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Total crypto market capitalization has held the $200 billion mark for the past few days. This is a positive sign, as it shows that market participants are not panicking at lower levels but are using dips to buy. The first leg of the bull phase was led by Bitcoin, which saw its dominance rise from just above 50% at the start of the year to about 71% in early-September.
Analysts offered technical explanations for the recent downswing, noting that bitcoin is merely moving in response to psychological levels. Amsterdam-based stock trader, known by the alias ‘Crypto Michaël,’ for instance, said that bitcoin could test the $8,300-8,400 range for the next pullback. At the same time, the cryptocurrency could locate decent support in the field defined by $7,800 and $7,900.
So how does BTC compare to other assets? Well, if you check gold, an asset that shares some similarities with Bitcoin in terms of scarcity and use, you’ll see that it displays a 16% YTD return. The commodity has benefited from the Sino-US trade conflict, Brexit uncertainty, and geopolitical tensions.
Elsewhere, Nickel is the best performer among commodities, gaining over 63% since January 1.
The S&P 500 (SPX) may have bounced from last week’s selloff but it seems that investors remain jittery. You can’t blame them. Uncertainties from the trade war, global dollar shortage, and weak manufacturing data are all threatening an index that’s trading close to all-time highs. As a result, fear is driving stock market sentiment.
The price of Bitcoin looks like it has another bounce near the $7,700 zone in the next 72 hours, following which the price will record a breakout to the top, a development that might push the price of Bitcoin to $8,500. Further breaching this point would lead the price to $9,700 and above the 200-day moving average.
The XRP market price is moving, though on a limited scale. XRP is up to $0.27, with expectations of regaining $0.30. Here are the five factors that may put XRP back on the map. Ripple Signals Lowered Selling: The Ripple Escrow releases 1 billion coins each month, but Ripple, Inc. signaled it would not rush to sell the coins.
From betting on Bitcoin as a long-term play to booking travel plans with five more currencies, here’s a look at some of the stories breaking in the world of crypto.
- Bitcoin recovery short-lived as bearish pressure thrust the price against $8,200 support.
- The short-term bearish picture is likely to give way to consolidation above $8,000 before the next rally.
It really looks like Bitcoin has a fighting chance to stay at this level. However, it has to contend with the general look of a downtrend that was established after the September breakdown — a downtrend which seems like it needs at least one more leg down before finding bottom (especially according to “Elliott Wave” analysts).
The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
The lightning network is supposed to be bitcoin’s superhero, taking the cryptocurrency to new heights by tackling its toughest and most obvious problem: if cryptocurrency is ever going to “go mainstream,” it needs to support a million times more transactions than it currently does – which is no easy feat.
But by the looks of this graph, lightning appears to be losing momentum. The amount of funds locked up in the layer-two network looks to be decreasing, seeming to indicate that fewer people are using it as a payment method. A lightning “channel” is like a gateway to the rest of the network, allowing a user to send a payment to any other user.
The system comes from the Microsoft-born Token Taxonomy Initiative that aims to create a common framework for tokenizing value across all blockchains. Such companies as ConsenSys Solutions, PegaSys, Kaleido, Envision Blockchain and iExec all participate in creating a system for sustainable blockchain development.
Research by cryptocurrency researchers has shown that Bitcoin SV has suffered one of its biggest plunges in October. Twitter shows that the “altcoin mention season” has drastically dropped this month, TIE reported. The plunge even worsened after Bitcoin went below the $8,000 mark at the beginning of October. It is, however, reported that some altcoins have remained stable. Altcoins were even able to rally on some days though it did not bring too much hope.
A new report surfaced earlier Monday claiming that at least 15 of Libra’s 27 founding partners are directly or indirectly associated with Facebook. BeInCrypto is yet to independently verify whether these links, as highlighted by the report, are tainted by conflict of interest of some sort. Nonetheless, it appears that there is enough substance in the report to raise serious questions about Facebook’s claim that the Libra ecosystem is based on a cooperative system where all stakeholders have equal say.
Messaging giant Telegram has released a terms-of-service agreement for its recently launched Grams wallet. In the “Use of the Services” part, the company claims that it won’t be able to control the public and private keys of Gram owners (as well as other sensitive data such as backup phrases). Hence, similarly to Bitcoin and other cryptocurrencies, the holder is solely responsible for managing his tokens.