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

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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

_______________________________________________________________________

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

_______________________________________________________________________

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

_______________________________________________________________________

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

_______________________________________________________________________

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

_______________________________________________________________________

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

_______________________________________________________________________

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

_______________________________________________________________________

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

_______________________________________________________________________

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 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

_______________________________________________________________________

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”.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

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

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

MakerDAO

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $0.285                                             3: $0.221

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

EOS 

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $0.285                                             3: $0.221

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

IOTA 

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $0.285                                             3: $0.221

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Stablecoins 

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $0.285                                             3: $0.221

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Bitcoin 

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $240                                                1: $225.5

2: $251.3                                            2: $217.7  

3: $259.5                                             3: $198


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $0.285                                             3: $0.221

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Chainlink 

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $251.3                                             1: $240

2: $259.5                                            2: $225.5  

3: $279                                                3: $217.7


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $0.285                                             3: $0.221

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

EOS troubles? 

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

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $259.5                                             1: $251.3

2: $279                                               2: $240  

3: $289                                                3: $225.5


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.266                                            1: $0.2454

2: $0.285                                            2: $0.235

3: $0.31                                               3: $0.227

Categories
Crypto Market Analysis

Daily Crypto Review, Feb 24 – New Jersey regulating crypto?

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Monero 

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                               2: $251.3  

3: $302                                                3: $240


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                             3: $0.235

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Cardano 

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                               2: $251.3  

3: $302                                                3: $240


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                             3: $0.235

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Bitcoin Gold 

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                               2: $251.3  

3: $302                                                3: $240


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                             3: $0.235

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Ripple (XRP) 

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $302                                              2: $251.3  

                                                           3: $240


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.31                                              1: $0.285

2: $0.324                                            2: $0.266

3: $0.332                                             3: $0.2454

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

IOTA updating their Trinity wallet 

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $302                                              2: $251.3  

3: $240


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.31                                              1: $0.285

2: $0.324                                            2: $0.266

3: $0.332                                             3: $0.2454

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

NEO 

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $251.3                                             1: $240

2: $259.5                                            2: $225.4 

3: $279                                              3: $217.7


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                             3: $0.235

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

IOTA 

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                              2: $251.3 

3: $302                                              3: $240


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.324                                            1: $0.31

2: $0.3328                                          2: $0.285

                                                            3: $0.266

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Tezos 

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

                                                           3: $10,010


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $279                                                1: $259.5

2: $289                                              2: $251.3 

3: $302                                              3: $240


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.324                                            1: $0.31

2: $0.3328                                          2: $0.285

                                                            3: $0.266

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Bitcoin (And how Coronavirus affects mining) 

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $251.3                                             1: $240

2: $259.5                                            2: $225.5 

3: $279                                               3: $217.5


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.31                                              1: $0.285

2: $0.324                                            2: $0.266

3: $0.3328                                          3: $0.2454

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Ethereum – Anonymous? 

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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



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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $225.5                                             1: $217.5

2: $240                                              2: $198 

3: $251.3                                           3: $193.6


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

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

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

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

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

 

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

What happened in the past 24 hours

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

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

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

Honorable mention

Binance Coin (BNB) 

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

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

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Technical analysis

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Bitcoin

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


Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $225.5                                             1: $217.5

2: $240                                              2: $198 

3: $251.3                                           3: $193.6


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Ripple 

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

                                                         3: $9,251


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $217.5                                             1: $198

2: $225.5                                            2: $193.6 

                                                          3: $185


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

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

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

NEM took today’s most prominent daily gainer title with gains of 27.94%. On the other side, MaidSafeCoin lost 4.84% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance decreased significantly in the past 24 hours. It is now at 60.65%, which represents a decrease of 4% when compared to the value it had yesterday.

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

What happened in the past 24 hours

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

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

Honorable mention

Ripple 

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

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

Ripple made announcement of the new partnership on Feb 5.

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $217.5                                             1: $198

2: $225.5                                            2: $193.6 

                                                          3: $185


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Bitcoin SV 

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

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

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

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Technical analysis

_______________________________________________________________________

Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $193.6                                            1: $185

2: $198                                              2: $178.5

                                                         3: $167.8


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Waves 

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $193.6                                            1: $185

2: $198                                              2: $178.5

                                                         3: $167.8


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.266                                            1: $0.2454

2: $0.285                                            2: $0.235

3: $0.31                                              3: $0.227

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

Cardano (ADA)

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $193.6                                            1: $185

2: $198                                              2: $178.5

                                                         3: $167.8


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.266                                            1: $0.2454

2: $0.285                                            2: $0.235

3: $0.31                                              3: $0.227

 

Categories
Crypto Market Analysis

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

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

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

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

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

What happened in the past 24 hours

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

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

Honorable mention

XRP

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

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

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Technical analysis

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Bitcoin

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


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

Key levels to the upside                    Key levels to the downside

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

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

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


Ethereum

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


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

Key levels to the upside                    Key levels to the downside

1: $185                                                1: $178.5

2: $193.6                                            2: $167.8

3: $198                                           3: $164


Ripple

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


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

Key levels to the upside                    Key levels to the downside

1: $0.2454                                          1: $0.235

2: $0.266                                            2: $0.227

3: $$0.285                                          3: $0.221