Categories
Crypto Market Analysis

Daily Crypto Review, May 11 – Bitcoin Hours from its Halving Event; Traders Entering the “Greed” Stage

The cryptocurrency market has spent the weekend closely watching the timer to Bitcoin’s halving. Most cryptos had an over 10% price decrease on Sunday. Bitcoin is currently trading for $8,698, which represents an increase of 0.85% on the day. Meanwhile, Ethereum gained 0.25% on the day, while XRP went up by 0.13%.

Crypterium took the position of today’s most prominent daily gainer, with gains of 31.95%. Hyperion lost 22.39% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance decreased over the weekend, with its value currently at 67.25%. This value represents a 0.68% difference to the downside.

The cryptocurrency market capitalization decreased when compared to Friday’s value, with its current value being $239.74 billion. This value represents a decrease of $25.81 billion when compared to the value it had on Friday.

What happened in the past 24 hours

With Bitcoin halving being just hours away, everyone is looking at the biggest and most well-known cryptocurrency. However, just like before the previous halving in 2016, Bitcoin’s price dropped right before the event.

People are not scared though, as the fear and greed index shows that Bitcoin investors are in the greed phase, which shows us that people are quite interested in grabbing their Bitcoin before it becomes too late.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap has, after failing to break the $10,000 resistance, started testing support levels in order to find one it can consolidate at. However, one support level by another fell and Bitcoin quickly reached double-digit losses, standing at under $9,000. It is currently bound by its immediate resistance at $8,880 and support at $8,650. It is important to note that Bitcoin fell back into a long-term upwards facing trend, which its price reacted to.


Key levels to the upside                    Key levels to the downside

1: $8,820                                           1: $8,650

2: $8,980                                           2: $8,000

3: $9,120                                            3: $7,750

Ethereum

Ethereum also lost quite a bit of its value over the weekend. The second-largest cryptocurrency by market cap failed to break $217.6 which triggered a downturn that brought its price to $178.65 levels. However, the price quickly recovered and Ethereum is back above $185. Ethereum is, unlike  Bitcoin, in a descending trend which its price completely respected and acknowledged.


Key levels to the upside                    Key levels to the downside

1: $193.6                                            1: $185

2: $198                                              2: $178.65

3: $217.6                                            3: $167.8

Ripple

XRP pretty much followed the market when it comes to price movement over the weekend. The third-largest cryptocurrency by market cap also had an over 10% loss, which resulted in XRP falling below the $0.214 support (now turned resistance).


XRP managed to stabilize above $0.19, where it is trading at the moment.

Key levels to the upside                    Key levels to the downside

1: $0.2                                               1: $0.19

2: $0.205                                           2: $0.178

3: $0.214                                            3: $0.147

 

Categories
Crypto Market Analysis

Daily Crypto Review, May 8 – Bitcoin Contesting $10,000 as Halving Nears – What’s Next?

The cryptocurrency market has spent the day mainly watching Bitcoin’s price rise prior to the halving. With all eyes on Bitcoin as its halving event nears, other cryptos moved far less than the biggest cryptocurrency. Bitcoin is currently trading for $9,796, which represents an increase of 5.64% on the day. Meanwhile, Ethereum gained 1.85% on the day, while XRP went down by 0.13%.

Crypterium took the position of today’s most prominent daily gainer, with gains of 65.26%. Numeraire lost 8.48% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased even more in the past 24 hours as it was one of the few cryptos that managed to pass its resistance levels, with its value currently at 67.93%. This value represents a 0.74% difference to the upside.

The cryptocurrency market capitalization increased when compared to yesterday’s value, with its current value being $265.97 billion. This value represents an increase of $8.08 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Although the worldwide coronavirus pandemic has created global economic difficulties, we see cryptocurrencies growing in price, volume as well as the number of transactions. According to Brad Robertson, the head of a blockchain incubator Polyent labs, digital currencies seem appealing in the short term due to the price increase they have undergone in the past few weeks.

With the increased interest in crypto, constant printing of fiat currencies (especially during the coronavirus outbreak), and Bitcoin halving, we may see a bull run sooner than we think.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent the day trying to reach above $10,000. After it spent some time consolidating at the $9,200 area, Bitcoin spiked and tried to tackle the $10,000 level. However, the price could not get past it even with an extreme increase in volume, so Bitcoin fell down to $9,800 levels. Even so, the daily gains are more than substantial.


Bitcoin’s volume almost tripled on the day, while its RSI level reached overbought territory during the spike, but left it soon after.

Key levels to the upside                    Key levels to the downside

1: $9,880                                           1: $9,740

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

3: $10,350                                          3: $9,250

Ethereum

Ethereum spent the day after leaving the descending trend mostly in trying to find a place to consolidate at. The second-largest cryptocurrency by market cap rejected the $217.6 level and fell down. However, the downtrend was quickly stopped by the top descending trend line, therefore confirming that Ethereum no longer belongs to that trend.


Ethereum’s volume doubled during the move, which brought it out of the trend but normalized after. Its RSI level currently hovers just above the value of 51.

Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP continued creating lower highs even today. It is the only cryptocurrency out of the top3 to not be in the green on the day. While its price is heavily guarded against falling down by the $0.214 support level, if the cycle of lower lows continues, XRP will have no other option but to give up on this level.


XRP’s volume increased slightly during one period of the day but quickly normalized. Its RSI level is currently just above the value of 47.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $0.214

2: $0.235                                           2: $0.205

3: $0.285                                            3: $0.2

 

Categories
Crypto Market Analysis

Daily Crypto Review, May 7 – Libra Reinforcing its Team; Bitcoin at $9,200

The cryptocurrency market has spent the day trying to break the levels it was bound by. Bitcoin is currently trading for $9,201, which represents an increase of 2.52% on the day. Meanwhile, Ethereum lost 1.15% on the day, while XRP went down by 1.33%.

ReddCoin took the position of today’s most prominent daily gainer, with gains of 48.23%. Zilliqa lost 9.94% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased in the past 24 hours as it was one of the few cryptos that managed to pass its resistance levels, with its value currently at 67.19%. This value represents a 0.65% difference to the upside.

The cryptocurrency market capitalization increased when compared to yesterday’s value, with its current value being $257.89 billion. This value represents an increase of $9 billion when compared to the value it had yesterday.

Honorable mention

Libra reinforcing its team

Facebook’s digital currency made an announcement that Stuart Levey would be joining the project “later this summer.” His job will be overseeing Libra’s “combining technology innovation with robust compliance as well as regulatory framework.”

Levey has previously served the US government as the Under Secretary of the Treasury for Terrorism and Financial Intelligence.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent the day trying to break out of the range it was bound by. Strong bullish presence managed to push Bitcoin’s price up and away from the triangle formation it was in. While it is good news that Bitcoin broke to the upside, the fact that its price did not reach past the previous high of $9,500 is not so encouraging.


With its RSI close to the overbought territory, we can expect Bitcoin to retrace or trade sideways for some time before making another move.

Key levels to the upside                    Key levels to the downside

1: $9,120                                           1: $8,980

2: $9,250                                           2: $8,820

3: $9,580                                            3: $8,650

Ethereum

Ethereum tried to mirror Bitcoin’s movements and reach above its previous highs but failed to do so. The second-largest cryptocurrency by market cap bounced off of the descending trend it is currently in and started to drop in price. A major drop was, however, prevented by the $198 support level.


Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP continued creating lower highs while maintaining lows at a similar price. Today’s move stopped at $0.222 and then reverted and started moving downwards. XRP’s price fell under the $0.214 support level, turning it into resistance. However, the fight for $0.214 is still not over, as XRP might recover.


The $0.214 level will be moved to the “upside” key levels if XRP confirms its price below it.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $0.214

2: $0.235                                           2: $0.205

3: $0.285                                            3: $0.2

 

Categories
Crypto Market Analysis

Daily Crypto Review, May 6 – China’s Digital Yuan to Fully Replace Cash? Former BoC President Discusses

The cryptocurrency market has spent the day consolidating and testing its support and (in a rare case) resistance levels. Bitcoin is currently trading for $8,954, which represents n increase of 1.12% on the day. Meanwhile, Ethereum lost 0.86% on the day, while XRP went down by 0.57%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 23.49%. Hyperion lost 31.82% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place in the past 24 hours, with its value currently at 66.54%. This value represents a 0.09% difference to the upside.

The cryptocurrency market capitalization stayed at the same place when compared to yesterday’s value, with its current value being $248.89 billion. This value represents an increase of $0.24 billion when compared to the value it had yesterday.

Honorable mention

Digital Yuan replacing cash

Li Lihui, former Bank of China President, announced that the launch of the digital yuan is certain and that it could replace cash, but only if four circumstances are met. These features of digital yuan would be:

  • greater efficiency
  • lower transaction costs
  • enough economic scale alongside commercial value
  • peoples’ acceptance

The central bank of China is currently testing digital yuan. The tests are currently showing great interest approval of the current users, as well as a surge of new users.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent another day trying to find its place to consolidate at or to escape the narrow ranges it has been in for the past couple of days. Bitcoin tested both the $8,820 support and $9,120 resistance, as well as the middle level of $8,980. While the price is currently slightly below the $8,980 level, it is unknown where Bitcoin will go in the short term, and traders should wait for a move towards either side with large enough volume.


Key levels to the upside                    Key levels to the downside

1: $8,980                                           1: $8,820

2: $9,120                                           2: $8,650

3: $9,250                                            3: $8,000

Ethereum

Ethereum lost some of the gains it made as the price had a mini-meltdown that brought it from $212 to $200. Ethereum is trading in a wide range, bound by the $198 support level and the $217.6 resistance level. One more level between these two might emerge in the very near future. Traders should proceed with caution around $210-$215 levels but can trade within this range.


Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP spent its day testing its $0.214 support level. The price fell under the level a couple of times but managed to spring back up extremely fast. While the support seems strong enough, the lack of volatility and volume indicates preparation for the next big move. Whether the move will be caused by Bitcoin’s rise/fall or if it will be caused by XRP itself is unknown. However, traders should have an easy time spotting the difference in volume and trading alongside the move that is to come.


Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $$0.214

2: $0.235                                           2: $0.205

3: $0.285                                           3: $0.2

 

Categories
Crypto Market Analysis

Daily Crypto Review, May 5 – Bitcoin Breaking $9,000 Again; Craig Wright’s Satoshi Nakamoto Case Court Date Set

The cryptocurrency market has spent the day retesting support levels only to bounce off of them later on. Bitcoin is currently trading for $9,084, which represents an increase of 4.76% on the day. Meanwhile, Ethereum gained 5.45% on the day, while XRP went up by 4.55%.

Hyperion took the position of today’s most prominent daily gainer, with gains of 79.20%. Maker lost 6.49% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly in the past 24 hours, with its value currently at 66.45%. This value represents a 0.13% difference to the upside.

The cryptocurrency market capitalization decreased when compared to yesterday’s value, with its current value being $248.65 billion. This value represents a decrease of $4.68 billion when compared to the value it had yesterday.

Honorable mention

Craig Wright Satoshi court case

Lawyers representing both sides told the public that the trial would start on July 6. This case is extremely important for the cryptocurrency community as it will effectively decide if Craig Wright has access to the 1.1 billion BTC that were initially mined.

There should be no more postponing to the trial as the lawyers confirmed that they are not planning to delay the trial.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap successfully held up when its $8,650 support level was tested, only to bounce right after the support level “test” was concluded. With bears reaching exhaustion, BTC quickly bounced from $8,650 all the way up above $9,120. It was stopped at the resistance level, and it is not trying to find its price level above $8,980 and below $9,120.


The volume was steady throughout the day, while the RSI level increased to 61.

Key levels to the upside                    Key levels to the downside

1: $8,980                                           1: $8,820

2: $9,120                                           2: $8,650

3: $9,250                                            3: $8,000

Ethereum

Ethereum had a good day as well, with its price steadily growing after bouncing off the $198 support level. After the level held up successfully, the second-largest cryptocurrency by market cap started increasing in price and reached $212.5, where it stopped (for now). Since Ethereum is in the middle of the range, there are no tells where the price can go from here. However, traders should look for bounces off of the resistance or support levels after they have been reached.


Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP fell under the $0.214 level, all the way to $0.21, just to recover and push above $0.214 again. Ever since, the price has been steadily rising. The third-largest cryptocurrency by market cap established its price above $0.214 but seems to have slightly lost momentum towards the upside.


XRP’s volume has decreased in the most recent trading hours, while its RSI is at the value of 53.5

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $$0.214

2: $0.235                                           2: $0.205

3: $0.285                                           3: $0.2

 

Categories
Crypto Market Analysis

Daily Crypto Review, May 4 – Bitcoin Hash Rate reached All-Time Highs before the Halving

The cryptocurrency market has spent the weekend trying to find a level to consolidate at and testing narrow ranges. Bitcoin is currently trading for $8,767, which represents a decrease of 3/69% on the day. Meanwhile, Ethereum lost 5.7% on the day, while XRP lost 4.76%. However, when compared to the prices on Friday, the market hasn’t moved that much, if at all.

Hive took the position of today’s most prominent daily gainer, with gains of 22.27%. Unibright lost 17.28% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased over the weekend, with its value currently at 66.32%. This value represents a 0.66% difference to the upside.

The cryptocurrency market capitalization decreased when compared to Friday’s value, with its current value being $243.97. This value represents a decrease of $3.58 billion when compared to the value it had on Friday.

Honorable mention

Bitcoin hash rate

Bitcoin’s third halving event is roughly two weeks away, and the BTC mining hash rate is pushing into record highs. Bitcoin hashing power plummeted by 40% just two weeks after setting its previous all-time high on March 8.

However, the hash rate increased by 90% in the following six weeks, reaching a new all-time high at 142 exahashes per second.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent the weekend trying to find a good place to consolidate at. The narrow resistance ranges of $8,650, $8,820, $8,980 and $9,120 were tested over the weekend. Bitcoin’s price spent the majority of the weekend below $9,000, and most recently retested the $8,650 resistance. That resistance has proven its strength yet again and BTC bounced back up.


The next few days will lead up to Bitcoin either breaking down below $8,650, which would trigger a downturn, or above $9,120, which would trigger an uptrend.

Key levels to the upside                    Key levels to the downside

1: $8,820                                           1: $8,650

2: $8,980                                           2: $8,000

3: $9,120                                            3: $7,750

Ethereum

Ethereum has spent the weekend bouncing between the $200 and $217.6. The second-largest cryptocurrency by market cap is currently on the path down as the $217.6 resistance level held up twice already. With the volume normalizing and the RSI falling back in the lower half of the range, we can expect a few more days of consolidation from Ethereum, unless a run-up or down gets triggered by an external factor (Bitcoin’s movement or fundamentals).


Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP is also trading in a tight range, bound by $0.214 to the downside and $0.227 to the upside. However, the most recent retest of the support level has brought the price all the way down to $0.208 before recovering above $0.214. This level seems to be barely holding for now, and it is likely that it will not hold up if being tested for much longer. If $0.214 fails, we can expect XRP to fall to the $0.205 or $0.2 levels.


Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $$0.214

2: $0.235                                           2: $0.205

3: $0.285                                           3: $0.2

 

Categories
Crypto Market Analysis

Daily Crypto Review, May 1 – XRP supported by the first Crypto Bank; Crypto market consolidating after a sharp move up

The cryptocurrency market has spent the past 24 hours trying to find a level to consolidate at after dropping in price due to the lack of bull pressure. Bitcoin is currently trading for $8,770, which represents a decrease of 6.11% on the day. Meanwhile, Ethereum lost 4.74% on the day, while XRP lost 5.89%.

Hyperion took the position of today’s most prominent daily gainer, with gains of 14.4%. Hive lost 13.59% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased another half a percent from yesterday’s dominance levels. Its value is now 65.69%, which represents a 0.5% difference to the upside.

The cryptocurrency market capitalization decreased when compared to yesterday, with its current value being $247.55. This value represents a decrease of $3.25 billion when compared to the value it had yesterday.

Honorable mention

XRP supported by the first Crypto bank

The first FINMA licensed cryptocurrency bank, Sygnum Bank, has made an announcement on April 30 that Ripple’s XRP token is now available through its platform. Users can deposit, exchange, as well as credit services using the third-largest cryptocurrency.

Sygnum Bank customers can use fiat deposits such as the Swiss franc, the US Dollar, the Euro, the Singapore dollar, to buy, hold as well as trade XRP tokens on the Sygnum platform.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent the day retracing and looking for a place to consolidate at. After a bull run which brought its price above $9,000, the price had to retrace in order for the price increase to be considered “healthy. BTC initially dropped all the way to $8,400, but recovered and started its consolidation phase within a range bound by $8,650 to the downside and $8,820 to the upside. This is the time for traders that like range-trading to play around the support and resistance levels that bitcoin is bound by.


BTC’s volume decreased drastically in the past few candlesticks as the sharp moves subsided. Its RSI has also left the overbought area.

Key levels to the upside                    Key levels to the downside

1: $8,820                                           1: $8,650

2: $8,980                                           2: $8,000

3: $9,120                                            3: $7,750

Ethereum

Ethereum’s chart looks awfully similar to Bitcoin’s chart for the past few days. They acted almost exactly the same when it came to rising in price, retracing, and then consolidating. The second-largest cryptocurrency by market cap fell from its $225.5 highs to around $200 before going back up and consolidating at the ~$215 level.


Ethereum’s volume started normalizing after the sharp moves, while its RSI left the overbought territory with the current value of 59.

Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP lived through the same fate through the past 24 hours, where it reached new highs, retraced hoping to find stable support, and then started its consolidation phase. The third-largest cryptocurrency by market cap dropped from its $0.235 highs all the way down to $0.208 before going above the $0.214 level yet again.


XRP’s volume normalized after the explosive moves, while its RSI dropped to the value of 58, therefore leaving the overbought zone.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $$0.214

2: $0.235                                           2: $0.205

3: $0.285                                           3: $0.2

 

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 30 – Bitcoin +17% moves above $9,000, Altcoins follow as bullish Sentiment Prevails

The cryptocurrency market had an incredible day as most cryptocurrencies recorded daily gains of over 5%, some even reaching the double-digit gain levels. This move was led by Bitcoin reaching and surpassing $9,000. Bitcoin is currently trading for $9,201, which represents an increase of 17.21% on the day. Meanwhile, Ethereum gained 11.9% on the day, while XRP gained 7.9%.

Streamr DATAcoin took the position of today’s most prominent daily gainer, with gains of 60.65%. Aave lost 2.18% on the day, making it the most prominent daily loser.

Bitcoin’s dominance soared compared to yesterday’s dominance levels. Its value is now 65.19%, which represents a 1.29% difference to the upside.

The cryptocurrency market capitalization increased significantly when compared to yesterday, with its current value being $250.8. This value represents an increase of $25.92 billion when compared to the value it had yesterday.

Honorable mention

Coinbase and Binance amid Crypto Surge

Bitcoin’s price jump April 29 brought a few interesting things about certain exchanges to light. Binance, the world’s largest crypto exchange at the moment, has hit $11 billion in trading volume just for the past 24 hours, therefore reaching an all-time high. The last time the exchange even came near $11 billion was back in early 2018.

Unlike Binance’s thriving volume, Coinbase has experienced several major outages that stopped trading. Their status page, website, mobile app, as well as API website, experienced the outages.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap explosively bounced to the upside, breaking the ascending trend. The price quickly rose from $7,750 levels all the way up to $8,980, where it was stopped. However, the newest push by the bulls brought the price above the $8,980 resistance level as well as the $9,120 level. The move was stopped by the $9,250 resistance level.


BTC’s volume increased greatly, while its RSI level stepped deep into the overbought territory on all time frames. Its current value on the 4-hour time frame is 90.

Key levels to the upside                    Key levels to the downside

1: $9,250                                           1: $9,120

2: $9,735                                           2: $8,980

3: $9,870                                            3: $8,820

Ethereum

Ethereum followed Bitcoin’s bullish pattern and gained quite of bit of value in the past 24 hours. The second-largest cryptocurrency by market cap passed the $198 level and soared towards the $217 level, where it got stopped by a large number of sellers. However, the most recent bullish move brought the price above $217. The move reached exhaustion at the $225.5 resistance level, where the price started descending.


Ethereum’s volume almost doubled today, while its RSI level reached 82.5 on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $225.5                                            1: $217.6

2: $240                                              2: $198

                                                           3: $193.6

Ripple

XRP also broke out of its usual pattern and soared, reaching the price level of $0.235. The third-largest cryptocurrency broke the $0.227 after some consolidation and testing of the resistance level. The price is now trying to find a place to consolidate at as well as to test the $0.227 support level.


XRP’s volume skyrocketed, while its RSI level reached the value of 85. The key level of $0.227 will remain on the “upside” side until XRP resolves its price uncertainty.

Key levels to the upside                    Key levels to the downside

1: $0.235                                           1: $0.227

2: $0.285                                           2: $0.205

3: $0.296                                            3: $0.2

 

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 29 – Small Bitcoin addresses skyrocketing; XRP exploding to the upside

The cryptocurrency market continued its past moves by slowly going towards the upside. Bitcoin is currently trading for $7,809, which represents an increase of 1.48% on the day. Meanwhile, Ethereum gained 2.74% on the day, while XRP gained 10.32%.

Aave took the position of today’s most prominent daily gainer, with gains of 25.55%. Hive lost 20.55% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly compared to yesterday’s dominance levels. Its value is now 63.90%, which represents a 0.53% difference to the upside.

The cryptocurrency market capitalization pretty much stayed at the same place when compared to yesterday, with its current value being $224.88. This value represents an increase of $2.38 billion when compared to the value it had yesterday.

Honorable mention

Bitcoin network addresses reaching all-time highs

Glassnode’s data shows that the number of network addresses that hold at least 0.1 BTC continued growing throughout time, signifying a great increase in interest for Bitcoin. The numbers keep going up, passing 3,010,784 on Monday.

The number of addresses began to increase drastically around mid-February.

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Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap continued its slow move towards the upside along the ascending channel. Yesterday’s consolidation tested the downside of this channel, which kept up nicely and propelled the price up. In the meantime, Bitcoin passed the $7,750 resistance level and continued to move up.


BTC’s volume stayed steady over the course of the day, while its RSI level is currently dangerously close to the overbought area on the 4-hour time frame.

Key levels to the upside                    Key levels to the downside

1: $8,000                                           1: $7,750

2: $8,650                                           2: $7,420

3: $8,820                                            3: $7,085

Ethereum

Ethereum was stuck within a range bound by $193.6 to the downside and $198 to the upside for the majority of the day. However, the past couple of hours brought additional bull support, and Ethereum is now breaking this level. The price is currently above $198, but it will take some more time and testing to confirm the level breaking.


Ethereum’s volume was on the same level as it was the previous couple of days, while its RSI level started increasing. It is currently at a value of 62.5.

Key levels to the upside                    Key levels to the downside

1: $198                                               1: $193.6

2: $217                                              2: $185

                                                           3: $178.6

Ripple

XRP had a massive uptick that brought its price from $0.1965 all the way up to $0.2185. The move was accompanied by massive volume. This uptick broke through $0.2 as well as $0.205 resistance levels, stopping above (and retesting) the $0.214 level, which wasn’t really acknowledged since early March 2020.


XRP’s massive price increase brought its RSI level to overbought levels on every single time-frame. Its value on the 4-hour time-frame is currently sitting at 78.5. The $0.214 level will not be included in the “key level” section yet due to the uncertainty of it maintaining relevance.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $0.205

2: $0.285                                           2: $0.2

3: $0.296                                            3: $0.10

 

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 28 – Ethereum up 50% in 2020; Crypto market a safe haven?

The cryptocurrency market has spent the past 24 hours mostly consolidating and preparing for the next move. Bitcoin is currently trading for $7,713, which represents an increase of 0.01% on the day. Meanwhile, Ethereum lost 1.08% on the day, while XRP lost 0.75%.

Stellar took the position of today’s most prominent daily gainer, with gains of 11.24%. Hive lost 33.46% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly compared to yesterday’s dominance levels. Its value is now 63.37%, which represents a 0.41% difference to the downside.

The cryptocurrency market capitalization pretty much stayed at the same place when compared to yesterday, with its current value being $222.50. This value represents a decrease of $0.52 billion when compared to the value it had yesterday.

Honorable mention

Ethereum

This year has not been good for financial markets. However, cryptocurrencies seem to be surviving the current situation a lot better. While not much has been made about Bitcoin’s gains of 7$ since the start of 2020, Ether has been performing amazingly. Its year-to-date price increase is roughly 50%. Ether’s price was trading for $129.89 on January 1st, 2020.

Many call the cryptocurrency market a safe haven. However, while it is true that it was less affected than the traditional markets, cryptos showed some degree of correlation with the other markets.

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Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap had a day of consolidating, with one attempt of breaking the $7,750 resistance level. While the price did break the level, it was short-lived, and BTC went below the level soon after. As it failed to break the $7,750 level, BTC started gaining momentum to the downside.


BTC’s volume stayed steady over the course of the day, while its RSI level went down from the near-overbought levels to just under 60.

Key levels to the upside                    Key levels to the downside

1: $7,750                                           1: $7,420

2: $8,000                                           2: $7,085

3: $8,650                                            3: $6,850


Ethereum

Ethereum spent the day consolidating as well. Unlike Bitcoin, the pressure was not just towards the upside. Ether had a couple of small pushes towards the upside and a couple of stronger ones to the downside. The $198 resistance level and $193.6 support level held up quite nicely, and the price remained within a range bound by these two levels. However, this narrow of a range will not last long, and Ethereum will have to break out to either side.


Key levels to the upside                    Key levels to the downside

1: $198                                                1: $193.6

2: $217                                              2: $185

                                                           3: $178.6


Ripple

XRP did not differ in its movements much from the other two top cryptocurrencies. After one shy attempt to break the $0.2 resistance level, which did not even reach the resistance line, XRP started moving towards the middle of the range-bound by $0.2 to the upside and $0.19 to the downside. There are no current indications of the short-term direction of XRP.


XRP’s volume remained at the same levels over the past couple of days, while its RSI level started dropping, currently being at 53.5.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.178

3: $0.227                                             3: $0.165

LAST HOUR NOTICE: Ripple just has made a large movement that broke the 0.2 resistance and made a new top above the one made on April 07. This 5 percent impulse has put it directly in an overbought condition but signaled a clear bullish move for this digital asset. It is expected a consolidation after the candle, but buyers may enter on the breakout of the 0.21 level.

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 27 – Bitcoin stopped by the $7,750 resistance – What’s to come next?

The cryptocurrency market continued its bullish momentum and went after new highs over the weekend. Bitcoin is currently trading for $7,698, which represents an increase of 1.52% on the day. Meanwhile, Ethereum gained 0.95% on the day, while XRP gained 1.4%.

Kyber Network took the position of today’s most prominent daily gainer, with gains of 28.05%. DigiByte lost 12.59% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly compared to Friday’s dominance levels. Its value is now 63.78%, which represents a 0.34% difference to the downside.

The cryptocurrency market capitalization increased over the weekend, with its current value being $223.02. This value represents an increase of $12.77 billion when compared to the value it had on Friday.

Honorable mention

StorJ

Storj, a decentralized storage network, has launched a program that provides free storage to COVID-19 research participant organizations on April 22.

Storj’s storage program is set to provide each of the qualifying organizations with 1 (one) terabyte of cloud storage completely free of charge. Storj has decided to commit up to 5 (five) petabytes of storage toward COVID-19 research in total. It will also consider requests for additional resources exceeding 1 (one) terabyte.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap had a weekend of consolidation and indecisiveness. While the most recent spike brought BTC to higher levels and reach $7,811, the fact of the matter is that the $7,750 level held up quite nicely and that the Bitcoin bears did not let the price to stay above this level.


If Bitcoin goes over $7,750 support level, we can expect a sharp increase in price. However, if that does not happen, we are more likely to expect a heavy selloff at below $7,420.

Key levels to the upside                    Key levels to the downside

1: $7,750                                           1: $7,420

2: $8,000                                           2: $7,085

3: $8,650                                            3: $6,850


Ethereum

Ethereum followed Bitcoin to the upside and ended up in a narrow range between $193.6 and $198. However, Ethereum’s move towards the upside was much more stable than Bitcoin’s move. The second-largest cryptocurrency by market cap will not be staying in this range for long as it is too narrow. Its fair will most likely be decided by Bitcoin’s movement in the near future.


Ethereum’s volume held its level throughout the weekend, while its RSI is at 65.

Key levels to the upside                    Key levels to the downside

1: $198                                                1: $193.6

2: $217                                              2: $185

                                                           3: $178.6


Ripple

XRP made a slight increase in value over the weekend as well but had the same fate as Bitcoin. While its price increase is not insignificant, the fact that it got stopped by the $0.2 resistance level says a lot in regards to the bull vs. bear presence. XRP might be forming a double top at the $0.2 level, which may trigger a selloff in the short term.


XRP’s volume stayed at the same level throughout the weekend, while its RSI level shot up to 62.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.178

3: $0.227                                             3: $0.165

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 24 – Bitcoin transaction fees jumping up by 50% in the past 24 hours; Cryptos making new gains

The cryptocurrency market continued its bullish momentum and tried reaching new highs, but got stopped by the resistance levels. While most cryptocurrencies ended up in the green, the gains they ended up making were far lower due to the price consolidating at lower levels. Bitcoin is currently trading for $7,503, which represents an increase of 4.62% on the day. Meanwhile, Ethereum gained 0.26% on the day, while XRP gained 2.5%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 22.01%. Synthetix Network lost 3.97% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly compared to yesterday’s dominance levels. Its value is now 64.12%, which represents a 0.4% difference to the upside.

The cryptocurrency market capitalization increased over the past 24 hours, with its current value being $213.26. This value represents an increase of $6.94 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin – Transaction Fee Increase

The total fees that were paid for on-chain Bitcoin transactions over the past 24 hours increased over 50% when compared to yesterday’s transactions paid.

Glassnode (an on-chain data analytics service) reported that total Bitcoin fees paid over the past 24 hours increased by 50.7%, amounting to over $9,500. On top of that, the Bitcoin fees paid by users increased by 58.8%, reaching the amount of $0.78 per transaction (on average).

Meni Rosenfeld (currently the Chairman of the Israeli Bitcoin Association), however, stated that he believes 24-hour fees are too short of a timeframe to be considered particularly significant. He also stated that the historical data suggests that the Bitcoin transaction fee is far more volatile than Bitcoin’s price itself.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap had quite a volatile day. BTC managed to spike up and reach the price of $7,750, where it was stopped by the resistance level. The failure to break this level stopped Bitcoin’s momentum, then triggering a pullback. While Bitcoin made some gains on the day, they are nowhere as significant as they would be if it broke the $7,750 resistance level.


Bitcoin is now consolidating at the $7,500 level, with the possibility to test the $7,420 level.

Key levels to the upside                    Key levels to the downside

1: $7,750                                           1: $7,420

2: $8,000                                           2: $7,085

3: $8,650                                            3: $6,850


Ethereum

Ethereum ended up making a slight gain in the past 24 hours, mainly as a result of increased bullish momentum, which broke the $185 resistance level. The second-largest cryptocurrency by market cap was, however, stopped in the move by the resistance at $193.6. The pullback brought the price near the $185, which now acts as a support level.


Ethereum’s RSI level is hovering around and under the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $193.6                                             1: $185

2: $198                                              2: $178.6

3: $217                                               3: $175.5


Ripple

XRP broke its steady gain phase and entered a “speedrun” to the upside. The third-largest cryptocurrency managed to reach the resistance at $0.2 before being brought back to consolidating levels. XRP is now trading in the middle of the range, bound by $0.19 to the downside and $0.2 to the upside.


Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.178

3: $0.227                                             3: $0.165

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 23 – Binance confirms – Facebook’s Libra back in play; Bitcoin above $7,000

The cryptocurrency market gathered bullish momentum as Bitcoin passed $7,000 to the upside once again. Most cryptocurrencies ended up in the green, some even recording double-digit gains. Bitcoin is currently trading for $7,142, which represents an increase of 4.3% on the day. Meanwhile, Ethereum gained 6.94% on the day, while XRP gained 3.77%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 22.37%. Quant lost 3.4% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place when compared to yesterday. Its value is now 63.72%, which represents a 0.2% difference to the downside.

The cryptocurrency market capitalization increased over the past 24 hours, with its current value being $206.32. This value represents an increase of $8.06 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Libra

Binance Research looked into Libra’s most recent whitepaper, which was updated as the regulators were not particularly happy with the previous iteration of the whitepaper. A lengthy report came from their research team, in part claiming that Facebook’s Libra could alter the payments world in a major way.

They mentioned that Libra’s global payment system could possibly do to the payment industry what Elon Musk’s SpaceX did to the space industry.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap managed to gather bullish momentum and push for $7,000 once again. Bitcoin managed to break through $7,000 as well as the $7,085 resistance levels. On top of that, the $7,085 level got tested and held up quite nicely. We can expect a move towards the upside from Bitcoin, but we have to look for any cueues when it comes to price reversal, as Bitcoin is possibly on its way of creating a double top formation. However, the current outlook is slightly bullish.


Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640


Ethereum

Ethereum also ended up being in the green on the daily, even more so than Bitcoin. ETH bulls pushed its price above the $175.5 as well as $178.6 resistance levels, which were overcome pretty easily. Ethereum’s move towards the upside was stopped by the $185 level for a short while, and the level is currently being tested.


Ethereum’s RSI level is approaching overbought territory while its volume is fading, which is a strong indicator of an end of the move. However, Ethereum still has a chance to approach $193.6 if the volume returns.

Key levels to the upside                    Key levels to the downside

1: $185                                                1: $175.5

2: $193.6                                            2: $178.6

3: $198                                                3: $168


Ripple

XRP had a good day as well, with its price steadily rising towards the $0.19 level, and breaking it as well. The main difference between XRP’s price gain and the one of Bitcoin and Ethereum was the intensity of the move. XRP performed steadily, while BTC and ETH were quite explosive. While XRP managed to break the $0.19 resistance level, it is still undecided where the price will consolidate at, as the level was not tested out.


For this reason, the $0.19 level will not be moved to the downside key levels yet.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.178

2: $0.2                                                2: $0.165

3: $0.205                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 22 – The Netherlands testing grounds for EU digital currency; Ripple Labs suing YouTube

The cryptocurrency market didn’t move much in the past 24 hours, but rather took the time to consolidate and establish support and resistance levels. Bitcoin is currently trading for $6,849, which represents a decrease of 0.32% on the day. Meanwhile, Ethereum lost 0.55% on the day, while XRP dropped 0.19% from yesterday’s price.

DigiByte took the position of today’s most prominent daily gainer, with gains of 7.96%. MaidSafeCoin lost 5.02% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place when compared to yesterday. Its value is now 63.92%, which represents a 0.09% difference to the upside.

The cryptocurrency market capitalization decreased as most cryptos were in the red. Its current value is $198.26. This value represents a decrease of $1.13 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The 45-page CBDC report is that the Netherlands’ Dutch Central Bank (DNB) wants to become a digital currency “test subject” for the Eurosystem.

The DNB said that the development of a euro-based digital currency could contribute to diversity as well as innovation in the payment market. They believe that the Netherlands provides a suitable place for such an experiment.

Honorable mention

Ripple

Ripple Labs (ran by its CEO Brad Garlinghouse) filed a lawsuit against Youtube LLC in California’s Northern District on Apr 21. Ripple seeks damages for Youtube’s inability to stop XRP scammers as well as impersonators.

The plaintiffs are taking action against Youtube to, as they said, change the expectation of accountability in the current industry that Youtube is in.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap had a slow day and kept to the price it was at yesterday. Bitcoin seems to be fighting for the $6,850 level and whether it will end up above or below it is highly debatable. However, once the price establishes, we can expect a further move to that side. The probabilities are slightly in favor of the downside.


Bitcoin’s volume was on the levels it was at over the weekend, while its RSI level stayed around the value of 43.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960


Ethereum

Ethereum spent the past 24 hours consolidating and establishing its position above the $168 support level. The attempt to do that was so far successful, and there is no reason for expecting ETH to go below it unless strong selling BTC pressure appears (due to the correlation these two cryptocurrencies have).


Ethereum’s volume stayed at the same level as the previous day, while its RSI level is in the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $175.5                                             1: $168

2: $178.6                                            2: $158 

3: $185                                                3: $147.5


Ripple

After confirming its position above the descending trend, XRP continued moving sideways and consolidating. The low volume and indecisiveness translated into the chart, which we can prove by seeing large wicks and small candlestick bodies in the past 24 hours.


XRP’s volume was descending throughout the day, while its RSI level kept its position around the value of 43.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.178

2: $0.2                                                2: $0.165

3: $0.205                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 21 – BTC Under $7,000 as WTI Crude Futures reach negative value

The cryptocurrency market had a slight price decline in the past 24 hours. Most people connect this price drop with the WTI crude Futures market plummeting yesterday. Bitcoin is currently trading for $6,886, which represents a decrease of 3.91% on the day. Meanwhile, Ethereum lost 5.19% on the day, while XRP dropped 4.95%.

Stellar took the position of today’s most prominent daily gainer, with gains of 2.01%. Numeraire lost 11.21% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place when compared to yesterday. Its value is now 63.83%, which represents a 0.25% difference to the upside.

The cryptocurrency market capitalization decreased as most cryptos were in the red. Its current value is $199.39. This value represents a decrease of $9.39 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin vs. WTI Crude

The Futures contract for West Texas Intermediate Crude for the month of May dropped more than 100% on Monday. Its worst the price managed to reach negative $37.63. This phenomenon has never happened before.

Bitcoin’s price also corrected on Monday as WTI futures imploded. However, the decline that Bitcoin had was relatively small.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap did not manage to keep its price above $7,000 on Monday. Therefore, its price fell under and reached the low of $6,750 before springing back. Its price is currently above the $6,850 level, but there are no indications about what the price will do next at the time of writing.


Bitcoin’s volume almost doubled during the downswing, while its current volume is on the lower side of the scale. Its RSI level is bouncing from the 40’s levels.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960


Ethereum

Ethereum followed Bitcoin to the downside, and, as it usually goes with all altcoins, dropped more in price than Bitcoin did. The second-largest cryptocurrency by market cap fell from its highs of $190 slowly to $186 over many hours, until an influx of sellers came to the market. Ethereum’s price then fell to $166.5, but acknowledged the $168 support level and stayed above it. Ethereum looks safe above this level (for the time being).


Ethereum’s volume (on average) increased in the past 24 hours, while its RSI level bounced back from the value of 40 to around 47.

Key levels to the upside                    Key levels to the downside

1: $175.5                                             1: $168

2: $178.6                                            2: $158 

3: $185                                                3: $147.5


Ripple

Even though XRP followed the market down, an extremely bullish thing emerged from the price drop. The third-largest cryptocurrency by market cap fell from its most recent highs all the way down to $0.178. However, the price sprang back up and recovered to the price of $0.185. The highest level of the price recovery isn’t the thing we should pay attention to, though, but rather the descending trend which XRP entered during its price drop. With its price going up, XRP managed to escape this trend and then confirm its price above it, which is huge for the XRP bulls.


Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.178

2: $0.2                                                2: $0.165

3: $0.205                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 20 – Blockchain Jobs Booming; Lightning Network Unsafe?

The cryptocurrency market spent the weekend consolidating. Bitcoin is currently trading for $7,166, which represents an increase of 0.38% on the day. Meanwhile, Ethereum gained 2.83% on the day, while XRP gained 0.03%.

MaidSafeCoin took the position of today’s most prominent daily gainer, with gains of 112.34%. Synthetix Network lost 4.92% on the day, making it the most prominent daily loser.

Bitcoin’s dominance dropped almost a whole percent during the weekend. Its value is now 63.58%, which represents a 0.75% difference to the downside.

The cryptocurrency market capitalization increased slightly over the weekend. Its current value is $208.78. This value represents an increase of $5.42 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Blockchain is becoming one of the most demanded business skills for 2020. Blockchain technology is (as the research shows) the most sought-after hard skill in 2020.

While the coronavirus pandemic is continuing to “take” jobs from people, blockchain-related jobs have been on a constant rise.

Honorable mention

Bitcoin

Researchers from the Norwegian University, as well as the University of Luxembourg, have published an interesting research paper that detailed a network attack that tries to deanonymize the transactions broadcast across the Bitcoin’s Lightning Network.

The paper describes this ‘probe attack’ as possible and doable in “under a minute per channel.” On top of that, they said they required moderate capital commitment and no expenditures to perform the attack.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent a slow weekend (from a price perspective). After the price broke the $7,085 level, it established itself above and confirmed $7,085 as its support. The volume over the weekend decreased when compared to the previous week but stayed at the same level throughout the days.

One thing to note is that Bitcoin rarely “stops” its movement like this, and whenever this happens Bitcoin is likely to have a volatile move to either upside or downside.


Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640


Ethereum

Unlike Bitcoin, Ethereum spent the weekend attempting to reach new highs. The second-largest cryptocurrency by market cap managed to break out and surpass $168 resistance level as well as $175.5 and $178.6 resistance levels. The cryptocurrency reached a price of $190, but quickly rebounded and fell in a tight range between $178.6 and $185.


Ethereum’s volume decreased over the weekend (if we exclude the volume increase during the few hours of the price spike), while its RSI level is at 61.

Key levels to the upside                    Key levels to the downside

1: $185                                                1: $178.6

2: $193.6                                            2: $175.5 

3: $198                                                3: $168


Ripple

XRP went through the weekend without much price movement. The third-largest cryptocurrency by market cap retested the previously passed $0.19 support line, which received enough support and confirmed itself as a support level. However, XRP is looking towards the downside again, and it is likely that it will retest this support level once again.


XRP’s volume was descending during the whole weekend, while its RSI reached the value of 52.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.221                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 17 – Bitcoin above $7,000; The US expanding on the idea of the Digital Dollar

The cryptocurrency market spent the past 24 hours reaching new highs. Bitcoin is currently trading for $7,094, which represents an increase of 6.98% on the day. Meanwhile, Ethereum gained 12.66% on the day, while XRP gained 6.71%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 56.51%. Swipe lost 2.38% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at pretty much the same place when compared to yesterday’s value. Its value is now 64.33%, which represents a 0.09% difference to the upside.

The cryptocurrency market capitalization increased in the past 24 hours. Its current value is $203.36 billion. This value represents an increase of $6.36 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Chicago Mercantile Exchange (CME) has seen a great increase in Bitcoin futures. The increase is as high as 70% from the March lows. This spike is indicating a comeback of institutions to the market.

The number of futures contracts outstanding on CME on Wednesday was $181 million, a 70% increase from $106 million contracts that were recorded on Mar 22.

Honorable mention

Digital Dollar

Congresswomen Rashida Tlaib and Pramila Jayapal introduced a new proposal regarding the federal government issuing $2,000 per month to the US residents. The US would do this by minting a pair of $1 trillion coins, which would be used to back the payments.

Under the ABC Act, the US Congress would authorize the Federal Reserve for the creation of “FedAccounts,” which are nothing else than digital wallets.

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Technical analysis

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Bitcoin

After a red day of bears retesting the $6,640 lows, Bitcoin surged above $7,000 and seemingly stabilized there. The largest cryptocurrency by market cap went as low as $6,460 before suddenly spiking and reaching $7,220. BTC is now trading at slightly above $7,000, right above the $7,085 support level. This level was quickly retested and confirmed.


Bitcoin’s volume (surprisingly) did not increase much during the price spike. Its RSI level, however, did. Its current value is 61.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640


Ethereum

Ethereum was the best performing crypto asset out of the top3 cryptocurrencies by market cap. Its gains happened during the same time as Bitcoin’s did. After testing the $147.5 lows, the price spiked and reached $175.5, where it stopped. It seems that a new resistance level might be exactly at that level, as this level stopped ETH from going up several times now.


Unlike Bitcoin, Ethereum’s volume increased severalfold during the spike, while its RSI reached a value of 67.5.

Key levels to the upside                    Key levels to the downside

1: $175.5                                             1: $168

2: $178.6                                            2: $158 

3: $185                                                3: $147.5


Ripple

XRP was the most stable crypto asset out of the top3, but also the one with the least gains. The third-largest cryptocurrency by market cap was heading down towards testing the descending trend line, but quickly bounced back and reached above $0.19 as well as the top line of the descending trend. This is a huge move for XRP, even though the gains have been overshadowed by the aforementioned Bitcoin and Ethereum.


XRP’s volume was descending during the price surge, while its RSI reached the value of 58.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.221                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 16 – China launched Digital Yuan; Cryptos pushing up after retesting lows

The cryptocurrency market spent the past 24 hours mostly consolidating and staying at the same price levels. Bitcoin is currently trading for $6,924, which represents an increase of 0.51% on the day. Meanwhile, Ethereum gained 3.32% on the day, while XRP lost 0.81%.

ABBC Coin took the position of today’s most prominent daily gainer, with gains of 22.93%. Insolar lost 8.47% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased when compared to yesterday’s value. Its value is now 63.69%, which represents a 0.55% difference to the downside.

The cryptocurrency market capitalization stayed almost at exactly the same place for the past 24 hours. Its current value is $197.50 billion. This value represents an increase of $0.5 billion when compared to the value it had yesterday.

What happened in the past 24 hours

International agriculture magnates, Agrocorp and Cargill, traded $12 million worth of wheat. The cargo was traveling from North America to Indonesia. The interesting part is that the trade was settled via the blockchain.

The transaction was made possible by the Singapore-based blockchain platform called dltledgers, which is based on Hyperledger Fabric.

Honorable mention

Digital Yuan

Screenshots of the pilot version wallet app of the Chinese digital yuan are currently circling all over on social media.

Ling Zhang, Binance’s executive director of M&A and Global Fiat, shared the images first. The images were then retweeted by Changpeng Zhao, the exchange’s CEO. According to what Zhang said, the app is already available for download in four Chinese cities selected for the trial. Those cities are Shenzhen, Chengdu, Suzhou, and Xiongan.

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Technical analysis

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Bitcoin

Bitcoin bears have dominated in the past 24 hours, dropping the price below $6,850 and retesting the $6,640 lows. The price even fell all the way down to $6,470 at one point, but quickly recovered. The support level of $6,640 held up well and Bitcoin stayed above it. On top of that, it gathered the strength to push back up and retake the $6,850 level.


Bitcoin’s volume is on the same level as yesterday, while its RSI level is at 52.5.

Key levels to the upside Key levels to the downside

1: $7,085 1: $6,850

2: $7,420 2: $6,640

3: $7,750 3: $5,960


Ethereum

Ethereum mirrored Bitcoin’s movements, even though it performed slightly better than Bitcoin. The ETH bears took its price below the $158 support level and then all the way down to the $147.5 level. This support, however, held up well, and Ethereum stabilized and gathered the strength to push back up. The second-largest cryptocurrency pushed above $158 and even reached $168, but failed to pass this resistance level due to the lack of bull pressure.


Ethereum’s volume increased greatly over the past 24 hours, while its RSI level is just above 60.

Key levels to the upside Key levels to the downside

1: $168 1: $158

2: $178.6 2: $147.5

3: $185 3: $139


Ripple

XRP is in a pretty rough spot in the short term at the moment. It is constantly creating lower lows and lower highs. Once again, the third-largest cryptocurrency bumped into $0.19 without being able to cross it. This happened right after the bears gave up on taking the price down as they couldn’t pass the $0.174 level.


XRP’s volume almost doubled in the past 8 hours, while its RSI level is at 52.5.

Key levels to the upside Key levels to the downside

1: $0.19 1: $0.165

2: $0.2 2: $0.147

3: $0.205 3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 15 – Libra vs Bitcoin again? Cryptos preparing for a move

The cryptocurrency market spent the past 24 hours in the slight green. Bitcoin is currently trading for $6,873, which represents an increase of 0.56% on the day. Meanwhile, Ethereum gained 1.85% on the day, while XRP gained 1.67%.

Lisk took the position of today’s most prominent daily gainer, with gains of 12.33%. Nervos Network lost 4.24% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly when compared to yesterday’s value. Its value is now 64.24%, which represents a 0.37% difference to the upside.

The cryptocurrency market capitalization stayed at exactly the same place for the past 24 hours. Its current value is $197 billion. This value represents an increase of $0.35 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitfinex’s Bitcoin holdings have reduced by 66,000 BTC in the past four weeks. The exchange counted 200,140 BTC on Mar 17. However, the data from Apr 13 shows that this amount went down to 134,091.

The massive decrease is not related just to this one exchange. We can also see the data on BitMEX, which had a 38% percent decline in its Bitcoin holdings.

Honorable mention

Libra

Economist and academic John Vaz said he believes Bitcoin still faces competition from Facebook’s Libra project.

He explained that Bitcoin has scaling challenges as far as payments go. On top of that it was used as a speculation vehicle. In contrast, he said, Libra has been with its only purpose to be a scalable payment network.

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Technical analysis

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Bitcoin

Bitcoin had a pretty slow day after the upswing which brought its price above $6,850. The largest cryptocurrency by market cap managed to stay above this support level, but did not go far from it. BTC is actually “hugging” this level and testing it every few hours. However, $6,850 is holding well and showing no signs of breaking.


Bitcoin’s volume is quite low, while its RSI level is at 49.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960


Ethereum

Ethereum had a slightly better day than Bitcoin and outperformed it in terms of price gain. The second-largest cryptocurrency by market cap managed to push its price above $158 and establish its level above it. ETH’s chart looks almost identical to Bitcoin’s, with the exception that BTC crossed its resistance level earlier, while ETH did that in the past 24 hours. However, they both seem to “hug” the now-support level and keep retesting it.


Ethereum’s volume is descending and on comparatively low levels, while its RSI is at 52.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $158

2: $178.6                                            2: $147.5 

3: $185                                                3: $139


Ripple

XRP ended up in the green over the past 24 hours even though it found a level it can’t pass. The third-largest cryptocurrency by market cap tried to break the $19 resistance level for a day and a half now, without success. Low volume alongside overall stagnation in the crypto market makes the situation for XRP to break $0.19 almost impossible. However, the current price position can be quite responsive to both sides (up or down) and the next movement will most likely be preceded by Bitcoin’s move.


XRP’s volume is descending when compared to the past week, while its RSI level is currently at 61.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.165

2: $0.2                                                2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 14 – Blockchain Immunity Passport for COVID-19?

The cryptocurrency market recovered from the price drop it experienced during the weekend and made its move towards the upside. Bitcoin is currently trading for $6,888, which represents an increase of 3.02% on the day. Meanwhile, Ethereum gained 3.77% on the day, while XRP gained 2.58%.

MaidSafeCoin took the position of today’s most prominent daily gainer, with gains of 25.25%. Digibyte lost 8.89% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly when compared to yesterday’s value. Its value is now 64.61%, which represents a 0.44% difference to the upside.

The cryptocurrency market capitalization increased slightly over the past 24 hours. Its current value is $196.65 billion. This value represents an increase of $4.11 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The COVID-19 Credentials Initiative (also known as CCI) is working on a digital certificate that will enable users to show proof that they have recovered from the COVID-19 virus. The certificate will work by using the W3C verifiable credentials standard. The certificate will show whether a person has antibodies for coronavirus or if it got a vaccine.

This form of certificate would act as an immunity passport, which could help stop the spreading of COVID-19 as well as helping individuals return to their lives prior to the pandemics.

Honorable mention

Bitcoin

One of the biggest and most well-known exchanges, Binance, has officially launched Bitcoin options on the Binance futures trading platform.

Binance has hinted that this might be the case earlier in April, but the main announcement came on April 13. The options are currently limited to the mobile app.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin started recovering from the fall below some of its key support levels and made an attempt to reach its previous levels. The largest cryptocurrency by market capitalization has been moving up steadily over the past 24 hours, making its way above $6,850 and establishing its price there. Low volume might indicate that a move will end soon unless some form of new money comes to the market.


Bitcoin’s volume was descending in the past 24 hours, while its RSI level went to a value of 50.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960


Ethereum

Ethereum established its position above $147.5  and started moving above the key level over the past 24 hours. The second-largest cryptocurrency is currently trading around the price of $158, with volume a bit low to progress further. However, the support level of $147.5 will hold (at least in the short-term) as there is no bear pressure at the moment.


Ethereum’s volume is on low levels, preventing any unstable movement. Its RSI level is currently at 48.

Key levels to the upside                    Key levels to the downside

1: $158                                                1: $147.5

2: $168                                               2: $139 

3: $178.6                                             3: $128


Ripple

XRP increased as well over the past 24 hours but had a pretty rough day. If we take a look at the chart, we can see its price increasing and trying to follow the ascending trend line. However, the uptick was stopped by the $0.19 key resistance level. As the price stopped rising, XRP started making moves towards the downside. There is a possibility that XRP might lose today’s gains very soon.


XRP’s volume decreased when compared to yesterday, while its RSI level is at 44.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.165

2: $0.2                                                2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 13 – Bitfinex confirmed: $1.1 billion in Bitcoin for $0.68!

The cryptocurrency market saw most coins drop in price slightly over the weekend. Bitcoin is currently trading for $6,711, which represents a decrease of 1.7% on the day. Meanwhile, Ethereum lost 2.68% on the day, while XRP lost 2.16%.

Komodo took the position of today’s most prominent daily gainer, with gains of 11.13%. Maker lost 7.80% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at almost exactly the same place from where it was on Friday. Its value is now 64.17%, which represents a 0.39% difference to the upside when compared to Friday.

The cryptocurrency market capitalization went down slightly over the weekend. Its current value is $192.51 billion. This value represents a decrease of $11.78 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Blockchain software and tax services company called Lukka is chosen to provide a crypto taxation software to the fifth-largest accounting company in the US, RSM.

Lukka CCO Jeremy Drane, as well as RSM senior manager of international tax and blockchain Jamison Sites, spoke about the partnership and how it could benefit both companies.

Honorable mention

Bitcoin

Someone transferred 161,500 Bitcoin for a fee of only 0.00010019 BTC on April 10. When translated into dollars, this is $0.68 for a $1.1 billion transaction.

Of that amount, 15,000 Bitcoin was sent to a certain wallet, while the remainder of the transaction (146,500 BTC) was returned to the original address.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin fell under $7,000 again, after failing to reach above $7,420 many times. With bulls showing such sign of weakness, bears took over and pushed the price down a few times until the $7,000 level was broken. Bitcoin has now fell under the $6,850 support as well, but found its stability at the $6,640 key level. Traders should most definitely look at the volume when trading, as that may be the best indicator of when the move is coming at the moment.


Bitcoin’s volume is rose over the weekend but is pretty low at the moment. Its RSI level is currently at 39.

Key levels to the upside                    Key levels to the downside

1: $6,850                                           1: $6,640

2: $7,085                                           2: $5,960

3: $7,420                                            3: $5,000


Ethereum

Ethereum’s chart looks more or less the same as Bitcoin’s. Once the bulls couldn’t handle the resistance levels, bears took over and brought Ether’s price down. The wall of $158 fell, and ETH had do find another support level, which it did. The $147.5 line responded well to the pressure, and Ethereum is consolidating above it.


Ethereum’s volume increased slightly over the weekend while it is back to normal at the moment. The RSI level is currently at 40.

Key levels to the upside                    Key levels to the downside

1: $158                                                1: $147.5

2: $168                                               2: $139 

3: $178.6                                             3: $128


Ripple

XRP was following the ascending trend line until the drop of April 10. The third-largest cryptocurrency crashed and fell under this line and then retesting it only to fail to break it to the upside. Over the weekend, this like got tested once again as XRP pushed to $0.1965. However, the resistance level held up, and XRP bears responded by bringing the price down to $0.183.


XRP’s volume increased greatly during the most recent drop, while its RSI level is at 39.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.165

2: $0.2                                                2: $0.147

3: $0.205                                             3: $0.1

Categories
Forex Assets

Exploring The ETH/USD Pair & The Relative Costs Involved

Introduction

Trading cryptocurrencies is similar to trading in the Forex market, but the only difference being, both base and quote currencies are not fiat currencies. In crypto pairs, one of them is a virtual currency, and the other is a fiat currency. ETH/USD is a cryptocurrency pair, which is an abbreviation for Ethereum against the US Dollar. Participants can trade them via Forex brokers or through cryptocurrency exchanges.

Understanding ETH/USD

The value of ETHUSD represents the value of the US Dollar that is required to purchase one. It is quoted as 1 ETH per X USD. For instance, if the market price of ETHUSD is 170.46, then around 170 US Dollars are needed to buy one ETH.

ETH/USD Specifications 

Spread

The difference between the bid price and the ask price marked by the brokers is called the spread. Spread is the main source of revenue for brokers. Spread on major and minor currency pairs is typically very low. But, in cryptocurrencies, the spread is usually high. Below are the spread values of ECN & STP accounts for the ETH/USD pair.

  • Spread on ECN: 200 pips (2 USD)
  • Spread on STP: 250 pips (2.5 USD)

Fee

A Fee is applicable only on ECN accounts and the pro accounts of brokers. Typically, it is between 40-50 pips.

Slippage

Slippage is the difference between the price at which a trader opened a position and the price given by the broker. Due to the high volatility of the market and slow execution by the brokers, slippage occurs.

Trading Range in ETH/USD

Below is the representation of the volatility from minimum to maximum for ETHUSD in different timeframes. These numbers are very helpful in assessing one’s risk on a trade.  

Procedure to assess Pip Ranges

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

ETH/USD Cost as a Percent of the Trading Range

With the application of the volatility values with the total cost on the trade, the variation in the cost of a trade can be assessed. To do so, the ratio between the total cost and volatility is taken and expressed in terms of a percentage.

The magnitude of the costs represents how high the costs are. If the percentages are large, it indicates high costs and vice versa.

ECN Model Account

Spread = 200 | Slippage = 15 |Trading fee = 45

Total cost = Slippage + Spread + Trading Fee = 15 + 200 + 45 = 260

STP Model Account

Spread = 250 | Slippage = 15 | Trading fee = 0

Total cost = Slippage + Spread + Trading Fee = 15 + 250 + 0 = 265

Trading the ETH/USD

Cryptocurrencies can be traded just like any other asset. In ETHUSD, the volatility is good enough for both short-term and long-term traders. Though the volatility values appear to be high, they don’t have a large reflection on your profit/loss. This is because, unlike forex currencies where one lot was equivalent to 100,000 units of the base currency, one lot in ETHUSD represents only 10 units of ETH.

From the above volatility table, it is seen that the costs are more when the volatility of the market is low and is less when the volatility is high. So, trading this pair majorly depends on the type of trader you are. For example, scalpers might trade when the volatility is high to get the greatest number of pips in a short amount of time. If they do so, they can get the benefit of lower costs.

In general, costs on a trade can be reduced by placing orders as ‘limit’ or ‘stop.’ In such orders, the slippage becomes nil. Hence, the total cost would be brought down to a good extent. The cost variations for limit orders or stop orders are given below for your reference and comparison.

ECN Model Account (Using Limit Orders)

Spread = 200 | Slippage = 0 |Trading fee = 45

Total cost = Slippage + Spread + Trading Fee = 0 + 200 + 45 = 245

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 10 – Canada launching a BTC fund; Cryptos retesting support levels

The cryptocurrency market had a slightly red day as it consolidated and tested slightly lower prices overall. Bitcoin is currently trading for $7,133, which represents a decrease of 2.08% on the day. Meanwhile, Ethereum lost 3.84% on the day, while XRP lost 2.11%.

Dash took the position of today’s most prominent daily gainer, with gains of 7.03%. Seele lost 11.05% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased a tiny bit. Its value is now 64.56%, which represents a 0.31% difference to the upside when compared to yesterday.

The cryptocurrency market capitalization went down slightly in the past 24 hours. Its current value is $204.27 billion. This value represents a decrease of $4.22 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Canadian asset manager 3iQ announced that they would finally launch a fund tied to Bitcoin on the Toronto Stock Exchange. This news came after three years of legal issues.

‘The Bitcoin Fund’ started trading yesterday. It listed almost 1.5 million Class A ‘QBTC.U’ shares the exchange on April 9. The fund’s company shares are currently trading for somewhere around $11 each.

Honorable mention

Ethereum

Investors seem to be liking Ethereum, as some of them are ready to pay five times more than its price. Grayscale Ethereum Trusts offers Ether at a 515% premium, and people still like it.

It costs $90.55 to buy one share in the Grayscale Investments’ Ethereum Trust. However, this share currently only holds $16.10 worth of Ether.

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Technical analysis

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Bitcoin

Bitcoin has spent the day consolidating and dropping in price slightly. However, things do not look well as Bitcoin is taking a retest of the lows with slightly increased volume. While it is currently trying to breach $7,000 and trade under it, nothing is settled yet.


Bitcoin’s volume is slowly increasing, while its RSI is currently at the value of 40.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640


Ethereum

Ethereum spent the past 24 hours trying to establish a price above the $168 support level. However, the latest push down broke the level, and ETH went below $168. It looks like the second-largest crypto will retest at least the $158 level, if not more.


Ethereum’s volume skyrocketed during the price drop, while its RSI level is at 46.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $158

2: $178.6                                            2: $147.5 

3: $185                                                3: $139


Ripple

XRP spent the past couple of days fighting to stay above $0.2. However, the tight range between $0.2 and $0.205 was not enough for XRP, so the price had to move somewhere. A slight increase in bearish presence brought the price down to rested the $0.19 levels and solidified XRP’s position below $0.2. The level seems to be holding up nicely so far, which means that $0.19 will not fall unless the volume increases dramatically.


XRP’s RSI level has been dropping for the past couple of days, now being at 45.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.227                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 9 – BCH surges after halving, BSV outperforming

The cryptocurrency market had a slow day, losing a bit of its value while it consolidated. Bitcoin is currently trading for $7,289, which represents a decrease of 0.77% on the day. Meanwhile, Ethereum lost 1.35% on the day, while XRP lost 0.76%.

Seele took the position of today’s most prominent daily gainer, with gains of 20.9%. CyberVein lost 12.12% on the day, making it the most prominent daily loser.

Bitcoin’s stayed at the same place dominance-wise. Its value is now 64.25%, which represents a 0.01% difference to the upside when compared to yesterday.

The cryptocurrency market capitalization did not change much in the past 24 hours. Its current value is $208.49 billion. This value represents a decrease of $0.85 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The Cardano Foundation made an announcement that they will be partnering with the South African National Blockchain Alliance. This partnership aims to explore further ways to strengthen (mostly blockchain) technology’s adoption all throughout South Africa.

According to the official announcement, Cardano will be using blockchain technology to boost socio-economic growth throughout South Africa.

Honorable mention

BCH/BSV

Bitcoin Cash completed its first block reward halving on Wednesday, Apr 9. The halving created a price surge, with the coin gaining 11.2% on the day.

Bitcoin SV made a bit of a stronger move, with its block halving on schedule for Friday, Apr 10. However, the cryptocurrency gained 19.4% in the same time period as Bitcoin Cash and outperformed it despite not completing the block reward halving yet.

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Technical analysis

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Bitcoin

Bitcoin has spent the day consolidating. The volume was low and the price action was almost non-existent. The largest cryptocurrency by market cap is showing that it will take a lot of work to get past $7,420, as it endured every attempt of breaking it so far (and there were many). This is a perfect time for traders to use their ranging market strategies.


Bitcoin’s volume is significantly lower than yesterday, while its RSI dropped to 60

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640


Ethereum

Ethereum spent the past 24 hours retesting the $168 support level that it went above during the most recent price surge. The support level held up well, and ETH is currently secure above it. As the retesting is still in play, we can’t rule out the option of price falling below the $168 level and retesting $158. However, there probably won’t be any chance of the price going down further due to the lack of volume.


Ethereum’s volume gradually reduced to extremely low levels, while its RSI went back down to 64.

Key levels to the upside                    Key levels to the downside

1: $178.6                                             1: $168

2: $185                                              2: $158 

3: $193.6                                            3: $147.5


Ripple

XRP fought to stay between a tight range of $0.2 and $0.205. However, while the $0.2 level did get recognized, it did not pose a big threat to the price. After a while, bulls and bears moved almost freely throughout the 0.2 zone. The price is currently just below $0.2. There are no indications of the direction of the movement yet. Still, with the volume at this low level, the chance of going above $0.205 or below $0.19 is almost non-existent.


XRP’s RSI level dropped from the oversold territory and is currently at 61.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.227                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 8 – BCH and BSV halving countdown; Cryptos consolidating after a move up

The cryptocurrency market established its position after the gains it made yesterday. Bitcoin is currently trading for $7,338, which represents an increase of 0.76% on the day. Meanwhile, Ethereum gained 0.42% on the day, while XRP gained 1.33%.

CyberVein took the position of today’s most prominent daily gainer, with gains of 47.18%. Bytecoin lost 8.52% on the day, making it the most prominent daily loser.

Bitcoin’s stayed at the same place dominance-wise. Its value is now 64.25%, which represents a 0.1% difference to the downside when compared to yesterday.

The cryptocurrency market capitalization increased over the past 24 hours. Its current value is $209.34 billion. This value represents an increase of $4.65 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Twitter CEO, as well as the founder of Square Jack Dorsey, has started a fund, which will help with fighting COVID-19. The fund is called Start Small LLC. Dorsey is seeding the fund with $1 billion, which is roughly 28% of his wealth.

Honorable mention

BCH/BSV

Bitcoin Cash will complete its block reward halving in the next 9 hours, with Bitcoin Satoshi’s Vision following shortly after.

By performing a block reward halving, Bitcoin Cash will cut its block reward from 12.5BCH down to 6.25BCH.

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Technical analysis

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Bitcoin

Bitcoin has spent the day consolidating and testing the upside and downside relative to the level it is in right now. The largest cryptocurrency tried to break the $7,420 resistance level many times, but with no success. It also tested the $7,085 level once again, but the bulls quickly reacted to the price going down and jumped in to help stabilize the market.


Bitcoin’s volume is slightly lower than yesterday, while its RSI dropped out of the overbought territory and is now at the value of 64.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640


Ethereum

Ethereum spent the past 24 hours fighting to stay above the $168 level. After a sharp increase in price, ETH dropped down from $176 to $162. However, the ETH bulls jumped in and brought the price above the $168 resistance level, making it support.


Though Ethereum’s volume reduced by quite a bit, it is still elevated compared to the previous week. Its RSI level is currently at 69.

Key levels to the upside                    Key levels to the downside

1: $178.6                                             1: $168

2: $185                                              2: $158 

3: $193.6                                            3: $147.5


Ripple

XRP also tested where it will find a suitable place to consolidate. The price fluctuated between the $0.19 and $0.205, trying to find the stabilization point. XRP failed to break $0.205 to the upside, but also retested $0.19 right after failing to break to the upside. After failing to break to the downside as well, XRP consolidated right below the $0.2 level.


XRP’s volume is just slightly lower when compared to yesterday, while its RSI level is at 67.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.227                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 7 – BTC secures its place above $7,000; Altcoins surge with ETH leading the way

The cryptocurrency market had another great day while Bitcoin established its price above the $7,000 level. Altcoins increased in value significantly, with many of them surpassing Bitcoin’s gains. Bitcoin is currently trading for $7,330, which represents an increase of 3.92% on the day. Meanwhile, Ethereum gained an astonishing 15.08% on the day, while XRP gained 7.36%.

Digibyte took the position of today’s most prominent daily gainer, with gains of 20.97%. Swipe lost 1.16% on the day, making it the most prominent daily loser.

Bitcoin’s lost some dominance in the past 24 hours as many altcoins surpassed its gains. Its value is now 64.35%, which represents a 1.15% difference to the downside when compared to yesterday.

The cryptocurrency market capitalization increased considerably over the past 24 hours. Its current value is $204.99 billion. This value represents an increase of $7.87 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The Bank of Korea has launched a new pilot program for its central bank digital currency. This launch came rather early as Korea was afraid some other country could take the lead in the industry.

The South Korean central bank reevaluated the CBDC proposal after closely observing what other developed nations, such as Japan and the US, were doing.

Honorable mention

Steem

Tensions between Steem and the Hive community continue to escalate as Steem executes a soft fork so it could freeze up to 20 accounts that were owned by the network’s former witnesses.

These frozen accounts hold around 17.6 million STEEM, which is worth approximately $3.2 million and equates to nearly 5% of Steem’s total supply.

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Technical analysis

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Bitcoin

Bitcoin bulls pushed the price up yet again, establishing the level above $7,000. On top of that, Bitcoin broke many resistance levels. Besides $6,850, which was broken yesterday,Bitcoin went through the 7,085 one as well. However, the $7,420 level stopped its uptick as there was simply no pressure to reach above that one too.


Bitcoin’s volume increased slightly, while its RSI on the 4-hour chart is deep in the overbought, standing at the value of 76.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640


Ethereum

Ethereum had a fantastic day as ETH bulls pushed its price up more than 15%. The second-largest cryptocurrency pushed through $147.5 and $158 and $168 resistances, only to be stopped at the $178.6 resistance level. This parabolic move is pretty unstable and might require a pullback to stabilize.


Ethereum’s volume increased substantially, while its RSI level is unbelievably high, sitting at 89.5.

Key levels to the upside                    Key levels to the downside

1: $178.6                                             1: $168

2: $185                                              2: $158 

3: $193.6                                            3: $147.5


Ripple

XRP had a great couple of days, with its price constantly rising. However, the past 24 hours were especially great as XRP managed to break its $0.19 resistance level. The move was stopped by the $0.2 key level as there wasn’t enough bullish presence.


XRP’s volume almost doubled during the spike, while its RSI level went deep into the overbought territory, currently sitting at 85.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.227                                             3: $0.147

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 6 – Bitcoin above $7,000 – but will it stay there?

The cryptocurrency market had quite a good day as volume increased, and bulls gathered. Bitcoin led the market up to new highs and finally broke the $7,000 mark. It is currently trading for $7,067, which represents an increase of 4.33% on the day. Meanwhile, Ethereum gained 5.27% on the day, while XRP gained 3.39%.

Zilliqa took the position of today’s most prominent daily gainer, with gains of 16.97%. Steem lost 4.14% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at almost the same place over the weekend. Its value is now 65.5%, which represents a 0.23% difference to the downside when compared to Friday.

The cryptocurrency market capitalization increased greatly over the weekend. Its current value is $197.12 billion. This value represents an increase of $7.33 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Michael Stay, a former Google’s software engineer as well as the current CTO of a DApp company Pyrofex, claims to have successfully hacked a certain zip file containing the private keys leading to over $300,000 in Bitcoin (BTC).

Honorable mention

Ripple

A new blockchain course that the Australian National University law school is offering this year now has full support from Ripple’s University Blockchain Research Initiative.

This partnership between ANU and UBRI will work on finding out more about how blockchain can disrupt the legal industry.

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Technical analysis

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Bitcoin

Bitcoin bulls pushed to reach new highs all throughout the weekend. The price went far above the resistance line of $6,850 three times, but came back quickly the past 2 times. This is the third time that its price has crossed the resistance. However, all three times, there wasn’t enough buying power to reach above $7,085. If Bitcoin doesn’t hold its gains, bears might get courageous and attack the downside.


Bitcoin’s volume increased compared to the previous week, while its RSI level on the 4-hour chart is 65.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960


Ethereum

Ethereum followed Bitcoin in its jump up and even outperformed it. The second-largest cryptocurrency passed its $139 resistance level (for the first time, unlike Bitcoin passing through for the third time) and reached the level of $151. However, that level was quickly denied. Ethereum is still fighting to stay above this (now) support line as it enters the overbought territory.


Ethereum’s volume increased during the spike, while its RSI is currently in the overbought territory (at the value of 72).

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

Even though XRP was the cryptocurrency that gained the least out of the top3, it still performed extremely well. XRP spent the weekend consolidating and preparing for a move, which is now happening. The third-largest cryptocurrency by market cap is reaching higher levels but is currently stuck around $0.185.


XRP’s volume increased when compared to the prior week, while its RSI level on the 4-hour chart reaches near the overbought territory, with the current value of 68.

Key levels to the upside                    Key levels to the downside

1: $0.19                                             1: $0.165

2: $0.2                                               2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 3 – Bitcoin over $7,000? Is the downtrend finally over?

The cryptocurrency market had another, even more, successful push to the upside. The upswing was led by Bitcoin, which broke its immediate resistance. However, many altcoins outperformed it during the spike. Bitcoin is currently trading for $6,820, which represents an increase of 2.68% on the day. Meanwhile, Ethereum gained 3.99% on the day, while XRP gained 1.43%.

Swipe took the position of today’s most prominent daily gainer, with gains of 109.03%. Energi lost 5.453% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased half a percent in the past 24 hours as it was the one leading the push and gaining the most in value. Its value is now 65.73%, which represents a 0.5% difference to the upside when compared to yesterday.

The cryptocurrency market capitalization increased in the past 24 hours. Its current value is $190.79 billion. This value represents an increase of $5.49 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The largest crypto exchange by market volume, Binance, has acquired the most popular crypto indexing website, CoinMarketCap. The purchase was made in secret, which means that the price is still undisclosed.

Binance CEO Changpeng Zhao announced that the deal officially closed March 31, even though a verbal agreement was there “a few months ago.”

Honorable mention

Stellar Lumens (XLM)

The Stellar Development Foundation has shown that it is thinking of the endangered during the times of crisis. It decided to dedicate 2.5 million Lumens to 6 non-profit organizations to help the coronavirus crisis. On top of that, they are very vocal in calling out the community to help.

The foundation will start the initiative off by donating 100,000 Lumens to each of the six charities, while the remaining funds will be used to match the community contributions on a 1-1 basis throughout the month of April.

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Technical analysis

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Bitcoin

Bitcoin bulls finally mustered enough strength to reach above the immediate resistance of $6,640, which was contested many times over the past couple of days. The push was gradual rather than sudden, and BTC managed to even contest the next resistance level ($6,850) which held up well. However, one candle brought extreme volume and pushed Bitcoin just below $7,300 just briefly.


Bitcoin’s volume increased when compared to the previous days, while its RSI level is hovering below the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $6,850                                           1: $6,640

2: $7,085                                           2: $5,960

3: $7,420                                            3: $5,000


Ethereum

Ethereum had a clean, steady run to the upside, with its price going from $130 all the way up to $143, where it is trading at the time of writing. The second-largest cryptocurrency by market cap finally had an increase in volume after a long period of low-volume trading. The price, at one point, briefly spiked all the way up to the $150 but was quickly brought back down.


Ethereum’s RSI level is currently in the overbought territory on the 4-hour chart, sitting at around $74. A few resistance levels have been added, but they have not been confirmed as key levels yet.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

Ever since XRP has left the descending trend, it has been quite stable and upside-oriented. However, its gains did not match the rest of the crypto market. This is the case with today’s gains as well, as XRP gained the least out of the top3 cryptos. However, the move to the upside was steady, and the volume was increased.


XRP’s volume increased multiple times during one 4-hour candle, while it was slightly increased over the rest of the day. Its RSI level is currently at 61.

Key levels to the upside                    Key levels to the downside

1: $0.19                                             1: $0.165

2: $0.2                                               2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 2 – Bitcoin failing to break $6,640; What’s next?

The cryptocurrency market attempted another push towards new highs as Bitcoin bulls tried to get its price above $6,640. Even though most cryptos are in the green, the push was not successful, which may pose a problem in the short term. Bitcoin is currently trading for $6,595, which represents an increase of 4.63% on the day. Meanwhile, Ethereum gained 3.12% on the day, while XRP gained 1.95%.

Digitex Futures took the position of today’s most prominent daily gainer, with gains of 26.06%. IOTA lost 4.53% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased over half a percent over the past 24 hours as it was the one leading the push and gaining the most in value. Its value is now 65.23%, which represents a 0.54% difference to the upside when compared to yesterday.

The cryptocurrency market capitalization increased in the past 24 hours. Its current value is $185.3 billion. This value represents an increase of $5.8 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Statistics on crypto adoption came out recently, showing that online purchases using Bitcoin went down during Q1 of 2020. However, the same goes for Visa and some other apps. However, crypto exchanges saw a major increase in new accounts in 2020, showing that people are responding to the price drop opportunistically.

What seems to be the case here is that people recognize crypto as a way to hedge their portfolios, so they are investing. However, due to the economic crisis knocking at our doors, people that do not have enough funds simply can’t spend it on online purchases, which is reducing the real-world use cases significantly.

Honorable mention

Ripple

The class-action lawsuit against Ripple had an amendment which includes additional claims of false advertising as well as unfair competition, now claiming that XRP might not be a security.”

The investors’ sixth and seventh claims would appear to be a direct hedge for the event that the judge rules “against” the original suit, basically saying that XRP was an unregistered security, and therefore sold as such.

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Technical analysis

_______________________________________________________________________

Bitcoin

After a steady day of consolidating, Bitcoin attempted another swift push towards the $6,640 resistance level. Even though the price reached over the level, it was quickly pushed down, announcing the fail of the push. Bitcoin is currently trading just under this key level. If the trend of Bitcoin failing to break the immediate resistances continues, we may expect a retest of the lows very soon.


Bitcoin’s volume almost tripled during the push, but quickly normalized. Its RSI level is now descending and is currently at the value of 59.

Key levels to the upside                    Key levels to the downside

1: $6,640                                           1: $5,960

2: $6,850                                           2: $5,000

3: $7,085                                            3: $4,300


Ethereum

We said yesterday that Ethereum would most likely not move without Bitcoin moving first, therefore deciding its direction. This is exactly what happened today. Ethereum followed Bitcoin to the upside, but only managing to reach its $139 resistance level before stopping the move. This key level held up strong, and ETH did not even manage to go above it.


Ethereum’s volume increased during the upswing but quickly dwindled to its usual low levels. Its RSI level is currently at 60.5.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP didn’t have as good a day as BTC or ETH did, as its price didn’t increase as much. However, the fact that XRP didn’t go back under the descending trend seems to be good enough. XRP seems to be responding to a level between $0.1765 and $0.1785.



XRP’s volume increased each time the cryptocurrency retested the descending trend line. Its RSI is currently sitting at the value of 56.

Key levels to the upside                    Key levels to the downside

1: $0.19                                             1: $0.165

2: $0.2                                               2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Apr 1 – Crypto Outperforming Traditional Markets in Q1

The cryptocurrency market had a pretty stable day as most cryptos consolidated within previously achieved levels. Bitcoin is currently trading for $6,341, which represents a decrease of 1.23% on the day. Meanwhile, Ethereum gained 1.08% on the day, while XRP gained 1.13%.

ICON took the position of today’s most prominent daily gainer, with gains of 15.80%. Nervos Network lost 8.51% on the day, making it the most prominent daily loser.

Bitcoin’s dominance dropped almost a whole percent over the past 24 hours. Its value is now 64.69%, which represents a 0.78% difference to the downside when compared to yesterday.

The cryptocurrency market capitalization did not move much throughout the day. Its current value is $179.50 billion. This value represents a decrease of $0.41 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Digital payments company PayPal posted a new job listing, where it seeks to hire an Anti-Money-Laundering and Blockchain Strategy director that will work in their Global Financial Crimes (GFC) division.

The new director, which will be based in New York, will be in charge of evaluating the use cases of blockchain for the prevention of financial crimes.

Honorable mention

Bitcoin vs. the Traditional markets

April 1 brings us to the Q2 2020, as well as reports and analyses on how assets performed in Q1. Nikkei 225 was down 20%, which represents the worst quarter since 2008. The FTSE fell 14% for the period, which its second-worst quarterly performance ever. The S&P 500 lost 18% to close out Q1 2020, which is its worst quarterly performance since 1938.

While cryptocurrencies operate 24/7 and don’t exactly have quarters, it is important to look at them as well and compare the crypto market’s performance with the performances of other assets. The crypto market was down just 10% for 2020’s first three months, which is significantly less than the aforementioned traditional markets.

However, despite its relative resilience, bitcoin (and the rest of the market) has been trending downward along with traditional markets, which shows some form of correlation. This correlation across all assets can be explained by the saying that “macro matters more than micro.”

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Technical analysis

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Bitcoin

Bitcoin had a pretty stable day as there was no real volume to push the price up or down. The largest cryptocurrency by market cap still trades within a range, bound by $6,640 to the upside and $5,960 to the downside. As the price could not break the resistance level, we can expect a slow decline towards the support level if nothing changes on a macro level.


Bitcoin’s volume was steady and low in the past 24 hours. Its RSI level is currently at the value of 50.

Key levels to the upside                    Key levels to the downside

1: $6,640                                           1: $5,960

2: $6,850                                           2: $5,000

3: $7,085                                            3: $4,300


Ethereum

Ethereum spent the day with virtually no fluctuations. Its chart is mostly consisting of doji candles, hammer and inverted hammer candles, meaning that there is low volume, as well as great price direction indecisiveness. Ethereum gained just slightly over 1% on the day, which was just catching up to Bitcoin’s gains, which happened the day before. Ethereum most likely won’t move without Bitcoin moving first and deciding its direction.


Ethereum’s volume is extremely low, while its RSI value is currently at 53.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP had a great day, even though its price gains do not show it. The third-largest cryptocurrency managed to get out of the descending range, which it was in for around a week. The price broke the upper trend line and then successfully retested the line, which held well.


XRP’s volume increased greatly during the retest of the trend line, while the rest of the day passed without much volume. Its RSI is currently at 54.

Key levels to the upside                    Key levels to the downside

1: $0.19                                             1: $0.165

2: $0.2                                               2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 31 – Opera browser openly supporting crypto; Markets in the green as BTC pushes towards $6,640

The cryptocurrency market has recovered from the downside push as Bitcoin regained strength and reconquered $6,000. In the past 24 hours, almost every single crypto was in the green. Bitcoin is currently trading for $6,419, which represents an increase of 6.53% on the day. Meanwhile, Ethereum gained 3.21% on the day, while XRP gained 2.4%.

Energi took the position of today’s most prominent daily gainer, with gains of 18.77%. There were no big losers on the other side as only two cryptos out of the top100 managed to be in the red. Status lost 1.444% on the day, making it the most prominent daily loser.

Bitcoin’s dominance dropped half a percent over the past 24 hours. Its value is now 65.47%, which represents a 0.56% difference to the downside when compared to yesterday.

The cryptocurrency market capitalization steadily increased over the course of the day. Its current value is $180.91 billion. This value represents an increase of $6.9 billion when compared to the value it had yesterday.

What happened in the past 24 hours

A web browser Opera now enables its users to access decentralized web pages with the .crypto domain extension. They made it possible through a partnership with Unstoppable Domains. This will allow users to access and surf decentralized websites, as well as to make cryptocurrency payments.

Honorable mention

Tron

Tron (TRX) founder Justin Sun posted a tweet announcing the release of Djed on Mar 28. Djed is a system for collateralized loans that he described as “something new.” However, the Djed platform was immediately criticized by the market as many think it is a copy of MakerDAO (MKR).

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Technical analysis

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Bitcoin

Bitcoin quickly and efficiently recovered from its most recent push down as its price regained previous levels. The largest cryptocurrency by market capitalization went over $6,000 yesterday, while it established its position today and even made a push towards new highs (namely the immediate resistance of $6,640). However, the push failed due to a lack of volume. Bitcoin’s future is still uncertain mostly due to external difficulties the world is facing rather than Bitcoin’s internal problems.


Bitcoin’s volume was somewhat higher than yesterday, but still at low levels. Its RSI level on the 4-hour chart is just above the middle of the range.

Key levels to the upside                    Key levels to the downside

1: $6,850                                           1: $5,960

2: $7,085                                           2: $5,000

3: $7,420                                            3: $4,300


Ethereum

Bitcoin’s downturn pushed Ethereum below the $128 support level, but as Bitcoin recovered, so did Ethereum. The second-largest cryptocurrency by market cap regained its previous support level and pushed higher up. The lack of volume prevented it from even reaching the $139 resistance level, forcing the price to consolidate within the range. Ethereum will most likely keep following Bitcoin’s price movements in the short term.


Ethereum’s volume is currently lower than the previous week’s volume, as well as overall. Its RSI level is just below the mid-range, with a value of 49.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP passed over the $0.165 resistance level over the weekend, which was a great milestone towards establishing a stable price. However, the most recent downturn brought its price below this key level yet again. XRP quickly recovered and regained $0.165 as Bitcoin increased in price and pulled the whole market with it. However, the short-term future does not look good for XRP if it keeps trading within the descending range, making lower lows and lower highs.


XRP’s volume is on the same level as it was the previous week, while its RSI level is slowly descending. At the time of writing, its RSI has a value of 50.5.

Key levels to the upside                    Key levels to the downside

1: $0.19                                             1: $0.165

2: $0.2                                               2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 30 – Bitcoin back above $6,000 as Trump publicly supports printing $6.2 trillion

The cryptocurrency market, as it could not break the immediate resistances ahead, had a leg down over the weekend. The market stabilized with Bitcoin at above $6,000 for now. Bitcoin is currently trading for $6,223, which represents an increase of 1.34% on the day. Meanwhile, Ethereum gained 0.41% on the day, while XRP lost 1.28%.

Energi took the position of today’s most prominent daily gainer, with gains of 10.57%. On the other side, Steem lost 8.34% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at virtually the same place when compared to Friday’s value. Its value is now 66.03%, which represents a 0.13% difference to the downside when compared to before the weekend.

The cryptocurrency market capitalization took a big hit in the past 24 hours due to a sharp move down. Its current value is $174.01 billion. This value represents an increase of $13.06 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Bitcoin (BTC) gains more and more support after the US President Donald Trump appeared to say he fully supported manipulating the dollar by printing $6.2 trillion.

Trump defended the Federal Reserve for printing more than $6 trillion with the words “It’s our money, we are the ones, it’s our currency,” which got quite a backlash.

Honorable mention

Ethereum

Data published the co-founder Covalent (an Ethereum analysis firm) Ganesh Swami announced that DeFi transactions are increasing its share of Ethereum block space, which goes at the expense of ETH transfers.

Swami said that the gas costs incurred by Ethereum transactions went up progressively.

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Technical analysis

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Bitcoin

After not being able to break the $6,850 resistance for quite some time, a leg down from Bitcoin was to be expected (check our previous reports). The largest cryptocurrency by market capitalization fell below $6,000 psychological support (and $5,960 support level), but quickly recovered and stayed above it. Bitcoin is currently trading at just above $6,200.


Bitcoin’s volume is average when compared to the previous week, while its RSI level on the 4-hour chart went from severely oversold to the middle of the range.

Key levels to the upside                    Key levels to the downside

1: $6,850                                           1: $5,960

2: $7,085                                           2: $5,000

3: $7,420                                            3: $4,300


Ethereum

Ethereum went through a similar price path as Bitcoin did. Its price fell down below the $128 support level as bulls could not break the $139 reliably, but quickly recovered and went above the support level. It is currently trading at above $130, where it looks pretty safe from any downturns in the short-term.


Ethereum’s volume is on the same low levels as it was the previous week. Its RSI level has risen to the middle of the value range after almost reaching oversold territory during the price drop.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP received a great surge in volume as its price rose above the $0.165. The weekend brought bad news for XRP as bears took over and brought its price below the key level of $0.165. However, the third-largest cryptocurrency quickly overcome the downtrend and went back up above this key level.


XRP’s volume increased greatly during the spike, while the rest of the volume is average when compared to the past week. Its RSI level is on the upswing, currently passing the value of 55.

Key levels to the upside                    Key levels to the downside

1: $0.19                                             1: $0.165

2: $0.2                                               2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 27 – XRP recording double-digit gains as Ripple Labs donates $200,000 to fight COVID-19

The cryptocurrency market is still in consolidation mode, with most cryptocurrency prices at almost the exact same level that they were yesterday. Bitcoin is currently trading for $6,574, which represents an increase of 0.6% on the day. Meanwhile, Ethereum gained 1.01% on the day, while XRP gained a solid 7.28%.

Quant took the position of today’s most prominent daily gainer, with gains of 31.45%. On the other side, EDC Blockchain lost 29.88% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased by slightly less than 1% over the past 24 hours. Its value is now 66.16%, which represents a 0.88% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization was a bit more turbulent in movements in the past 24 hours than it was the day before. Its current value is $187.07 billion. This value represents an increase of $2.8 billion when compared to the value it had yesterday.

What happened in the past 24 hours

A report announced by the derivatives analysis firm Acuiti has shown a growing interest in supporting and listing crypto assets among trading firms. The study surveyed 86 companies from the buy-side, sell-side, as well as prop trading groups.

The survey showed that 26% of these firms had adopted cryptocurrencies in one way or another.

Honorable mention

Ripple

Ripple Labs announced that they had made a donation of $200,000 on Mar 25, going to two different non-profit organizations. These donations are made with the intention to aid the fight to contain the coronavirus throughout the US.

Ripple Labs stated that half the funds will go to the Tipping Point Emergency’s Response Fund, while the other half will go to the Silicon Valley Community Foundation’s COVID Regional Response Fund.

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Technical analysis

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Bitcoin

Bitcoin did not show any major volatility throughout the day, but has made a couple attempts to break its immediate resistance of $6,850. All of the attempts were, however, quickly stopped as the resistance was too much to handle with such low volume. If the pattern of failing to get above resistances continues, we might see a move down and retest of the support level.


Bitcoin’s volume is at the same level as it was the day before, while its RSI level fell down to 56.

Key levels to the upside                    Key levels to the downside

1: $6,850                                           1: $6,640

2: $7,085                                           2: $5,960

3: $7,420                                            3: $5,000


Ethereum

Ethereum has not moved much, but all the moves it made were with deliberation. The second-largest cryptocurrency by market capitalization tried to break the $139 resistance level, which is only recently showed any significance. It did manage to go above it, but quickly returned below, where it is at at the time of writing.


Ethereum’s volume is just barely higher than yesterday, while its RSI level is currently at the value of 54. We are not listing the $139 resistance as a key level, as it is still considered a pivot point (as well as too insignificant historically).

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP, unlike the other two aforementioned cryptocurrencies, had quite a splendid day. Its price reached double-digit gains as it jumped from $0.16 all the way up to $0.18. However, the bulls could not take the price any higher, and the move ended there. XRP has fallen slightly since then and is currently trading at around $0.171.


XRP’s volume increased greatly during the price spike. While it has descended since, it is still higher than the average volume for the past week. XRP’s RSI level has left the overbought territory on the 4-hour chart and is currently sitting at the value of 62.5.

Key levels to the upside                    Key levels to the downside

1: $0.19                                             1: $0.165

2: $0.2                                               2: $0.147

3: $0.205                                             3: $0.1

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 26 – The calm before the storm? Cryptocurrency price analysis

The cryptocurrency market had a pretty steady day when it comes to price movements. Most cryptos remained at their levels of 1 day ago. Bitcoin is currently trading for $6,652, which represents a decrease of 0.78% on the day. Meanwhile, Ethereum lost 2.75% on the day, while XRP lost 1.17%.

EDC Blockchain took the position of today’s most prominent daily gainer, with gains of 871.81%. On the other side, Swipe lost 12.67% on the day, making it the most prominent daily loser.

Bitcoin’s dominance has increased over the past 24 hours. Its value is now 67.04%, which represents a 0.39% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization did not move much in the past 24 hours. Its current value is $184.21 billion. This value represents a decrease of $0.14 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin mining difficulty dropped by 15.95% in the past 24 hours. This is the second-largest decline in its history. Bitcoin price plummeted more than 50% percent last time a decline like this happened.

Though this is not a surefire way to determine the price direction, it is very much possible that Bitcoin will go down some more in the short-term.

Honorable mention

GRAM

Cardano launched Ouroboros Hydra, its off-chain scalability protocol on Mar 25. This protocol has gone live after five years of development.

The protocol increased scalability greatly for the Cardano blockchain. On top of that, it is using very little storage on the network’s nodes. Hydra could theoretically scale to 1,000,000 transactions per second.

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Technical analysis

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Bitcoin

Bitcoin had a pretty stale day price-wise, as it did not move almost at all from yesterday. The largest digital currency by market cap is still trading just below the $6,850 resistance level without much fluctuation. While its price is above the weekly 200-period moving average, if the price doesn’t move to the upsidein the next couple of days, we can expect a leg down towards lower $6,000’s, or even lower.


Bitcoin’s volume drastically reduced from yesterday, while its RSI level dropped slightly towards the middle of the value range, currently being at the value of 56.

Key levels to the upside                    Key levels to the downside

1: $6,850                                           1: $6,640

2: $7,085                                           2: $5,960

3: $7,420                                            3: $5,000


Ethereum

Ethereum has almost mirrored the movements of Bitcoin for the past 24 hours. The second-largest cryptocurrency had close to no movement on the day, with its price being right below the $139 resistance line. However, the only change from yesterday is exactly the $139 level. While it was undecided whether the price will end up below or above it yesterday, it is quite clear that Ethereum will trade below this level for the time being.


Ethereum’s volume also dropped severely from yesterday, while its RSI level is currently at the value of 51.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP had a bit more movement than Bitcoin and Ethereum in the past 24 hours. Namely, its price moved down to $0.157 but quickly recovered to its previous level of around $0.16. XRP is trading between the resistance of $0.165 and support of $0.147 for five days now, without any signs of going up or down.


XRP’s volume decreased slightly over the past 24 hours, while its RSI level dropped to 53.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.147

2: $0.19                                              2: $0.1

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 25 – BTC failing to break above $7,000; What to expect next?

The cryptocurrency market attempted to go up and reach new highs but failed to do so as Bitcoin couldn’t break above the $6850 resistance successfully. Bitcoin is currently trading for $6,682, which represents a decrease of 0.63% on the day. Meanwhile, Ethereum lost 1.48% on the day, while XRP lost 0.02%.

ZEON took the position of today’s most prominent daily gainer, with gains of 272.17%. On the other side, Molecular Future lost 11.20% on the day, making it the most prominent daily loser.

Bitcoin’s dominance has increased over the past 24 hours. Its value is now 66.65%, which represents a 0.26% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization increased over the past 24 hours, with a current value of $184.35 billion. This value represents an increase of $4.7 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Blockchain analysis firm Coin Metrics found out that even though Bitcoin was experiencing tough times (especially the one when its price had the biggest daily loss in the last seven years), stablecoins bloomed.

This company released its State of the Network report on Mar 23. Stablecoins gained a lot of the market share, which everyone could see. However, spreads on spot and futures markets widened, while transfer fees went up as people rushed to deposit coins.

Honorable mention

GRAM

A United States District Court has ruled against Telegram for the issue of using GRAM tokens without declaring that they are securities prior to the ICO.

Prior to that, the Securities and Exchange Commission’s requested a preliminary injunction, to which the Court answered that it finds that the SEC has shown great likelihood of success in proving the contracts and understandings at issue. This would be including the sale of 2.9 billion Grams to 175 purchasers which netted Telegram $1.7 billion.

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Technical analysis

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Bitcoin

Bitcoin had somewhat a turbulent day, with its price going from all the way to $7,000 and then back down to $6500, only to stabilize at just sligtly higher levels than yesterday. The largest cryptocurrency did not manage to break the $6,850 resistance successfuly, so the bears stepped in and brought the price back down. BTC is now holding below $6,850 and above $6,640. This move might be percieved as a fakeout above $6,850 and the market might look for a leg down towards the low $6,000’s or lower.


Bitcoin’s volume did not increase during the spike, which is quite interesting. Its RSI level is currently at the level of 62.

Key levels to the upside                    Key levels to the downside

1: $6,850                                           1: $6,640

2: $7,085                                           2: $5,960

3: $7,420                                            3: $5,000


Ethereum

Ethereum is currently fighting for where it will go next. Its price is stuck right at the $139 level, not knowing whether it will go up or down. However, a break to any side will not be as significant as the moves that Bitcoin makes, and could only bring the price up or down so far.


Ethereum’s volume is still at extremely low levels, while its RSI level is currently just above the mid-point of the value range, sitting at the value of 57.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP had a day of virtually no movement. However, this is not quite due to its price, not wanting to move. The third-largest cryptocurrency was trading right below the $0.165 level, constantly failing to break it. This exact thing happened in the past 24 hours as well, as the price kept trying to go above the resistance, failing, and then going back to its previous levels.


XRP’s volume saw no increase or decrease on the day, while its RSI level is currently at 57.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.147

2: $0.19                                              2: $0.1

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 24 – Bitcoin recording double-digit gains as it reaches $6,500

The cryptocurrency market managed to pull its weight to the upside as Bitcoin surged and recorded double-digit gains in the past 24 hours. Bitcoin is currently trading for $6,488, which represents an increase of 10.73% on the day. Meanwhile, Ethereum gained 8.91% on the day, while XRP gained 6.27%.

Bytecoin took the position of today’s most prominent daily gainer, with gains of 17.64%. On the other side, Steem lost 1.82% on the day, making it the most prominent daily loser. At the moment, it seems that the market moves as a whole (or at least in the same direction) and that not many cryptos differ from this rule.

Bitcoin’s dominance has increased over the past 24 hours. Its value is now 66.39%, which represents a 0.41% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization increased over the past 24 hours, with a current value of $180.28 billion. This value represents an increase of $3.5 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Democrats in the US House of Representatives are looking to implement the US-made digital dollar in order to streamline payments to its citizens outside of the traditional financial system. This idea has come up as many people were in need of some form of a stimulus package as a response to the economic crisis caused by the COVID-19 outbreak.

Honorable mention

MakerDAO

The MakerDAO (MKR) has recently announced an auction to recover the DAI collateral debt. This auction is almost complete, even with the procedure suffering some technical setbacks. The MakerDAO community largely remains optimistic as they think that Maker is handling the situation quite well.

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Technical analysis

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Bitcoin

Bitcoin managed to pull itself out of the falling price by creating lower lows pattern. The largest cryptocurrency soared above $6,000 once it broke the $5,960 resistance. The price was, however, stopped by the $6,640 resistance. Bitcoin is now consolidating right below this key level, trading at around $6,500 at the time of writing.


Bitcoin’s volume increased slightly during the price surge, while its RSI reached above 60 values on the 4-hour timeframe.

Key levels to the upside                    Key levels to the downside

1: $6,640                                           1: $5,960

2: $6,850                                           2: $5,000

3: $7,085                                            3: $4,300


Ethereum

Ethereum followed Bitcoin price-wise and increased in value as well, though not quite as much. The second-largest cryptocurrency has broken its $128 resistance quite quickly and moved towards future resistances. However, a new key resistance level has formed at the $139 level, which stopped the price from increasing twice in the past 24 hours.


Ethereum’s volume increased only during the duration of the candle, which brought its price over $128, while the rest of the day went by with regular volume. Its RSI level increased and is now at a value of 55.5.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP increased in price as well over the past 24 hours. However, a pattern that is present for a couple of runs (to the upside as well as the downside) is that XRP did not break any support or resistance levels. XRP couldn’t get past the $165 level and is now trading at the $158.5 level, performing consolidation.


XRP’s volume increased only slightly when compared to the past couple of days. Its RSI level increased to the value of 55.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.147

2: $0.19                                              2: $0.1

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 23 – Bitcoin uncertainty amid worldwide COVID-19 economy shutdown

The cryptocurrency market spent the weekend falling down, possibly indicating a further drop towards the lows of the end of 2018/start of 2019. Bitcoin is currently trading for $5,922, which represents a decrease of 6.28% on the day. Meanwhile, Ethereum lost 7.21% on the day, while XRP lost 5.67%.

UNUS SED LEO took the position of today’s most prominent daily gainer, with gains of 1.62%. On the other side, Hedera Hashgraph lost 16.12% on the day, making it the most prominent daily loser.

Bitcoin’s dominance has increased over the weekend. Its value is now 65.98%, which represents a 0.55% difference to the upside when compared to Friday’s value.

The cryptocurrency market capitalization decreased over the weekend, with a current value of $166.74 billion. This value represents a decrease of $3.03 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Catherine Coley, the CEO of the US branch of Binance, revealed that the coronavirus quarantine in Asia led to increased trade volumes. She announced this statistic during a Bloomberg interview, where she also talked about the increasing correlation between Bitcoin and the S&P 500.

On the subject of the increased correlation between Bitcoin and the S&P 500, Coley said that both the traditional markets as well as the cryptocurrency market are playing out a well-known long-term cycle.

Honorable mention

Tezos

The Tezos Foundation announced that they would settle a $25 million consolidated class-action lawsuit. This will settle more than two years of fighting in court. The foundation chose to settle due to the time and financial expenses that would keep piling up.

The settlement proceedings are currently pending court approval.

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Technical analysis

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Bitcoin

While most analysts claim that Bitcoin has not gone under the $5,900 level and therefore stabilized above it, they fail to notice that it might be more plausible that Bitcoin is facing resistance at the $5,960 level. If this is the case, then Bitcoin fell under one of its key support levels over the weekend. However, this does not signal that it will keep going further down. That being said, the situation in the world economy alongisde the coronavirus outbreak does not bring good news to any market, cryptocurrency included.


Bitcoin’s volume decreased over the weekend, while its RSI level is currently near the middle of the value range, sitting at the value of 47.

Key levels to the upside                    Key levels to the downside

1: $5,960                                           1: $5,000

2: $6,640                                           2: $4,300

3: $6,850                                            


Ethereum

Ethereum, as a cryptocurrency that is highly correlated to Bitcoin and its movement, did not differ much from the largest cryptocurrency by market cap. Ether’s price fell under the $128 support level but found its stability near the $122.5 support. Ethereum is now trading in the middle of the range, bound by these two key levels.


Ethereum’s volume decreased over the weekend, while its RSI level is currently at the value of 44.

Key levels to the upside                    Key levels to the downside

1: $128                                                1: $122.5

2: $168                                              2: $100 

3: $178.6                                                


Ripple

XRP fell below its $0.165 support level over the weekend after just briefly going over it. The third-largest cryptocurrency is, again, trading between the levels of $165 to the upside and $0.1 to the downside. The only change in terms of key levels seems to be that XRP now responded to a pre-2017 support level of $0.147.


XRP’s volume is on extremely low levels, while its RSI level is currently at the value of just above 44.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.147

2: $0.19                                              2: $0.1

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 20 – Cure for Coronavirus found? Crypto surging, Bitcoin above $6,000

The cryptocurrency market had another surprise in its sleeve today. Bitcoin rose above $6,000, while other cryptos followed. Bitcoin is currently trading for $6,164, which represents a staggering increase of 16.2% on the day. Meanwhile, Ethereum gained 15.57% on the day, while XRP gained 8.52%.

v.systems took the position of today’s most prominent daily gainer, with gains of 38.24%. On the other side, Bytecoin lost 6.22% on the day, making it the most prominent daily loser.

Bitcoin’s dominance has increased over the past 24 hours. Its value is now 65.43%, which represents a 0.76% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization increased exponentially, with a current value of $169.77 billion. This value represents an increase of $17.41 billion when compared to the value it had yesterday.

What happened in the past 24 hours

This time, the “what happened in the past 24 hours” section will not be about cryptocurrencies. However, it is connected to the market as it influences it highly. Apparently, a cure for the notorious COVID-19 virus which struck the world has been found.

A drug that treats malaria developed over half a century ago is showing great signs of being the cure for COVID-19, especially in combination with an antibiotic. The study showed great results in treating the virus.

Honorable mention

Tether

The world’s largest stablecoin by market cap has launched its operation on the Bitcoin Cash network. USDT will, at the time of writing, be available on the Bitcoin Cash network. On top of this, it is also available on many other networks, such as Ethereum, Algorand, Liquid Network, EOS, Omni, and Tron.

Tether (USDT) has seen a great surge of interest in recent weeks as the market has been going down. With people not wanting to get out of crypto, but wanting to protect their investments, Tether has been one of the main destinations for their funds.

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Technical analysis

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Bitcoin

Bitcoin experienced a surge in price in the past 24 hours. The largest cryptocurrency by market cap managed to increase in value by over 15%, reaching a price of over $6,000. The resistance level of $5,960 has been broken and became a support level.The price push has ended and Bitcoin is now consolidating at the $6,100 level.


Bitcoin’s volume increased only slightly during the upswing, while its RSI grazed the overbought area on the 4-hour chart, but did not pass it.

Key levels to the upside                    Key levels to the downside

1: $6,640                                           1: $5,960

2: $6,850                                           2: $5,000

3: $7,085                                            3: $4,300


Ethereum

Ethereum followed Bitcoin and had a day with a double-digit increase in price. The second-largest cryptocurrency rose over 15% and managed to tackle the $122.5 as well as the $128 resistance levels, turning them into support.


Ethereum’s volume increased greatly during the upswing but died down as the move ended. Its RSI level also increased, with the value currently being at 61.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $128

2: $178.6                                            2: $122.5 

3: $185                                                3: $100


Ripple

XRP had a great day, as it increased in price by over 5%. However, its fortune is not as great as the other two aforementioned cryptos. The third-largest cryptocurrency by market cap did manage to gain some value but failed to break the $0.165 resistance level, which plays a crucial role in the future price development of XRP.


XRP’s volume increased slightly during the upswing but is back to normal levels now. Its RSI level is currently at the value of 56.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.1

2: $0.19

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 19 – BitMEX discussing Central Bank Digital Currencies; Cryptos consolidating

The cryptocurrency market has spent yet another day without much movement. Bitcoin is currently trading for $5,305, which represents an increase of 1.62% on the day. Meanwhile, Ethereum lost 0.75% on the day, while XRP lost 2.04%.

Steem took the position of today’s most prominent daily gainer, with gains of 95.53%. On the other side, WAX lost 21.91% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased by a slight margin over the past 24 hours. Its value is now 64.67%, which represents a 0.16% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization remained at basically the same place, with a current value of $152.36 billion. This value represents an increase of $0.61 billion when compared to the value it had yesterday.

What happened in the past 24 hours

BitMEX Research posted a thought that discusses the two approaches that governments can take regarding the issuance of a Central Bank Digital Currency as well as the ramifications for the economy. BitMEX posted its opinion on Mar 18.

The post said that “From a liquidity perspective, the largest deposit-taking institutions in an economy have an almost unconstrained capability to create new loans since the funds loaned out will automatically get placed back into their own bank as a deposit.”

Honorable mention

MakerDAO

The MakerDAO community has locked in an auction in hopes to cover a multi-million dollar hole in the DAI collateral. The funds were “gone” after the sudden Ethereum price crash on Mar 12.

The proceeds from the auction sale will be used to recapitalize and revitalize the system as well as to compensate the losses suffered by the borrowers. They lost their money as their Ethereum collateral got auctioned off for zero DAI.

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Technical analysis

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Bitcoin

Bitcoin had a pretty quiet day with virtually no price movement. There was, at one point, an attempt made by the BTC bears to push the price below $5,000. However, that push ended up quickly and Bitcoin was back to its previous level in no time.


Bitcoin’s volume is stable at the moment, though on quite low levels. Its RSI level is currently sitting at the value of 47.

Key levels to the upside                    Key levels to the downside

1: $5,960                                           1: $5,000

2: $6,640                                           2: $4,300

3: $6,850                                            3: 3,100


Ethereum

Ethereum had a similar day as Bitcoin, though with some differences. Namely, while Bitcoin had an attempted push to the downside, Ethereum tried to break its upside resistance level. However, that ended up without much effect, and Ethereum is now back to its previous level.


Ethereum’s volume is still extremely low and is keeping these levels. Its RSI level is currently slightly below the middle of the value range, sitting at 43.

Key levels to the upside                    Key levels to the downside

1: $122.5                                             1: $100

2: $128                                              2: $80 

3: $168                                           


Ripple

XRP also experienced a slow day with almost no price movement. However, its price moved a bit more than Ethereum’s and Bitcoin’s price. XRP managed to slide down in price by 2%. It is still kept within the same range, currently trading at just above $0.146.


XRP’s volume is extremely low, while its RSI level is sitting at 45 at the time of writing.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.1

2: $0.19

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 18 – Bitcoin will save the world from crisis, Tim Draper announces

The cryptocurrency market managed stayed at almost the same place as yesterday. Bitcoin climbed above the $5,000 mark and is currently stagnating and consolidating there. Bitcoin is currently trading for $5,341, which represents an increase of 1.3% on the day. Meanwhile, Ethereum lost 0.28% on the day, while XRP gained 0.56%.

Dragon Coins took the position of today’s most prominent daily gainer, with gains of 62.43%. On the other side, Terra lost 4.53% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased by a slight margin over the past 24 hours. Its value is now 64.51%, which represents a 0.57% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization went up slightly, with a current value of $151.75 billion. This value represents an increase of $5.61 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Right as bitcoin recovered slightly after a number of back-to-back market crashes last week, investor Tim Draper announced another optimistic forecast about Bitcoin.

Draper announced that decentralization powered by Bitcoin as well as other new technologies is one of the tools that has the “ability to transform the biggest industries in the world.”

Honorable mention

NEO

NEO-based DEX Switcheo partnered with the Zilliqa platform to allow trading of Ethereum-based and EOS-based assets on their platform.

According to a Mar 16 announcement, after the launch, Zilliqa holders will have access to Ethereum-based assets for the first time. Switcheo also plans to add Bitcoin (BTC) support soon.

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Technical analysis

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Bitcoin

Bitcoin experienced almost no price movement in the past 24 hours. The price was completely flat while the volume lowered slightly. This area of no movement happened ever since Bitcoin stepped into the $5,300 area.


Bitcoin’s volume is quite low, while its RSI level is in the middle of the value spectrum (currently at 45).

Key levels to the upside                    Key levels to the downside

1: $5,960                                           1: $5,000

2: $6,640                                           2: $4,300

3: $6,850                                            3: 3,100


Ethereum

Ethereum did pretty much the same as Bitcoin by mirroring its movement (or lack thereof). The second-largest cryptocurrency did nothing but move sideways for the whole day, with the price hovering right below the $122.5 resistance.


Ethereum’s volume decreased further, while its RSI level is currently at 40. There were no changes in key levels due to no movement to the upside or downside.

Key levels to the upside                    Key levels to the downside

1: $122.5                                             1: $100

2: $128                                              2: $80 

3: $168                                           


Ripple

XRP, for the first time in a while, didn’t just follow the general direction of the market but actually mirrored Bitcoin’s and Ethereum’s movement. The lack of volume resulted in sideways trading with no price movement whatsoever. The third-largest cryptocurrency is moving in a range between $0.1 and $0.165.


XRP’s volume decreased even more in the past 24 hours, while its RSI level is currently at the 44 mark.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.1

2: $0.19

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 17 – Bitcoin back up above $5,000 as bulls gather up

The cryptocurrency market managed to recover slightly from the fall it had yesterday. Bitcoin went above the $5,000 mark and regained some confidence. Bitcoin is currently trading for $5,297, which represents an increase of 2.83% on the day. Meanwhile, Ethereum gained 0.48% on the day, while XRP gained 1.02%.

WAX took the position of today’s most prominent daily gainer, with gains of 29.55%. On the other side, Komodo lost 13.25% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased by a slight margin over the past 24 hours. Its value is now 65.08%, which represents a 0.7% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization went up slightly, with a current value of $146.14 billion. This value represents an increase of $5.38 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The fight against the Coronavirus pandemic is even present in the sphere of GPU mining, as the US chip manufacturer NVIDIA proposed for all users to use their computers to help the cause.

This initiative will accept donations of unused GPU computing power and then distribute it to an international processing power network. This will, in turn, be used to research COVID-19.

Honorable mention

Cardano

Earlier today, March 16, The Cardano Foundation made announced on its website that Z/Yen Group Limited (based in the UK) has initiated legal proceedings against the foundation.

Z/Yen Group Limited is a fintech company (think tank) as well as a former research partner of the Cardano Foundation.

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Technical analysis

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Bitcoin

After breaking $5,000 to the downside, Bitcoin bulls managed to gather and push its price back up. After struggling for a whole day, Bitcoin finally managed to break the $5,000 barrier and to reach consolidation above it. The largest cryptocurrency is now trading near the $5,250 area.


Bitcoin’s volume increased slightly during the breakout but quickly returned to normal. Its RSI level on the 4-hour chart is approaching the middle of the value range, currently being at around 44.

Key levels to the upside                    Key levels to the downside

1: $5,960                                           1: $5,000

2: $6,640                                           2: $4,300

3: $6,850                                            3: 3,100


Ethereum

Ethereum, unlike Bitcoin, did not move much in the past 24 hours. While it tried to replicate Bitcoin’s movements to the upside, the bull presence wasn’t strong enough to push the price above the $122.5 mark.


Ethereum’s volume is quite low, which is one of the main factors contributing to ETH not breaking the $122.5 resistance level. Its RSI level on the 4-hour chart is currently slightly above the oversold area.

Key levels to the upside                    Key levels to the downside

1: $122.5                                             1: $100

2: $128                                              2: $80 

3: $168                                           


Ripple

Our yesterday’s report said that XRP was in a better spot at that moment as it did not break any support levels during the price drop. This is true (but to the upside now) in today’s case as well. XRP gained some value as the bulls gathered up for a push, but the third-largest cryptocurrency did not break any significant levels (now to the upside).


XRP’s volume is quite low at the moment, while its RSI level on the 4-hour chart is currently 44.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.1

2: $0.19

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 16 – Bitcoin under $5,000, how far down can we go?

The cryptocurrency market had yet another meltdown of epic proportions today. Bitcoin fell under $5,000 while most altcoins witnessed a price decrease that even goes into double digits on the daily. Bitcoin is currently trading for $4,847, which represents a staggering 7.93% decrease on the day. Meanwhile, Ethereum lost 11.82% on the day, while XRP lost 7.65%.

Dragon Coins took the position of today’s most prominent daily gainer, with gains of 117.84%. On the other side, Ren lost 27.37% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased greatly over the weekend after falling over 5% in just one day. Its value is now 64.38%, which represents a 4.98% difference to the upside when compared to Friday’s value.

The cryptocurrency market capitalization went down significantly yet again, with a current value of $140.72 billion. This value represents a decrease of $12.8 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Coinbase, which is one of the biggest US exchanges, recently revealed a new feature on its platform called Bitcoin batching. This feature is designed to save users money on transaction fees.

This move was taken by Coinbase in order to improve the customer experience, as it will allow single on-chain crypto transactions to be bundled into one.

Honorable mention

Tezos (XTZ)

A digital asset marketplace Binance.US will list Tezos’s XTZ token on March 16th. According to the announcement on Binance’s website, XTZ/USD, as well as XTZ/BUSD trading pairs, will be available to traders on Monday, March 16th.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After a pretty stable weekend of trading just above $5,000, Bitcoin’s price experienced some turbulence. At first, it seemed that the bulls have taken the lead and Bitcoin started moving up. However, the move slowed down as Bitcoin aproached $6,000. This newfound resistance got confirmed as Bitcoin’s price bounced back to $5,300, and then began falling even further. The largest cryptocurrency managed to go under the major support level of $5,000, which is a major psychological point. If the price continues going down this way, we can expect a major pinpoint to be the low of $3,100.


Bitcoin’s volume is average, except during the times of the price increases or decreases when it goes up. Its RSI level is currently in the oversold territory on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $5,000                                           1: $4,300

2: $5,960                                           2: $3,100

3: $6,640                                            


Ethereum

Ethereum shared a similar faith to Bitcoin. The second-largest cryptocurrency went above the $128 resistance level, but the bullish move quickly got shut down as bears took over. Ethereum then fell under the $128 and $122.5 support levels and is now trading just under $110.


Ethereum’s volume is quite low, while its RSI is in the oversold area on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $122.5                                             1: $100

2: $128                                              2: $80 

3: $168                                           


Ripple

Even though XRP almost mirrored the move that Ethereum made as far as price movement goes, it is in a much better spot at the moment. The third-largest cryptocurrency tried moving up but got stopped at the $0.165 resistance level. Right after that, the price started falling, and XRP reached the price of around $0.135. However, the price is slowly recovering, and the move to the downside didn’t break and support levels.


XRP’s volume is low, while its RSI level just went out of the oversold area on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.1

2: $0.19

3: $0.2                                              

Categories
Crypto Daily Topic Cryptocurrencies

Ethereum Vs Ethereum Classic

Crypto newcomers will immediately notice two types of Ethereum in the space: Ethereum and Ethereum and Ethereum Classic. What they won’t know is the unfortunate story, turned intrigue, that spawned the existence of these two cryptocurrencies. Ethereum, the most popular blockchain after Bitcoin, was forced to split into Ethereum (ETH) and Ethereum Classic (ETC) in one of the most pivotal events in blockchain and cryptocurrency history. 

What is Ethereum? 

In broad strokes, Ethereum is an open software blockchain platform on which developers can build and deploy smart contracts and decentralized applications. 

Smart contracts are digital contracts that are self-verifying, self-executing, and do not require intermediaries to represent the contracting parties. Smart contracts are run and are deployed on the blockchain, and they automatically self-enforce when conditions of the agreement are met. Since they run on a blockchain, smart contracts are immune from censorship, fraud, and any sort of outside interference.

Decentralized applications (DApps) on their part are applications that run on a decentralized, peer-to-peer, and deregulated platform. DApps allow the user to retain their personal data, as opposed to centralized applications where user data is in the hands of the organization. Smart contract is the technology that connects DApps to the blockchain.

Enter DAO 

The formation of Ethereum and Ethereum Classic can be traced back to an organization called DAO, or the Decentralized Autonomous Organization. 

DAO was an automated and decentralized organization. It was a sort of venture capital fund that ran without the organizational hierarchy that’s typical with normal organizations. DAO was going to fund DApps built on the Ethereum blockchain. 

DAO was set up to give investors decision-making power over which potential DApp projects would receive funding. Investors would need to purchase DAO tokens – which gave them a stake in the DAO system. DAO tokens were purchased using Ether. 

For a DApp to be green-lit for funding, it had to be whitelisted by ‘curators’ who were basically reputable figureheads in the Ethereum space. Next, the approved DApps would be voted on DAO investors – or the token holders. If the proposal received a 20% approval, it would receive funding, so it gets started. 

This flexible process, together with the transparency and the overall potential of the DAO, was unprecedented, and scores of investors jumped in, hoping to get a piece of the action. In a record 28 days, the project had raised over $150 million of ether. 

Of course, that was all fine and dandy, but what if an investor wanted to get out? What if an approved DApp did not exactly tickle your fancy, was there a way to opt out? As with anything blockchain, the DAO was a democratic process, so yes, there was a way out – called the “split function.”  

Using this function, you could not only get back your ether, but you could also create your version of DAO known as “Child DAO.” If enough DAO token holders joined you, you could even start accepting your own proposals. The only condition was you had to hold out on spending your ether for the next 28 days.  

But it was this same Split Function that brought DAO to its knees. It exposed a huge loophole in the system that could be manipulated by a bad actor. Many people pointed this out, but DAO creators brushed it aside as not a big issue. Except it was, and it was exploited, and the aftermath was the undesirable split of Ethereum into Ethereum and Ethereum and Ethereum Classic. 

The Big and Bad DAO Attack 

The reckoning came on June 17, 2016. A person, or persons, exploited the Split Function and managed to siphon $50m dollars. And because hindsight is 20/20, it’s very clear to see how straightforward the attack was, and how it could have easily been avoided. 

Now, if one wanted to opt-out Of DAO, all they had to do was to submit a request. The Split Function would then do the following: 

  • Refund the user their ether in exchange for their DAO tokens 
  • Update the transaction in the blockchain, as well as the internal token balance 

What the attacker did was they made a recursive function of the request – meaning they made the request repeatedly for the same amount of DAO tokens 

  • The split function happened this way: 
  • DAO receives DAO tokens and gives the user the requested ether 
  • Before DAO can update the transaction, the user makes other requests for the same amount of Ether, making the code repeat the process over and over. 

By the end of it all, $50 million worth of ether was transferred to a child DAO. As you can imagine, the entire Ethereum and DAO community was sent into a panicking frenzy after it was discovered what was going on.   

Now’ it’s very important to point out that the attack took place courtesy to loopholes in the DAO and not Ethereum. 

DAO ran on Ethereum, and DAO had issues. Ethereum was merely the host of the DAO. 

Dao Attack: The Aftermath

Now after the attack happened, people naturally had questions about whether Ethereum and cryptocurrencies, in general, could be trusted. Even though Ethereum was not to blame, a lot of people couldn’t pick apart between it and DAO. Ether nosedived from $20 to $13. 

Now despite the hacker executing the attack, they couldn’t get access to the funds since the DAO smart contract had enforced the 28-day rule – that you couldn’t spend the ether after exiting DAO. This gave the community three options moving forward: 

  • No step would be taken: Some people were against making any changes since that would mean contravening the immutability tenet of blockchain. These people took the “code is law approach.”
  • Execute a soft fork: The majority of the community voted to implement a soft fork. The idea was to segregate the blocks that were involved in the hacker’s transactions so they wouldn’t be able to move the funds. However, this posed another problem: a soft fork opened way for a denial-of-service (DoS) attack, which meant an attacker could manipulate miners to perform malicious transactions. 
  • Implement a hard fork: A hard fork was now the only way to go. Hard forking meant a section of the Ethereum blockchain would branch out at a particular point – which was the point just before the DAO attack. 

After the fork, two completely different chains were born. The new chain went with the name Ethereum, or ETH. A section of the Ethereum community that was against the fork remained ‘loyal’ to the old chain, which in turn took up the name Ethereum Classic (ETC).  

The fork enabled DAO to refund investors the money that had been taken away. For every 100 of DAO, DAO token holders would be given 1 ETH. This caused a sharp disagreement, which added more fuel to the Anti-Hard Fork drive and contributed to the formation of Ethereum Classic.

You need to understand the magnitude of this hard fork. Remember, Ethereum was the most important cryptocurrency after Bitcoin. A hard fork shook not just the Ethereum community but the entire blockchain and crypto space. Gavin Wood, Ethereum’s co-founder, called this moment “the single most important moment in cryptocurrency history since the birth of Bitcoin.”

ETC vs. ETH – An Ideological Split 

The Ethereum split came down to a difference in ideology. The people that stuck with the old chain believed that cryptocurrency is supposed to be resilient against the whimsical decisions of people. According to them, a hard fork was a sellout, a betrayal of what cryptocurrency stood for. If you were splitting the Ethereum blockchain, you were defeating the very purpose of its existence – to represent a non-corrupt finance system. 

ETH Vs. ETC

Because these two are a split of the same chain and given the contentious history between them, it’s only natural that comparisons will be drawn. 

The biggest problem with ETC is that it is not backward compatible with the ETH hard fork. Also, the movers and shakers of the Ethereum community went with the new chain. This means users of the old chain will not have access to any updates on the new chain, like the upcoming move from Proof of Work to Proof of Stake. 

For ETH, the issue is the new chain violated the “code is law” principle. There is also the glaring question of: how can we know the chain will not be capriciously hard forked again in the future? Are there already hard forks forming different versions of ETH? Even though the latter is conspiracy theories, it creates a climate of distrust in the public, which could lead to a devaluation of the coin.    

Having said that, let’s look at the pros and cons of each cryptocurrency: 

ETC

Pros

  • Adheres to the immutability tenet of blockchain 
  • Has the support of some big-time loyalists 

Cons

  • Users cannot enjoy any updates on ETH
  • The support of the vast majority of heavyweights in the community moved to ETH

ETH 

Pros

  • Has the support of the majority of the earliest big-time developers including Ethereum’s founder Vitalik Buterin 
  • It is possible to update the software with new changes 
  • Enjoys a higher hash rate
  • Has the backing of the Enterprise Ethereum Alliance (EEA)  

Cons

  • Betrayed the philosophy of immutability 

How Do ETH and ETC Stack Up in the Market? 

As of February 06, 2020, ETH is the more successful cryptocurrency of the two coins – at a market rank position #2 next only to Bitcoin. The crypto is trading at $236.42, while ETC is trading at $8.17 while ranking at #18. ETH has a market cap of 26 billion, while ETC stands at $950 million. 

ETH has enjoyed an all-time high of $1.432.88 (Jan 13, 2018), while ETC’S all-time was only $47.77 (Dec 21, 2017). 

ETC Vs. ETH – Final Words

In the never-ending ETC vs. ETH competition, ETH always comes out the winner as the vast majority of Ethereum developers, users and supporters have stuck by its side. ETH may have violated some blockchain principles, but the community bundled together and made something great out of the absolute disaster that was the DAO hack. That is a victory it will always have up in its notch. 

ETC, on the other hand, remains stained by the DAO attack, and the argument that it’s held together by sympathizers, blockchain loyalists, and pure market speculation. 

What’s for certain is that both chains have their loyal bases, and each of them has clout that’s unique to them. As for the battle between them, the common phrase, “it’s not over yet,” applies.

 

 

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 13 – Cryptos staring into the abyss as Bitcoin drops to $3,800

The cryptocurrency market had a meltdown of epic proportions today. Almost every single cryptocurrency dropped over 20% in value. However, almost all the other markets are bleeding heavily as well due to the halt of the economy, which is caused by the Coronavirus outbreak. Bitcoin is currently trading for $5.025, which represents a staggering 34.29% decrease on the day. Meanwhile, Ethereum lost 29.15 % on the day, while XRP lost 24.74%.

Multi-collateral DAI took the position of today’s most prominent daily gainer, with gains of 7%. On the other side, Synthetix Network lost 49.74% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased greatly over the past 24 hours. Its value is now 59.4%, which represents a 5.95% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization melted down, with a current value of $153.59 billion. This value represents a decrease of a whopping $63.64 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The European Central Bank (ECB) announced that it would provide a $135 billion stimulus to the market. This number certainly dwarfs Bitcoin’s entire market cap. This move is not unique, as similar efforts have been shown from the US Federal Reserve on Mar 10.

In an effort to combat currently struggling markets, The European Central Bank made a decision to not cut interest rates any further, but to rather allocate 120 billion Euros to its asset purchase program.

Honorable mention

Enjin (ENJ)

Blockchain-based gaming ecosystem Enjin has just launched its Multiverse Program. The platform is now seeking applications coming from interested developers.

The Multiverse program is designed to attract developers to enter and explore Enjin’s Multiverse platform, which is a gaming platform supporting the creation of in-game digital assets. These assets can be transferred as well as used across multiple games that are hosted in the multiverse.

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Technical analysis

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Bitcoin

Bitcoin’s price had quite a meltdown in the past 24 hours. All technical analysis seems to be out of the game as BTC’s price went down from $7,400 to $3,830 in a matter of hours. The price broke every possible line and anchor it could hang onto and dropped to the lows of $3,830. However, the price quickly moved back up to just over $5,000 which is where it is at the moment.


Bitcoin’s volume increased greatly due to the selloff, while its RSI is deep in the oversold territory on every chart except for the weekly chart.

Key levels to the upside                    Key levels to the downside

1: $6,640                                           1: $5,000

2: $6,850                                           2: $4,300

3: $7,060                                            3: $3,100


Ethereum

Ethereum took a big hit as well, alongside other altcoins. In a price drop led by Bitcoin, Ethereum lost over 20% of its value in the past 24 hours. Its price fell to a staggering $90 all the way up from above $185 levels. The price has stabilized since and is trading at around $125. Unlike Bitcoin, though, Ethereum found resistance closeby, which is at the $122.5 level.


Ethereum’s volume increased due to the selloff, while its RSI level is oversold on every single chart except for the weekly chart.

Key levels to the upside                    Key levels to the downside

1: $128                                                1: $122.5

2: $168                                              2: $100 

3: $178.6                                            3: $80


Ripple

XRP was no different than other altcoins in terms of price development over the past 24 hours. Its price dumped as well, dropping to lows of $0.1. The price has recovered since and is now trading and consolidating near $0.14. However, XRP might be in the worst position out of the top3 cryptocurrencies as it does not have an anchor point to the downside.


XRP’s volume increased greatly, while its RSI level dropped to deeply oversold levels except for the weekly chart, where it is nearing the oversold area as well.

Key levels to the upside                    Key levels to the downside

1: $0.165                                            1: $0.1

2: $0.19

3: $0.2                                              

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 12 – The US creating AmeriCoin? Altcoins plunging while Bitcoin increases its dominance

The cryptocurrency market moved down yet again in the past 24 hours. However, Bitcoin held up much better than most cryptos. Bitcoin is currently trading for $7,728, which represents a 2.1% decrease on the day. Meanwhile, Ethereum lost 7.18 % on the day, while XRP lost 4.57%.

Aave took the position of today’s most prominent daily gainer, with whopping gains of 35.9%. On the other side, WAX lost 20.15% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased greatly over the past 24 hours. Its value is now 65.45%, which represents a 1.52% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization lost a lot of value over the past 24 hours due to altcoins plunging. It is currently valued at $217.23 billion, which represents a decrease of $7.83 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

Adam Kokesh, the first libertarian US 2020 presidential election candidate, just appointed Alastair Caithness as his personal chief blockchain policy advisor. The main purpose of Caithness’s role is to work on the development of a US-made sovereign cryptocurrency, better-known as AmeriCoin.

Caithness will focus on developing a cryptocurrency that is pegged to all the assets of the Federal government. The assets included will be the US government’s substantial land, gold, energy, timber, and mineral reserves.

Honorable mention

Basic Attention Token (BAT)

Brave purchased a whopping amount of 534,441 Basic Attention Tokens (BAT) on Mar 9. The event of purchasing BAT tokens happens just one day before Brave made an announcement of a partnership with TAP Network. This partnership will enable convertibility of BAT tokens into “gift cards from hundreds of national brands”.

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Technical analysis

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Bitcoin

Bitcoin is slowly continuing its price drop as bears took over the market. The biggest cryptocurrency by market cap fell under the $7,760 support level, but did not go too far down from it. BTC is currently trading between $7,600 and $7,700, with the next significant support level standing at $7,420.


Bitcoin’s volume has maintained levels it had yesterday, while its RSI value is declining towards oversold again.

Key levels to the upside                    Key levels to the downside

1: $7,760                                           1: $7,420

2: $8,000                                           2: $7,085

3: $8,650                                            3: $6,850


Ethereum

Ethereum took a big hit in the past 24 hours. The second-largest cryptocurrency by market cap fell under the support level of $198 as well as the $193.5 level. The next support, which is sitting at $185, held up quite well and held back the bears for now. However, the short-term outlook is certainly not positive.


Ethereum’s volume is low when compared to the previous days, while it is keeping the levels of the beginning of March. Its RSI level is on the verge of reaching oversold territory.

Key levels to the upside                    Key levels to the downside

1: $193.6                                             1: $185

2: $198                                              2: $178.5 

3: $217.7                                             3: $167.8


Ripple

XRP followed the daily trend of altcoins underperforming Bitcoin. The third-largest cryptocurrency by market cap lost almost 5% on the daily, but still outperformed Ethereum. XRP’s price fell below the support level of $0.2 but did not reach the $0.1985 level yet.


XRP’s volume is quite low when compared to the past couple of days, while its RSI level is approaching the oversold area, hovering around the value of 34.

Key levels to the upside                    Key levels to the downside

1: $0.221                                            1: $0.2

2: $0.227                                            2: $0.1985

3: $0.235                                             3: $0.19

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 11 – Youtube crypto ban; XRP’s price rises

The cryptocurrency market had a pretty slow day when compared to the past couple of days. Bitcoin is currently trading for $7,838, which represents a 1% decrease on the day. Meanwhile, Ethereum lost 0.88 % on the day, while XRP managed to gain 1.78%.

Contentos took the position of today’s most prominent daily gainer, with whopping gains of 330.4%. On the other side, Swipe lost 6.49% on the day, making it the most prominent daily loser.

Bitcoin’s dominance managed to decrease slightly over the past 24 hours. Its value is now 63.93%, which represents a 0.63% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization maintained its levels over the past 24 hours. It is currently valued at $225.06 billion, which represents a decrease of $0.47 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

In another attempt of censorship, social media giant YouTube has deleted two posted videos form two crypto channels.

Ivan on Tech, a crypto reporter and programmer, posted a tweet about YouTube deleting one of his videos on Mar 9. The Moon, a (mostly) cryptocurrency technical analyst and news reporter, also told that the content platform deleted one of his videos on Mar 10.

Honorable mention

Ethereum (Synthetix)

Ethereum-based asset issuance platform is currently adding new features, which even include derivatives trading.

In a Mar 10 blog post, the Synthetix platform announced plans for trading binary options in Q3 of this year. Binary options are a form of derivatives where the buyer is down to two outcomes: they either receive a payout or they lose their investment.

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Technical analysis

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Bitcoin

Bitcoin’s spent the day mainly trading between the support of $7,760 and $8,000. The price managed to break $8,000 at one point, even reaching $8,150, but quickly dwindling back below $8,000. The $7,760 level has proven to be quite stable and the bears are not able to break it at the moment.


Bitcoin’s volume is slowly declining while its RSI level has risen above oversold levels.

Key levels to the upside                    Key levels to the downside

1: $8,000                                           1: $7,760

2: $8,650                                           2: $7,420

3: $8,825                                            3: $7,085


Ethereum

Ethereum, just like Bitcoin, had a pretty slow day. The second-largest cryptocurrency found a strong support near the$198 level, which held up quite well. Its current price moves are narrowing down and might form a triangle pattern in the near future.


Ethereum’s volume is quite low at the moment, while its RSI level is just below the oversold line.

Key levels to the upside                    Key levels to the downside

1: $217.7                                             1: $198

2: $225.5                                            2: $193.6  

3: $240                                                3: $185


Ripple

Unlike Bitcoin and Ethereum, who mostly consolidated, XRP ended up gaining some value in the past 24 hours. The third-largest cryptocurrency bounced off of the $0.2 support and tried to move its price up, which it succeeded. The price slowly moved up over the past day and reached $0.216, where it stopped and started consolidating. XRP is currently trading near the $0.21 level.


XRP’s volume is extremely low, while its RSI level is in the 40’s range.

Key levels to the upside                    Key levels to the downside

1: $0.221                                            1: $0.2

2: $0.227                                            2: $0.1985

3: $0.235                                             3: $0.19

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 10 – Crypto markets consolidating, Bitcoin still under $8,000

The cryptocurrency market spent the past 24 hours consolidating after a severe price drop. Bitcoin is currently trading for $7,898, which represents an 0.72% decrease on the day. Meanwhile, Ethereum lost 3.96 % on the day, while XRP lost 1.92%.

Loopring took the position of today’s most prominent daily gainer, with gains of 16.05%. On the other side, Swipe lost 12.25% on the day, making it the most prominent daily loser.

Bitcoin’s dominance managed to increase slightly over the past 24 hours. Its value is now 64.56%, which represents a 0.37% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization maintained its levels over the past 24 hours. It is currently valued at $225.53 billion, which represents a decrease of $7.18 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

The VIX volatility index, one of the stock market’s main risk indicators, showed a value of 55 on March 9. This is the highest level it was on since 2009. In the meantime, the international oil price went all the way down to $36.20, down 20% from the previous session.

The Dow Jones tanked 6.9% as it was heading for its biggest daily loss ever to be recorded. On the other side, the UK’s FTSE went down 7.7%. Japan’s Nikkei ended up 5.1% below Friday’s close.

Honorable mention

Libra

Marc Bhargava, the co-founder of Tagomi, a company that has recently joined the Libra Association, spoke about the current market cryptocurrency downturn. Since Tagomi is well connected with some of the biggest exchanges as well as some of the biggest crypto traders, he may see the market movement from another perspective.

Bhargava believes that cryptocurrency is not a safe haven asset. This goes against the beliefs of other analysts. “BTC as well as crypto are currently a risk-on asset, more alike tech and VC rather than gold.”

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Technical analysis

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Bitcoin

Bitcoin’s price got destroyed over the weekend. After falling to the $8,000 levels, many analysts thought that this price level would hold up. However, Bitcoin continued its drop and ended up stopping at the $7,760 support level. The price bounced there and Bitcoin is now trading in a range between the support of $7,760 and the $8,000 resistance level.


Bitcoin’s volume decreased as the price began to rise, while its RSI level is still in the oversold area.

Key levels to the upside                    Key levels to the downside

1: $8,000                                           1: $7,760

2: $8,650                                           2: $7,420

3: $8,825                                            3: $7,085


Ethereum

Ethereum, just like Bitcoin, went into consolidation mode. Its price started to recover a bit earlier than Bitcoin’s but suffered another bear move, which ended at the $193.6 support level. Ethereum has recovered since and is currently trading above the $198 support level.


Ethereum’s volume decreased greatly since it stopped the downturn, while its RSI level left the oversold area.

Key levels to the upside                    Key levels to the downside

1: $217.7                                             1: $198

2: $225.5                                            2: $193.6  

3: $240                                                3: $185


Ripple

XRP ended up consolidating and finding anchor points as well in the past 24 hours. The third-largest cryptocurrency found a bottom to the downturn at the $0.1985 level and quickly recovered to above $0.2 levels. It is currently stable and trading just above this support line.


XRP’s volume decreased greatly once the move to the downside stopped, while its RSI level just left the oversold area and is hovering around 34.

Key levels to the upside                    Key levels to the downside

1: $0.221                                            1: $0.2

2: $0.227                                            2: $0.1985

3: $0.235                                             3: $0.19

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 9 – Blood on the streets, BTC under $8,000

It is quite a good statement when we say that the crypto market is bleeding over the weekend. Cryptocurrencies dropped in price a great amount as bears took over the market. Bitcoin is currently trading for $7,953, which represents an 8.98% decrease on the day. Meanwhile, Ethereum lost 9.72 % on the day, while XRP lost 9.66%.

UNUS SED LEO took the position of today’s most prominent daily gainer, with gains of 3.08%. On the other side, Swipe lost 26% on the day, making it the most prominent daily loser.

Bitcoin’s dominance managed to increase slightly over the weekend. Its value is now 64.19%, which represents a 0.4% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization dropped severely over the weekend. It is currently valued at $232.71 billion, which represents a decrease of $26.49 billion when its value is compared to the value it had on Friday.

What happened in the past 24 hours

Boeing has partnered with a multinational aerospace conglomerate Honeywell in order to use its GoDirect blockchain-based platform to track and sell $1 billion worth of airplane parts that they don’t need.

The partnership got revealed at the Hyperledger Global Forum 2020, which took place in Arizona. All the airplane parts were uploaded to the GoDirect Trade marketplace over the last weekend.

Honorable mention

Bitcoin (start of the bear trend)

Bitcoin began its sudden crash (which, in turn, brought all other cryptos down as well) due to another giant selloff coming from the PlusToken pyramid scheme.

According to various online Blockchain data sources, participants in the $2.9 billion pyramid scheme are attempting to sell their BTC holdings again. Ergo, the Twitter account that tracks PlusToken’s activities, showed that 13,000 BTC or roughly $210 million were involved in this sale.

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Technical analysis

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Bitcoin

Bitcoin’s price got destroyed over the weekend. Many analysts said that the sharp move to the downside will end at above $8,000. However, BTC dropped under it and can not get above again. This price drop was, as we mentioned above, caused by a pyramid scheme PlusToken giant attempting to get rid of its Bitcoin holdings.


Bitcoin’s volume increased as the price-drop occurred. Its RSI level is currently deep into the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $8,000                                           1: $7,760

2: $8,650                                           2: $7,420

3: $8,825                                            3: $7,085


Ethereum

Ethereum also lost a great deal of its value but managed to spring back a bit (sooner and a bit more than Bitcoin). Its price went from $253 all the way down to $196.5. However, bulls took over and brought the price above the $198 support and slightly above (to around $208 at the moment of writing).


Ethereum’s volume increased greatly during this bear trend, while it is dropping at bulls took over. Its RSI level is just above the oversold territory on the 4-hour trading chart.

Key levels to the upside                    Key levels to the downside

1: $217.7                                             1: $198

2: $225.5                                            2: $193.6  

3: $240                                                3: $185


Ripple

XRP was no exception to the bleeding market. Its price dropped severely as well. The third-largest cryptocurrency dropped from $0.2454 all the way down to $0.2, where bulls took over. The price is currently rising at a slow pace, with XRP being traded for around $0.211 at the time of writing.


XRP’s volume increased immensely during the selloff but dropped down closer to normal when the bulls took over. Its RSI level is currently just slightly in the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $0.221                                            1: $0.2

2: $0.227                                            2: $0.1985

3: $0.235                                             3: $0.19

Categories
Crypto Market Analysis

Daily Crypto Review, Mar 6 – Bitcoin above $9,000; Steem performing a network takeover

The crypto market managed to push up once again, with Bitcoin leading the way as it crossed the $9,000 mark. Bitcoin is currently trading for $9,061, which represents a 2.15% increase on the day. Meanwhile, Ethereum gained 1.31% on the day, while XRP gained 1.92%.

ABBC coin took the position of today’s most prominent daily gainer, with gains of 24.58%. On the other side, v.systems lost 7.02% on the day, making it the most prominent daily loser.

Bitcoin’s dominance managed to increase slightly over the past 24 hours. Its value is now 63.79%, which represents a 0.19% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization increased slightly in the past 24 hours. It is currently valued at $259.2 billion, which represents an increase of $3.75 billion when its value is compared to the value it had yesterday.

What happened in the past 24 hours

While multiple countries are testing and theorizing about the validity of a central bank digital currency, the US dollar remains physical and still sits in a place of dominance. However, how long will the dollar be so dominant if it doesn’t get digital? ING economist Carlo Cocuzzo said that “The dollar is the dominant currency today,” on a panel at London Blockchain Week, but added that “90% of forex turnover is in dollars, so the US stands to lose in this game.”

Honorable mention

Steem

The Steem blockchain experienced some problems recently, where the blockchain’s entire governance system had a couple of disturbances. Tron founder Justin Sun, who now owns the Steemit social network which is based on the Steem token, seems to have successfully executed a takeover of Steem tokens by leveraging not only the tokens that were directly controlled but also the tokens held on several major exchanges. If this is true, then the customers of these exchanges most likely had their funds used without their consent.

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Technical analysis

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Bitcoin

Bitcoin bulls managed to gather up for another push, which brought BTC above the $9,000 psychological mark. Bitcoin broke the $8,980 resistance without much effort, and continued to push up on the way to $9,115. However, the move ended with bulls getting exhausted at the $9,170 mark.


Bitcoin’s volume increased slightly when compared to yesterday, while it’s still considered average when compared to the rest of the week. Its RSI level is currently near the higher end of the value range on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $9,115                                           1: $8,980

2: $9,250                                           2: $8,825

3: $9,580                                            3: $8,650


Ethereum

Ethereum gained some value as well in the past 24 hours but did not break any major resistance levels. Ethereum moved within the range bound by $225.5 to the downside and $240 to the upside. Its price did drop below $225.5 earlier during the day, but quickly got back above and increased to $235.


Ethereum’s volume is extremely low, while its RSI is near the middle of the value range, sitting at around 53 on the 4-hour chart. There were no changes in the upside or downside levels.

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

XRP also made some gains today. Its price went from right below $0.235 to almost breaking $0.2454 at one point in time. However, the bull pressure was not as strong, and the price could not pass this resistance level. XRP is now trading at around $0.24.


XRP’s volume is currently far below average, while its RSI level is slightly above the value range, sitting at around 57 on the 4-hour chart. There were no changes in the upside or downside levels.

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $0.285                                             3: $0.221

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

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

Honorable mention

Cardano

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $0.285                                             3: $0.221