Category Archives: Altcoin
All Top 20 Altcoins Fall By At Least 30%, Ripple Down to $6.2 Billion – CryptoCoinsNews
Bitcoin, which experienced a 20 percent price drop from $2,500 to $1,900, actually had a relatively decent day.
All top 20 alternative cryptocurrencies (altcoins) declined by at least 30 percent on March 27, with some cryptocurrencies demonstrating a sharp decline in price by around 40 percent.
Ripple experienced a massive short-term decline in market cap, after seeing a staggering $10 billion decrease within a week. In a seven-day period, Ripples market cap plunged from $17 billion to $6.2 billion. On May 27, Ripple also experienced a nearly 50 percent drop in price, triggering concerns from investors in Japan and South Korea, where the majority of Ripples trading volume is concentrated in.
Other prominent blockchain networks and cryptocurrencies such as Ethereum, Litecoin, Ethereum Classic and NEM have also seen a sharp drop in market cap, as the entire cryptocurrency market crashed overnight.
Ryan Selkis, former BitGo executive, previously stated that bitcoin has become a conservative investment for cryptocurrency investors. An increasing number of traders and investors have begun to eye ICO tokens and other cryptocurrencies such as Ethereum and NEM that often demonstrate higher returns and larger fluctuations.
I dont know when it happened, but at some point it became relatively conservative to invest in bitcoin, which is mind-blowing, noted Selkis.
However, it is also important to consider the dependence of altcoins on bitcoin and the network effect it presents over the cryptocurrency market. Often, as seen on May 27, significant drop in the price of bitcoin leads to the decline of other altcoins. In most cases, altcoins suffer deeper declines in market cap and price in contrast to bitcoin.
Today for instance, bitcoin saw a 20 percent decline in price while altcoins such as Ripple, NEM, Stellar Lumens and Golem experienced nearly a 50 percent decline in market cap. After dipping below $1,900, bitcoin price has already recovered beyond $2,050. Meanwhile, the majority of altcoins are struggling to recover and regain momentum.
Bitcoin has also regained its 50% dominance over the cryptocurrency market, which it failed to secure over the past few months, primarily due to the strong rally of Ethereum and Ripple.
Unexpectedly, the majority of investors within the cryptocurrency market believes that bitcoin will not be the dominant blockchain after the market matures. Even successful billionaire early-stage investors such as Fred Wilson have previously stated that bitcoin will not be the dominant blockchain. At the Techonomy NYC event, Wilson stated:
Bitcoin probably will not be the dominant public blockchain.
Yet, bitcoins dominance and influence over other altcoins have been evident on todays decline of the cryptocurrency market. Furthermore, bitcoin accounts for over 50 percent of most altcoins trading volumes. In other words, the BTC/altcoin pair is usually the largest trading pair for all altcoins including Ripple and Ethereum.
Casual traders and small-scale investors follow mainstream and influential figures such as Fred Wilson for investment advice and outlook on bitcoin. The truth is, most of these experts outside of the cryptocurrency market and industry have been inaccurate in predicting future events. Wilson previously stated that a fork was imminent and that Open Bazaar was going to be the killer app of bitcoin. None of the two predictions turned out to be correct.
Investors should take away two important lessons from todays altcoin or cryptocurrency market decline: altcoins investors turn back to bitcoin in times of instability and uncertainty and bitcoin often recovers from short-term decline caused by bubbles and major corrections.
Featured image from Shutterstock.
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All Top 20 Altcoins Fall By At Least 30%, Ripple Down to $6.2 Billion - CryptoCoinsNews
Which Altcoins To Buy This Week? (May 22nd, 2017) – Live Bitcoin News
The altcoins markets was on a roller coaster during the past week. Some coins witnessed enormous gains, while others suffered relatively big losses. Ethereum ETH continued on rising and scored a new high of $175.85 during Sundays latter trading sessions, before falling down to $134 at the time of writing of this update. Ripple recorded another historical high at 24,370 satoshis last Wednesday, before starting a bearish wave that took price down to 14,578 satoshis earlier today. Bytecoin BCN continued its amazing bullish run during last weeks trading sessions recording a high of 280 satoshis on Sunday, which sets Bytecoin as the biggest gainer all across various altcoin markets scoring an astonishing 7000% rise in less than one month.
So, what are the best altcoins one could buy this week?
As we mentioned in the beginning of this article, XRPs bullish trend has been reversed after the weeks high (24,370 satoshis) was recorded, starting a downwards price correction attempt. The 4 hour XRPBTX chart from Poloniex (look at the below chart) shows how the downwards price correction attempt is currently being halted by the 50% Fibonacci retracement which corresponds to the 14,035 satoshi price level.
The long downwards shadows of the candlesticks of the past few trading sessions (candlesticks inside the ellipse on the above chart) reflect the strong support around this price level, so XRP is expected to continue rising again in an attemptto test the resistance around 16,504 satoshis which correspond to the 38.2 Fibonacci retracement level.
So, I recommend buying XRP between 14,700 and 15,000 satoshis and then setting a sell order for your bought coins at 16,500-17,000 satoshis.
Bitshares surged to record a high of 5,194 satoshis on Poloniex last Sunday, before a downwards price correction wave pulled price down to 3,823 satoshis at the time of writing of this update. As shown by the below BTSBTC 4 hour chart from Poloniex, the downwards price correction wave was slowed down by the 38.2% Fibonacci retracement level corresponding to the 3,568 satoshis price level. This can also be denoted by the long downwards shadows of the candlesticks marked by the green ellipse on the below chart. Accordingly, it is highly likely to see BTSs price rise again towards the 23.6% Fib retracement level.
I recommend buying BTS between 3,790 and 3,830 and setting sell orders at 4,190 satoshis and at 5,000 satoshis
Even though Stellars price rose to around 3,415 earlier this week, it has been falling since last Sunday and is currently around the 2,500 satoshi level. The below 4 hour STRBTC chart shows how price faced significant resistance around the 3,100 satoshis level.
I recommend buying STR somewhere between 2,505-2,600 satoshis and setting the sold coins in a sell order at 3,000 satoshis.
Charts from Poloniex, hosted on Tradingview.com
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Which Altcoins To Buy This Week? (May 22nd, 2017) - Live Bitcoin News
Altcoin Price Increases and How CryptoPing May Help Traders – The Merkle
Recently, we have seen large pumps in both Bitcoin and many of the altcoins. These increases make many cry with joy as their assets go up in value, and make many others cry out in anguish as they only see missed opportunities with 20/20 hindsight.
Too many times we have all have regretted buying or not buying into various alts. So what usually causes these pumps? Is there a way we can see predict these with greater accuracy? Though there is no way to guarantee success in any market -especially cryptos-, the telegram bot CryptoPing may be one way of hedging a bet.
There are a torrent of factors which may significantly influence the price of any cryptocurrency, from news of its use in scandal(s) to uncertainty in more traditional markets driving the demand for alternative investments. However, three standout for in particular: news surrounding innovative projects and aspects of alts, the market cap growth witnessed in anticipation of such news, and the increased citation flow of a URL.
Weve all seen how Litecoins recent implementation of segwit has done wonders for the coin. The price has gone up tremendously, and it even has been added to Coinbase as directly tradeable to USD. The news surrounding the implementation is what started the climb of the alts price, not the implementation itself, though its sustained price very well many have to do with segwit itself.
Another thing that may affect price is the growth rate of the market cap in response to news about new features for that alt. As market caps increase and decrease, this can influence how traders may act with various alts.
Finally, increases in URL citations could also be considered here. A URL citation flow essentially is a prediction of how influential that URL is based on how many other websites share (cite) it. If various projects and alts are receiving more traffic, then traders may assume that others are about to buy. It could be seen as a micro conversion (researching the coin) leading up to a macro conversion (buying the coin). Traders would not be out landing in assuming this as a good way to gauge a buy in window that maximizes their profits.
The Merkle has noted before how CryptoPing could be useful in harnessing this kind of market data. CryptoPings overall aim is to help alt traders understand signal and trends in the market. It was to link news and data to signals from exchanges. It even boasts that it could return 13.5% daily profit.
Currently, this service is free to use, but will be changing that soon. Cryptoping is looking to launch its full -subscription based- service by the end of June, but did want to start its ICO earlier on May 25th, 2017 to speed up development. To subscribe to CryptoPing, you will need these tokens.
A disclaimer: this is not investment advice, but my opinion. The only investment advice that I am willing to give is: do not invest more than you are able/willing to lose.
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Altcoin Price Increases and How CryptoPing May Help Traders - The Merkle
CryptoPing, the Cryptocurrency Bot that Monitors Altcoin Markets. ICO in 48 Hours! – FinSMEs (blog)
CryptoPing, the Cryptocurrency Bot that Monitors Altcoin Markets. ICO in 48 Hours! FinSMEs (blog) CryptoPing is a new AI bot engaged in a technique to predict future value movements by finding out past market information for value and volume and seeking patterns at intervals of that information. Usually, if a trend is nice, some changes in volume ... |
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CryptoPing, the Cryptocurrency Bot that Monitors Altcoin Markets. ICO in 48 Hours! - FinSMEs (blog)
Another crypto bubble and the rise of altcoin markets – Brave New Coin
The crypto markets seem to be in another bubble, orders of magnitude bigger than the last. However, this time a lot of the money is flowing into altcoins interestingly enough. How this situation will play out and where the market will stabilise at will be a really interesting story to watch unfold - whether Bitcoin will re-capture the market, or will some other crypto take its place. I would like to take this time to go over some of the history that brought us here however, as it's also a fascinating tale (if you like graphs).
Here is a short version of the story, in one graph by Woobull:
Bitcoin network congestion, market dominance, and altcoin marketcap
This is a cautionary tale for Bitcoin, but before we can really talk about how Bitcoin might be impacted, we have to talk about some altcoins. So strap yourself in for this whale of a tale in 9 charts...
The story of this bubble really starts around 2015, when some Bitcoin core developers wanted to address the network congestion they saw coming in Bitcoin. This was the start of the Bitcoin scaling debatethat gave rise to BitcoinXT, Bitcoin Unlimited, SegWit, UASF, etc. The writing was on the walls - if Bitcoin continued to grow in popularity, soon the blocks would be full and we would have to deal with the consequences. Two years have passed, and no consensus has been reached, thus priming us for the current events.
The bubble proper was started by the disagreement on how to scale Bitcoin. At the moment, there were two major solutions being proposed to address the issue - SegWitand Bitcoin Unlimited. Perhaps tired of waiting for consensus to emerge, perhaps prompted by Roger Ver's ambitions, Bitcoin Unlimited started to rally people behind its hard fork. Those came in two main waves - around October 2016, and March 2017, increasing both node count and number of blocks mined.
Bitcoin Unlimited node count
Bitcoin Unlimited mined blocks (green)
The fact that Bitcoin Unlimited was gaining momentum, coupled withrumours of a planned 51% attackto culla network splitmade serious waves in the community. We were faced with a real possibility thatthe network will fork and perhaps split. Every major player was taking sides in the discussion, and the tensions kept rising. The problem got exacerbated by the Covert ASICBOOST scandal. If Bitcoin had a doomsday clockfor the network splitting, it would probably be uncomfortably close to midnight.
With the uncertainty of Bitcoin's future and the rising tensions, other events started to take place.
2016 has been a bit of a rollercoaster for Ethereum. The year started at a sub-dollar price per ETH, reached about 20 USD/ETH due to The DAO, then slumped to about 7 USD/ETH after its hard fork and network split. The new year started on a positive note with a roadmap for the future of Ethereum. ETHs were sitting comfortably at #2 market spot by market cap, increasing a bit with Bitcoin price increases (1, 2, 3, 4) as you'd expect in a calm market.
Then March came along. Bitcoin Unlimited started gaining popularity, and the fear of a potential Bitcoin network split started shaping the market. While historically Bitcoin has been seen as the stable gold standard among cryptos, the safe heaven you'd park your money at if you didn't want to cash out into fiat. However, with the future of the network being uncertain, some people decided to move their wealth elsewhere.
March was the month where Bitcoin slumped and Ethereum was there to pick up the money moving away (1, 2, 3, 4). You can practically see the ~21B USD market cap shifting gently towards Ethereum, giving it a boost from 1.6B USD to 4.6B USD in that month, while Bitcoin went from 20B USD to 15B USD.
Bitcoin price chart
Ethereum price chart
In April the Bitcoin situation started to calm down. Bitcoins started to recover along with their market cap going back to 21B USD by the end of the month (1, 2, 3, 4, 5). However, another important development started brewing elsewhere...
Litecoin has always been "silver to Bitcoin's gold", its shadow. Sometimes outperforming Bitcoin price increases percentage-wise, but rarely making a big splash overall. Seeing Bitcoin stumble with its scaling solutions, it seized on the opportunity to make a name for itself.
What is important to remember, is that Litecoin can be classified as a "copycoin" - a cryptocurrency largely operating similar to Bitcoin, on a pretty similar codebase with minor tweaks. It's so similar, that by chance or negligence, Litecoin's multisig addresses have the same prefix as Bitcoin. Copycoins in general operate on hype and innovation (real or manufactured) - there are so many similar coins that if you don't stand out from the crowd, you're going nowhere.
While Litecoin did not have the network congestion issues of Bitcoin, it still decided to improve its network and push for SegWit adoption. While it looks like the process started in February, there was a considerable rally for SegWit in late March, as indicated by the sudden jump in SegWit blocks and market activity.
Litecoin SegWit adoption
Litecoin price chart
The process was spearheaded by Charlie Lee, the creator of Litecoin. A notable opposition to the SegWit progress were Bitmain and Antpool. Supposedly they were blocking Litecoin's SegWit activation to prevent further SegWit adoption on the Bitcoin blockchain, where they are allegedly profiting from Covert ASICBOOST. After a long ordeal, Litecoin finally locked in and activated SegWit mere days ago.
There have been some other altcoins that also followed Litecoin's SegWit adoption, but their stories aren't that interesting.
The price also reflected that - going from under 5 USD/LTC at the start of the year with about 220M USD market cap, to a high of 35 USD/LTC and 1.8B USD market cap in the recent weeks. While this would normally allow it to take #3 spot on the crypto market cap list, another network had a meteoric rise that came largely out of nowhere...
Ripple has had a mixed reputation in the Bitcoin community. It's the oldest and one of the most prominent Crypto 2.0 networks. It has been caught the ire of bitcoiners in 2013 for being seen as "pro-regulation" during US Senate hearings,declared dead in 2014(Bitcoin has been declared dead over 100 times now), has been fined by FinCEN for Bank Secrecy Act Violations, etc. Ripple Labs have developed essentially a competitor to its own network - the Interledger Protocol.
However, more recently it looks like the company is going back to its roots and focusing on the Ripple network. It stated publishing quarterly market reports on XRPsand talking about its plans for the future. There are more and more news about various banks using its network. All in all, it looks like the market has warmed up to the currency:
Ripple price chart
While we see a small blip on the chart in early April when it crossed 1B USD market cap, the currency started to enter a meteoric rise around the start of May (1, 2, 3). The year started with a market cap of 220M USD and a price of 0.006 USD/XRP, while currently it sits at 8.4B USD and 0.22 USD/XRP.
Now, let's look at how this all comes together.
At the time of writing, we this is how the market looks like:
#1 Bitcoin - price: 1813 USD/BTC, market cap: 29.6B USD #2 Ripple - price: 0.22 USD/XRP, market cap: 8.4B USD #3 Ethereum - price: 90.8 USD/ETH, market cap: 8.3 BUSD #4 Litecoin - price: 29.6 USD/LTC, market cap: 1.5B USD
Total market capitalisation of all coins: 55B USD, of which 25B USD are in altcoins. This means Bitcoin's market dominance is under 55%, while at the start of the story, it was about 85%:
Market dominance
Bitcoin has historically been the "gold standard" for crypto. The market leader, the first mover, the biggest whale. However, it seems like in this market if you're standing still, you're moving backwards.
Since the start of our story, Bitcoin has periodically dipped in its price, but overall we're seeing all-time high price. The recovery was probably due to people worrying less about the potential network split that might come from Bitcoin Unlimited. Bitcoin is certainly stronger than ever, but there might also be blood in the water - despite the price of bitcoins rising, so too did the altcoin markets grew in leaps and bounds.
Whether this bubble we're in right now (and it certainly has the look of a bubble) will pop hard and the market will rebound in Bitcoin's favour, or whether a new paradigm will be made where bitcoins play less of a dominant role, only time will tell. It is very unlikely Bitcoin will ever sink too deep into the coin list, but if the scaling stalemate continues, Bitcoin's advantage will be eroded over time.
For years one could easily dismiss altcoins as being a fad, nowhere near as mature as Bitcoin. But at some point you have to realise you might have to compete for your top dog spot. We're living in a market that is used to exponential growth, and Bitcoin's market cap is "only" two doublings away from its next competitor.
We are probably in the biggest crypto bubble to date. Not only has once again reached its all-time high price recently, but the altcoins have also grew by leaps and bounds. In the near future, I would expect some large contraction, especially in the alt market. Litecoin will probably dip back down now that SegWit is activated and its rally is over. It will be interesting to see where the money will flow if the value of bitcoins will pop - whether people will be cashing out to fiat, or altcoins. The biggest threat for Bitcoin is still the scaling issue - if that's not dealt with soon, the issue might just go away... along with many Bitcoin users that will switch to some of the alternatives.
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Another crypto bubble and the rise of altcoin markets - Brave New Coin
CryptoPing Altcoin Intelligence Bot Announces ICO – The Merkle
CryptoPing, new project for cryptocurrency traders, announces ICO launch on May 25, 2017 at 12.00 AM CET to fund further project development. The crowdsale will continue until June 25 12.00 PM CET.
CryptoPing is an alternative cryptocurrency intelligence bot. It constantly monitors altcoin markets, generates trading signals and notifies subscribers in Telegram. The project has been in public beta-testing phase since March 2017 and has already attracted more than 700 active users.
CryptoPing team is aiming to create a platform where experienced traders would be able to share nuanced trading signals publicly or anonymously and create a learning environment for their followers. Developers can be reached easily, are open to feedback and keep active chats where they share details about the project, update on latest news and communicate with users.
Behind the project is a group of successful cryptocurrency traders with 5+ years of experience who prefer to remain anonymous. No additional information about team members is available yet. Meanwhile, CryptoPing is one of the few projects on ICO market that already has a working beta version, active user base and is ready for public launch in a few days after the crowdsale is finished.
9,000,000 tokens based on Waves platform are to be issued for ICO with total worth of 1000 BTC. Additional 1,000,000 tokens will be reserved for one-level 10% referral program. Investments of 100 BTC and more receive 15% discount on tokens. Any undistributed tokens left after crowdsale will be burned.
CryptoPing tokens will be used to access project services, but payments with Bitcoin or altcoins will be enabled in the future. Tokens will be distributed in a week after ICO ends. There are plans to add them to several exchanges, while token price will be constantly increasing due to limited supply and user base expansion. Developers want to ensure that token price remains high, and there are plans to burn 75% of subscription fees paid in tokens. Moreover, if subscription is paid in Bitcoin/altcoins, 50% of subscription fees will be directed to buy tokens back off exchanges and burn them too for the first 6 months after token is added to any exchange, and 10% of fees to do that for a year after that.
Monthly subscription fee is currently set to 0.01 BTC or its equivalent in tokens or alts. Subscriptions with tokens will get 25% fee discount. A public log of subscription transactions, buybacks and burned tokens will be available to every investor to ensure operational transparency.
Developers are quite confident in their success:
If you check, for example, Google Trends for Poloniex or Bittrex queries, youll notice a swiftly growing interest for exchanges and cryptocurrency trading past year. Forex doesnt cut it anymore. People look for something new and more profitable, something accessible for everyone. Being a part of crypto community, we see increasing interest for trading and the desire to trade freely and anonymously and exchange useful information about trading. Some private trading groups have more than 200 members, and public trading chats often have thousands of users. Open platform for public trading signals is in high demand.
After ICO ends, the beta version of social trading platform will be launched. Any user will be able to become a public trader and keep automated public record of their success (stats on profit from trades made by bot signals). The platform will feature public trader rankings where users will be able to pick up traders they like and receive signals from them. Following a trader is a paid service that brings additional income to public traders, while beginners will receive more reliable and profitable signals.
E-mail: [emailprotected] Visit our website: https://cryptoping.tech/ Our crowdsale page: https://cryptoping.tech/ICO Our dashboard: https://cryptoping.tech/dashboard Our roadmap: https://cryptoping.tech/roadmap Follow us on Twitter: @cryptoping
Disclaimer: This is a paid press release, the product / service mentioned is not endorsedby The Merkle, always do your own independentresearch. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.
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CryptoPing Altcoin Intelligence Bot Announces ICO - The Merkle
What is crypto-currency? Learn everything you need to know.
Price ... Global Vol. ... Diff. ...
Here's the deal:
Major fortunes, millions of dollars in some cases, have been made and lost with alt-coins. So, it might be in your interest to keep reading and then continue with your research of the alt-coins.
Bitcoin was the category creator of crypto-currency and got everyone excited with huge movements in the Bitcoin price. That is what happens when it goes from $0.05 to $1,200 in four years. Millionaires get minted!
With the initial innovation has come an explosion of 'alt-coins'. Bitcoin is considered a SHA-256 coin because it uses that algorithm for the proof of work component.
Other alt-coins use different algorithms such as scrypt, X11, X13, X15, NIST5 and 100% proof of stake. Often the developers of alt-coins are seeking to develop some new innovation that makes it more useful to market participants.
Alt-coins have traditionally been extremely volatile in price which seems to draw speculators. So far we have only included a few of the 600+ alt-coins so we hope you find the resource pages useful!
Bytecoin is the private untraceable cryptocurrency launched in 2012 and is the first enterprise-ready solution.
Dash calls itself an "open sourced, privacy-centric digital currency with instant transactions." It is currently a top five cryptocurrency by market cap.
Devcoin is an ethically inspired cryptocurrency created in 2011 to support open source programmers and writers worldwide.
Dogecoin was created as a joke in December 2013. It is based on the Doge internet meme. Today, it is one of the most popular altcoins.
The Hayek is an exciting new cryptographic gold receipt issued by Anthem Vault, a leading online retailer of vaulted and insured silver and gold bullion.
Litecoin is the most widely used altcoin. It was created in 2011 by Coinbase engineer Charlie Lee while he worked at Google. It is currently a top five altcoin in terms of market cap.
Monero is a privacy centric altcoin. It is a top ten cryptocurrency by market cap.
Namecoin is a decentralized open source information registration and transfer system based on the Bitcoin cryptocurrency.
Peercoin seeks to be the most secure cryptocoin at the lowest cost, by rewarding all users for strengthening the network.
Reddcoin is the social currency that enriches peoples social lives and makes digital currency easy for the general public.
Ripple is an internet protocol developed by Ripple Labs to connect all the world's disparate financial systems to enable secure transfer of funds in any currency in real time.
Shadowcash was one of the first altcoins that marketed itself as being more private than Bitcoin.
zCash calls itself an "open sourced, privacy-centric digital currency with instant transactions." It is currently a top five cryptocurrency by market cap.
Augur is a decentralised prediction market to exchange value when forecasting event outcomes based on the 'wisdom of the crowd' principle.
Counterparty is a protocol built on top of Bitcoin. It enables anyone to create custom tokens and decentralized financial applications using the Bitcoin network.
Ethereum is a decentralized platform that allows developers to create decentralized applications and smart contracts.
Factom is the first usable blockchain technology to solve real-world business problems by providing an unalterable record-keeping system.
Mastercoin is a digital currency and communications protocol built on the Bitcoin block chain. It is one of several efforts to enable complex financial functions in a cryptocurrency.
Nxt is an open source cryptocurrency and payment network launched in November 2013 by anonymous software developer BCNext.
Safecoin is the token used on the Maidsafe Network, which is a decentralized data storage network.
Steem is a blockchain database that supports community building and social interaction with cryptocurrency rewards.
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What is crypto-currency? Learn everything you need to know.
Altcoin Market Takes A Hit and Bounces Back Amid US$3bn Trading Spree – Live Bitcoin News
It looks like some interesting things have been happening in the altcoin sector overnight. Virtually all major altcoins saw their value decrease by a spectacular margin. Bitcoin, on the other hand, is surging back to the US$1,600 mark as we speak. It appears the Poloniex exchange suffered from some brief outages again last night, which doesnt help matters much.
Looking at the Coinmarketcap website, it is not hard to see how things have gone utterly wrong for a lot of alternative currencies. Virtually every coin has taken some hits overnight, although things are trying to stabilize as we speak. Ether lost a fair bit of value but seems to be recovering slowly. Litecoin took a near 15% drop but is starting to bounce back as well.
Then again, some people will argue a retrace was to be expected. A lot of money has poured into altcoins these past few weeks, and that bullish momentum had to relent at some point. With the Bitcoin value going up once again, it does not appear there is a shortage of money coming in to cryptocurrency right now. In fact, the overall market cap surpassed the US$50bn mark for the first time, and it looks like things will not slow down anytime soon.
In terms of 24-hour trading volume, there are no complaints whatsoever. The past 24 hours resulted in nearly US$3bn worth of cryptocurrency changing hands across all markets combined. Nearly half of that volume belongs to Bitcoin, as was to be expected. However, both Stellar Lumens and XRP have seen their fair share of volume as well, with US$360m and US$361m respectively.
Ethereum is slowly losing some trading volume, although US$243m in a 24-hour period is not bad by any means. Litecoin is in the top five as well, with over US$167m in volume. It is evident Bitcoin and the top altcoins are placed on a different level compared to most other cryptocurrencies right now. Do not overlook Monero either, though, as the anonymity-oriented currency has surpassed the US$29 mark. These are still incredibly bullish times for Bitcoin and altcoins, and trading based on emotions should be avoided at all costs.
Header image courtesy of Shutterstock
About JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.
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Altcoin Market Takes A Hit and Bounces Back Amid US$3bn Trading Spree - Live Bitcoin News
Which Altcoins to Buy This Week? (May 8th, 2016) – Live Bitcoin News
Last week, many altcoins continued skyrocketing to record their all time highs. This rise in the price of many altcoins accompanied bitcoins bullish rally, as its price approached the $1700 mark last week on Poloniex. Ethereum gained around 25% during last weeks trading sessions. Moneros price rose from around 0.016 BTC to more than 0.02 BTC on Poloniex, before dropping down to 0.0188 BTC at the time of writing of this article. MaidSafeCoin also rose to score its all time high last week recording 0.00024200 BTC. By far, Ripple was amongst the biggest gainers last week, as it recorded more than 100% gains rising from around 3800 satoshis to more than 8700 satoshis at the time of writing of this article.
Now, lets see which coins can represent attractive options to buy for profit this week.
Last week, NEMs price rose from around 3700 satoshis to around 7400 satoshis recording around 100% gains. NEM is expected to rise even more to around 10,000 satoshis during the upcoming week, so it represents a promising coin to buy this week, especially that the 1 day XEMBTC chart is exhibiting an almost logarithmic rate of rise now and the Williams Alligator indicator is showing a bullish signal (look at the below chart).
I recommend buying XEM between 7000 and 7500 satoshis and then putting the bought coins in a sell order at 9000-10,000 satoshis.
Stellars value rose by more than 2000% during last weeks trading sessions on Poloniex. However, after rising to around 5000 satoshis, Stellars price started dropping to around 2500 satoshis at the time of writing of this article. It seems that price correction is taking price downwards, before the markets bulls will take the upper hand again pushing price upwards again. I recommend buying Stellar at a price between 2000 and 2500 satoshis and then setting a sell order for the bought coins between 4500 and 5000 satoshis.
As shown on the STRBTC chart from Poloniex (look at the below chart), the Williams Alligator indicators bullish signal is still obvious, so further price gains are still expected.
The price of Bitshares (BTS) rose by more than 150% from around 1000 satoshis to 2700 satoshis during last weeks trading sessions. In my opinion, Bitshares have the potential to rise to 3500 satoshis during the upcoming week. I recommend buying Bitshares at a price between 2000 and 2200 satoshis and then putting the bought coins in a sell order at 3500 satoshis.
These were our altcoin picks for this week. Note that cryptocurrency trading is extremely risky, so trade with caution and only with the amount you can afford to lose.
Charts from Poloniex, hosted on Tradingview.com
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Which Altcoins to Buy This Week? (May 8th, 2016) - Live Bitcoin News
Total Cryptocurrency Market Cap Inches Closer Toward US$40bn … – newsBTC
Bitcoin's value goes up every day, but so is the value of most altcoins
A lot of cryptocurrencies are seeing major value appreciations right now. With a lot of focus on Bitcoin and Ethereum, one tends to overlook everything else. However, it is evident the demand for cryptocurrencies continues to surge. As of right now, the total market cap is heading toward US$40bn. That is quite a significant milestone, even though Bitcoins dominance continues to dwindle.
The past few weeks have been incredibly bullish for cryptocurrency. The total market valuation continues to increase on a yearly basis. Bitcoins value goes up every day, but so is the value of most altcoins. In fact, the entire top 7 of cryptocurrencies have seen increases over the past 24 hours. Monero is the only major altcoin to lose 0.47%, albeit that is almost negligible at this stage.
It is hard to tell what is driving the demand, though. Cryptocurrency investors are diversifying portfolios, which is a positive development. There is no reason to put all eggs in the same basket. Moreover, none of the main cryptocurrencies are competing with one another either. Ethereum focuses on blockchain development and Ripple is a banking solution. Litecoin complements Bitcoin. Dash provides privacy, whereas Monero focuses on anonymity. All of these currencies try to do something differently.
Things are looking very interesting right now. One ETH is worth over US$81 for the first time. Ripples individual native token value surpassed the US$0.05 mark. Litecoin is well underway to head to US$17. Dash is climbing back to the US$100 mark as well. All of those numbers seemed virtually impossible to achieve just a year ago. We have come a very long way since that time, to say the least. It will be interesting to see where things head next.
Anyone looking to invest in cryptocurrency has a tough decision to make. Bitcoins market cap dominance dipped below 60% for the first time in ages. This goes to show people are waking up to the potential provided by these altcoins. It is no longer just about Bitcoin, which is a surprisingly positive development. After all, Bitcoin will always be a major cryptocurrency, but it is not suited to do everything the ecosystem has to offer.
Even though Bitcoin;s dominance is waning, the currency should not be disregarded. One Bitcoin is worth over US$1,365. That is an all-time high for the popular cryptocurrency. Even with a less dominant presence in the market, Bitcoin is rocketing upward over the past few months. There is no telling where this will end. Very exciting times to be involved and invested in cryptocurrency, that much is certain.
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Total Cryptocurrency Market Cap Inches Closer Toward US$40bn ... - newsBTC