Bitcoin Dips Below $3,700 as All Top Cryptos See Severe Losses

All of the top 20 cryptocurrencies report severe losses, with Bitcoin tumbling below the $3,700 threshold.

Thursday, Jan. 10 — all of the top 20 cryptocurrencies are seeing severe losses in the 24 hours to press time. Bitcoin’s (BTC) price has dipped below the $3,700 mark, according to Coin360 data.

Market visualization from Coin360

Market visualization from Coin360

At press time, Bitcoin is down over 9 percent on the day, trading at around $3,661. Looking at its weekly chart, the current price is lower than $3,888, the price of BTC one week ago. The current Bitcoin value is also substantially lower than $4,108, its mid-week high reported on Tuesday.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP) has regained its position as the second-largest cryptocurrency by market cap, overtaking Ethereum (ETH). Moreover, the divide between the two assets coins has shrinked, with Ethereum’s market cap being $13.3 billion and Ripple’s — $13.57 billion.

Ripple is down over 9 percent on the day, trading at around $0.33 at press time. On the weekly chart, the current price is lower than $0.364, the price at which the cryptocurrency started the week. XRP’s current price is also notably lower than its high of $0.381, reported earlier today.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum has seen its value decrease by about 16 percent over the last 24 hours. At press time, ETH is trading at around $127, having started the day around $151. On the weekly chart, Ethereum’s current value is significantly lower than $150, the price at which the coin started the week.

Ethereum 7-day chart

Ethereum 7-day chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, none are experiencing growth other than the stablecoin Tether (USDT), which grew by 0.65 percent in the last 24 hours. The cryptocurrencies reporting the most substantial losses in the top 20 by market cap are Iota and Neo, which are down over 16 percent.

The combined market capitalization of all cryptocurrencies — currently at about $122 billion — is lower than $130 billion, the value it reported one week ago. The current value is also substantially lower than $138 billion, the value it reached earlier today.

Total crypto market cap 7-day chart

Total crypto market cap 7-day chart. Source: CoinMarketCap

As Cointelegraph reported today, a critical vulnerability that leaked sensitive user data has been discovered and quickly patched on the Nasdaq-powered cryptocurrency and tokenized stock exchange DX.Exchange.

Furthermore, news broke earlier today that several tobacco shops in Paris, France, have started selling Bitcoin despite a degree of regulatory uncertainty. Customers can reportedly purchase tickets for the sums of 50, 100 or 250 euros with an alphanumeric code and a QR code, which can then be used to obtain Bitcoin.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 9

While some prominent investors are still on the fence about crypto, others see the current market as an opportunity to double down on it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Some of the most prominent investors continue to back cryptocurrency and the blockchain technology. Hong Kong billionaire Li Ka-shing has invested in the latest funding round of Intercontinental Exchange’s (ICE) crypto trading platform Bakkt through his venture capital firm Horizon Ventures.

Similarly, Wall Street investor Bill Miller, who had invested in Bitcoin previously, expects the leading cryptocurrency to be worth either a lot more or zero.

According to Miller, he likes to keep cryptocurrencies in his portfolio because their performance is decoupled from the traditional asset classes. Though an active investor, he considers himself a “Bitcoin observer,” but not a “believer” yet.

On the other hand, the Winklevoss brothers are big believers in cryptocurrencies. They expect the market capitalization of Bitcoin to cross that of gold in the future. Because of that, they continue to support the idea of a Bitcoin exchange-traded fund (ETF).

The recent Ethereum Classic (ETC) 51 percent attack has many worried whether the same can be happen to Bitcoin (BTC) in the future. The opinions are divided, but such challenges are to be expected in a new asset class. This will only encourage the participants to find solutions to avoid such attacks in the future.

BTC/USD

Bitcoin has been trading near the neckline for the past two days. The bulls have been unable to complete the inverse head and shoulders pattern, but they have not given up much ground either. This is a positive sign.

BTC/USD

Both moving averages are flattening out, which suggests a change in trend. If the BTC/USD pair climbs above $4,255, it will signal the formation of a short-term bottom. Hence, we have recommended a buy in one of our earlier analyses. The pattern target on a break out of the inverse head and shoulders pattern is $5,500.

If the bears sink the digital currency below the right shoulder, the sentiment will turn bearish and can result in a retest of the low of $3,236.09. If this support breaks, the downtrend will resume.

ETH/USD

The bears have been defending the $167.32 mark for the past seven days. If Ethereum breaks down of the uptrend line and the 20-day EMA, it can dip to the 50-day SMA at $120.

ETH/USD

On the other hand, if the bulls break out of $167.32, the ETH/USD pair can rally to the next level of $225 and above it to $249.93. Hence, traders can buy on a close above $167.32 and keep a stop loss of $130.

The 20-day EMA is trending up and 50-day SMA is flat, which shows that the downtrend is over. Therefore, traders should look to buy on dips, as long as the price remains above the 50-day SMA. A break of this moving average can result in a drop to $100 and below that to $83.

XRP/USD

Ripple has been trading in a tight range for the past few days. Both moving averages are flat and the RSI is close to the neutral zone, which suggests a balance between demand and supply.

XRP/USD

The balance will shift in favor of the bulls when the XRP/USD pair rises above $0.4. Though the pattern target is $0.52205, the resistance line of the descending channel can act as a roadblock.

The digital currency will turn negative if it breaks below the support at $0.32615. Traders can initiate long positions on a close (UTC time frame) above $0.4 with a stop loss at $0.32.

BCH/USD

After a strong run from the lows, Bitcoin Cash has been consolidating in a tight range for the past few days. Both moving averages have flattened out, which shows a balance between the buyers and sellers.

BCH/USD

A break out of the range can resume the recovery and propel the BCH/USD pair to the next target of $307.01, with a minor resistance at $239.

Therefore, we suggest traders wait for a breakout and close (UTC time frame) above $181 to enter long positions. The stop loss can be kept at $138. A break below $141 will be a negative development that can result in a drop to $100 and below that to $73.5.

EOS/USD

EOS has been stuck in a range for the past few days. Both moving averages are flat, and the RSI is just above the neutral territory. This suggests that the consolidation might extend for a few more days.

EOS/USD

The longer the consolidation, the stronger will be the breakout or breakdown from it. Therefore, we recommend long positions on a breakout and close (UTC time frame) above $3.2081. The targets to watch on the upside are $3.8723, $4.1069 and $4.493.

If, however, the EOS/USD pair plunges below the range, it can decline to the low of $1.55. Therefore, the stop loss on the proposed long positions can be kept at $2.29.

LTC/USD

Litecoin has stayed above the neckline for the past three days but hasn’t been able to move higher. This shows a lack of buying at higher levels.

However, if the bears fail to break below the neckline and the 20-day EMA within the next couple of days, buyers will likely step in. The targets to watch on the upside are $47.246 and $56.910. The stop loss can be kept at $27.5, which can be trailed higher as the price moves up.

LTC/USD

We are bullish because the LTC/USD pair has formed a reversal pattern and the moving averages have completed a bullish crossover. All these point to a probable bottom at $23.1.

Our view will be negated if the cryptocurrency slips below the moving averages and the $27.701 mark. The downtrend will resume on a fall below $23.1.

XLM/USD

Stellar has not shown a meaningful recovery in the recent pullback. It continues to face resistance at $0.13427050. The pair is currently trading inside a symmetrical triangle.

XLM/USD

The resistance line of the triangle, the 50-day SMA and the horizontal resistance at $0.13427050 are all located close to each other. Therefore, once the XLM/USD pair rises above this cluster of resistances, it can move up to $0.184, which might act as a stiff resistance.

On the other hand, a break below the triangle can result in a retest of the lows. A break below $0.09285498 can resume the downtrend. We might propose a trade after the break out of the resistance sustains for a day. Until then, we suggest traders remain on the sidelines.

TRX/USD

Tron has continued its strong run and has reached the critical resistance of $0.02815521. This is a major hurdle as the bulls could not scale it in the past five months. Therefore, the traders who went long at lower levels based on our suggestion, can book 50 percent of profits at the current levels, if they have not done so already. The stops on the remaining position can be trailed higher.

TRX/USD

If the virtual currency breaks out and closes (UTC time frame) above $0.02815521, a new uptrend is probable. Following the breakout, the next level to watch on the upside is $0.03801042. Therefore, we are not advising to close the entire position.

If the TRX/USD pair turns down from the current levels, it is likely to remain range bound for a few more days.

BSV/USD

The range in Bitcoin SV has shrunk in the past few days. A period of low volatility is usually followed by an increase in volatility.

BSV/USD

If the bulls break out of the immediate resistance of $102.58, a rally to $123.98 is possible. Upon scaling this hurdle, the BSV/USD pair can rally to the pattern target of $167.608.

Conversely, if the bears sink the price below $80.352, the cryptocurrency can decline to $65.031 and below that to $38.528. Due to the uncertainty and a lack of clear direction, we are not proposing any trades in it.

ADA/USD

Cardano has completed a retest of the neckline in the past two days and is attempting to resume the uptrend. The 20-day EMA is gradually rising, and the 50-day SMA has flattened out. This shows that the selling has subsided and a trend change is likely.

ADA/USD

The critical level to watch on the upside is $0.060105. If this resistance is crossed, the ADA/USD pair can reach the pattern target of $0.066.

Our bullish view will be invalidated if the coin breaks down of both moving averages, as well as the $0.036 mark. Therefore, traders who bought on our recommendation can keep an initial stop loss at $0.036, and raise it later if the bulls struggle to scale $0.060105.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Major Coins Show Poor Performance, With Ethereum Dipping Below $100

Crypto markets have continued yesterday’s downtrend, with Bitcoin Cash, EOS, and Binance Coin seeing major losses.

Thursday, Dec. 6: Cryptocurrency markets have continued yesterday’s losses, with just two of the top twenty coins seeing any gains, according to Coin360.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is down 3.13 percent the day, seeing a high of $3,887 and low of $3,587. At press time, the major cryptocurrency is trading around $3,656.

On its weekly chart, BTC is at its lowest price point over the past seven days, down 14.4 percent, while the coin’s monthly statistics show grim 43 percent losses.

Bitcoin monthly price chart. Source: CoinMarketCap

Bitcoin monthly price chart. Source: CoinMarketCap

The second largest virtual currency by market capitalization Ripple (XRP) is trading at $0.320 at press time, down 5.36 percent on the day. The altcoin’s market cap is around $12.7 billion, while its weekly high point was $15.3 on Nov. 30, according to CoinMarkerCap.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) have lost 7.85 percent in the last 24 hours, dipping below the $100 mark for the first time during the past month. The coin is trading around $95 as of press time. ETH’s market cap is $9.7 billion at press time.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Top 10 coin Bitcoin Cash (BCH) is one of the top 20 coins, has registered major losses on the day. The altcoin is down by over 14 percent during the last 24 hours and is trading at around $112 at press time.

The Bitcoin Cash hard fork has been followed by a lawsuit filed by Florida-based United American Corp. against crypto exchanges Bitmain, Kraken, Bitcoin.com, and BCH evangelist Roger Ver, claiming that they engaged in “unfair methods of competition” that were detrimental to UnitedCorp and other stakeholders.

United American Corp. claims that during the hard fork, a number of entities took control of the network using “rented hashing” to facilitate the adoption of Bitcoin ABC, while “no person or entity can be allowed to control them.”

Bitcoin SV (BSV), in turn, has seen noteable daily gains of 22.55 percent, and is trading at around $107.31 at press time. BSV’s maximum supply is 21 million, while its market capitalization is around $1.8 billion at press time.

Today’s major losers also include EOS and Binance Coin (BNB), which are down 14.19 percent and 17 percent respectively. As of press time, EOS is trading at $1.90 and BNB is around $5.

Total market capitalization of all cryptocurrencies is around $114.4 billion at press time. On its monthly chart, total market cap has been showing a steady downtrend.

Total market capitalization 7-day price chart. Source: CoinMarketCap

Total market capitalization 7-day price chart. Source: CoinMarketCap

Meanwhile, digital asset manager Bitwise launched two new beta funds for BTC and ETH, aiming to provide a “low-cost” and “liquid” means of capturing returns on both high-profile assets. Matt Hougan, global head of research for Bitwise, has contextualized the launch of the new funds as being driven by “significant inbound demand” spurred by part “positive developments on the horizon.”

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Top Coins Trading in The Green After Major Drop-Off Yesterday

Cryptocurrency markets have seen slight gains on the day, with all top ten cryptocurrencies trading in the green.

Wednesday, Nov. 21: It seems as if the recent drop-off in markets has slowed, with almost all the top 20 cryptocurrencies seeing green today.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin’s (BTC) losses yesterday totalled more than 15 percent, though the coin has managed to bounce back into the green today, up 3.12 percent on the day and trading at around $4,499 at press time. The leading cryptocurrency is down over 21 percent on its weekly chart.

Yesterday, Wall Street crypto bull Tom Lee reiterated his recently reduced year-end price prediction of $15,000 for Bitcoin, despite the recent market crash. While remaining confident in a year-end rally, Lee admitted that the markets have “certainly” seen a “negative development,” which signals a “downside of the momentum.”

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

The second largest cryptocurrency by market capitalization, Ripple (XRP), is up 0.80 percent over the last 24 hours and trading at $0.439. The altcoin’s market cap is around $17.8 billion, while its weekly high point was around $20.8 billion on Nov. 18, according to CoinMarketCap.

XRP daily price chart. Source: CoinMarketCap

XRP daily price chart. Source: CoinMarketCap

Ethereum (ETH) is up 2.19 percent on the day and is trading at $134.46 at press time. The coin’s lowest price point on the day was $126.30.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Bitcoin Cash (BCH) is down the most among the top twenty coins this week, having lost over 40 percent in the seven-day period. On the day, the coin is up a modest 2.67 percent, trading at $231.97 at press time.

Among the top 20 cryptocurrencies, only Zcash (XEC), and Tezos (XTZ) are in the red, down by 0.36 and 3.79 percent on the day, respectively, according to CoinMarketCap.

The total market capitalization of all cryptocurrencies is around $148.5 billion, while its weekly high point was around $189 billion on Nov. 15. As of press time, daily trade volume amounts to almost $18 billion, while the number of cryptocurrencies listed on CoinMarketCap has decreased to 2,071.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Earlier today, Cointelegraph reported that the recent cryptocurrency market crash has eased pressure on the U.K.’s financial regulator to introduce hasty new rules for the sector. Gillian Dorner, deputy director for financial services at Britain’s finance ministry, reportedly said that “we want to take the time to look at that in a bit more depth and make sure we take a proportionate approach.”

British regulators are reportedly analyzing over 2,000 crypto assets to see whether they can be regulated under existing rules before considering whether reform might be necessary.

Also today, Spencer Bogart, a partner at the venture capital firm Blockchain Capital, said he believes that crypto opportunities are “still gigantic” despite the current bear market, pointing out the critical role of “programmable money,” which is supposed to gain even more popularity over time.

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Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 21

The world did not come to an end after the financial crisis of 2007–2008. Similarly, this bear market will also pass and the stronger cryptocurrencies will rise and reward investors.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Bottoms are formed during market capitulations. After Bitcoin broke below the critical support of $5,900, investors dumped their holdings, fearing a complete loss on investment. For someone who does not believe in the future of cryptocurrencies and who was in it only for making a quick buck, it might be the right thing to do.

However, for the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers a great opportunity to invest for the long term. During bottom formations, the outlook is always very dire and every bit of news is viewed as negative.

One such news was the U.S. Justice Department investigating the probability of Bitcoin manipulation in 2017 using stablecoin Tether. Though we believe that any regulatory step to protect retail investors is a long-term positive, the markets did not view it in the same way.

After the fall, while naysayers are claiming victory and forecasting a further fall, the bulls see an opportunity to buy for the long term. It is difficult to predict a bottom when markets are gripped in fear. Hence, we believe it is better to wait for the markets to show signs of stabilization before attempting a buy.

The software companies did not vanish after the dotcom bubble. The world did not come to an end after the financial crisis of 2007–2008. In the same way, this bear market will also pass and the stronger cryptocurrencies will rise and reward investors. Therefore, be patient and let the markets offer us a relatively low-risk buying opportunity.

BTC/USD

Bitcoin nosedived to a low of $4,368.69 on Nov.20. The fall of the past two days gives the impression of panic selling by investors. Usually bottoms are formed after such a round of liquidation.  

BTC/USD

Both moving averages have turned down, which is a negative sign. The RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely.

The bulls might attempt to carry the BTC/USD pair to the downtrend line, which can prove to be a roadblock. If the downtrend line is crossed, we expect the bears to offer strong resistance in the zone of $5,450–$5,700.

The next leg down will give us a better insight about the bottom. If the bears slice through $4,368.69, the fall can extend to $4,000 and below it to the major support zone of $3,500–$3,000.

On the other hand, if the bulls successfully defend $4,368.69, the probability of it being the bottom increases. It is difficult to pinpoint the bottom right away. We can confirm a bottom only in hindsight.

XRP/USD

Ripple has emerged as one of the outperformers during the recent fall. It has stretched its lead over Ethereum after becoming the second most valuable cryptocurrency in terms of market capitalization.

XRP/USD

The XRP/USD pair is currently finding support between the trendline and $0.40. Both the moving averages remain flat, which points to range bound action in the near term. On the upside, $0.519 and $0.565 will act as resistances.

On the downside, if the bears sink prices below $0.40, a fall to $0.37185 and below that to $0.26913 is probable. Though we are relatively bullish on the digital currency, we shall wait for a new buy setup to form before proposing any trade.

ETH/USD

Ethereum extended its fall on Nov. 20 and broke below the support of $136. The RSI has reached deeply oversold levels, which previously resulted in a pullback.

ETH/USD

Currently, the bulls are attempting to pullback from the $126.20 level, which is likely to face a stiff resistance at $167.32. The downtrending 20-day EMA will also be a difficult hurdle to cross.

If the next leg down breaks below $126.20, the ETH/USD pair can extend its decline to $110. As the trend is down, we shall wait for a new reliable setup to form before recommending a trade.

XLM/USD

Stellar broke down of the ascending channel on Nov. 19 and followed it up with another sharp fall the next day. However, the bulls have managed to hold the critical support at $0.184.

XLM/USD

The current pullback attempt is likely to face a stiff resistance at the support line of the channel and above it at the downtrend line.

If the bears sink the XLM/USD pair below the critical support at $0.184, it can slide to the next support at $0.13 and below that to $0.09.

EOS/USD

EOS broke below the critical support of $3.8723 and dived to a low of $3.4703 on Nov. 20. In doing so, the RSI dipped into deeply oversold territory that indicates that the selling has been overdone and a pullback is probable. Currently, the bulls are attempting to climb back above the overhead resistance at $3.8723. If successful, the pullback can extend to $4.493, which might again act as a stiff resistance.

EOS/USD

If the pullback stalls at $4.1778, the bears will again attempt to sink the EOS/USD pair below the support at $3.8723. If successful, the decline can extend to the next support at $3. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand.

LTC/USD

Litecoin dipped to an intraday low of $31.78 on Nov. 20, which was just below our suggested support of $32. The pattern target of a breakdown from the descending triangle is $29.653. We believe the zone between $32–$29.653 will act as a strong support.

LTC/USD

However, as the trend is down, any attempt to pullback will face a stiff resistance at the 20-day EMA that is sloping down. Above this, the next major resistance will be in the $47.246–$49.466 zone.

We believe that after such a sharp fall, the LTC/USD pair might attempt to form a bottom around current levels. However, the traders should wait for a confirmed bottom and a new buy setup to form before attempting to buy.

ADA/USD

Cardano fell in the past two days and overshot our suggested support of $0.043722 and made an intraday low of $0.041572. The RSI has declined deep into the oversold territory, which suggests a pullback is around the corner.

ADA/USD

The pullback can carry the ADA/USD pair to the overhead resistance at $0.060105. However, the trend is down, hence, any attempt to recover will face a hurdle at the previous support of $0.060105 and at the 20-day EMA, which is sloping down.

If the next leg down breaks below the support at $0.041572, the fall can stretch to the next lower support of $0.025954.

XMR/USD

Monero is trying to find support close to the $64.525 level. The RSI has entered deeply oversold levels, which shows that selling has been incessant. We believe that the bulls will attempt a pullback from the current levels that can carry the digital currency to the overhead resistance at $81.

XMR/USD

The bears are likely to attempt to turn down the XMR/USD pair from $81. If the next down leg breaks $64.525, the fall can extend to $60 and below that to $46 levels.

Our bearish view will be invalidated if the bulls scale $81 and sustain above it. Currently, there are no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines.

TRX/USD

In the past two days, TRON broke below the two critical supports of $0.0183 and $0.01587681. With the RSI dropping close to 15 on Nov. 20, it shows that the selling has been overdone and a relief rally is likely.

TRX/USD

In a down trending market, every previous support acts as a resistance after it is broken down. Hence, we anticipate a stiff resistance at $0.01587681 and $0.0183. If the TRX/USD pair turns down from one of these levels, the bears will attempt to sink the price to the next support at $0.00844479.

On the other hand, if the bulls scale $0.0183 within the next few days, it will confirm that the current fall was a fake breakdown. We shall wait for the trend reversal to happen before suggesting any trade in it.

DASH/USD

Dash is currently trading inside a descending channel. It broke below the critical support of $129.58 on Nov. 19 and made a new 52-week low at $98.01 on the next day. It is presently finding support at the bottom of the channel. The bulls might attempt to push prices back above the $129.58 resistance. If successful, the pullback can extend to the upper end of the channel, close to $160.  

DASH/USD

However, as the DASH/USD pair is in a downtrend, we anticipate a strong resistance at $129.58 and at the 20-day EMA. During the next down move, if the support at $98.01 breaks, the next support is at $75. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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EToro CEO: We’ll See ‘Greatest Transfer of Wealth Ever Onto the Blockchain’ [Interview]

Yoni Assia etoro

Bitcoinist spoke with Yoni Assia, CEO of the largest social trading platform in the world eToro on their latest push to take cryptocurrency mainstream.  Interview with eToro CEO, Yoni Assia With over 10 million users globally, eToro has become a somewhat of a household name. It is also no secret that the company has been a big supporter of Bitcoin and other cryptocurrencies for a few years now. Its logo is often seen alongside numerous

The post EToro CEO: We’ll See ‘Greatest Transfer of Wealth Ever Onto the Blockchain’ [Interview] appeared first on Bitcoinist.com.

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Crypto Markets See Calm as Most Coins Consolidate Recent Gains

Crypto markets are seeing some stability today, with most major coins seeing only minor ups and downs.

Tuesday, Oct. 16: Crypto markets are seeing some stability today following yesterday’s market upsing, with virtually all of the major cryptocurrencies seeing only minor price changes, both red and green, as of press time.

Tether (USDT) has meanwhile seen a recovery, having yesterday slipped from its U.S. dollar peg to trade well below its historical price range, briefly dipping as low as $0.925.

Market visualization by Coin360

Bitcoin (BTC) is trading at $6,580 at press time, down close to 1 percent on the day, according to CoinMarketCap. During a short-lived spike yesterday, which correlated with Tether’s price drop, Bitcoin traded as high as $6,673, but has since corrected to the price range it saw at the beginning of its weekly chart, despite several days of heavy losses on the crypto markets mid-week.

Overall on the week, the top coin has virtually not budged, and is 0.06 percent down as compared with Oct. 9. On the month, Bitcoin is up around 1.72 percent, again remaining relatively stable.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down just fractionally, by 0.3 percent, to trade just under $210, according to CoinMarketCap. Having seen an intra-week low of around $189 on Oct. 12, followed by a couple of days of sustained losses, the leading altcoin also saw a major spike yesterday, Oct. 15, to trade as high as $220.

On the week, Ethereum is around 7.5 percent in the red; monthly losses are around a milder 3.2 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is the strongest performer among the top ten coins by market cap, up 3 percent to trade at $0.454 at press time. The asset saw a spike parallel to BTC and ETH yesterday, but has seen solid performance today and is trading only slightly below yesterday’s peak at $0.567.

Having shed value during the market-wide losses Oct.11-14, Ripple is around 4.4 percent in the red on its weekly chart. Nonetheless, due to its soaring successes in September, Ripple’s monthly growth is at close to 64 percent.

Ripple 7-day price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are seeing an almost even mix of gains and losses, capped within a 2 percent range in both directions.

Tether (USDT) has reclaimed most, if not all, the ground it lost during yesterday’s tumble, and is up 1.6 percent to trade at $0.98 at press time. Although reasons for Tether’s losses yesterday are not confirmed, unconfirmed reports have recently circulated that banking complications appear to have beset both Tether and associated crypto exchange Bitfinex.

Others have proposed the market sentiment was tied to investors “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar.

Tether 7-day price chart. Source: CoinMarketCap

The market’s seventh largest coin Litecoin (LTC) is down 1.66 percent to trade at $54.25 by press time. Still among the top ten, Cardano (ADA) and Monero (XMR) are both up about 1 percent on the day to press time.

In the context of the top twenty coins, the picture is also mixed, with most coins seeing minor price change capped within a 2 percent range, though with a couple of notable exceptions.

Tezos (XTZ) has soared 13 percent on the day and is trading at $1.44 at press time.

Tezos’ 7-day price chart. Source: CoinMarketCap

Dogecoin (DOGE) and Binance Coin (BNB) have both seen above-average price changes on the day, both down about 3 percent at press time.

Total market capitalization of all cryptocurrencies is down to around $211.1 billion as of press time — having reached as high as $220.2 billion briefly yesterday, Oct. 15.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today investor and crypto bull Mike Novogratz tweaked his price forecast for Bitcoin, predicting the top crypto would in fact not break $10,000 in 2018. He suggested instead that during “Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.”

In other crypto news, stablecoins continue to make headlines this week, with blockchain trust company Paxos announcing it has already issued around $50 million worth of its recently-launched U.S.dollar-backed stablecoin, PAX.

Notably, with regards to better-known thought controversial stablecoin Tether, stablecoin issuance at this scale has drawn both speculation and criticism in regards to its possible impact on Bitcoin (BTC)’s price performance.

As reported yesterday, the now second largest crypto exchange by market cap OKEx announced it would be listing four stablecoins at once – PAX, TrueUSD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD) – the same day as U.S.-based crypto payment processor BitPay announced it had started to accept two stablecoins for merchant settlement, GUSD and USDC.

Following OKEx’s move, another major crypto exchange, Huobi, announced their listing of the same four USD-backed stablecoins today.

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Crypto Market Keeps Its Balance After Recent Sell-Off, Bitcoin Above $6,300

Crypto markets hold steady after the recent sell-off, most of the top 20 coins by market cap see slight growth, Bitcoin trading above $6,300.

Sunday, October 14: crypto markets keep their balance after the recent sell-off this week, with most of the 20 top coins by market cap slightly in the green. Fluctuations on the markets in both directions have for the most part been no more than 1 percent, as data from Coin360 shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has seen slight growth over the past 24 hours, having strengthened to above the $6,300 threshold. At press time, the major cryptocurrency is trading at $6,331, slightly down from its intraday high around $6,360, while recovering from its intraday low around $6,277. On the week, Bitcoin is down almost 4 percent from around $6,580.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has also seen a slight rebound, up around half a percent over the past 24 hours to press time. The second cryptocurrency by market cap has been hovering just above the $200 price point in the second half of the day, and is trading at $202 at press time. In terms of weekly dynamics, Ethereum is down about 11 percent to press time.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization of all cryptocurrencies is hovering around the $200 billion threshold, appearing to stabilize after the crypto markets’ recent decline. At press time, total market cap amounts to $202.8 billion, slightly down from $204 billion earlier today.

Total market capitalization 24-hour chart. Source: CoinMarketCap

Bitcoin dominance — or the percentage of the total crypto market cap that is Bitcoin’s — has been steadily near 54 percent today. At press time, Bitcoin dominance is at 54.1 percent.

Among the top 20 cryptocurrencies by market cap, TRON (TRX), the eleventh largest, has seen the most notable change over the past 24 hours to press time, up a solid 3.66 percent.

TRON continues to see gains today following a recent cryptic announcement from its CEO of a partnership with an unnamed “industry giant” that is valued at “tens of billions of dollars.” Following the tweet an unconfirmed report was released claiming that TRON has partnered with China’s Internet giant Baidu.

Crypto analyst Joseph Young commented on Twitter today expressing concern about Bitcoin’s trading volumes, claiming they are “approaching yearly low once again” and adding “Decent short-term recovery earlier today (October 14) but low volume is really concerning.”

Young has also participated in an ongoing Twitter battle recently between the crypto community and American economist Nouriel Roubini, who has been posting particularly audacious anti-crypto Tweets — most recently calling the whole idea of crypto “fascist at core.”

The crypto commentator today retorted a recent Tweet from Roubini about Bitcoin transaction fees that claimed “the cost per transaction of bitcoin is literally $60.” Young clarified for Roubini that “cost per transaction” is in fact different from “transaction fee.”

Roubini — a New York University professor also known as “Dr. Doom” for reportedly predicting the 2008 financial crisis — recently testified in a U.S. Senate hearing on cryptocurrency.

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Amidst Mixed Price Action, Half of Top Ten Cryptos See Green

Crypto markets are seeing a mix of red and green, with 10 out of top 20 coins by market cap growing by less than 2 percent each.

Saturday, Oct. 13: crypto markets are seeing mixed price movements, as half of the top 20 coins by market cap have grown on the day.

The overall market is relatively stable, with two major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) seeing changes in value of under 1 percent.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin has been fluctuating between $6,200 and $6,300 over the day. It’s intraday high was $6,323, while the intraday low was $6,259. At press time, Bitcoin is trading at $6,279, down around 0.3 percent over the past 24 hours. The dominance of Bitcoin’s market capitalization currently amounts to 53.9 percent.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum has fared better over the day, seeing growth of almost 1 percent, to trade at $199. The cryptocurrency has recovered slightly, following a drop to as low as $191 on Oct. 11, according to Cointelegraph Ethereum Price Index.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

In contrast, Ripple (XRP) has taken a downturn over the past 24 hours. After experiencing significant growth yesterday, Ripple has dropped by around 2 percent on the day, and is now trading at $0.42. The third largest cryptocurrency by market cap is still up 50 percent over the past 30 days, due to a price surge on Sept. 20.

Ripple 30-days price chart

Ripple 30-days price chart. Source: Cointelegraph Ripple Price Index

The total market capitalization has been hovering around $201 billion in 24 hours to press time. Specifically, it now amounts to $201.5 billion, with an intraday high of $202.8 and a low of $200.7 billion.

Total market cap 24-hours chart

Total market cap 24-hours chart. Source: CoinMarketCap

Daily trade volume of the entire crypto market has recently dropped below $10 billion for the first time since Aug. 26, when Bitcoin was trading above $6,700, and Ethereum was above $270.

TRON (TRX), the eleventh largest cryptocurrency by market cap, is seeing some of the largest gains on the day, according to CoinMarketCap. Following a recent announcement of a partnership with a unnamed “industry giant” that is valued at “tens of billions of dollars,” TRX is up around 1.4 percent over the day, to trade at $0.023 at press time.

Earlier today, Cointelegraph wrote about an unconfirmed report that TRON has actually partnered with a Chinese Internet giant Baidu.

American economist Nouriel Roubini testified before the U.S. Congress with a speech “debunking” crypto on Oct. 11. Also known as Dr. Doom for predicting the 2008 economic crisis, Roubini has followed up with yet another anti-crypto tweet, claiming that the idea of crypto is “fascist at core” due to “paranoia & conspiracy” about centralization.

Responding to Roubini’s statement, crypto commenter WhalePanda has called the economist’s tweet “the dumbest thing you will read on the internet today.”

Crypto analyst and host of CNBC’s Crypto Trader show Ran Neu-Ner has tweeted a poll, asking his audience who should debate Roubini. As of press time, the winning candidate is Ethereum’s co-founder Vitalik Buterin, with 33 percent of the audience casting their vote for him.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 12

While many predicted Bitcoin to be an alternative to gold, during the recent drop in stock markets, cryptocurrencies also sold aggressively.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

In 2017, Bitcoin (BTC) was being projected as an alternative to gold. Many believed that with its unique properties, the leading digital currency would replace the precious metal as a preferred choice of investment when the markets enter a risky environment.

However, during the recent drop in the stock markets, cryptocurrencies were also sold aggressively. Does this mean that digital currencies will not be considered as a safe haven investment in the future?

Not likely. There have been many instances in the past when gold has faced aggressive selling along with the more risky assets. In 2008, even though gold was in an uptrend, it was initially sold off along with the other asset classes, only managing to find its footing in the last quarter of the year.

It’s too early to say that virtual currencies are not a safe haven investment and are doomed. Those who don’t understand the significance of the new technology are mostly the ones who continue to criticize it.

Others, including governments and a number of large corporations, are exploring options to use blockchain technology in various fields. Several prominent Universities’ endowments are investing millions of dollars into cryptocurrency funds.

After the recent steep fall on crypto markets, do the chart patterns predict an even deeper fall, or a sharp rebound? Let’s find out.

BTC/USD

Bitcoin nosedived Oct. 11, breaking below the support at $6,341. Though we would have expected a retest of the critical support zone at $5,900–$6,075.04, the bulls are currently attempting a pullback.

BTC/USD

If the bulls close (UTC time frame) above $6,341, the BTC/USD pair will again try to break out of the downtrend line of the descending triangle. The bulls will have to scale a slew of overhead resistances before the trend changes. A rally above $6,831.99 will indicate the start of a new uptrend.

A break of the $5,900 mark will trigger a number of stops, resulting in a sharp fall. Currently, the moving averages are flat, with the 20-day EMA showing signs of turning down and the RSI in the negative territory. This shows that the bears have an upper hand.

Therefore, we suggest traders keep their stops at $5,900. The next few days are critical and can shed some light on the future direction.

ETH/USD

The tight range bound trading in Ethereum has resolved on the downside and broke below the support at $200. The bulls are currently trying to bounce from $188.

ETH/USD

Both moving averages are turning down and the RSI is in the negative zone, which shows that the bears have an advantage. A break of the Oct. 11 intraday low of $188.35 can result in a drop to the Sept. 12 low of $167.32.

The ETH/USD pair will gain strength and show signs of a trend change if it sustains above $249.93. Until then, we suggest traders stay on the sidelines.

XRP/USD

Ripple broke below the support at $0.4255 on Oct. 11, triggering our stop loss. The price nosedived below the 50-day SMA and found support close to the 78.6 percent retracement level.

XRP/USD

On the upside, the zone between $0.4255 and the 20-day EMA will act as a strong resistance. The 20-day EMA has started to turn down and the RSI is in the negative zone, which shows strong selling pressure in the short-term.

If the bears break below Oct. 11 intraday lows, the XRP/USD pair might plunge to $0.26913, completing a 100 percent retracement of the recent rally. The first sign of strength will be a move above the downtrend line.

BCH/USD

The bulls are trying to keep Bitcoin Cash inside the symmetrical triangle. A break down of the triangle and the Sept. 11 intraday low of $408.0182 will resume the downtrend. The next support on the downside is $300.

BCH/USD

If the bulls succeed in defending the support line of the triangle, the BCH/USD pair will again attempt to rise to $530.

The 20-day EMA is starting to slope down and the RSI is below 50 levels, suggesting bears have the upper hand. We recommend traders keep a stop of $400 on their long positions.

EOS/USD

After clinging to the resistance line of the symmetrical triangle for three days, EOS tumbled on Oct. 11, breaking below both moving averages and the trendline of the triangle.

EOS/USD

The bulls are currently attempting to hold the $5 line, below which, a drop to $4.49 is possible. The traders can protect their long positions with a stop of $4.9. The EOS/USD pair will attract buyers if it breaks out of the overhead resistance zone at $6.044–$6.3117.

XLM/USD

The fall in Stellar hit our stop loss suggested at $0.21. The current pullback attempt might face resistance at the 50-day SMA and the 20-day EMA.

XLM/USD

The XLM/USD pair will invalidate the descending triangle pattern if it can sustain above the downtrend line. The failure of a bearish pattern is a bullish sign; hence, we might suggest long positions on a successive close above $0.26.

On the downside, any break below the Oct. 10 intraday lows can push the price towards the critical support of $0.184.

LTC/USD

From the midpoint of the range, Litecoin has declined to the bottom of the range of $49.466–$69.279. A break of the support can resume the downtrend and push the price towards the next support at $40.

LTC/USD

The bulls are currently trying to bounce from close to the $50 mark. $60 will continue to act as a resistance on the upside.

The LTC/USD pair will show strength if it can sustain above $69.279. Until then, volatile trading inside the range is likely.

The aggressive investors can wait for today’s close and buy a small quantity with the stops below $47. A conservative investor should wait for the break out of the range before attempting a buy.

ADA/USD

On Oct. 11, Cardano broke below the first support at $0.073531, but the bears have not been able to capitalize on the fall.

ADA/USD

Currently, the bulls are attempting to push the price back above $0.073531. If successful, the  ADA/USD pair will continue to trade inside the range of $0.073531–$0.094256.

If the bears thwart the attempt, the cryptocurrency can decline to the recent low of $0.060105. We can’t find any buy setups and are not recommending a trade on the pair.

XMR/USD

After days of tight range bound trading action, Monero broke down of the range on Oct. 11, triggering our suggested stop loss at $106. It is currently trying to bounce off the psychological support at $100.

XMR/USD

The previous support of $107.8–$112 will now act as a strong resistance. The XMR/USD pair will show signs of strength if the bulls scale above the moving averages.

If the bears defend the overhead resistance, a drop to the lower level of $90 is likely. Traders should wait for a new buy setup to form before attempting to get in again.

TRX/USD

TRON has broken down of both moving averages, which extends its stay inside the range of $0.0183–$0.02815521.

TRX/USD

Both moving averages are flat and the RSI has dipped into the negative territory, which shows that the sellers have an advantage in the near-term. If the bulls fail to scale the 20-day EMA, the probability of a fall to the bottom of the range will increase.

The TRX/USD pair will resume its downtrend if the bears succeed in sustaining below $0.0183. Traders should wait for a breakout and close (UTC time frame) above the range to establish new positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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