to others who need it. And lastly, the EOS token can be used as a speculative investment and is available for purchase/trading on various exchanges. 

Economics of EOS

An inflation rate of 1% of EOS is used as block producer rewards. The inflation rate was adjusted from 5% in February 2020. As of Jul 25, 2020, EOS’s per-token value is $2.62, and it has a market cap of 2.4 billion, which makes it the 12th biggest cryptocurrency in the world. EOS’s 24-hour volume is $1, 294, 563, 760, its circulating supply is 934, 603, 711, and its total supply is 1, 021, 303, 722. EOS’s all-time high was $22.89 (Apr 29, 2018), while its all-time low was $. 0.480196 (Oct 23, 2017). 

Buying and Storing EOS

You can purchase EOS from a variety of exchanges, including Binance, OKEx, Huobi, HitBTC, DigiFinex, Bitrue, ConBene, Gate.io, Upbit, LATOKEN, and BitMex.

As for which wallets support EOS, you have several great options such as Ledger Nano, Guarda Wallet, Atomic Wallet, Trezor, Jaxx Liberty, and Infinito.

Final Thoughts

EOS proposes a brave new world of free blockchain transactions. If it can indeed support a TPS of 1000+, it will be a far cry from the single and double-digit TPS offered by Bitcoin and Ethereum, respectively. Could this combination of capabilities bury Ethereum? That remains to be seen.

Categories
Cryptocurrencies

Most Important Cryptocurrencies Apart From Bitcoin

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

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

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

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

What are Cryptocurrencies? 

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

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

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

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

1. Ethereum (ETH) 

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

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

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

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

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

2. Ripple (XRP)

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

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

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

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

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

3. Litecoin (LTC)

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

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

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

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

4. Chainlink (LINK)

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

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

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

 

Categories
Forex Elliott Wave Forex Signals

EOS Consolidates on the Leading Diagonal Pattern

The EOS prices develop a bullish sequence following the Elliott wave structure of a leading diagonal pattern, which began on the March low at 1.4200.

The EOS prices develop a bullish sequence following the Elliott wave structure of a leading diagonal pattern, which began on the March low at 1.4200.

The EOS prices develop a bullish sequence following the Elliott wave structure of a leading diagonal pattern, which began on the March low at 1.4200.

The price action developed by EOS and reflected in its 4-hour chart, shows the cryptocurrency testing the baseline of the leading diagonal pattern, which links the end of the waves ((ii)) and ((iv)) of Minute degree labeled in black.

According to the textbook, a leading diagonal pattern is an impulsive structure having five internal segments, which are subdivided into an internal sequence 3-3-3-3-3. This pattern tends to appear on the first wave of an impulsive series.

So far, EOS completed a five-wave bullish sequence of Minute degree. This impulsive wave began in the March low at 1.4200. At the same time, this structural series gave rise to a higher-grade impulsive wave corresponding to the wave 1 of Minor degree labeled in green.

Following the wave theory described by R.N. Elliott, since EOS completed an impulsive movement, the market must perform a corrective sequence of the same degree and in the opposite direction to the previous move.

From the previous chart, we observe the price action developing a corrective downward movement. Within its internal structure, we recognize that the sequence in progress could correspond to a wave ((b)) of Minute degree identified in black.

This movement, which is composed of a three-wave internal structure, is moving on the baseline of the leading diagonal pattern. A bearish breakdown would activate the wave ((c)) in black.

Once EOS completes this three-wave sequence, it will end the wave 2 of Minor degree, and consequently, the price action will give way to a third upward wave.

According to the alternation principle between the impulsive waves, considering that the first wave has a lower momentum, the third wave could have a higher momentum than the first one.

In conclusion, in the short term, our preferred positioning remains on the bullish side, which will be confirmed once the Minor degree wave-2 is finished.

Categories
Forex Assets

Trading The EOS/USD Crypto-Fiat pair & Understanding The Costs Involved

Introduction

Introduction

Introduction

EOS is a blockchain-based cryptocurrency, as well as a platform for decentralized app execution. This blockchain was developed despite the existence of Bitcoin and Ethereum to solve the problem of speed and scalability.

Understanding EOS/USD

The price of EOS/USD represents the value of the US Dollar equivalent to one EOS. It is quoted as 1 EOS per X USD. So, if the market price of EOS/USD is 2.5290, these many dollars are required to buy one EOS.

EOS/USD specifications

Spread

The difference between the bid & ask prices is known as spread. It changes with the execution model used brokers. Below are the spreads for both ECN & STP models for EOS/USD pair.

Spread on ECN: 10 pips | Spread on STP: 13 pips

Fee

A Fee is basically the commission on the trade. Note that there is a fee on ECN accounts, not STP.

Slippage

Due to high market volatility and the broker’s slower execution speed, slippage occurs. It is a difference in the price intended by the trader and price executed by the broker.

Trading Range in EOS/USD

The trading range is basically a tabular representation of the pip movement in EOS/USD for different timeframes. These numbers can be used traders as a risk management tool as determines the approx. profit/loss that can be made on a trade.

Procedure to assess Pip Ranges

  1. Add the Average True Range indicator to your price chart
  2. Then set the period to one
  3. Add a 200-period Simple Moving Average to this indicator
  4. You can assess a large time period by shrinking the price chart
  5. Select your desired timeframe
  6. Measure the floor level and set this value as the min
  7. Measure the level of the 200-period SMA and set this as the average
  8. Measure the peak levels and set this as Max.

EOS/USD Cost as a Percent of the Trading Range

The total cost comprising of the spread, slippage, and trading fee, changes with the volatility of the market. Hence, it is necessary for traders to position themselves to avoid paying high costs.

Below is a table representing the variation in the costs for different values of volatility.

ECN Model Account

Spread = 10 | Slippage = 3 |Trading fee = 5

Total cost = Slippage + Spread + Trading Fee = 3 + 10 + 5 = 18

STP Model Account

Spread = 13 | Slippage = 3 | Trading fee = 0

Total cost = Slippage + Spread + Trading Fee = 13 + 3 + 0 = 16

Trading the EOS/USD

The volatility and liquidity in this pair are similar to coins like Bitcoin and Ethereum. Hence, this makes EOS/USD a tradable pair. The spread in this pair is between 10-15 pips, which is extremely less compared to its volatility. Due to this, the costs reduce significantly. The highest cost percentage is only 18%.

However, we cannot ignore the fact about the volatility in this pair. This pair is pretty volatile and must be traded cautiously. It is recommended for traders to trade when the volatility of the market is around the average values. Furthermore, the costs can be reduced even further by placing orders as a limit or stop instead of the market. In doing so, the slippage will become zero and will reduce the total cost of the trade.

Categories
Crypto Guides

What Is An ICO and What Were The Biggest ICOs Ever?

Introduction

Introduction

Introduction

We have discussed many things cryptocurrencies in our recent guides, which talk about their evolution, properties, pros & cons, etc. We also learned a lot about Bitcoin and some of the other major altcoins. As of Feb 2020, more than five thousand cryptos are prevailing in the market. Have you ever wondered how these cryptos come into existence? The answer to this question is ICO. To understand what ICO, AKA, Initial Coin Offering

Irrespective of its size, every company needs sufficient funds to bring an idea to a reality. In the case of conventional companies, there is a concept known as IPO, which translates to Initial Public Offering. Here, a company would go public after they establish their brand name in the market. ‘Going public’ essentially means selling a part of their company to raise more funds and expand its business across the markets to gain more profits.

What Is An ICO?

Like how IPO is for traditional companies, ICO is for the companies who are willing to raise funds to build a cryptocurrency. There might be various agendas for crypto companies, which we will be discussing in the later parts of this article. But not every random crypto company can have an ICO and raise funds. Companies must make their whitepaper public that has all the technicalities of the coin they are going to launch. They must also mention the amount of money they are willing to raise through this ICO.  Along with this, the complete business plan and the acceptable Fiat or Cryptos should also be clearly mentioned.

Once they release the duration of the ICO, interested people can go through the whitepaper of that company and understand the problem they are willing to solve. If that is making sense, and all the other technicalities interest them, they can participate in the ICO by purchasing tokens of that company. Most of the companies accept both Bitcoin and Ethereum to purchase their tokens. The ultimate goal here is to bet on a company that has enormous growth potential in the cryptocurrency space. If that happens, the money they have invested here can have exponential growth and yield huge profits in the future.

If the funds that are raised meets the goal set by the company, the ICO can be considered to be successful. The companies can use these funds and bring their whitepaper to an actual cryptocurrency. But, if the funds raised don’t meet the goal, we can say that the ICO is a failed attempt, and the collected funds will be returned to the investors. Returning the collected funds is a seamless process because all of these transactions are executed through Smart Contracts. So the entire process of an ICO is decentralized and is not regulated by any central authority.

Notable ICO Success Stories

In the year 2013, the first-ever ICO took place where Mastercoin raised around 500k worth of Bitcoin. Then, the ICO of Ethereum took place, which changed the face of the crypto world forever. Without this particular ICO, the crypto world wouldn’t have been the way we are seeing it today. This record-breaking ICO took place in 2014, where the company has raised $18 million worth of funds. This ICO’s massive success enabled the amazing Ethereum platform to transform from an idea on a paper to reality.

Once the Ethereum platform was live with the revolutionary smart contract feature, ICO token sales have been extremely simplified. This resulted in the formation of some of the biggest ICOs to date. One such ICO which is conducted on the Ethereum platform is DAO. If you are a crypto enthusiast, you must have heard about this crypto. DAO has raised about $150 million worth of Ether in just four weeks.

Some of the biggest ICOs we have ever witnessed include EOS ($4 Billion), Telegram ($1.7 Billion), Dragon Coin ($320 Million) & Huobi ($320 Million). Most of the biggest ICOs like the ones mentioned above, happened in 2017-18. This is considered as a golden age of ICOs. The number of ICOs has reduced significantly, and there could be many reasons for that. Some of them include the fall of the crypto market, regulations from the US Securities Exchange Commission, frauds and scams occurred, etc.

Bottom Line

That’s about ICOs and some of the biggest ICOs ever to take place. We must be extremely cautious while participating in an ICO. Getting to know the founders well, analyzing the whitepaper, understanding the feasibility of the project, etc. is crucial before making your investments. Market experts believe that the ICOs are almost dead, but there are a few promising ICOs that are going to take place in 2020, and most of them can be found here. In the upcoming articles, let’s understand what IEOs and STOs are and how different are from ICOs. Cheers!  

Categories
Crypto Videos

Token Swap Explained Part 4 – How To Know If A Token Is Profitable

https://youtu.be/K0mmHwEH2ro

https://youtu.be/K0mmHwEH2ro

 

Token swap explained – part 4

This is the final part of the token swap series. For more explanation, check the previous parts.

Tier 3 Exchanges – explanation

We have analyzed the trading volumes of the 13 coins that were listed on Tier 3 exchanges. The graphs below show the data that focuses solely on the daily trading volume generated by the Tier 3 exchanges. The volume is clearly minuscule and has no impact on price discovery. If we take a look at the data, only EOS has respectable liquidity on these exchanges. Other projects have low volumes on these exchanges, which makes the listing on the exchange virtually worthless.


Exchanges VS. Token Swaps

This pie chart below highlights the category of exchanges each coin was listed on. The majority of the coins (84% to be precise) are listed on Tier 3 exchanges.

A few things can be concluded from the analysis:
Tier 1 exchanges are extremely picky when listing tokens. If a project is not following the ERC20 standard, they need to have a big brand name or to be ready to pay a hefty “fee” for listing their currency on the Tier 1 exchange.
84% of native tokens managed to list their tokens only on Tier 3 exchanges. Another 11% managed to list their tokens on Tier 2 exchanges.


Tier 1 VS. Tier 2 Exchanges

If we take a look at the average daily trading volume on the three exchange ranks, we can see that the:

• Average Daily Trading Volume of Tier 1 exchanges (6) = $129,342,307
• Average Daily Trading Volume of Tier 2 exchanges (12) = $22,659,579
• Average Daily Trading Volume of Tier 3 exchanges (92) = $2,495,216

Even though the average trading daily volume of Tier 3 exchanges is well over $2 million, this number is significantly lower as many of these exchanges are engaged in fake trading. We can also see that there is a massive difference in volume when we compare Tier 1 and Tier 2.
It is significantly cheaper and faster to list the token on Tier 2 exchanges, which can provide the necessary liquidity to the token. On top of that, having a decent daily trading volume in Tier 2 pushes Tier 1 exchanges to list the token much faster and cheaper.

Conclusion

Many projects launched their projects using the ERC20 standard as it provided the necessary speed as well as the ability to raise funds quickly. It also provided a more accessible pathway to list the token on exchanges as almost all exchanges support ERC20 tokens. The challenge comes when these projects want to launch their main-net and conduct a token swap, which transforms their ERC20 token into their native token.
This part of the article focused on one of the reasons why the native token price fades away, which is the inability to list their tokens on Tier 1 exchanges. Most of the native tokens could not get listed on Tier 2 exchanges. The data shows an immediate and long-term negative impact token liquidity and pricing after the token swap.

Categories
Crypto Guides

Knowing About the EOS Cryptocurrency & Its Blockchain

Introduction
EOS is the native cryptocurrency of the EOS blockchain. EOS blockchain is a decentralized open-source platform built to support the development of decentralized apps (DApps) with core functionalities helping

Introduction
EOS is the native cryptocurrency of the EOS blockchain. EOS blockchain is a decentralized open-source platform built to support the development of decentralized apps (DApps) with core functionalities helping

Introduction

EOS is the native cryptocurrency of the EOS blockchain. EOS blockchain is a decentralized open-source platform built to support the development of decentralized apps (DApps) with core functionalities helping to develop industrial-scale applications.

The EOS blockchain platform was announced its white paper in 2017 by a private company called block.one. The platform came into the market as an open-source platform in June 2018. The EOS is informally called the ‘Ethereum Killer’ in the crypto community. That is because this platform offers almost all the features of the original Ethereum platform but with a lot of improvements. These improvements enable DApp developers to build industrial level applications with ease.

Objective

While there are many blockchain platforms in action now, we can say each one has its unique features suitable to different industries in the market. Each platform is developed to overcome the shortcomings of its predecessor. EOS platform has been introduced to improve functionalities offered by Bitcoin and Ethereum platforms. EOS whitepaper says it is possible to run 1000 transactions per second during the initial stages, and later it aims to run a million transactions per second. Thus enabling industrial level applications to be run on the platform without scaling issues. Moreover, the platform has made transaction fees-free, making people choose EOS over other cryptos.

Consensus

So how does the EOS work to hit a million transactions per second? EOS uses the Delegated Proof of Stake (DPoS) as its consensus algorithm. There will be only 21 block producing nodes in the network. These blocking producing nodes are chosen by the people in the network who hold EOS cryptocurrency on a voting process, which happens continuously. Thus, maintaining the integrity of the users in the system is of utmost importance to the block producing nodes. Hence the transaction should be validated by only these 21 nodes to get confirmed in a block, and it is a relatively straightforward process. The block producing nodes are rewarded with EOS for validating the nodes.

EOS ICO

To ensure the native currency of the platform (EOS) is widely available, a billion coins were sold on the Ethereum platform as ERC 20 tokens. The ICO was held for an entire year. 10% of these tokens are reserved for Block.one, the founding company. EOS raised a record amount of $4 billion in its ICO, although the working product wasn’t available in the market then.

Market Cap

EOS stands at seventh place in the crypto world with close to $3 Billion in value. The price of each coin is $3.25 as of 30/10/2019. The 24-hour trading volume is around $2.5 billion, with 938 Million coins circulating in the market.

Price History

EOS began trading with a price of $1.03 in July 2017. The coin didn’t get much attention for the first four months, and the price started slumping. By November 2017, it was trading at $1.21, and by January 2018, it is traded at $18.06. Then from a peak of $18.06, it fell to $4.08 by March 2019. It slowly increased and decreased from then without a very drastic change, and the price as on 30th October 2019 is $3.25.

Conclusion

There has been a lot of negative talk about EOS, but crypto enthusiasts see high potential in the EOS platform because of the promising features it offers. Applications can be written in any language on EOS, unlike the Ethereum platform, which allows only its native programming language, Solidity. Hence not only crypto enthusiasts but also industry experts believe that the EOS platform is revolutionary due to its scaling and flexibility options.

Categories
Cryptocurrencies

EOS Coin Review

EOS is the native cryptocurrency for the EOS.IO blockchain protocol. It is a relatively new player, having launched in 2017 but went to raise a record-breaking $4 billion in its June 2018 ICO. According to the system developers – Block.one – EOSIO seeks to solve the Bitcoin and Ethereum’s inherent problems. These include creating an […]

EOS is the native cryptocurrency for the EOS.IO blockchain protocol. It is a relatively new player, having launched in 2017 but went to raise a record-breaking $4 billion in its June 2018 ICO. According to the system developers – Block.one – EOSIO seeks to solve the Bitcoin and Ethereum’s inherent problems. These include creating an […]

EOS is the native cryptocurrency for the EOS.IO blockchain protocol. It is a relatively new player, having launched in 2017 but went to raise a record-breaking $4 billion in its June 2018 ICO. According to the system developers – Block.one – EOSIO seeks to solve the Bitcoin and Ethereum’s inherent problems. These include creating an open and free platform for the development of faster, more secure, and simpler decentralized applications.

The blockchain development startup claims to have been the first to infuse the WebAssembly engine into a blockchain software. The Block.one initiative has even resorted to creating their own blockchain from the ground up dubbed the EOSIO 2 that the company claims to be 16x faster than their original EOSIO version.

But how true are these claims? How viable is the EOSIO project and its EOS cryptocoin? Is it safe for the global web-products development to rely on the blockchain and host their different service son the platform? We look at all these and more in this EOS review.

How does EOS work?

EOS was first created as an Ethereum app on the ERC20 project, migrated to the EOS.IO upon the launch of the EOS Mainnet. The coin and its blockchain platform have, over time, earned the nickname “Ethereum on Steroids” given their speed and efficiency. Developing different applications on this platform, for instance, is free.

And while Ethereum blockchain supports no more than 30 transactional transfers per second, EOS is specially designed to supports millions of such transactions. More importantly, DApps developers don’t need specialized skills. You don’t need to learn a new programming language to start developing apps on this platform as it supports all popular languages that developers “know and love” like C++.

How can you acquire EOS coins?

There are two primary ways in which a crypto trader or investor can lay claim to EOS tokens. One is by way of mining the coins, and the most popular yet is through active trade on different crypto exchanges.

EOS, however, maintains a different coin mining strategy. Unlike most blockchain networks like Bitcoin that use the proof-of-stake consensus protocol that’s open to all, EOS uses the Delegate-proof-of-stake protocol. This implies that there are only 21 block producers that can validate an EOS transaction, and they are elected by the EOS coin-holders. And the higher the number of EOS coins you own, the higher the chance of being elected as a block producer.

The rest of the online crypto trading community can acquire by buying EOS tokens from different exchanges. Several leading and second-tier crypto exchange companies have embraced the coin and provided a platform where it can be openly exchanged for crypto or fiat currencies. Some of the leading markets where you can trade EOS coins include Binance, KuKoin, Huobi, Biftinex, and Kraken.

How safe is EOS?

We aren’t aware of any security or safety concerns with regards to the EOS coins or its anchor blockchain technology. And though the brand has only been around for about two years, it has made significant inroads towards a secure blockchain environment. They haven’t just moved from the Ethereum network to their own Mainnet but have also come up with several security measures. Key among them is the incorporation of WebAuthn Support for secure transaction signing without the need for additional software.

What did we like about the crypto coin?

Speedy transaction processing: EOS was created to solve such problems as speedy transactions – inherent to leading blockchains like Bitcoin, Ethereum, and Litecoin. According to Block.one, the EOS blockchain is infused with several systems and protocols aimed at accelerating the transaction speeds on the platform. While Ethereum will only process 30 transfers per second against Ripple’s – considered the fastest blockchain – 1,500, EOS claims to process millions of transactions, making it the fastest blockchain technology.

Supports the most common programming languages: we are also drawn to the fact that EOS has positioned itself as all-welcoming. Through the creation of the most versatile DApps development platform, it has made it possible for every developer to create an app on the platform using virtually any programming language.

Free of charge for developers: On most blockchain platforms, developers have to pay to host and develop apps on the platform. EOS is, however, different as it is one of the first free blockchain development platforms. Here, developers can access the EOSIO platform and develop different apps using the language of their choice free of charge.

What needs improvement?

Controversial voting process: EOSIO maintains 21 positions for block producers. These producers, according to the company, are voted for by any EOS crypto holder. We, however, find this voting process quite complicated and not as transparent as Block.one may want EOS crypto coin holders to believe.

Exposure to market risk during the three days of staking during a vote: The voting process for the EOS block producers is said to be free and open for all EOS-coin holders. What the blockchain technology company doesn’t overemphasize is the fact that to participate in the vote, you must stake your coins for three days. During this time, the staked coins are locked in and cannot be sold. We feel that such a move, however, exposes these coin-holders to massive risk should the coins lose value during the lock-up period.

No maximum EOS coin supply: Digital currencies were supposed to address some of the inherent limitations of the fiat currencies. The most prominent one being inflations. This explains why most crypto coins have put limits on the number of their tokens in circulation. We, therefore, feel that by having a limitless number of coins, EOS doesn’t address this problem.

Bottom line

EOS coins and their native Blockchain platform EOSIO are revolutionizing the aspect of security and speed when it comes to blockchain transactions. They are also redefining the openness of the blockchain technology by making it possible for virtually everyone to create a decentralized app on their platform using their preferred language. We are, however, more interested in the speed of their transactions. Moving forward, we will continue monitoring the company to see how they address the voting process concerns and the issue of locking up EOS assets for days.

Categories
Crypto Market Analysis

Daily crypto update 23.07.2018 – Sideway movements

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

General overview

Market Cap: $286.644.683.222

24h Vol: $14.487.725.028

BTC Dominance: 46.1%

Top 100 Gainers of the day

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

Top 100 Losers of the day

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

News

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

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

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

Analysis

EOS/USD

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



Market sentiment

4-H chart technicals signal a Bearish sentiment.

Oscillators are showing mixed signals on the overbought zone.

Pivot points

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

ETH/USD

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



Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in the overbought zone and pointing down.

Pivot points

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

ADA/USD

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



 

Market sentiment

4-H chart technicals signal a Bearish sentiment.

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

Pivot points

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

Conclusion

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

Categories
Crypto Market Analysis

Daily Crypto Update 19.07.2018 – Another Burst Expected

General Overview

Market Cap: $287,548,026,731

24h Vol: $18,483,342,934

BTC Dominance: 43.8%

Since yesterday’s high at just slightly below $300B, the evaluation of the cryptocurrency market cap has retraced a bit and is currently sitting around $287,5B. Since today’s open the evaluation has flattened out much like it did before yesterday’s increase. 

Consequently, the market is in red with an average percentage of change among top 100 coins ranging from 3-6%.

News

As the market showed significant gains in the last day, many news headlines are analytical in nature, promoting the idea that the market reached its bottom.

For example, Barry Silbert, founder and chief executive officer of venture capital Digital Currency Group, said he is bullish on Bitcoin (BTC) as an investment vehicle, CNBC reported July 18.

Speaking at the Delivering Alpha Conference in New York on Wednesday, Silbert said that he thinks “we’ve probably hit the bottom for the year. I actually put some money into Bitcoin last week.” He added that “as an asset class it is here to stay … I’m 100 percent confident a decentralized, non-fiat form of money is here to stay.”

The most significant event in the last 24 hours in the US Congress hearing regarding cryptocurrency regulation entitled “The Future of Money: Digital Currency”. The news is neither positive or negative but at the moment as this is a discussion on which the regulatory framework is going to be built.  At the hearing, the Subcommittee on Monetary Policy and Trade discussed the deployment of cryptocurrency and its underlying technology, blockchain, by central banks, arguing whether central banks should introduce a central bank digital currency, and there are views supporting both cases.

Witnesses before the U.S. House of Agriculture Committee at a public hearing July 18 were unanimous in their view that digital assets complicate the hard and fast distinctions of existing regulatory frameworks.

We will be closely monitoring what policymakers have to say as their action could impact the market in both ways.

Analysis

BTC/USD

From yesterday’s open at 7319$ the price of Bitcoin went up to 7514$ and since then it has retraced to 7315$ forming a cluster around those levels, and currently, we are seeing a breakout from that cluster on the upside as the price is on a green candle around 7400$.



As you can see from the hourly chart it looks like the price is ready for another exponential increase, and if that happens I would expect the price to around 7834$ where the black downward pointing line is, which is the resistance line from the triangle on the higher time frame.

Market sentiment 

Bitcoin is in the buy zone.

Pivot points 

S3 6721.6 
S2 7063.1 
S1 7221.3 
P 7404.6 
R1 7562.8 
R2 7746.1 
R3 8087.6

EOS/USD

From yesterday’s open at 8,89$ the price of Eos has at first increased to 9,14$ and fallen to 8,37$ after. Since like in the case of Bitcoin a cluster has formed and now we are seeing a breakout on the upside.



On the hourly chart, we can see that the price is below the 8,69$ level which is a significant resistance level, and you can see that the price went below it quickly. If that level gets broken I am expecting the price to go to the next Fibo level which would in the price terms be around 10,4$.

Market sentiment 

Eos is in the buy zone.

Pivot points

S3 6.9916 
S2 7.8954
S1 8.2502 
P 8.7992 
R1 9.1540 
R2 9.7030 
R3 10.6068

XMR/USD

From yesterday’s open at 143,9$ the price of Monero has increased at first but fallen after to 138$, and currently, we are seeing the start of another uptrend as the price is currently sitting around the same levels of yesterday’s open.


Looking at the hourly chart we can see that the price went above the triangle’s resistance, but we still cannot say that it broke out as these fakeouts happened in the past, but judging but the bounce off of the resistance line I think that the support is found for the price to continue upward.

Market sentiment 

Monero is in the buy zone.

Pivot points

S3 117.387 
S2 129.917 
S1 134.893 
P 142.447 
R1 147.423 
R2 154.977 
R3 167.507

Conclusion

As the confirmation of the uptrend happened yesterday and the first minor retracement happened, fear of missing out will kick in and the prices are going to be pushed higher which is why we are going to see some recovery in the market in the following days.

Categories
Crypto Market Analysis

Daily crypto update 04.07.2018 – Another Low Coming Before The Recovery

General Overview

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

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

BTC Dominance: 42.0%

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

Coin Capital Market

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

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

News

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

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

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

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

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

Source: cointelegraph

Analysis

ETH/USD

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



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

Market sentiment 

Ethereum is in the buy zone.

Pivot points

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

EOS/USD

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



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

Market sentiment 

Hourly chart technicals signal a buy.

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

Pivot points 

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

XMR/USD

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



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

Market sentiment 

Monero is in the buy zone.

Pivot points

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

ADA/USD

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



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

Market sentiment 

Cardano is in the buy zone.

Moving averages signal a strong buy.

Pivot points

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

Conclusion

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

Categories
Crypto Market Analysis

Daily Crypto Update 03.07.2018 – Slight Retracement After The Pop

General Overview

Market Cap: $272,980,602,705

24h Vol: $16,028,501,689

BTC Dominance: 41.6%

From yesterday’s high at around $270B, the cryptocurrency market capitalisation has increase by 2 billion in evaluation.

Crypto Coins News

The market is in green with an average percentage of change among top 100 coins ranging from 5-8%. Biggest gainers are Syscoin 24%, Loom Network 22%, Wax 46%, Ethos 21.89%.

Crypto Coins News

There aren’t any fundamental reasons for the green day we are seeing as there is no major news that is changing the market’s sentiment, so the recovery is based on the price action and the perceived relative value of the cryptocurrencies.

There is news regarding blockchain adoption and utilisation, as well as governmental relation to crypto.

For instance, Bank of Finland released a paper titled “The Great Illusion of Cryptocurrencies,” written by Aleksi Grym, Adviser on Digitalisation and Head of the Digital Central Bank process in the Financial Stability and Statistics Department. The main point of the paper is to explain how cryptocurrencies fundamental nature “shows how poorly understood the concept of money itself still is today” and how the Internet and social media have “muddled our sense of fact and fiction”.

Meanwhile, Japanese financial regulator the Financial Services Agency (FSA) is considering to change the legal basis for how it regulates cryptocurrency exchanges, as reported by cointelegraph.

The FSA is reportedly considering to regulate crypto exchanges by the Financial Instruments and Exchange Act (FIEA), instead of its current legal foundation, the Payment Services Act. According to Senkai, this means that the exchanges will have stronger customer protections. The FIEA obliges securities companies to manage customer funds and securities, such as stocks, separately from corporate assets.

The Association of Thai Securities Companies (ASCO) is considering establishing a joint cryptocurrency exchange, with plans for several firms to apply together for a crypto exchange license, local news outlet Bangkok Post reports July 2.

Pattera Dilokrungthirapop, ASCO chairperson, told the Bangkok Post that several Thai securities firms will apply for a joint crypto operating license with the Thai Securities and Exchange Commission (Thai SEC) in order to reduce costs and share technologies.

While we are on the topic of exchanges, a major headline that was anticipated for quite some time now is that Coinbase Custody – digital assets custodian solution for institutional investors is now launched, according to an official blog post. They have already been storing over 20 billion dollars worth of crypto for their clients, but the new service will notably be secured through an SEC-compliant and FINRA-member independent broker-dealer, Electronic Transaction Clearing (ETC).

Analysis

BTC/USD

From yesterday’s open at 6376$, the price of Bitcoin has increased by 3.15% and is currently sitting at 6556$. The price went further to 6684$ but has retraced since from the spike.



Looking at the hourly chart we can see that the price found resistance at the 6647$ level from which it has retraced. I am expecting the price to fall back to the 0 Fibonacci retracement levels where it will find the support needed to propel the price higher.

Market sentiment 

Hourly chart signals a sell.

Oscillators are on neutral and moving averages on sell.

Pivot points

S3 5712.2 
S2 6118.4 
S1 6368.0 
P 6524.6 
R1 6774.2 
R2 6930.8 
R3 7337.0

ETH/USD

From yesterday’s open at 452$, the price of Ethereum has increased by 3.5% and is currently sitting at 467,9$. The price went higher to 487$ but has retraced since.



As you can see from the hourly chart, the price found resistance at the 482$ level, which pushed the price lower. Currently, the price is looking for support, and it looks like the first support has been found. If this support doesn’t hold the next one should be around the levels of yesterday’s open at 456$.

Market sentiment

Ethereum is in the sell zone.

Pivot points

S3 388.00
S2 427.80 
S1 452.30 
P 467.60 
R1 492.10 
R2 507.40 
R3 547.20

EOS/USD

From yesterday’s open at 8.14$ the price of Eos has increased by 9.23% as the price is currently 8.91$. The price spiked higher to the 9.4$ level but has retraced since.



Looking at the hourly chart we can see that the price found resistance at the 9.27$ level which pushed the price lower. The price is looking like it has found support on the current levels, but if this support doesn’t hold, the next level I would be expecting to serve as strong support is around 8.2$.

Market sentiment 

EOS is in the buy zone.

Pivot points

S3 6.1
S2 7.4
S1 8.19
P 8.69
R1 9.4
R2 9.97
R3 11.2

Conclusion

Crypto Coins News: After yesterday’s pop in the market cap evaluation, we are seeing a first small retracement, as the prices have suddenly and quickly increased. Today we are going to see the prices find the support of the retracement and continue to go upward.

Categories
Crypto Market Analysis

Daily Crypto Update 29.06.2018 – Cryptos on the Prior Low Levels

General Overview

Market Cap: $236,022,628,955

24h Vol: $11,779,795,926

BTC Dominance: 42.9%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has decreased from 249,806,000,000$ on yesterday’s high to 233,162,000,000$ which was today’s low. These are the lowest levels the crypto market has been this year, and the last time it was on these levels was on 18th of November last year.

News

Some of the most significant headlines that came out in the last 24 hours can be listed in the ‘exchange related’ category. Those are significant in general as exchanges are considered as large players in the market and they can impact the market significantly. When the cryptocurrency exchange Bithumb got hacked, the market reacted negatively, while other times like when Bittrex announced that they are going to introduce the service of Fiat deposits, the market reacted positively.

While we have mentioned the Bithumb hack, one of the headlines that fit into this category is that this exchange has reduced the estimated amount of money lost in the hack from  $31 million to $17 million, according to yesterday’s announcement.

In another related news, third largest crypto exchange by volume Huobi opens a London Office, set to OTC Trading.

“London was selected as the first office in Europe, due to its preminence as a global financial centre and the largest cryptocurrency trading centre in the region with an active blockchain community and fast developing market,”

Binance is going to launch a Crypto-Fiat exchange in Uganda.  Binance Uganda will be the company’s first endeavour into fiat-crypto trading – supporting the Ugandan Shilling, alongside major cryptocurrencies – and is set to launch imminently. This new option for fiat deposits was announced by Binance and now we are seeing that taking place.

While there are advancements in the crypto exposure to the retail investors, these are also toward institutional ones.

Blockchain.com has recently launched an institutional platform, Blockchain Principal Strategies (BPS), according to yesterday’s blog post.

BPS offers a number of trading and research tools, such as an over-the-counter (OTC) trading desk, a smart Order Management System (OMS), custom portfolio view, risk metrics, as well as access to a research team that staffs Garrick Hileman, the University of Cambridge’s first “cryptocurrency academic,” hired by Blockchain.com in May this year. The OTC services through BPS will be managed by a team of experts from Goldman Sachs, JP Morgan, and UBS.

Another significant headline is the one coming from South Korea, as it reviews its stance on crypto to become blockchain haven, reported by cointelegraph.

South Korea, the country that has been in the forefront of the crypto industry since the 2017 investor boom, is gradually changing its views regarding cryptocurrencies. While the lift on the ICO blanket ban was announced by the officials last month, the country has recently been vocal about its intention to lead the fourth industrial revolution, powered by blockchain initiatives.

This news is reassuring and highly positive. More and more countries are starting to shift their stance as they realise the potential of cryptocurrencies and blockchain technology.

Analysis

BTC/USD

From yesterday’s open at 6150$ the price of Bitcoin fell by 4.43% and is currently sitting at 5876$. The price spiked to 5786$ to retest the last dip levels but left a wick on the hourly chart.



Looking at the hourly chart we can see the price’s instability. I think that the price is going to go to the 6000$ levels now after which the sellers are going to push the price to the 5660$ level where the unconfirmed wedge support line is.

Market sentiment

Bitcoin is in the sell zone as indicated by hourly chart technicals.

Pivot points

S3 5249.9 
S2 5598.5 
S1 5723.3 
P 5947.1 
R1 6071.9 
R2 6295.7 
R3 6644.3

ETH/USD

From yesterday’s open at 442$, the price of Ethereum has decreased by 7% and is now sitting at the 410$ level.



The price has found support on the ending diagonal support line. I am expecting this support to hold for now, and we are going to see it go to the diagonal’s resistance line again. As I am expecting the price to start a trend reversal at the diagonal end, I would be looking if the resistance holds or not. If it holds then another lower low is expected before a breakout.

Market sentiment

Ethereums hourly chart technicals indicate a sell.

Pivot points

S3 375.75 
S2 401.54 
S1 411.16 
P 427.33 
R1 436.95 
R2 453.12 
R3 478.91

EOS/USD

From yesterday’s open at 7.84$ the price of EOS has decreased by 8.5% as it’s currently sitting at 7.19$.



As you can see from this hourly chart, I am expecting another low after this downtrend is finished, to the 6.58$ level.

Market sentiment

EOS is in the sell zone.

Oscillators are on neutral and moving averages on a strong sell.

Pivot points

S3 6.04 
S2 6.80
S1 7.08
P 7.57
R1 7.85
R2 8.34
R3 9.10

Conclusion

The next sell-off has started. We have seen the prices interact with their prior lows, and now they are likely going for a small recovery before another drop that will form a lower low, which would in my mind be the last one of this last downtrend.

Categories
Crypto Market Analysis

Weekly Crypto Update 27.06.2018 – One More Low Expected To The Bottom

General Overview

Market Cap: $245,897,879,486

24h Vol: $10,982,438,642

BTC Dominance: 42.6%

From last Monday, the cryptocurrency market has been in a constant decline as the market fell from 294,184,000,000$ which was last weeks high on Tuesday 19.06.2018. The lowest the crypto market has been was on Sunday when the crypto market capitalization hit 235,331,000,000$.

Those levels were expected to be a lower low after which the cryptos were going to recover, but as the new high failed to exceed the prior one, there aren’t any signs of a trend reversal, and the evaluation is close to the last low levels. This situation implies that a lower low is more likely and that this is the bottom after which the trend reversal is going to start.

News

Out of those stories that marked the past week, the most significant one is the Bithumb hack.

Bithumb, which has fallen from 6th to 10th place for cryptocurrency exchanges worldwide by trading volume, has had about $30 million worth of cryptocurrencies stolen in an apparent hack.

This headline created a lot of FUD (fear, uncertainty, and doubt) in the market and many blamed this event as the fundamental reason of the continuation of the bear market, which was not the case as this exchange is not that large.

In the law and tax category, there are two major headlines. First is that  U.S. federal employees will have to report their cryptocurrencies holdings if they equal more than $1,000 or made more than $200 during the reporting period. The other one is that the Uruguayan Chamber of Fintech has announced the creation of a special committee to develop a framework for crypto regulation and promote innovation to support the country’s financial system.

Both of this news is positive, as the first one implies that cryptocurrency is valuable and should be reported as “other forms of securities.”

In the adoption category, the news items that stands out is the news of Square receiving the New York BitLicense. The announcement means that Cash App users in every state except for Georgia and Hawaii now have the option to buy and sell Bitcoin.

Analysis

BTC/USD

From the opening on Monday, June 18 at 6875$, the price of Bitcoin has decreased by 11.19% as it is now sitting around 6110$. The opening price is the highest Bitcoin has been, and the lowest was at 5770$, from which it quickly recovered closing as a Doji candle with a big a wick from the downside on the daily chart on 24.06.2018.



Looking at the daily chart, we can see that the current wave is near completion, but it looks like another low might happen whos target I’ve projected to be from 5664$ on the supportive significant level (purple dotted line), to 5515$ which is the support line from which Bitcoin created the all-time high. As I think this current wave is the wave X of the WXYXZ sideways correction, I am waiting to see signs of the short-term trend reversal, before the price continues to new lows.

Market sentiment 

Daily chart technicals signal a strong sell.

Oscillators are on sell, and moving average signal a strong one.

Pivot points

S3 4426.3 
S2 5365.2 
S1 5758.6 
P 6304.1 
R1 6697.5
R2 7243.0 
R3 8181.9

LTC/USD

From last Monday, the price of Litecoin has depreciated in value from 100$ to slightly below 80$ which is a 20% decrease in ten days. The opening on Monday was the weeks high, and the lowest Litecoin has been is to the 73.5$ area on Sunday.



Looking at the daily chart, I am seeing another low ahead to the support line at 71.29$ which is significant as from that level the price of Litecoin went on to create the all-time high. If that level holds I would be expecting a short-term trend reversal as I think that the current wave is an X from the WXYXZ sideways correction. 

Market sentiment

Litecoins daily chart technicals signal a sell.

Oscillators are on sell, and moving averages signal a strong one.

Pivot points

S3 44.663 
S2 66.371 
S1 74.517 
P 88.079 
R1 96.225 
R2 109.787 
R3 131.495

EOS/USD

At the start of last week on Monday, June 18, the opening price of EOS was at 10.95$. Since then the price has decreased substantially to 8$ which is a decrease of 25.81%. The price went even lower on Sunday when it spiked to 6.89$.



Looking at the daily chart, we can clearly see that the corrective move was a WXY correction and that the Y wave is near completion. I am expecting the price to drop to the 6.58$ level were an 8/1 Gann fan level is and another support level from a prior range from whom similarly to the case of Bitcoin and Litecoin, the price created the all-time high. As this would be the last low a trend reversal would be expected, but how long would it live we are yet to see from the formations and patterns ahead.

Market sentiment

Daily chart technicals signal a sell.

Oscillators are indicating a sell, and moving averages signal a strong one.

Pivot points

S3 3.3173 
S2 6.2033 
S1 7.2797 
P 9.0893 
R1 10.1657 
R2 11.9753 
R3 14.8613

XRP/USD

From the opening price at 0.55$ last Monday, the price of Ripple has decreased by 15.48% as it is now sitting at 0.47$.



On the chart, we can see that the support at the prior low level at 0.4541$ held the price again. As the current wave is the last impulse wave I am expecting a trend reversal, but the price may fall a bit lower before that happens. The new potential low would be at the next support level at 0.4144$. However, this level may hold and the trend reversal starts happening from here. The move up would be a corrective move, probably in a form of another three-wave ABC move, which is why I am expecting the price to go down further.

Market sentiment

Ripple’s daily chart technicals indicate a sell.

Oscillators are signalling a sell, and moving averages a strong one.

Pivot points

S3 0.32270 
S2 0.41468 
S1 0.45231 
P 0.50666 
R1 0.54429 
R2 0.59864 
R3 0.69062

XMR/USD

The price of Monero is on the same levels like on Monday last week which is around 128$. The price fell by 17% from Monday to Sunday to the weeks low at 106.78$.



Looking at the 4-hour chart, we can see that the price is currently on the rise, but that would only be a corrective move from where I am expecting the price to go lower to the 100$ level, which would be the support line 2 of the support area.

Market sentiment

Monero is in the buy zone.

Both oscillators and moving averages signal a buy.

Pivot points

S3 97.133 
S2 102.972 
S1 108.811 
P 126.405 
R1 146.510 
R2  190.105 
R3 210.210

Conclusion

If you remember this was my projection from 02.06.2018

As you can see I was expecting to see on the global chart that the prior lows at around 250 billion dollar evaluation get retested, after which another similar pattern would appear.

The lows were retested and the evaluation is hovering around those levels which is why now I am looking for signs of a reversal.

After looking at the charts of major cryptos, and especially Bitcoin as it has the 42% market dominance, I think that another low is going to happen before some short-term recovery. Those lows would be to tests the support levels from where the all-time high was made in all cryptos that we’ve covered in this report.

Categories
Crypto Market Analysis

Daily Crypto Update 25.06.2018 – Short-term Recovery Expected

General Overview

Live Trading Update:

Market Cap: $254,201,622,949

24h Vol: $15,258,651,571

BTC Dominance: 41.7%

In the last 24 hours, the evaluation of the cryptocurrency market capitaliSation started off at 259,367,000,000$ and shortly after that it fell to 235,331,000,000$ yesterday. This is the lowest cryptos have been since the correction has started, and the last time we saw this evaluation was in the first half of November last year. Currently, the evaluation has recovered from yesterday’s low and is sitting on the levels prior to the drop.

Live Trading Update

The market is currently in green with an average percentage of change ranging from 5-10%. Biggest gainers among top 100 coins are WaykiChain 39%, Cortex 38%, and Theta Token 26%.

News

There aren’t any significant news items that came out in the last 24 hours. Most of the headlines are analytical in nature as the cryptocurrency market experienced the recent low, followed by interviews that reassert the bullish views on cryptos over the long run.

These are some of the headlines:

Bitcoin Price Hits 2018-Low at $5,825, Where Will it Bottom Out?

Bitcoin’s Defense of $6K Raises Odds of Relief Rally

Ether Price Drops to 10-Week Low Near $400

Cardano Co-Founder: Wall Street Will Bring ‘Tens of Trillions of Dollars’ to Crypto

Blockchain CEO Says Bitcoin Adoption Will Take a Long Time, Survivors Will Win

One of the headlines that stand out and is not from this category is that China’s state-backed monthly ratings are out and according to them, EOS in number 1. The rating is called “Global Public Chain Technology Evaluation Index” and is published by the China Center for Information Industry Development (CCID) of the Ministry of Industry and Information Technology.

EOS’ top ranking is attributed to the “outstanding technical advantages in transaction confirmation efficiency, network throughput, and transaction costs” of the protocol.

While conceding the EOS Mainnet’s recent mishaps – since going live on June 15, the network has faced technical issues, and criticism for freezing some accounts – the evaluation nonetheless judges the project to be “highly active in technological innovation,” a “new generation public blockchain” that is “currently most regarded by the industry.”

Source: cointelegraph

Analysis

BTC/USD

From yesterday’s low at 5777,3$ the price of Bitcoin has recovered by 7.54% and is currently sitting at 6224$.



Looking at the hourly chart we can see that the price of Bitcoin has fallen below the 6000$ level which was a psychologically significant level as are most round numbers. This spike at around 5700$ played out yesterday just like I’ve predicted and now the price is likely going to start to recover.

Market sentiment 

Bitcoin’s hourly chart technicals signal a buy.

Oscillators are signalling a buy and moving averages are signalling a buy.

Pivot points

S3 5061.5 
S2 5556.2 
S1 5852.1 
P 6050.9
R1 6346.8 
R2 6545.6 
R3 7040.3

XRP/USD

From yesterday’s low at 0.4417$, the price of Ripple has recovered by 9% as it is currently sitting around 0.481$.



On the hourly chart, we can see that the price has fallen below the 0 Fibonacci retracement level, which means that the price fell lowest since the correction has started as this is the ending point of the prior retracement. Currently, it looks like is testing for support on the last range support and we are yet to see if it holds.

Market sentiment 

Hourly chart technicals signal a buy.

Oscillators are on buy, and moving averages signal a buy.

Pivot points

S3 0.35393 
S2 0.41192 
S1 0.44334 
P 0.46991 
R1 0.50133 
R2 0.52790
R3 0.58589

EOS/USD

From yesterday’s low at 6.96$ the price of Eos has recovered significantly as it rose by 15.3% coming to around 8$ where it is currently sitting.



On the hourly chart, we can see that the price action created a similar U shape bottom as in the case of Bitcoin and Ripple. After the recovery the price has experienced, it is currently looking for support on the levels from which the drop appeared.

Market sentiment

EOS is in the buy zone.

Oscillators are on buy, and moving averages signal a buy.

Pivot points

S3 4.7107 
S2 6.2507 
S1 7.1489 
P 7.7907 
R1 8.6889 
R2 9.3307 
R3 10.870

XMR/USD

Monero is another coin which experienced significant recovery. From yesterday’s low at 108.6$ the price has increased by 15.8% coming to 127$. Currently, the price has retraced a bit and is now sitting at 124.7$.



Unlike other cryptos, Monero didn’t just spike down to its lows but instead retested those levels two more times after the first spike down. The price is now above the levels from which it previously dropped, looking for support, as you can see from the chart.

Market sentiment

Hourly chart technicals signal a buy.

Oscillators are on neutral and moving averages signal a buy.

Pivot points

S3 80.973 
S2 99.403 
S1 110.097
P 117.833
R1 128.527 
R2 136.263 
R3 154.693

 Conclusion

Live Trading Update: As the prices of all major cryptos fell to their lowest since the correction has started, and in a way, retested the lowest cryptos have ever been, I am now looking for signs of a short-term trend reversal that will serve as a retest of prior highs. Spikes that we’ve seen look like the bottoms as they are V-shaped and were short lasted which is how markets usually bottom out. As those spikes could be interpreted as a missed opportunity by buyers, fear of missing out on the bottom can push the prices higher.

Categories
Crypto Market Analysis

Daily Crypto Update 22.06.2018 – Big Bear Field

The market is completely red with losses of double digits in many currencies in a drop that was coming due to the pressure that the market has had all week.

The market is completely red with losses of double digits in many currencies in a drop that was coming due to the pressure that the market has had all week.

The market is completely red with losses of double digits in many currencies in a drop that was coming due to the pressure that the market has had all week. The market is showing its volatility again and I see there are some effects (not proven) according to news from Japan. The Financial Services Agency (Regulator in the country) has ordered six exchanges to improve their businesses and to improve their anti-money laundering measures. Some of them stopped adding new clients and started to review the identities of existing account holders. The pressure continues in the crypto field and we will surely see new minimums in many of the cryptos before seeing a reversal.

General Overview

Market Cap: $261.006.460.133

24h Vol: $14.560.479.309

BTC Dominance: 40.7%

The Market Capitalization dropped 20B in just 24 hours which shows the power of sellers at the moment, I think the market will have another bearish boost before Sunday where BTC could lose its $6000 value and very probably will test the $5,700

News

Japan Slaps 6 Licensed Cryptocurrency Exchanges with Business Improvement Orders
Japan’s financial regulator has targeted six licensed cryptocurrency exchanges to issue business improvement orders, ramping up its scrutiny of the
sector.

Breaking: Mt. Gox Case Moved to Civil Rehabilitation, Creditors May Be Paid in Crypto
Creditors holding bitcoins at infamous cryptocurrency exchange Mt. Gox may recover their funds, after all, a court has ruled.

NANO Issues Alert on Android App Vulnerability, Urges Users to Move Funds
NANO, which recently rebranded from RaiBlocks in January 2018, has issued a statement alerting users about a vulnerability in their android wallet, urging them to move their funds to a new wallet. This applies to anyone who generated a wallet seed using the NANO android wallet, which was released just a few hours ago.

Japan’s Biggest Cryptocurrency Exchange Suspend New Accounts amid Stricter Regulation
Merely three days after the Japanese government and local financial authorities requested cryptocurrency exchanges improve their infrastructures, bitFlyer, the country’s biggest cryptocurrency exchange, has suspended the registration of new accounts to overhaul its Anti-Money Laundering (AML) and Know Your Customer (KYC) system.

Source: ccn.com

Analysis

XRP/USD

XRP has broken all the daily pivots and also broke the level of $0.50 to the downside and is trading at $0.49 cents, the pair has lost more than 7% in the last 24H and is sitting now at $0.4929. The next support for the price is $0.4803 which I think can be reached in the next hours.


Market sentiment

4-H chart technicals signal a sell sentiment.

Oscillators are showing sell signals and pointing down.

Pivot points

R3 0.5655
R2 0.5575
R1 0.5459
P 0.5379
S1 0.5263
S2 0.5183
S3 0.5067

LTC/USD

Litecoin price comes under heavy selling pressure as are all the currencies in the charts. The price has dropped almost 12% in the last 24H and it is at the lowest levels seen since 7th December 2017, now the price is sitting at $85.03 and the immediate support is $82.69.


Market sentiment

4-Hourly chart technicals signal bearish.

Oscillators are showing sell signals and pointing down.

Pivot points

R3 102.19
R2 100.70 
R1 98.71 
P 97.02 
S1 95.20 
S2 93.80 
S3 91.84

EOS/USD

EOS price dropped considerably during the trading session and reached reach a 2-month low of $8.20 loosing over 15.71% in the last 24H. The RSI and Stochastic indicators are showing oversold and pointing down, the bear’s strength is completely high and the negative hype can continue during the weekend for the pair.


Market sentiment

4-Hourly chart technicals signal bearish.

Oscillators are showing sell signals and pointing down.

Pivot points

R3 11.48
R2 11.17 
R1 10.78 
P 10.47 
S1 10.09 
S2 9.78 
S3 9.38

 Conclusion

Many of the major cryptocurrencies have contributed with their losses to the market drop of around $18 billion in the past 24 hours, it seems to be a short-term decline but this significant momentum could continue if the Bitcoin price manages to pass the important level of $ 6,000. You will see the drop down all weekend until we see a recovery.

Categories
Crypto Market Analysis

Weekly Crypto Update 18.06.2018 – Retest of the Lows Expected

General Overview

Market Cap: $276,493,181,374

24h Vol: $10,178,348,969

BTC Dominance: 40.1%

From last Monday, 11th of June, the cryptocurrency market cap has experienced

General Overview

Market Cap: $276,493,181,374

24h Vol: $10,178,348,969

BTC Dominance: 40.1%

From last Monday, 11th of June, the cryptocurrency market cap has experienced

General Overview

Market Cap: $276,493,181,374

24h Vol: $10,178,348,969

BTC Dominance: 40.1%

From last Monday, 11th of June, the cryptocurrency market cap has experienced a short-term rise from 294,722,000,000$ to 301,321,000,000$ which was the weeks high, and after that, it has fallen to 265,974,000,000$ which was the weeks low on 13th of June. After the low, the market has recovered slightly and is currently sitting in the middle of the high-low range as you can see from the graph below.

 

Crypto Weekly Update

News

Top stories that came out in the last week are the following:

German Government Doesn’t Think Bitcoin Threatens Financial Stability

Officials from Germany’s federal government do not believe that Bitcoin poses a threat to the existing financial structure, as the volume of crypto transactions is too low compared to the size of the global financial system to be a great influence. However, the government added that cryptocurrency should be regulated as they continue to monitor the crypto space.

Proposed Bills In Michigan Classify Blockchain Tampering As Crime

Two bills currently proposed in the Michigan state legislature would make altering the public digital record on a blockchain with intent to defraud into a felony punishable by up to 14 years in prison, as well as adding definitions of distributed ledger technology to the Michigan penal code.

CBOE President Says SEC Calling ETH Not A Security Paves Way For ETH Futures

The president of CBOE–which released the first Bitcoin futures last December–said that the SEC’s recent decision that Ethereum will not be regulated as a security has removed a big “stumbling block” from the possibility of offering Ether futures.

Source: cointelegraph

 

Analysis

EOS/USD

From last Monday, the price of EOS has dropped from 11.3$ to 10.22$ which is 9.28% decrease.



As you can see from the daily chart, last Monday’s opening was the highest price it has been, and that level now serves as resistance. On June 13th, on which we saw the market experienced a low was also the day that EOS was at its lowest, closing as a Doji on that day. The next day price recovered significantly but was stopped out by the resistance of Monday’s open. Currently, the price pattern is looking unstable and I would expect another low from here to around 9.1$ at least which was last weeks low, or even further down to the support at 8.69$.

Market sentiment 

Daily chart technicals signal a sell.

Oscillators are signalling a sell, and moving averages a strong one.

Pivot points

S3 1.1720
S2 6.2113
S1 8.3731
P 11.2506
R1 13.4124
R2 16.2899
R3 21.3292

LTC/USD

From 108.461$ which was the opening price last Monday, the price of Litecoin has decreased by 13.87% and is currently 93.395$ per Litecoin.



As you can see from the daily chart, the opening on 11th of June was the highest price Litecoin has been, and since then it has fallen to 89.277$ on 13th of June and recovered slightly, but today’s candle is on the levels of 13th of June’s close. The price is currently about to break out from the triangle in which it was consolidating, and judging by the market sentiment the breakout from the downside is expected.

Market sentiment

Daily chart technicals signal a sell.

Oscillators signal a sell, and moving averages a strong one.

Pivot points

S3 44.706
S2 72.869
S1 84.755
P 101.032
R1 112.918
R2 129.195
R3 157.358

DASH/USD

The price of Dash has dropped from 281.27$ which was the opening price on Monday 11th of June to 251$ where it is currently sitting, which is a decrease of 10.2%.



As you can see from the daily chart, the price of Dash has followed the same pattern as the other cryptos as markets are strongly correlated – the price was at its highest on last Monday, its lowest on 13th of June and is now looking like its going to break out from the downside of triangle.

Market sentiment

Dashes daily chart technicals signal a sell.

Oscillators are signalling a buy, and moving averages signal a strong sell.

Pivot points

S3 130.32
S2 198.03
S1 231.81
P 265.73
R1 299.51
R2 333.43
R3 401.14

XMR/USD

From last Monday until today, the price of Monero has been dropping from 140.89$ to 103.84$ on 13th of June which was the lowest Monero has gone in the past week. Since that low, the price has recovered and went above the support line at 121.775$, but is now back below it.


On the daily chart, we can see that the support at 121.775$ is a significant level as that was the prior range resistance, from which the price went on a steep upward trajectory to the all-time high. We will see what happens on this level, maybe today’s candle will close above it, however, that’s highly unlikely considering the market correlation and the bearish sentiment.

Market sentiment 

Monero’s daily chart technicals signal a strong sell.

Oscillators are on sell, and moving averages signal strong one.

Pivot points

S3 22.723 
S2 75.123 
S1 100.647 
P 127.523 
R1 153.047 
R2 179.923 
R3 232.323

Conclusion

Crypto Weekly Update: As the prices were mostly consolidating after the low experienced on June 13th, the crypto market was mostly stagnating. The consolidation period is near completion and from my analysis of the four cryptocurrencies that are covered in this report, I conclude that we are in for another low. This week will most likely be the week of the retest of the lowest points cryptos have experienced in this prolonged correction after which I am expecting a short-term trend reversal.

This was my projection published on 02.06.2018 in my weekly update post, and it looks like it all going in accordance with my projection. What I meant by a ‘retest of the lowest points cryptos have been’ is to see the market at around $250B. After that, I would expect a short-term trend reversal to slightly below last high and then a final down move that many would consider ‘capitulation’, but I would consider it a great buy opportunity.


Crypto Weekly Update Chart

Market cap on 02.06.2018 with my drawn projection 

 

Market cap today 

 

For more on what I think it’s coming next, make sure to check out the weekly update video in which I will provide my longer-term analysis and the potential scenario of this correction using Elliott Wave principles.

Categories
Crypto Market Analysis

EOS Breakout Trade Ahead

A real quick update here on a trade I’ve been monitoring, a possible breakout of EOS in the Square of 90.

Following Gann’s Rule of Angles, when the price breaks and closes an angle, it will move to test the next. EOS is approaching an angle break AND the break of a downtrend structure. Great entry here at 14.83.

Categories
Crypto Market Analysis

Cryptocurrencies Mirage

The crypto market total capitalisation has reached the $345,848,996,562 level and a $15,093,140,340 daily volume, much lower compared to January 2018. Nowadays everyone wants to make huge profits by trading or investing in the cryptocurrencies. There are all kinds of economists and specialists that continue to sustain that the cryptocurrencies should drop much deeper because they are overstated. You should know that what happened on Bitcoin won’t happen again because the conditions have changed and there are a lot of factors that influence the market.

Source: investing.com

Also, the crypto market is very volatile because the traders and investors are more cautious and they prefer to trade on the short term after last month’s major corrective phase. Last year’s amazing rally is history now, so we need to focus on what could happen in the upcoming period and maybe we’ll catch other important movements in the short to the medium term.

The high volatility makes trading very risky because the market could turn against you very fast and you can suffer a heavy loss.

In this editorial, I want to talk about the EOS because this crypto has become one of the most important and most traded cryptocurrency.

EOS/USD Analysis


 

As you can see on the Daily chart, EOS/USD rallied aggressively and reached fresh new highs in the last months. It has increased from 3.8723 on March 18, 2018, to 23.0290 level on 29 April 2018. So, EOS increased sharply and has brought amazing profits to those that have invested in it. That’s why more and more people want to trade or to invest in the crypto market. We still have great opportunities despite all the rumours and even if the market is very volatile. I’ve said in another editorial that the cryptocurrencies should be treated like any other speculative assets and that’s exactly what you should do if you don’t want to have any surprises.

EOS/USD plunged after reaching the 23.0290 top and now has found a strong support and a bottom on the median line (ml) of the ascending pitchfork, and right below the 61.8% retracement level. The two false breakdowns below the 61.8% retracement level have sent the rate higher again.

EOS/USD still has a huge potential if it stays above the median line (ml) of the ascending pitchfork, but you should know that only a valid breakout above the upper median line (uml) and above the 250% Fibonacci line will confirm another significant upside movement. The major target remains at the 23.0290 historical high.

Conclusion

You should know that there will be a lot of opportunities in the crypto market despite the high volatility and despite the bearish bias. If you’ll make a great analysis you may find cryptocurrencies with important potential, but you should take into consideration all the factors that could ruin your scenario and your expectations.

 

 

Categories
Crypto Market Analysis

EOS/BTC Bullish From Above 0.0017

EOS (EOS)

EOS/BTC edged higher today but it is premature to talk about a bullish movement for the upcoming period. We can go long only after a valid breakout above the SL2 of the ascending pitchfork.

Market Cap: $10.57B

Circulating Supply: 877.22M EOS

Max Supply: 1B EOS

Volume (24h): $2.04B

EOS/USD = $11.9681

Technical Analysis

EOS/BTC rallied aggressively today and erased the last day’s drop. It remains to see where it will close the day because the rate has slipped lower in the last two hours. It has increased significantly as the crypto market has rebounded a little today, but you should know that the crypto pair remains under massive selling pressure on the short term.



 

I want to show you a bullish scenario, if the rate will resume today’s rebound, and if it will manage to close and stabilise above the 0.0017000 psychological level.

The corrective phase was natural and normal after the impressive rally and after the false breakout above the upper median line. It has found a very strong resistance right above the 150% Fibonacci line. The price was trapped within a Falling Wedge pattern and now it has managed to escape from this pattern, signalling that the bulls can take the lead again. The breakout needs a confirmation, so we should stay away from this pair for now because we don’t have a buying opportunity yet.

EOS/BTC has broken below the uptrend line, but the today’s increase could invalidate the breakdown and could attract more buyer’s. 

Conclusion

Personally, I believe that the rate could become bullish again if it will make a valid breakout above the SL2, above the 38.2% retracement level and above the median line (ml) of the ascending pitchfork. However, a valid breakdown below the SL1 will open the door for more declines. The major upside target remains at the 0.0019900 previous high.

Categories
Crypto Market Analysis

EOS/USD Is The Corrective Phase Completed?

EOS (EOS)

Market Cap: $11.33B

Circulating Supply: 872.87M EOS

Max Supply: 1B EOS

Volume (24h)  $927.61M

Technical Analysis

EOS/USD dropped sharply in the last weeks after making new highs. Price increased as much as 23.0290 on April 29, 2018, but the buyers weren’t strong enough to keep the rate near this historic high. The rate is trading in the red today and resumed the yesterday’s bearish candle. It remains under high selling pressure on the Daily chart, that’s why it is premature to talk about another leg higher.

EOS was one of the best performers in April as it has increased from 5.1000 to 23.0290, but now it is trading at only 12.8080. It remains to see if the crypto will recapture enough directional energy to be able to approach the 23.0290 high. Personally, I want to show you a bullish scenario, if the rate will make a valid breakout in the upcoming period.



 

EOS/USD has found temporary support at the upside 50% Fibonacci line (ascending dotted line) of the ascending pitchfork. It has come higher to retest the upper median line (uml) and now drops again. It seems like it has only made a false breakout above the 50% level, which could announce a further drop towards the 61.8% retracement level and toward the median line (ml).

Right now you should stay away from this crypto because we don’t have a reversal sign. Personally, I want to see a consolidation or another signal that the corrective phase has ended before I’ll go long again.

Conclusion

It remains to be seen where it will find a strong support area. Personally, I believe that only a valid breakout above the 250% Fibonacci line will bring us the chance to go long again on this amazing crypto. The first major upside target will be at the 23.0290 highest high.

Categories
Crypto Market Analysis

EOS reached a major target, now what?

EOS (EOS)

Market Cap. USD 11.16B

Volume (24h) $3,36B

Circulating Supply: 815.92M EOS

Total Supply: 900.000.000 EOS

Max Supply: 1.000.000.000 EOS

 

EOS Price Analysis:

EOS/USD rallied aggressively in the last days and has managed to reach a major dynamic resistance. Price plunged today and could try to test and retest some support levels before will make the next move.

eos price target - eos price chart

You can see on the daily chart that it has registered an impressive rally in the yesterday’s trading session. EOS increased as much as 16.1460 level failing to approach and reach the 18.6700 historical high.

The perspective remains bullish despite the current drop. This could be only temporary before it tries to reach the historical high and to pass above it.

I’ve said in the last week’s trade setup that the EOS price should increase further after the breakout above the UML of the descending pitchfork. The confirmation has come after the amazing breakout above the sliding parallel line (sl) of the ascending pitchfork.

EOS/USD has found strong resistance at the first warning line (WL1) of the descending pitchfork and now is somehow expected to come to test and retest the upper median line (uml) of the ascending pitchfork.

You should know that only a valid breakout above the WL1 will confirm a further increase. Otherwise, the rate will drop towards the median line (ml) of the ascending pitchfork and towards the 150% Fibonacci line of the descending pitchfork.

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Categories
Crypto Market Analysis

Ripple Breakout In Play

  • Ripple breakout needs confirmation.
  • ETP/USD still under pressure.
  • EOS could resume the short-term rebound.

 

The major cryptocurrencies have found a temporary resistance in the yesterday’s trading session and have slipped lower. Bitcoin, Ethereum, Ripple are still expected to climb much higher in the upcoming period, despite the minor retreat. I’ve said in the yesterday’s daily report that the main cryptos could come back down to test and retest some support levels before will start to increase again.

Ripple

The coin changed little in the early morning, but this decrease is natural after the breakout above a dynamic resistance. Ripple is trading at 0.65254 right now and could register an impressive upside movement after the integration with banks and traditional financial institutions.

Ripple dropped by 2.62%, but personally, I’m still expecting to see a bullish momentum soon as the rate has managed to jump in the buyer’s territory.

Ripple breakout in play

Price has finally managed to break out above the downtrend line. However, the breakout needs confirmation because this could be a false one if the rate will drop significantly in the upcoming hours.

Ripple increased in the last days from the 0.45410 low and after the minor accumulation. It is premature to talk about a larger upside movement as long the Bitcoin and Ethereum are still sluggish.

The rate is trading much above the 0.57210 static support (resistance has turned into support) and above the lower median line (lml) of the ascending pitchfork. Ripple could come back down to test the lower median line (lml). A rejection from this dynamic support or a false breakdown will send the rate towards the median line (ml). Minor resistance could be found at the downside 50% Fibonacci line as well. You should know that the perspective remains bullish on the short term as long as the rate remains within the ascending pitchfork’s body.

EOS/USD

The EOS increased by 4.12%, reaching the $8.60 again after the minor corrective phase. We have a $6 866 517 270 market capitalization and a $626 057 000 daily trading volume. The crypto could become strongly bullish soon.  We may have a great trading opportunity on the EOS/USD if the price will have enough directional energy to stabilize somewhere above the 10.00 psychological level.

EOS/USD - Forex Academy

EOS/USD rallied today and reached the median line (ml) of the ascending pitchfork. It has come down to retest the broken upper median line (UML) of the major descending pitchfork and now tries to resume the upside movement.

A valid breakout above the median line (ml) and above the 9.00 psychological level will signal a further increase. Technically, it will be expected to climb towards the upper median line (uml) if it will close above the $10 level. EOS could find temporary resistance at the 50% Fibonacci line and at the 150% Fibonacci line.

ETP/USD

Metaverse increased by 57.52% in the last 7-days, but unfortunately, it remains under some selling pressure. Price failed to reach and retest two important resistance levels and now slipped below the 1.00 psychological level.

ETP/USD - Forex Academy

ETP/USD registered humble gains today and could resume the yesterday’s bearish candle. Price moves in a range between the 0.5705 and 1.1105 levels. It has failed to reach the lower median line (lml) and the 1.1105 level, signaling a minor exhaustion and a potential drop.

Only a valid breakout from the minor sideways movement and above the lower median line (lml) will confirm a significant increase.

Conclusion

XRP/USD, EOS/USD and the ETP/USD have decreased in the yesterday’s trading session and now are fighting hard to stay higher. We need confirmations all the analyzed crypto pairs before we can say for sure that the rates will reach fresh new highs.

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