Category Archives: Altcoin
The Altcoin Index Perpetual Futures broke out of a major resistance level in the past week, which may indicate that due to the strong momentum in the crypto market, major altcoins are in a prime position to sustain their upward movement.
After breaking out of the resistance level the first time, it corrected to retest the level, consolidated, and cleanly broke out of the resistance level.
These four factors, which can be considered as a complete cycle of bottoming out on a lower time frame, could act as a catalyst for the altcoin market.
Within hours, the prices of major crypto assets in the likes of Ethereum, XRP, Bitcoin Cash, Bitcoin SV, Litecoin, and EOS surged by anywhere in between 5 to 50 percent.
Bitcoin Cash and Bitcoin SV increased by the largest margin on the day, by 15 percent and 47 percent respectively.
As reported by NewsBTC previously, the altcoin market due for a relief rally because it was significantly oversold at low levels.
Against bitcoin, most crypto assets dropped by 50 percent in the last six months alone, some assets like Ethereum and XRP ending 2019 with a net negative.
According to cryptocurrency trader Josh Rager, the bitcoin price is likely to test $8,750 as the next imminent resistance level.
[Bitcoin] looks good. $7,900s acted as support at the previous range in Sept-Oct 2019 and is currently acting as support now as the POC (point of control since May). Test of $8750 should be next, test and close above should rip up to $9050+. If price breaks down, $7900s is support, he said.
If the bitcoin price remains at the mid-$8,000 level and stabilizes in the short-term, sideways movement of BTC following a large rally could establish an environment for altcoins to thrive in.
The Ethereum price broke out of a key resistance level for the first time since December 2019 (Source: TradingView)
Most altcoins are up by around 40 percent in the past month, even for major crypto assets like Ethereum.
While the sentiment around the crypto market remains optimistic, altcoins could retrace in the short-term in a steep pullback if the market reacts with lackluster buying demand at higher levels.
As said by a prominent cryptocurrency trader, the breakout of bitcoin to the mid-$8,000 area was significantly weaker than its upsurge to $12,000.
Bitcoin often pulls back after a 30 to 40 percent move. If there is not enough demand to push BTC to the $9,000s, which many investors anticipated would happen the first time it broke out of $8,000 on January 8, it may leave the dominant cryptocurrency vulnerable to a pullback.
Go here to read the rest:
These 4 Factors Suggest the Altcoin Crypto Market Rally is Only Just Beginning - newsBTC
The altcoin known as Chainlink had a stellar year last year in 2019, outperforming the rest of the entire crypto market by a wide margin, while many other assets fell to new lows.
However, according to a new poll, crypto investors at large expect the altcoin to be a top-performing asset once again this year. Will lightning strike twice for altcoin known as Chainlink?
With 2019 now in the rearview mirror, in hindsight, we can see which assets were the top performers across the crypto market. While exchange-based utility tokens dominated the best ROI from cryptocurrencies in 2019, one particular altcoin Chainlink topped all other crypto assets, including Bitcoin.
Chainlink closed out the year with nearly a 500% return on investment. Bitcoin, for comparison, only ended the year at roughly a 100% return.
Related Reading | Chainlink, Exchange-Related Tokens Dominate Crypto ROI Last Year
That trend is expected to continue, as a new poll asking crypto investors which altcoins they expect to be top performers in 2020 have been dominated by the altcoin Chainlink.
Although a dozen or so altcoins are listed by name in a Twitter poll, four main choices can be selected to vote, including Chainlink, Basic Attention Token, Binance Coin, and Cardano. Why these four altcoins were chosen is anyones guess, however, they are among the most promising and hyped coins across the crypto market.
Chainlink captured the bulk of the votes with over 70% of respondents expecting another stellar year for the altcoin project. Basic Attention Token, the utility token powering the Brave browser and new internet economy, took just 10% of the vote. Cardano was in second with 12% of respondents votes, while Binance Coin was in the last place capturing only 5% of the total votes.
Binance Coin being lower than Basic Attention Token or Cardano is surprising, as Binance Coin was yet another one of cryptos top performers of 2019, much like Chainlink that took the top spot on the poll.
If Chainlink has another year like 2019, it could very well find itself in the top ten cryptocurrencies by market cap alongside Bitcoin, Ethereum, Litecoin, Ripple, and other mainstay crypto projects, bringing it invaluable additional visibility and familiarity for new investors.
Only time will tell if Chainlink has another strong performing year this year, but for now, the crypto asset may see some downside as the Tom Demark TD9 Sequential has triggered a sell signal on LINK/USD daily price charts.
Related Reading | These Five Altcoins Crushed Bitcoins 2019 Returns
However, given the bullish sentiment surrounding Chainlink, any downside is likely to be short-lived and the altcoin will rally once again.
See the original post:
Poll Shows Crypto Investors Expect ChainLink To Be Top Performing Altcoin in 2020 - newsBTC
The last couple of hours have been every cryptocurrency holders dream come true. Particularly for altcoin holders, the last few hours have brought nothing but good fortune. After missing for a couple, market bulls are back and they are asserting their dominance.
In a couple of hours, they have added billions of dollars to the market and now it stands at around $240 billion. Much of the gains have come from altcoins with Bitcoin enjoying relative gains.
While Bitcoin enjoys gains of around 8%, other major coins are recording jumps of up to 90% in the case of Bitcoin SV. A majority of altcoins, however, are seeing gains of 10% to 30%. So does this mean the return of the altseason?
For the better part of 2019, there was a lot of talk about the altseason making a return. During this time, the market generally sees Bitcoin outperformed by other cryptocurrencies. It also sees its dominance drop rapidly as investors choose other cryptocurrencies, which perform better than the market leader.
So far, all this has taken place. While Bitcoin is rallying by 8%, Ethereum and XRP are rallying by 14% and 13% respectively. The same goes for other major cryptocurrencies with all top ten cryptocurrencies enjoying double-digit gains.
In regards to market dominance, Bitcoin which was earlier in the day above 68% has at the time of writing this fallen to 66.5%. This is expected to continue dropping if altcoins continue performing better than Bitcoin. Bitcoin holders are however not to be alarmed unless its dominance falls below 60%.
The altseason is back. And it could not have come at a better time. Bitcoin is in the next few months going to surge to new highs inspired by its block halving. Altcoins are now getting a head start before Bitcoin can begin its rally. The altseason will see altcoins garner up some dominance and avoid losing to Bitcoin during the upcoming halving. The dominance they accumulate now will further ensure they enjoy strong support and ensure higher lows if Bitcoin begins outperforming them.
Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram
Read the original here:
Is This The Return Of The Altseason? Pumped Up Altcoins Leave Bitcoin In The Wind - ZyCrypto
An Ethereum Classic (ETC) development organization is warning the public against a possible scam that is attempting to exploit users the day after the altcoin completed its hard fork.
In a tweet posted by the ETC Cooperative on Jan. 13, they ousted an alleged scam calling itself EAgharta in resonance with ETCs bona fide Agharta hard fork:
Needless to say, EAgharta is a complete scam, probably from the same people who did something very similar at Atlantis. Stay away. ETC Agharta did not result in new Agharta coins. They are just trying to scam you.
On Jan. 12, Ethereum Classic had activated the Agharta hard fork, which aims to improve interoperability with protocol changes introduced to its blockchain via its Constantinople and St. Petersburg upgrades last year.
The occasion of the hard fork appears to have spurred the malign actors behind EAgharta to attempt to exploit the event and peddle fraudulent proprietary Agharta coins. New tokens have, as ETC Cooperative emphasizes, not in fact been created as part of the networks hard fork.
To warn users, ETC Cooperative posted a screenshot of EAghartas Twitter handle and its solicitations to users to safely claim Ethereum Classic #Agharta (ETC Hard Fork).
The Twitter handle links to the schemes site and its Trumpian byline of Agharta Hardfork - make Ethereum Classic great again!
Once users enter the site, it prompts them to enter and save a password in order to ostensibly create a new, dedicated wallet. Etcagharta.org maintains it does not hold users keys on their behalf:
We cannot access accounts, recover keys, reset passwords, nor reverse transactions. Protect your keys & always check that you are on correct URL [sic.]
The ETC Cooperative is an organization that oversees and deploys funds from Grayscale Investments for the development of the ETC network. The cooperatives spending policy supports the development of the Ethereum Classic network, infrastructure and related applications.
Ethereum Classics name itself derives from the highly contentious hard forking of the Ethereum Network in 2016 in the wake of the DAO scandal.
Classic refers to the fact that the altcoin runs on the original version of the blockchain before the time of the fork and was added to the cryptocurrencys name to distinguish it from its ultimately more famous successor, Ether (ETH).
With Ether currently ranked largest altcoin by market cap, Ethereum Classic lags some way behind in 19th place. It is trading at $5.42, seeing virtually no change over the 24 hours before press time.
Read more from the original source:
Ethereum Classic Cooperative Warns Public Against Apparent Hard Fork Scam - Cointelegraph
Upbit, a top South Korea-based cryptocurrency exchange that lost $51 million worth of ether (ETH) to hackers last year, has announced that it has resumed deposits and withdrawals for the altcoin, reports Business Korea on January 14, 2019.
Cryptocurrency exchange hacks and heists remains a pain in the neck for market participants in the digital assets ecosystem and South Koreas Upbit exchange tasted its fair share of the bitter cake last November, in a $51 million ether (ETH) hack.
However, after nearly two months of shutting down deposits and withdrawals for the worlds second-largest cryptocurrency by market capitalization, Upbit has now decided to move on with its normal operations.
Per sources close to the matter, Upbit, the Dunamu-owned bitcoin (BTC) trading venue has reinstated ether (ETH) deposit and withdrawal services on January 13, 2019, just a few days after it reportedly normalized deposit and withdrawals for other altcoins including litecoin (LTC), XRP and EOS.
Notably, in a bid to safeguard its assets from future hacks, the exchange has made it clear that it has now replaced the previous ether wallet with a new wallet system and has asked users to take note of its new ether wallet addresses.
We have put in place a new wallet system for deposit and withdrawals of digital assets. It is difficult to specify whether to open or withdraw funds one by one or all at once in the future.
While centralized exchanges are yet to find a permanent solution to the menace of crypto hacks, most established platforms, including Changpeng Zhaos Binance have put measures in place to ensure users get their entire funds back even after a major hack.
Reportedly, Upbit recently released its due diligence report and the exchange stated that it covered the entire 342,000 stolen ether with its own assets.
Its worth noting that this is not the first time that bad actors are targeting Upbit crypto exchange.
As reported by BTCManager earlier in May 2019, the North Korean hacking group, Kim-Soo-Ki, launched a phishing attack on Upbit, in an effort to steal users funds.
Despite the ups and downs, Upbit remains one of the Korean crypto exchanges doing its best to promote the growth of the blockchain ecosystem. The exchange organized its first blockchain developer conference in September 2018.
Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4
While Litecoin started 2019 with a massive rally leading up to the assets hard-coded halving, the fifth-largest cryptocurrency by market cap later retraced almost the entire rally. It also led the way for a massive altcoin run, just before Bitcoin began to skyrocket and caused the alt market to correct.
After a steady, prolonged decline, Litecoin has begun rallying once again, growing 10% on the day against the dollar and as much as 5% against Bitcoin. Litecoin gaining once again, could also be a sign that altcoins are finally going to grow in value after an extended selloff.
Litecoin broke out this week alongside Bitcoin, and quickly rocketed out from the recent lows and trading range the cryptocurrency had been confined within. But while Bitcoin struggles to gain its footing for a move higher, Litecoin was able to go on a massive, 13% rally intraday against the US dollar.
Related Reading | Max Pain: Bitcoin Boredom Incoming Before Bull Market Begins
On the LTC/USD trading pair, Litecoin after this weeks rally drop back down to a low for today of $43.75, then over the course of a few hours gained as much as 13% to reach $49.50 before retracing to current levels around $48.75 for a solid 10% gain on the day.
Crypto analysts on Twitter had been asking why Litecoin was pumping, but its likely due to the altcoin market and even Bitcoin, being so oversold due to the ongoing downtrend, that even the smallest glimmer of bullish sentiment can send the price of crypto assets flying high.
Litecoin isnt just gaining against the US dollar, but also against Bitcoin. On the LTC/BTC trading pair, Litecoin outperformed Bitcoin today by as much as 5%, even with Bitcoin climbing on the day as well.
Litecoin is often called the silver to Bitcoin as digital gold, but the two cryptocurrencies dont always have much correlation. As Litecoins halving was reached, Bitcoin took off on a rally, while LTC dropped from highs around $145, all the way back down to a recent local low of $36 marking a 75% decrease in price.
But on the Bitcoin pair, things werent much better, as nearly even altcoin in the market, including Litecoin, lost significant value from their ratio against BTC.
Ahead of its halving, the 5th ranked crypto asset by market cap reached 18,911 sats on the ratio, falling to a low of just 5,481 satoshi, representing a 71% drop against Bitcoin. During todays rally, Litecoin rose 7% bringing the price to over 6,100 sats before falling to current prices and closing the day with a 5% gain.
Related Reading | Crypto Bubble Deja Vu: Altcoin Lisk Gains 50% Against BTC
Litecoin rallying against Bitcoin bodes well for the altcoin market, as when this occurs it usually kicks off a major rally across the entire asset class. Typically, during these phases, Bitcoin either also rises or stays relatively stable, allowing the alternative crypto assets a chance to regain some lost ground against the reigning king of crypto.
Read the original here:
Litecoin Gains 10% Against The Dollar, Is This The Start of an Altcoin Rally? - newsBTC
Cryptocurrency exchanges are the backbone of the industry. For some companies, remaining operational is a challenge.
Cobinhood, a once popular trading platform, will seemingly throw in the towel.
More specifically, the company has confirmed it will shut down starting today.
There will also be an audit of user accounts to ensure funds can be withdrawn.
It is expected that this process will last an entire month.
For the time being, users are advised not to deposit any money, as those transfers could be lost permanently.
Why the exchange is shutting down exactly, remains a big question.
No official reason has been provided in this regard, even though users deserve an explanation.
This news also comes following a similar notice by the COSS exchange.
It too leaves users without funds for a full month, allegedly to move to a brand new platform in the coming weeks.
It seems unlikely that both incidents are related to one another.
However, Cobinhood suddenly shutting down raises a lot of questions that cant be answered.
Why the auditing process takes a full month, remains unclear as well.
There is a chance a hack of theft of funds has taken place.
Incidents like those can often force an exchange to shut down accordingly.
Cobinhood is the Latest Altcoin Exchange to Shut Down - NullTX
Sunday, Jan. 12 most of the top cryptocurrencies are reporting moderate gains on the day by press time, as Bitcoin (BTC) hovers around the $8,100 mark again.
Market visualization courtesy of Coin360
Among the top cryptocurrencies, the one that has seen the most growth over the last 24 hours is DASH, which was up by around 16.27% at its peak. The coin currently stands at $66.84 with a 13% gain over the past 24 hours. The weekly chart shows a growth of 33.7%.
Dash 7-day price chart. Source:Coin360
Also NEO has seen notable growth, with its current price of $10.35 being exactly 7.45% higher than the same time yesterday. Over the last week, the coin grew by 11.44%.
Neo 7-day price chart. Source:Coin360
Bitcoin price is currently up by 0.48% on the day, trading at around $8,102 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 8.28%.
Bitcoin 7-day price chart. Source:Coin360
Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $15.8 billion. The second-largest altcoin, Ripples XRP, has a market cap of $9.3 billion at press time.
Coin360 data shows that ETH has seen its value increase by about 1.37% over the last 24 hours. At press time, ETH is trading around $144. On the week, the coin has also gained about 5.1% in value.
Ether 7-day price chart. Source:Coin360
XRP is up by about 2.04% over the last 24 hours and is currently trading at $0.214. On the week, the coin is up by 10.3%. The coins price is still holding on to a big portion of the gains that it obtained at the beginning of the week.
XRP 7-day price chart. Source:Coin360
At press time, the total market capitalization of all cryptocurrencies is $217 billion, about 8.66% higher than the value it reported a week ago.
Source: iStock/Vitalij Sova
2020 will see the mining pools start to integrate more altcoin mining with huge market potential and risks, says token data and rating agency TokenInsight.
The agency's 2019 mining industry report claims that there are only 64 mineable coins including Bitcoin (BTC) with more than USD 100,000 trading volume in 24 hours, and these (with BTC) account for 82% of total crypto market capitalization. What we're seeing now is altcoin mining and staking entering the main stage, says the report. These will get more market attention, and an increasing number of mining pools will start to integrate them, wanting to differentiate their services, diversify revenue streams and compete with other mining pools.
Also, as the industry faces the issues of transparency and supervision, major mining pools are actively building brand credibility, and its likely that the future will bring inspection and reporting in cooperation with independent third parties and decentralized mining pool protocol.
This year, we might also see more cloud mining products launched targeting the broader market. However, the future of the cloud mining market is outside of China, particularly in Russia, TokenInsight finds, adding that the number of users in Russia is staggering. The countrys development and participation in BTC mining will increase in 2020 with the ease of policies on crypto, but also the weather advantages.
According to the researchers, cloud mining platforms are relatively concentrated, with nine platforms sharing more than 80% of the market, while most of the cloud mining products are currently unprofitable.
Taking the Bitcoin mining reward halving in May into account, under the current mining difficulty and BTC price, most of the cloud mining products on the market are not worth investing in. When the block reward is halved, if the hashrate, or the computing power of the entire network, is reduced by the same proportion, then less than half of the cloud mining products tracked by TokenInsight cant make a positive ROI (return on investment), says the agency.
Also, the researchers claim that the whole mining industry is extremely concentrated, with the top four companies accounting for c. 95% of the market. The agency made 2020 predictions for SHA-256 ASIC mining hardware market shares, finding that Bitmain will continue its reign with 63%, Canaan will climb up, back to the 2nd place, with 18% of the market share. If Eband goes public in 2020, it will have a positive impact on its market share and will squeeze out other players. Whatsminer has more than 20% of the market share in 2019, but its founder Yang Zuoxing, was arrested in 2019.
Nonetheless, what will largely determine the success or failure of mining hardware manufacturers, says the report, is the support of chip makers. The chip supply is relatively in shortage, and mining hardware manufacturers have to compete with mobile phones for it.____
Watch the latest reports by Block TV.
Watch Bitcoin educator, entrepreneur Andreas M. Antonopoulos, discussing the economics of mining pools and is it possible that certain wallets are collaborating with mining pools to propagate there first.
The world of cryptocurrencies is often talked about in the context of future developments, which is why Bitcoin mining has been largely spoken of in the background of the upcoming halving. However, altcoin mining has been fairly unnoticed. Unlike Bitcoin mining, altcoin mining is considered more complex. Thus, it is still at a relatively nascent stage, said a report by TokenInsight.
As per CoinMarketCaps listing, there are over 400 mineable coins in the market, out of which only 63 coins, excluding BTC, have a ~$100k+ 24-hours trading volume. The mineable coins, including BTC, account for roughly 81.9% of the total market cap. Bitcoin miners used ASIC chips, whereas smaller altcoins are still using GPUs and unlike the king coin, they are not concentrated in China.
Grin, among other mineable coins, has 13 mining pools with top 2 pools contributing over >50% of the total hashrate while using ASICs and GPUs. The hashrate for Grin mining was concentrated largely in the Asia-Pacific, along with Europe and North America. On the other hand, Monero and Ethereum had 43 and 71 mining pools, respectively, with the hash rates mainly concentrated in Europe.
Among the mineable coins and miners, Bitcoins PoW miners dominated the market in terms of industry value and industry revenue. However, the altcoin PoW mining market has been growing significantly. The report added,
Surveys have shown that 60% surveyed large companies mine multiple crypto assets whereas small scale miners tend to mine a very limited number of crypto assets, possible due to,1. Information asymmetric between the miners2. Learning and research costs are significantly high in the small scale miner groups3. High barrier to entries due to time, knowledge, information and data.