Category Archives: Altcoin
Bitcoin has proved itself to be one of the best-performing crypto-assets post the market crash on 12 March 2020. In fact, the top coin has not only outperformed crypto-assets, but has also overtaken a few traditional assets. However, theres one other altcoin that has performed equally well Tezos.
Tezos has been on its uptrend since March and many analysts predict that the coin might continue on its bull run. In fact, the coin has even made to the top 10 list of CoinMarketCap.
During a recent podcast, Arthur Breitman, Co-founder of Tezos, shared his thoughts on the performance of the coin, the kind of adoption Tezos community aims for, the competition with ETH, and more. Commenting on the different sectors Tezos community is targeting, he said,
I dont think theres like a unified center of interest here. The foundation itself could be targeting specific adoption while individuals could be doing something different. There are a lot of things planned, so I dont think theres a coordinated effort in a specific direction.
Another argument that has gained traction recently is the fear of Tezos outperforming Ethereum in the near future. This seems reasonable for many reasons.
Ethereum is aiming to accomplish a lot of things in the future, only because of its upgrade to ETH2 and the main change here is the switch from PoW to PoS. Now, Tezos is already working on the PoS chain, and ETH is still yet to make that switch. Sharing his thoughts on the same, Breitman added,
Ethereum has been waiting for PoS for a very long time; I remember having this conversation in 2016. I think they will eventually get there, but it might take a very long time. Its a little frustrating to hear people refer to Ethereum as a Proof-of-Stake project when theyre actually Proof-of-Work, the change is not made yet.
On the whole, the Tezos ecosystem has been on to a lot of things and is making significant progress in the field. In fact, it even recently announced the tokenization of BTC on Tezos blockchain. So, it may be high time that BTC and ETH buck up in terms of their technological advancements.
However, does that mean that right now, competition-wise and price-wise and market cap-wise, Tezos is on the same level as Bitcoin and Ethereum? Probably not.
Originally posted here:
Is Tezos rapid progress a threat to both Bitcoin and Ethereum? - AMBCrypto English
XTZ Price Analysis: Bears Take a Breather on XTZ/USD As Price Swings Past $2.6, Tezos Becomes 2020 Altcoin With STO Pipeline Projects – Latest Crypto…
Security tokens have evolved from Tezos, which was structured as a self-amending cryptographic ledger and employs the so-called authentication model. Tezos (XTZ) the tenth largest market cap cryptocurrency does have tons of people getting excited about where its going to go, as its already risen by over 90 percent since the start of the year. Bears are taking a breather on XTZ/USD at the time of writing as price swings past $2.63 and the crypto as it stands has a total market cap of almost $2 billion. Tezos has since attained about 30 percent after the COVID-19 triggered sell-offs. The number of STO Pipeline projects that are in the process of being activated as it returns to becoming Altcoin 2020 is a critical element driving interest in Tezos. In a way, these may drive XTZ demand, either for transactions or specifically for acquisitions of the new security token provided by Tezos technology.
*Bears are taking a breather on XTZ/USD at the time of writing as price swings past $2.63*Tezos has since attained about 30 percent after theCOVID-19 triggered sell-offs*The number of STO Pipeline projects that are in the process of being activated as it returns to becoming Altcoin 2020 is a critical element driving interest in Tezos.
Key LevelsResistance Levels: $3.50, $3.33, $3.00Support Levels: $2.50, $2.26, $2.00
Tezos has been consolidating in recent sessions and as can be viewed on the daily chart the price has been making lower highs at the same time as making some higher lows.More lately there has been a range between a low of $2.26 in the medium term and a high of about $3.00 in the near term. Based on the chart above, a higher push breaking past the upper horizontal resistance level at $3.00 has occurred in more recent times.
The bulls may also have to pull off over $2.90 in the resistance zone to have some optimism of advancing to the highs. Once the price climbs back beyond this horizontal line, a fantastic bullish action should be expected. The alternative shift is that unless this line of resistance proceeds to suppress bullish momentum, Tezos may likely see another price decline towards sub $2.00.
Tezos already has steady gains and XTZ had been edging past some crucial technical levels at present. The price has now made a rebound on the ascendingtrendline as seen in the above 4-hour chart, and the $2.50 confluence zone has held tightly and subsequently persisted as asoft support zone.
The corrective target was correctly hit at the 161.8 percent area and now the price is going back to the previously mentioned resistance zone as seen on the daily. The good news is the higher recent move as price push past the MA 50 and MA 200 has been seen. Although there is a divergence on the relative strength index and price as seen in the short-term trend, which means that certain downside correction still exists.
Note:Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
The cryptocurrency market has been noting an upward trend lately; however, while many of the markets major alts are lacking strength, others are charging ahead like bulls.
Bitcoin Cash [BCH]
Bitcoin Cashs resistance at $279.12 was continuing to hold, at press time. While the fork coin did try surpassing this level thrice since its tremendous fall in March, it is yet to breach it. Despite a stagnated price of $238.60, BCH was noting an 18% yield since the beginning of the year. The coins immediate support was marked at $200.03.
According to the Parabolic SAR, the price direction in the BCH market had flipped. This reversal in price was highlighted by the markers being aligned above the candlesticks, suggesting a bearish trend.
On 15 May, Bitcoin Cash will upgrade and three new features like opcode support, Chain limit extension, and sig-checks will be added.
Chainlink has been noting a YTD of 109.09%, despite the price fall in March. The crypto has been booming since the beginning of the year and at the time of writing, was trading close to its immediate support and resistance. The value of the coin was $3.75, whereas its resistance was at $4.04 and support at $3.31.
At press time, the coin was noting some volatility in the market. However, this was steadily falling as at the time of writing, the bands of theBollinger Bands were converging. The reduced volatility in the market was also paving the way for a bullish trend in the market.
Chainlink has been one of the ecosystems most prominent altcoin projects and it recently rolled out its Verifiable Random Function [VRF] service, one that would enable users to gain access to provably random values required for demonstrating the integrity of smart contract-based projects.
Among the three altcoins, VeChain was the only one recording negative returns of -12.55% in the market. The coin had been trending higher at the beginning of the year; however, the March crash pulled its price down significantly. The coin then managed to recover from the fall and has been reflecting great strength. The value of VET was $0.0045, at press time, whereas its immediate resistance was at $0.0050 while support was at $0.0035.
The Chaikin Money Flow [CMF] reflected the same strength in the market as the signal line was spiking above zero. Since this move was in the positive territory, the buying pressure was inferred to be higher.
Recently, VeChain also became the sole public blockchain protocol of the APAC Provenance Council, a cross-continental food supply chain and finance consortium.
The cryptocurrency known as Stellar has been a relatively poor performer over the last several years, however, throughout 2020 the once-booming altcoin has been showing signs of a strong recovery.
Now, the asset has printed a TD9 on daily price charts, following an over 10% intraday rally. Is this a sign that an altcoin season may soon begin?
Last nights daily close on the XLMUSD trading pair solidified an over 10% rally on the day in the altcoin.
The cryptocurrency known as Stellar lumens has fared extremely poorly throughout the bear market, alongside the likes of XRP. But things appear to be reversing in recent weeks as the Bitcoin halving draws attention to the cryptocurrency space once again.
Related Reading | Stellars Fractal Shows How Epic the Next Crypto Bull Market Can Be
It was after the last halving that altcoins began their incredible ascent towards all-time high prices, and the cycle could be restarting again.
A fractal is even forming on Stellar price charts on the XLMUSD trading pair, signaling that major upside is ahead. Backing up the potential chart formation, a TD 9 buy setup has also been triggered.
The TD Sequential indicator created by market timing expert Thomas Demark, has signaled a 9 buy setup on XLMUSD. In the past, the TD Sequential indicator has shown incredible accuracy and precision in calling tops and bottoms in the crypto market.
The indicator called Bitcoins top in February 2020, the bottom in December 2019, and the all-time high peak at $20,000. It has also shown value as an accurate indicator for altcoins like Stellar lumens.
A number of other altcoins recently had similar signals trigger pointing to further upside in the days ahead, Bitcoin has triggered a sell setup instead.
Related Reading | Stellar Rally: Once Stagnant Altcoin Outperforms Bitcoin By 30%
Bitcoin crashing typically doesnt bode well for altcoins like Stellar, but this time could be different. The Bitcoin halving kicked off the first-ever extended altcoin season and could do so again.
A fractal on XLMUSD price charts shows just how stellar the next cryptocurrency bull market might be. Fractals are patterns that repeat with peculiar accuracy and are the result of human emotion.
Bitcoin dominance charts demonstrated that altcoins are at a critical, bounce or die junction. A crash in Bitcoin could theoretically cause altcoins to bounce on BTC trading pairs, kicking off yet another extended altcoin season.
With XLM showing early signs of renewed interest in altcoins and buy signals backing up the bullish momentum, the next cryptocurrency bull market may finally be here.
Bitcoins major event is around the corner. Block reward halving in which mining reward will be halved from 12.5BTC to 6.5BTC is seen as a catalyst for large upside movements. In the previous week, as halving drew nearer, several Altcoins saw an exodus of investors who deemed it unwise to invest in Altcoins rather than the king coin, Bitcoin. However, for the second-largest cryptocurrency by market cap, Ethereum is seeing increased accumulation.
Blockchain analytics, Santiment noted a spike in ETH accumulation which comes ahead of the ETH 2.0 launch penned for July this year.
Glassnode, on-chain analytics firm also recently indicated that the number of addresses holding 32 ETH which is the exact amount required for validators to stake in ETH 2.0 increased by over 14% since 2019 indicating a demand surge.
ETH near term accumulation trend could have been favored by its recent bout of sideways trading which crypto investors took as an advantage to increase their exposure to the Altcoin king. Bitcoin bulls had propelled to as high as $10,000 in the previous week while ETH consolidated within the sub-$200 regions for the past few days.
In the meantime, ETH/USD shift hands at $186.84, off the $193.67 intraday level. The second-largest cryptois rising in sync with BTC, which suggests there may be more risk underway whilst the halving of Bitcoin draws near.
ETH investor growth rate as indicated by recent data depicts that it may stand a better chance than several Altcoins, analysts even positing that it may be the first Altcoin to regain ground against BTC.
ETH 2.0 which will be hallmarked by a reduction in ETH issuance and burning presumably marks a new dawn for staking as investors look forward to passive returns compared to the popular buy-and-hold alternative.
The summary of a recent ConsenSys survey showed that amid 287 ETH holders, 62% had the exact amount required for staking-32 ETH and beyond, out of this percentile, 65% showed staking interest.
Of noteworthy is that nearly half of the ETH holders surveyed indicated a basic to average knowledge of staking and ETH 2.0 reward.
Mike Novogratz, CEO of Galaxy digital sees ETH $20 billion market cap as a result of network growth positing that the fact that ETH stands as a potential store of value may have contributed to its market cap. He went ahead to state that Ethereum should be valued in the crypto-space the way Wall Street values Facebook.
Recently, the debate as to which is a better money between Bitcoin and Ethereum sparked a buzz on Twitter with most claiming that Ethereum is used as money most often than Bitcoin, coupled with recent on-chain data affirming that ETH is money.
Image Credit: ConsenSys, Shutterstock
Read more from the original source:
As Halving Nears, Ethereum (ETH) Stands More Chances Amid Altcoins - KryptoMoney
The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, hit the psychological barrier of $10,000 but immediately rejected. Meanwhile, the sentiment is shifting from fear towards greed as the Crypto Fear & Greed Index is now above 50 for the first time in three months.
However, altcoins have been showing weakness across the board. Investors are selling their altcoins to catch the Bitcoin train with the halving now less than three days away.
Crypto market daily performance. Source: Coin360
BTC USDT 12-hour chart. Source: TradingView
Bitcoin is showing strength as the halving is approaching with the hype only increasing by the day. FOMO (fear of missing out) is increasing as well, which makes people eager to step into Bitcoin and the price to rally heavily.
However, is such a rally sustainable, or will this be another case of buy the rumor, sell the news? Based on the previous halving and the previous halvings of Litecoin (LTC), this is entirely possible.
People get intrigued by the hype around the event, as they expect a short-term bullish outcome to occur on the markets, and they start to buy into Bitcoin.
Where can we see that? In general, these movements can be spotted in the altcoin markets. Usually, when Bitcoin sees a big rally, people FOMO into Bitcoin. One such example is Ether (ETH).
ETH BTC 1-day chart. Source: TradingView
While the USD value of Ethereum is remaining relatively stable (as the price has been hovering between $197 and $215 in the past two weeks), the BTC pair is getting absolutely hammered.
But why? Its because people are selling their altcoins to catch up to Bitcoin. Ether has seen a selloff of 20% in the BTC pair in the recent week, while ChainLink (LINK) and Tezos (XTZ) have seen a 30% selloff in the past ten days. Indeed, all selloffs have been seen in the BTC pair while the USD pairs have remained relatively stable.
Interestingly, previous bull market moves have seen similar action. For example, Bitcoins peak price was during December 2017 with a high of $19,700. This was when there was a huge selloff in the BTC pairs of altcoins.
However, just around this time, the altcoins started to bounce heavily and showing strength, resulting in the biggest altseason the market has ever seen. The price of Ether rallied towards $1,300-1,400 in the month after that.
A similar structure is also forming right now. The selloff of altcoins results in low prices enticing investors to jump back into Bitcoin. This is why today when the price of Bitcoin retraced a few hundred dollars, many altcoins bounced such as Chainlink.
LINK BTC 12-hour chart. Source: TradingView
The price of Chainlink lost 30% in value against BTC in the past two weeks while the USD value remained stable. The price retraced to support at 0.00037000 sats and then saw a strong bounce. LINK price jumped by 18% to $4.10, which is a new three-month high.
However, the significance and the moment of the jump are the most important concepts to watch.
The jump occurred the moment that Bitcoin started to retrace. Usually, altcoins fall off a cliff when that happens. But this time altcoins were jumping left and right, while Bitcoin price started to correct.
Another example is shown here, which is Basic Attention Token (BAT).
BAT BTC 1-day chart. Source: TradingView
This is one of the strongest movers in the past two days as the price rallied more than 40% in BTC value. It lost crucial support but then dipped toward the next one and bounced heavily as the chart shows.
This coin also moved the moment that Bitcoin started to retrace. But this isnt strange as its pretty normal to expect these movements across the board. While some are selling altcoins to catch the Bitcoin train, others are selling their BTC in this region to buy up cheap altcoins.
BTC USDT 12-hour chart. Source: TradingView
The bullish scenario is pretty straightforward. The level between $9,250-9,400 has to hold for the current rally to continue.
The next step would be a breakout of the heavy resistance zone between $10,050-10,350. Breaking and flipping this level into support would be a good sign for the bulls. The next targets will then be $10,800 and potentially $11,600-12,000, a level with an open CME gap (from August 2019).
BTC USDT 12-hour chart. Source: TradingView
The bearish scenario shows a clear structure. Assuming that the hype fizzles after the Bitcoin halving next week, a retrace and correction may be inevitable.
However, whether that will happen with a lower high or another top in the $10,050-10,350 area is debatable. A blow-off top could still occur in the resistance area for confirmation of a bearish divergence and potential trend reversal.
This dropdown and retrace should trigger altcoins to start rallying as they are eager to follow Bitcoin. Hence, a breakdown below $9,400 could be a sign for them to start recovering.
Losing the $9,400 level would be a bearish signal for the momentum of Bitcoin, but potentially a bullish signal for altcoins to catch up.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Heres Why Altcoins Bouncing as Bitcoin Retraced From $10K Is Bullish - Cointelegraph
Bitcoin prices have been hovering around $9,000 for quite a few days making it a lucrative investment opportunity. The biggest challenge with the Bitcoin industry across the globe is regulation. There is still a long way for Bitcoin to become part of the common man's general investment portfolio.
Ashish Agarwal, Founder at Bitbuddy (a Bitcoin marketplace startup) said, " The governments themself have a lot of complexity in regulating Bitcoin but they can regulate the exchanges and other crypto service providers. As far as Bitcoin scams are concerned, one should always stay away from any type of lucrative schemes. Before giving any money to a website/mobile app, know the company and founders before. ready about them, check their recognition."
Mr Agarwal further added, "Never fall for mining schemes, there is no such real business exists. There are more than 5000 identified crypto assets around the globe. 99% of them are scams. People have the common mindset "Bitcoin is very expensive, let's invest in some cheap price coins." Please don't consider just price, look at the maximum supply, circulated supply, market cap, last 24 hours transaction volume, and the most important concept and the team behind the coin. Always be careful, to whom, and what you are investing the money for.
If you are looking to invest in Bitcoin these are the ecessary precautions one should keep in mind
Fake crypto investment platforms
Fake bitcoin exchanges are a real threat! Back in 2017, a South Korean fake exchange was operating under the name of BitKRK. While it looked legit and presented itself as a part of the crypto trading community, it swindled investors and buyers out of millions of dollars before it was intercepted by the South Korean financial authorities.
You must avoid all fake cryptocurrency exchanges. Stick to the reputed and recognized bitcoin exchanges only. Check Bitcoin forums and subscribe to authentic RSS feeds or notifications so you receive the news of fake exchanges on time. or, stick to trustworthy Bitcoin platforms for genuine investment opportunities.
Others less credible cryptocurrencies
After the success and skyrocketing demand of Bitcoin, several new cryptocurrencies have been mushrooming across the globe. It is indeed difficult to keep an eye on the authenticity and performance of each one.
New altcoins can be cheaper, which makes them more of a lucrative investment opportunity to most new investors. The selling idea behind these new currencies is that its already too late to invest in bitcoin and one must seize the opportunity to invest in one of the new and upcoming ones to make more money!
Well, thats not at all true. Always remember that My Big Coin was taken down after it sold fake alt currencies for $6 million to customers.
However, it is important to take a look at the basics of any altcoin including its maximum supply and circulation. For example,Bitcoin maximum supply is 21 million exactly and 18 million are in circulation. Bitcoin is one of the most valued, trusted and most accepted cryptocurrencies across the globe.
Cloud mining allows regular investors without expensive hardware to mine cryptocurrencies. It can be indeed lucrative if you consider that you can mine altcoins like Bitcoin sitting at home without investing in exuberantly priced hardware.
There are a few cloud mining services that allow users to rent server space at a fixed rate for mining altcoins. However, if you are a first-time investor, how do you know which services are genuine, and which ones just want your hard-earned money?
One way to identify the fake ones is by their lofty promises. They promise implausible returns on your investment and never mention the hidden fee that applies on these returns. These servers are smart designs to take money from unsuspecting investors. No authentic companies should be able to guarantee a profit.
Always be vigilant while signing up for cloud mining servers. Think about the security of your data on your system before you go online on a shared server.
Pump and Dump schemes
It is not uncommon for groups of scammers to buy a new altcoin en masse. That increases the market price of the cryptocurrency momentarily and triggers FOMO (fear-of-missing-out) among other investors.
As soon as the new investors begin investing in the new coin and the prices shoot up higher, the scammers sell their share of coins for a higher price.
It is illegal in the securities market, but pumping and dumping are more than common in the grey zone of cryptocurrencies. Avoid pump and dump schemes by choosing more popular and stable crypto options like Bitcoin only.
New investors dont always understand the ins-and-outs of cryptocurrency before and during investing. This has given several malware programs the chance to evolve. Malware programs now pose newer and bigger threats to people.
Modern malware that targets cryptocurrency users and investors can latch onto the user accounts to retrieve the users online wallet balance, drain their account and replace their authentic address with that of the scammer.
Apart from updating your antivirus and system firewall, you need to make sure that you are visiting a secure and trustworthy platform that does not prompt auto-download of .exe files or ask you to download suspicious attachments.
Read the original:
Crypto scams are on the rise: 5 ways to avoid them - Livemint
After a brief period of sustained corrections, it would seem that the markets altcoins are finally finding some momentum after many of the alts recorded some gains of their own over the past 24-hours. This should come as a relief for many since surprisingly, not many altcoins had followed Bitcoins lead when it hiked and consolidated, despite their high correlation with the king coin.
Ethereum, the worlds largest altcoin, was one of the crypto markets stars in the early part of 2019. However, all its recorded gains over the aforementioned period of time were wiped out within a few days by the market crash in March. Since then, ETH has recovered well, with the altcoin, at the time of writing, being traded at $212.02. In fact, ETH was up by over 3.5% over the course of 24-hours, the movement that came as a relief for many since it followed a period of bearish market behavior.
The positive momentum in the Ethereum market was highlighted by the technical indicators. While theParabolic SARsdotted markers were well below the price candles, theRelative Strength Indexwas positioned well between the oversold and overbought zone after a brief period where it seemed to be surging towards the latter.
The price-performance follows a report which suggested that while Bitcoin Hodlers are inclined to splash their cash, ETH Hodlers transactions are largely no more than $20.
Stellar Lumens [XLM]
Like Ethereum, XLMs movements lately have been punctuated by minor dips that would stall the market momentum and put a brake on XLMs uptrend. However, this too was reversed, with the price of the token climbing at the time of writing at the rate of 2.5% over 24-hours, with the press time price observed to be $0.07.
However, XLMs indicators didnt seem to be as confident as the cryptos price performance charts. While the mouth of theBollinger Bandswas uniform, theMACDline was closing in on the Signal line for a bullish crossover. However, in light of the final price candle on the chart being red, this may not transpire.
XLM was in the news recently after its native organization, the Stellar Development Foundation announced a $5M investment in Bill Barhydts Abra.
VeChain, the 35th ranked cryptocurrency on CoinMarketCap, is one of the few alts that is still making its way to recovering the losses incurred back in March. At the time of writing, VeChain was priced at $0.005, with the tokens price still a long way away from its resistance at $0.008.
However, the last few days have accrued some gains for the token, with 5 of the last 7 price candles found to be green, suggesting some bullishness. This was highlighted by the findings of theAwesome Oscillatorand the stabilizingChaikin Money Flow.
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Ethereum, Stellar Lumens, VET bounce back as alts resist corrections - AMBCrypto English
Much of the discussion on the economic fallout that the coronavirus has caused in the cryptosphere has been focused around Bitcoinperhaps rightfully so. After all, as the largest cryptocurrency by market cap and the coin with the largest share of institutional cash, BTC is arguably the most visible crypto asset.
The Most Diverse Audience to Date at FMLS 2020 Where Finance Meets Innovation
However, the rise of the coronavirus has also had a number of striking effects on other cryptocurrency assets, and unlike Bitcoin, not all of them have been negative.
For example, in the stablecoin sphere, the market cap of Binance USD (BUSD) has more than doubled, rising from $68 million to roughly $190 million at press time. Similarly, Circles USD stablecoin jumped from roughly $440 million to $727 million over the same time period; Paxos Standard (PAX) grew from $200 million to $246 million.
Additionally, David Waslen, chief executive of HedgeTrade, pointed out to Tether (USDT), a stablecoin that some consider the next generation on-ramp for cryptocurrencies, namely bitcoin.
Currently, Tethers 24-hour trading volume is close to $80 billion; on March 13th, while stocks were plummeting, Tether reached an all-time high for trading volume at $94 billion, he said. Tether reserves are also sitting at ATHs.
However, beyond stablecoins, the coronavirus has also had varied and unique effects on the altcoin sphere.
What, exactly, have these effects been?
In the past, youve seen altcoins follow along pretty closely with bitcoins ebbs and flows, with certain decoupling here and there, said David Waslen, chief executive of HedgeTrade, to Finance Magnates. Leading up to 2020 and continuing today, there have been some altcoins that have taken a more divergent path.
However, the economic fallout of the coronavirus seems to have had an effect on the relationship between Bitcoin and altcoins: Waslen explained that since early March, they have correlated somewhat.
Indeed, Bitcoin took a 50% plunge but has steadily come backwithout massive cash infusions, I might add, Waslen said, while altcoins, for the most part, fell at the same time; everything was down.
Bitcoins market movements were also correlated with movements outside of the cryptosphere: Bitcoin fell almost in tandem with the DOW and other traditional indices (although it has since picked up the pace against most stocks), Waslen said.
Then, when the stimulus packages rolled out, stocks came back a little, as did virtual assets, he continued. But its in the recovery where both bitcoin and altcoins have shown promise over traditional stocks, which are still struggling (down 14% YTD) despite heavy corporate welfare.
Throughout this period, most altcoins fell at the same time, Waslen explained, but there were definitely some that had a quicker comeback than bitcoin during a time when stocks were bottoming.
When considering the reaction that altcoins have had to the coronavirus fallout, however, Waslen said that its important to consider the direction the space was headed before the pandemic began: theres a pretty big difference between altcoins in 2016-2017 and today, where you now have an immense blockchain infrastructure that is in a constant state of improvement, he said.
Between ample on and off ramps and a steady flux of new investors, many altcoins were already showing strength going into the start of COVID-19. Many have rallied back faster and more strongly than bitcoin, and, of course, stocks.
Waslen specifically pointed to Chainlink (LINK), which began a steep price climb on April 5th, one that diverged from most other coins at the time. Indeed, since Black Thursday, LINK has more than doubled its price.
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Waslen also mentioned Ethereum, which he said: is getting ever closer to a staking method conversion that is designed to help the Network scale.
Many of todays most promising crypto projects are built on Ethereum, and the upcoming ETH 2.0 upgrade could be an impetus for mass adoption of cryptocurrencies, he said, adding that on the year, ETH is up 39%, as opposed to BTCs rise of 17%.
Two additional assets that have warranted attention are Monero and Zcash, which Waslen said: have taken on an outlier status.
Both of these assets, which are two of the crypto industrys most popular privacy-focused coins, have seen substantial increases in price since the beginning of the year: Monero is up 30% YTD with Zcash up 40%, he said. With regulations on crypto tightening and people feeling financial privacy (and security) is a right, we see a corresponding interest in privacy coins, even more so since Black Thursday.
Additionally, you have cryptocurrencies like Binance (BNB) and HedgeTrade (HEDG), both of which are up over 22 % YTD, and Stellar (XLM) reaching over 37% on the year, Waslen said.
Indeed, all of these altcoins have outperformed bitcoin since the pandemic took hold, he continued. They also will likely ride on the laurels of a potential bull market triggered by bitcoins stock to flow and scarcity levels after the halving.
But why exactly are certain altcoins doing so well?
David Zeiler, cryptocurrency expert and associate editor of Money Morning,explained to Finance Magnatesthat while its true most cryptocurrencies sold off during the initial shock to the global markets, it wasnt necessarily because of any design flaw or lack of faith in crypto: [the sell-off] was due to a scramble for cash as investors got hit by margin calls in their leveraged stock holdings, Zeiler said.
People werent selling BTC or altcoins because of any direct link to the coronavirus.
Zeiler explained that indeed, the fact is that crypto is too young to be deeply integrated into the economy.
Most projects are still in various stages of development, he said. While they have the potential to be disruptive in the future, for now, no industries depend on crypto for anything critical.
In his view, this is precisely what has allowed many altcoins to have fared so well: thats what has allowed the altcoins to bounce back as quickly as they have, he explained. Once the initial shock passed, people saw the bargain prices and started buying crypto again.
Of course, this isnt to say the coronavirus has had no impact on the altcoins. The biggest issue is the shortage of venture capital (VC), which many young crypto projects need to maintain development.
Indeed, while altcoin prices may not be hurting as badly as other financial markets in the short-term, lost opportunities for connections to funding may hurt altcoin firmsand innovation more generallyin the longer-term.
For example, coronavirus has caused delays and cancellations in the many crypto conferences held throughout the world: one of the largest conferences, Consensus New York scheduled for mid-May, will take place entirely online.
Therefore, attendees will be able to watch the session, but will miss out on the opportunities for networking that are the life-blood of such conferences. Several of Finance Magnates events have also been postponed or moved online.
At the same time, however, the widespread lockdowns havent had much effect on the developers working on the altcoin code because theyre often spread out across the globe and are used to collaborating online.
As such, it could very well be that overall, crypto is getting off easy in this crisis.
What are your thoughts? Let us know in the comments below.
Brave Browser has unveiled the integration of leading cryptocurrency exchange Binance widget across all desktop devices. This will enable Brave users from seamlessly accessing the exchange tobuy, trade, and receive crypto assets directly on the new tab page.
According to the announcement, the newest update (version 1.8) comes with these new features on Braves general desktop browser. Incidentally, the Nightly desktop had been offering a preview version along with a beta version for testing since March.
Notably, Brave users can now easily exchange Bitcoin, Ethereum, Ripple, and other cryptocurrencies supported by Binance.Additionally, users get the option to trade on both the Binance.com and Binance.US platforms. Also, they can view their balances, obtain deposit addresses, etc. from the comfort of their browser.
Binance has described the new integration as a step forward for cryptocurrency adoption globally. The exchange also noted that the widget would become available on Braves mobile platforms later in the year.
Changpeng Zhao, the CEO of Binance, described the widget as safe and easy to use. We are looking forward to our long-term partnership with Brave to make it easier to interact with crypto and encourage more utility soon, he added.
According to the announcement, the cooperation between Binance and Brave would greatly facilitate crypto access for its more than 13 million users.
Notably, the widget is built directly into the Browser, which automatically guarantees user privacy. It also ensures optimal security, as the only channel of communication with the Binance API is through authenticated user interaction.
Another key feature of the widget integration is that users can opt to disconnect the browser from their account without any fear of it impacting their Binance holdings.
Its important to note that Brave Browser has committed a lot of resources into creating access for users to crypto-related activities.Apart from its partnership with Binance, cryptocurrency exchange Gemini has said it would add support for Brave Browsers BAT token.
Although Google Chrome boasts billions of users around the world, Brave is closing the gap daily.
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Binance Widget Incorporated on Brave Browser - Altcoin Buzz