Category Archives: Altcoin
XRP is Down 95% from Its 2018 Peak; Whats Next for the Embattled Crypto? – newsBTC
Despite what the news may imply, Bitcoin (BTC) is up on the year, having posted an over 70% gain. XRP, Ethereum, and other altcoins, on the other hand, have suffered, plunging under the weight of a volatile Bitcoin.
Some cryptocurrencies have been hurt more than others. The most hurt altcoin in the top 10 has to be XRP, which was recently noted by analysts to have collapsed by 95% since the euphoria of the 2018 peak.
Just look at the chart above, which shows that the cryptocurrency really hasnt had the best past 24 months.
While 95% is already a painful loss for a cryptocurrency, let alone an asset in general, some say that it may get worse from here. Heres more on why.
According to prominent cryptocurrency trader and commentator Jacob Canfield, it may still be a ways to go before it makes sense to even try investing in the cryptocurrency for the long haul. He even went as far as to say that one of his achievements over the past few years is telling his friends and family to not buy XRP in 2018 and 2019 due to the technical outlook on the charts.
Canfield added that to even think of considering recommending a long, he would wait until the cryptocurrency trades at $0.10 to $0.15 50% to 25% lower than current prices.
Thats not to mention that XRP-related sentiment recently took a hit.
Speaking to Forbes, Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, remarked that the aforementioned altcoin is likely to suffer more, despite XRP already trading at its lowest price in over two years. The prominent Bitcoin investor remarked that:
XRP has been historically very sensitive to adoption-related news pertaining to banking and money services partners, since they represent the biggest clientele for Ripples services We expect the cryptocurrency to slide further due to this news.
Not all is lost forRipple, though.
According to areport from Fortune, the company has justcompleted a massive funding roundthat values the company at $10 billion, making Ripple one of the largest blockchain companies on the market at the moment. The investment that valued it at $10 billion, $200 million sourced from global investment firm Tetragon, Japanese pro-XRP finance-centric conglomerate SBI, and Route 66 Ventures.
Apparently, the funds, while not needed to fund operations, will give the company Balance sheet flexibility as it looks to hire upwards of 150 new employees in 2020 and introduce new overseas offices to facilitate said employee additions.
This Series C raise should help Ripple increase the adoption of solutions using XRP, potentially increasing demand for the cryptocurrency and, therefore, price with time.
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XRP is Down 95% from Its 2018 Peak; Whats Next for the Embattled Crypto? - newsBTC
BitGo Will Comply with FATF – Cryptocurrency Regulation – Altcoin Buzz
Custodial platform BitGo is going to launch a streamlined, opt-in solution to comply with the Travel Rule regulation suggested by the FATF. It will start functioning inApril 2020.
BitGo has announced it is ready to protect its customers from the potential impact of the Travel Rule. Thus, it released a specialized solution.
This solution will minimize workflow changes and allow exchanges and other clients to continue leveraging BitGos robust, cross-blockchain API platform by simply adding well-defined parameters when sending funds. We are targeting April 2020 to complete the implementation. This will put us ahead of the June 2020 deadline and give our clients time as well. the company advises in its blog.
Currently, BitGo is processing 20% of all Bitcoin transactions.
The Financial Action Task Force (FATF) is an intergovernmental organization that develops global standards against money laundering and terrorism financing.
It was established in 1989 by the decision of the G7 countries. Its members include35 countries and 2 organizations.
It also assesses compliance with national AML / CFT legislation. On June 21 it issued its recommendation known as Travel Rule. According to it, all transactions exceeding $1,000 must contain details of both the sender and the beneficiary. The new rule demands VASPs (virtual asset service providers) to collect information about their clients. It also refers to crypto exchanges as wallet providers. The goal is to stop money laundering and other illegal activity while digital assets transfer.
At the moment, there is no global consensus that would regulate cryptocurrency transactions worldwide. Exchanges in different countries work according to different legislation. And a clear mechanism for crypto regulation is still to be developed.
At the same time, the FATF asks the exchanges for a report by June 2020 to check on progress.
In October, Altcoin Buzz reported about Binances steps toward compliance with the FATF regulations.
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BitGo Will Comply with FATF - Cryptocurrency Regulation - Altcoin Buzz
Bitcoin Price Diary: Long BTC From $6.5K and Back in Altcoin Positions – Cointelegraph
It has been a profitable week, largely because I caught the big Bitcoin (BTC) move up from the local bottom. I closed a majority of my altcoin trades, some on tight stops and others at a decent profit.
Overall, Im very happy with the results, although as I mentioned last week, I failed to take profit on certain alt trades when I had the chance and ended up with smaller gains or exiting near even. I have recently opened new positions again in FunFair (FUN) and EtherParty (FUEL) while closing the majority of my IOST (IOST) position for a 12% gain.
I was long Bitcoin from $7,100, as discussed in my previous journal. When price moved up, I raised my stop-loss, which eventually hit at $7,060 I was very happy to stop out at a small loss when I saw the price drop to the mid $6,000s. I was eyeing the $6,500 area for another long for days and opened a position when price arrived there, with an average entry of $6,550.
BTC USD daily chart. Source: TradingView
Bitcoin price was showing potential bullish divergences on every time frame below the weekly with oversold conditions on the Relative Strength Index (RSI) on the daily time frame and on shorter timeframes.
There were also potential Swing Failure Patterns (SFP) below the two previous swing lows (blue lines). This is a good indication that liquidity was engineered below these lines likely an area where a number of people had their stop-losses set or had limit orders to go short.
This is also known as a stop hunt. When someone is looking to fill a large number of bids, they need to find those areas where there are likely a lot of sitting orders.
BTC USD daily chart. Source: TradingView
As shown on the daily chart above, I had planned this idea a few weeks back (the top part didn't quite happen). As mentioned before, my plan was always to go long if we got to the bottom line at $6,524. Volume had decreased on each pushdown, which can signal weakness for bears. If the price is going down on diminished volume, it is often a sign of a looming reversal.
BTC USD weekly chart. Source: TradingView
The weekly chart showed the massive descending channel (debatable bull flag) still intact, with a nice bounce off of the bottom. This coincided with a touch of the 70.5 retracement, known as the optimal trade entry (OTE) for institutional traders, and also amounted to price dropping below the famed golden pocket around the 61.8% retracement. For me, all of this was enough confluence to enter a long position.
Most importantly, at the time, the Crypto Fear and Greed index showed extreme fear and sentiment was exceptionally bearish.
Bitcoin price pumped quickly, topping out just above $7,400 on most exchanges. I was able to exit the majority of my position at $7,250 for a gain of 10.6%.
I have raised my stops on the remainder of my position to below the green zone pictured below and I will continue to raise them as a manual trailing stop if the price continues to rise. Ultimately, I believe this is another great long during a downtrend.
BTC USD 4-hour chart. Source: TradingView
FUN BTC daily chart. Source: TradingView
I have once again taken a position in FunFair (FUN) at 0.00000044 (sats), which is a repeat of last weeks profitable trade. The price held the key support line and continues to move within an ascending channel.
These types of setups are among my favorites because I can justify raising my stop-loss with the channel as price goes my way. My stop-losses are set below the blue channel.
FUEL BTC daily chart. Source: TradingView
I stopped out of Etherparty (FUEL) even last week but was looking for another potential entry on a bounce off of the blue support line. That happened and I was able to take a position at 0.00000038 (sats).
This is an exceptionally simple trade. The stop-loss is shown in red at 0.00000034 sats. I will move this up with the price as the support is ascending. My initial target is the black line on the chart at 0.00000063 (sats).
The views and opinions expressed here are solely those of the (@scottmelker) 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.
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Bitcoin Price Diary: Long BTC From $6.5K and Back in Altcoin Positions - Cointelegraph
Why Have Altcoins Slumped Back to Crypto Winter Levels? – newsBTC
A dip below $7,000 has been on the cards for Bitcoin for some time now. What is surprising though is that the altcoins have been pummeled again with several high cap crypto asserts dropping as much as 8 percent overnight.
After almost three weeks of consolidation the big Bitcoin move finally arrived and, as expected, it was down again. Things went south in late US trading when BTC plunged from $7,100 to just above $6,800 in a 4% purge according to Tradingview.com.
The crypto asset is trading back where it was during a brief dip at the end of last month. The difference this time is that there has been no bounce and it appears to have settled below $7k.
This could lead to further consolidation here or another drop down to support at $6,600. This would not be unexpected either as there have been more bearish predictions for BTC that those opposing the current trend.
The BTC fear and greed index is still buried in the twenties showing extreme fear, a sentiment that is unlikely to change for the rest of the year.
Bitcoin investor and analyst PlanB has observed the increase in BTC dominance even with the latest purge.
This can only mean one thing a lot more pain for the altcoins.
Over the past few hours around $7 billion has been dumped out of crypto markets and altcoins are feeling the pressure again.
The move has sent many of them barreling back towards their prices this time last year when 80-90 percent corrections were commonplace.
Ethereum has dumped 6% to a nine month low of $134. It is now not far off its yearly bottom and a long way from the 2019 top.
Crypto twitter tribalism and the further propagation of ETH FUD from rival blockchain supporters and Bitcoin maximalists have done it no favors either.
Ethereum is not the worst performing altcoin in the top ten though as Litecoin, EOS and Binance Coin have dumped 7-8% in the past few hours.
LTC is on the verge of dropping below $40 which is almost at crypto winter levels, and EOS is not far behind. More pain is going on further down the table with Stellar, Cardano, Cosmos, IOTA, Maker and Dash.
There is only one real survivor at the moment and that is Tezos which has actually gained over night adding over 3% to reach $1.70.
CMC is also posting some spurious market cap figures for something called MINDOL as it surges up the chart pumping 20% today according to the site.
Another crypto winter appears imminent for the altcoins at least as gains in 2019 become a distant and frozen memory.
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Why Have Altcoins Slumped Back to Crypto Winter Levels? - newsBTC
LTC, XTZ, TRX, and XLM Crypto Price Prediction: Will Altcoins Test Key Resistance Levels? – U.Today
Cover image via http://www.tradingview.com
Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
After a short lull in the altcoin market, a declining race was observed during the beginning of the week. While the charts show a lull, there were some instances of growth by the end of the working week.
Below is key data for Litecoin (LTC), Tezos (XTZ), TRON (TRX), and Stellar (XLM):
Name
Ticker
Market Cap
Price
Volume (24H)
Change (24H)
Litecoin
LTC
$2,543,978,780
$39.95
$2,708,502,711
-0.46%
Tezos
XTZ
$1,084,793,430
$1.56
$52,104,097
0.76%
TRON
TRX
$891,457,188
$0.013369
$1,111,294,391
0.55%
Stellar
XLM
$942,203,340
$0.046981
$197,486,345
1.74%
LTC/USD
Litecoin broke through the bottom line of the rising triangle. This led to its $36 level and a support cluster between $40 $42. Opportunities remain for of a new developing impulse to sell, the goals for which will be the $30 and $36 marks. At the same time however, the opportunity for a "digital silver" rebound in light of a divergence formation and the Moving Average Convergence/Divergence (MACD) oscillator is becoming relevant.
A break in the triangle's upper boundary at the $50 level, where the 200-Day Simple Moving Average (SMA) line is located, will allow the price to start an upwards movement.
The first targets of growth will be at the crypto's resistance levels of $52, $57 and $61. With regards to a medium-term plan in the coming months, an uptrend may lead to LTC achieving its goals of $65 and $70.
At press time, LTC is trading at $39.95.
XTZ/USD
Compared to most of the other top 10 coins, Tezos is the exception to the rule as its rate is has been in the green over the last 24 hours.
Looking at the 4H chart, XTZ is forming a triangle pattern, with the last point at $1.50. The ongoing bearish sentiments are also confirmed by a decline in the trading volume. If the coin drops below the $1.50 level, then the bears will seize on the initiative again. XTZ is currently facing a correction following a period of growth, which started at the beginning of December 2019.
At press time, Tezos is trading at $1.51.
TRX/USD
Our previous TRX price forecast has come true as the price did not reach $0.135. Rather, the price has gone below it.
According to the daily chart, TRX has bounced back from its $0.12 level and is currently trying to fix its short-term growth situation. The relative strength index (RSI) is rising,as well as the relatively high trading volume index, indicating the presence of buyers. To sum it up, the nearest obstacle for the bulls is at the $0.14 mark, which might be reached and maintained through the end of the current month.
At press time, TRON is trading at $0.0133.
XLM/USD
XLM has had the biggest gains from our list as its rate has increased by almost 2% in the last 24 hours.
Even though the price is recovering from a recent drop, one should not consider it as the start of an upcoming bullish trend. The RSI indicator just got out from the oversold area; however, it is about to come back into it. In this particular case, the ongoing drop is more likely to continue, with the closest mark at $0.04.
At press time, XLM is trading at $0.045.
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LTC, XTZ, TRX, and XLM Crypto Price Prediction: Will Altcoins Test Key Resistance Levels? - U.Today
Can Ethereum (ETH) And Other Altcoins Still See A Rise In Dominance? – Crypto Daily
Altcoin dominance (Others.D) is at a critical juncture. The 4H chart shows that it has found support atop the 6.51 level and eyes further upside. If altcoin dominance (others.d) were to rally from here, we could be looking at a prolonged bull run. However, as exciting as it seems, the probability of that happening at this point in time is quite low. That being said, it could keep on trading sideways for months and around February of next year when we see a potential outcome of President Trumps impeachment, the markets could react to it and we could expect a strong reaction in the cryptocurrency market as well with altcoins reacting more aggressively as they do most of the time.
The mid-term outlook of the stock market indicates that this is not a good time to be long. If people are not interested in real companies, they are unlikely to be interested in tokens most of which do not have real businesses behind them. The narrative that Bitcoin (BTC) could be a hedge during the next financial crisis does not have much to do with altcoins because Bitcoin (BTC) can be presented as a store of value, having a limited supply and the potential for more mainstream adoption but the same cannot be said about altcoins. The largest altcoin by market cap, Ethereum (ETH) does not have a fixed supply and is a poor store of value. The purpose of Bitcoin (BTC) was not to make payments faster and cheaper but to solve the double spending problem that we currently face with fractional reserve banking.
Ethereum (ETH) has lost most of its yearly gains and is close to where it started from in December of last year. The 4H chart for ETH/USD shows that the price is now at risk of further downside after the recent bullish move that took retail bears by surprise. We might continue to see such misadventures along the way but the trend remains bearish. There is no point in day trading such moves unless you are a whale. The price bounced strongly off the 161.8% fib level and pierced through the 127.2% but it has retraced significantly and as we can see on the RSI, it has now run into resistance ready to decline further.
The price might continue to trade sideways for a while but the move downwards is not complete yet and it is only a matter of time before we see further downside. Ethereum (ETH) has lost significant ground against Bitcoin (BTC) which means that the next downtrend puts it at risk of crashing down to a double-digit price. While Ethereum (ETH) and other altcoins have seen a sudden spike after the recent move in Bitcoin (BTC), until and unless we have sustained growth, these moves will be of little consequence and will only end up misleading retail bulls into buying before the next major crash.
Continued here:
Can Ethereum (ETH) And Other Altcoins Still See A Rise In Dominance? - Crypto Daily
Orchid Launches on Coinbase and Sees 200%+ Gain – Altcoin Buzz
Yesterday, Coinbase announced the release of a new cryptocurrency called Orchid (OXT) on its platform. Coinbase users can now buy, sell, and transfer OXT tokens. At press time, each token is valued at 70c, which is over a 200% gain from where the price sat 24hrs ago at 23c.
The Orchid Token is unique from other tokens on Coinbase because it launched its network at the same time that it released on Coinbase. The token was also immediately available for users to earn for free on Coinbase Earn. This sequence of events clearly had a significant effect on the price, as it has been going up ever since.
Orchid is a new cryptocurrency token that facilitates private browsing on Virtual Private Networks (VPNs). In 2017, Deleware-based Orchid Labs started developing their project. The company raised $48 million in a private offering to accredited investors. They have also filed with the SEC, you can view their filing here.
Orchid is an ERC20 Token that will both facilitate and incentivize the function of its network. At its core, Orchid is a VPN powered by its OXT Token. It claims to offer more features than traditional VPNs, such as complete privacy and multi-hop routing.
Orchid works by creating a mutually beneficial network of bandwidth providers and bandwidth users. Providers will stake OXT for rewards from the use of the network. Users will pay OXT for private browsing to the network of bandwidth providers. Users also only pay for the bandwidth they use. Bandwidth providers can receive more rewards if they stake more OXT, which also helps further secure the network.
Bandwidth users are also free to choose the Bandwidth providers that they prefer, so bandwidth providers are incentivized to provide the best bandwidth possible.
Currently, the Orchid VPN can be used on machines running macOS, Linux, and Android. It is also available for beta testing on iOS, and their website claims support for Windows is coming soon. You can find more stats about the OXT token here. Check out their website to learn more.
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Orchid Launches on Coinbase and Sees 200%+ Gain - Altcoin Buzz
Ripple Raises $200M, Calls 2019 Its Strongest Year of Growth – Cointelegraph
Ripple, the blockchain payments firm behind XRP, the third biggest altcoin by market cap, has raised $200 million in a new funding round.
Led by closed-ended investment company Tetragon, the new Series C funding round was also joined by Ripples major Japanese partner SBI Holdings and venture capital firm Route 66 Ventures, the firm announced on Dec. 20.
The new funding will reportedly help Ripple to continue improving its global payments network and the broader utility of the digital asset XRP and the XRP Ledger, the announcement reads.
The new investment is claimed to mark a record year for the business as Ripple reportedly saw its strongest year of growth to date in 2019.
Ripple CEO Brad Garlinghouse said that the company has continued to gain momentum and accelerate industry leadership, while others in the blockchain space have slowed their growth or even shut down.
To date, Ripple is claimed to have customers in over 45 countries and six continents, with payout capabilities in more than 70 countries. The company has reportedly seen a 10-fold year-over-year growth in transactions, while the firms global payments network RippleNet grew to more than 300 customers worldwide.
While Ripple claims that 2019 has become its strongest year so far, the company has seen a significant drop in sales in the third quarter of 2019. As Cointelegraph reported in mid-October, Ripples Q3 2019 sales were down over 73% compared to the record sale of $251.51 million in Q2.
Earlier this year, Ripple entered a partnership with the worlds second-largest remittances firm, MoneyGram, with Garlinghouse claiming that MoneyGram using Ripples xRapid liquidity product is a bigger deal than Facebooks stablecoin project Libra. In late November, MoneyGram secured a $20 million equity investment from Ripple as part of its original $50 million equity investment commitment.
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Ripple Raises $200M, Calls 2019 Its Strongest Year of Growth - Cointelegraph
Pionex and Dash are Now Partners – Business Partnerships – Altcoin Buzz
Singapore-based crypto exchange Pionex has listed popular cryptocurrency Dash.
This is according to a post on Dashs official blog. The announcement confirmed that Dash will be available for trading against top cryptos like Tether and Bitcoin. Also, it will be traded using Pionexs five trading bots. For instance, the grid-trading bots that are actively involved in placing buy and sell orders at regular intervals (grids) between a specified high and low price of a given asset. They enable traders to create a trading channel, inadvertently benefiting from market movements within a specified range.
It is also important to note that Pionex provides its users with Dollar Cost Averaging (DCA) bots. Thus, users can automatically buy and sell at specific intervals, thereby preventing losses from extreme market movements.
According to reports, Pionex has about $47.3 million in reported volume.
This partnership with Pionex is another way of creating awareness for Dash in Asia.
About a year ago, crypto exchange, DigiFinex added Dash crypto. Also enabling its InstantSend feature for swift deposits. Similarly, BigONE also added Dash in Q1 of 2019. Dcoin shortly followed suit. Recently Bibox also added Dash InstantSend for deposits. The addition of Pionex to this growing conglomerate solidifies Dashs presence in the Asian region.
Dash InstantSent feature stands out in the development of cross-border transactions. It enables immediate confirmation of deposits on partnering exchanges. Besides, it boasts of less than 2-secondautomatic InstantSend and less than a penny as transaction fees.
All in all, Dash is aiming at the global adoption of its crypto. Altcoin Buzz also recently reported on it slowly but steadily taking over the Turkish crypto space. Latin America is also part of its focus.
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Pionex and Dash are Now Partners - Business Partnerships - Altcoin Buzz
Ether Price Targets $160 as Altcoins Rally and BTC Trades Sideways – Cointelegraph
Altcoins continue to take advantage of Bitcoins sideways trading and traders who take a quick glance at the altcoin-to-Bitcoin pairings at their exchange of choice will notice that many of the altcoins are again posting double-digit gains.
At the time of writing, THETA is up 13.26%, KyberNetwork (KNC) 18% and TomoChain (TOMO) has rallied 16.09%. Ether (ETH) has failed to mirror these results but as the end of the 2019 approaches, the altcoin is still looking to close the year with a 35% gain.
Crypto market weekly performance. Source: Coin360
Since Nov. 27 Ether (ETH) price has tracked closely below the long-term descending trendline, painting lower daily lows. The Dec. 12 drop to $139 marked the fourth time the support has been tested since Nov. 22 and the altcoin remains at risk of falling to the last remaining strong support at $131.61.
Todays uptick in volume shows bulls are keen to defend the $139 support and the price is now attempting to press against the descending trendline at $145.35 which is also aligned with a high volume node on the volume profile visible range indicator (VPVR).
Despite Ethers bearish bias, there is an opportunity for a swing trade that could kick out a 10% to 12% return on investment.
ETH USD daily chart. Source: TradingView
If Ether can break above the descending trendline and clear the resistance at $150, the price could run through the VPVR gap to $160. This would also place Ether price within a few dollars of setting a daily higher high, something not seen since the drop from $163 on Nov. 24.
Ether price is also approaching the moving average of the Bollinger Band indicator at $148 and the upper band is at $155. Traders will notice that the moving average confluence divergence (MACD) histogram shows a steady increase in momentum and the MACD continues to pull away from the signal line.
ETH USD 6-hour chart. Source: TradingView
As shown by the 6-hour chart, Ether struggles to cross above the 12-period exponential moving average and the descending trendline but the Chaikin Money Flow (CMF) oscillator has risen above 0. The MACD appears to be on the verge of a bull cross and the RSI bounced from oversold territory and is en-route to 46.
Ether simply needs an increase in buy volume to push through the high volume node at $146.
ETH BTC daily chart. Source: TradingView
For a change, Ethers set up on the ETH/BTC pair is quite similar to the ETH/USD pair. The price has also been capped between the 12-point EMA and descending trendline at 0.020190 (sats).
Earlier today Ether price briefly popped above the descending trendline and traders will notice the bull cross on the MACD and that the indicators histogram has flipped green and is currently above 0. The relative strength index (RSI) has entered bullish territory and at the time of writing, it is climbing above 53.
The 0.019577 (sats) support has held well but Ether will have a tough time taking gaining above 0.020829 (sats). Traders might consider waiting for the price to reach 0.021101(sats)or a higher high at 0.021781 (sats) before considering an entry.
The same can be said for the ETH/USD pair. Traders might consider waiting until Ether clears the descending trendline to set a higher high above $152. Alternatively, buying the dip on pullbacks to the $138.57, $131.50 has also proved profitable so traders might consider waiting for less risky entry at either of these supports.
The views and opinions expressed here are solely those of the author (@HorusHughes) 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.
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Ether Price Targets $160 as Altcoins Rally and BTC Trades Sideways - Cointelegraph