Category Archives: Altcoin

Cardano and Litecoin Lead the Altcoin Market – Somag News

Three major cryptocurrencies now pioneer the Altcoin fluctuation. Cardano (ADA), Litecoin (LTC) and Binance Coin (BNB) have been the three biggest growing digital assets in the top 10 in the past 24 hours.

Talking about Chainlink (LINK), Cardano (ADA) and Crypto.com (CRO) last month, we now need to focus on Cardano, Litecoin and Binance Coin. These three digital assets have grown more than 6% in the past 24 hours.

In this way, ADA, LTC and BNB are now the 6th, 8th and 9th largest cryptocurrencies with a market value of $ 3.44 billion, $ 3.06 billion and $ 2.85 billion respectively. Three of them represent 3.21% of the entire cryptocurrency market. In addition, ADA reached the 6th place from 7th place by passing Bitcoin SV.

While Litecoin developers are working on privacy-focused solutions, Cardano is expanding its decentralized network and adding new use cases with the Binance Coin Binance platform. It seems that a new altcoin season is beginning and allows a large number of users to rise in the cryptocurrency space in the coming months. It is worth noting that in the first six weeks of June 2019 and 2020 last year, there were only two rising moments for cryptocurrencies.

Finally, we can see that altcoins are moving away from the two-year downtrend. Also, Bitcoin (BTC) is starting to show its strength. Over the past few days, the $ 9,500 level, which is considered a very important price level for the digital currency BTC, has been exceeded. The main question is whether the largest cryptocurrency will stay above the level of whether it will fall again.

Bitcoin can begin to rise to higher levels in the coming months, and may exceed $ 10,500 and $ 13,750 compared to the previous year. If this happens, we can move towards a new bull market in the cryptocurrency. It is also worth noting that Bitcoin domination has reached its lowest point in more than a year and many altcoins have started to rise once again.

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Cardano and Litecoin Lead the Altcoin Market - Somag News

Top Analyst Bullish on Ethereum and Five Altcoins, Says Bitcoin Wont Lead Surge in Crypto Market Cap – The Daily Hodl

Crypto trader and analyst Michal van de Poppe is bullish on Ethereum and a slew of altcoins.

Van de Poppe says ETH, rather than Bitcoin, will lead the way for a breakout in total crypto market cap. The analyst believes Ethereum is ready for $500 after recently pushing through the $250 price barrier.

Van de Poppe is also bullish on Chainlink (LINK), Elrond (ERD), TomoChain (TOMO), Perlin (PERL), and LTO Network (LTO).

In particular, the trader notes that the blockchain platform TomoChain could skyrocket close to 2x in value after a consolidation period. TOMO, trading around $0.94 at time of writing, has already more than doubled in value since the beginning of June.

The short-term future of the altcoin markets may depend on Bitcoins volatility. Historically, when BTC makes a major move to the upside or downside, the broader market follows.

The pseudonymous analyst known as DonAlt tells his 147,000 followers on Twitter that BTC needs to remain above $9,300 to avoid a retracement that could bring the leading cryptocurrency to as low as $7,000.

The crypto data analytics platform Skewsaysoptions traders are betting that a move to the downside is likely in the near term.

Market turning cautious? Short-term Bitcoinoptions skew rallied strongly this week.

Featured Image: Shutterstock/Tithi Luadthong

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Top Analyst Bullish on Ethereum and Five Altcoins, Says Bitcoin Wont Lead Surge in Crypto Market Cap - The Daily Hodl

Bitcoin Analyst Says Crypto Traders Who Ignore Two Emerging Trends Will Miss Out, Warns Altcoins Set for Pullback – The Daily Hodl

YouTubes most popular Bitcoin analyst just issued a warning that altcoins are ripe for a pullback.

In a new episode of DataDash, crypto analyst Nicholas Merten says the altcoin market cap is about to hit a key level that will likely signal a short-term retracement.

As much as altcoins have been on a great uptrend since back here in early May, we have gone from around 31% dominance to 36.5%, so basically adding 5.5% dominance in the market and growing a sizeable share. I think it is at a time period here in the short term that we are probably going to see a cool down here over the next few weeks.

Taking a look here at the weekly chart, we are entering towards a very key percentage level. That is around 38% here. Why is 38% or the upper 37% range important? Its where we set the last time over here back in February where we topped down altcoin dominance. It is also where previous support was back here in September 2018 and May of 2019. Also, you can see back here during the heat of the altcoin cycle where there was crazy volatility, crazy upward moves, and downward moves. This is generally where altcoins peaked out at the first cycle in this case in 2017 and then also built a base to continue the second cycle going into January of 2018.

So this is a very significant level here and I think again after a great rally here, we are probably going to see some kind of pullback.

While Merten is bearish on altcoins in the near term, he believes two groups of cryptocurrencies will spearhead the charge of the next altcoin cycle. He believes those who fail to hop on the emerging trends will miss out.

If youre not focusing on the right trends and the right plays in the right industries, youre going to lose out guys, plain and simple

There are enterprise use cases and most importantly, there are financial applications. Thats why decentralized finance [and] enterprise blockchain, they will be the two centerpieces. Maybe there will be something else that we dont know about, but those will be the two centerpiecesfor this upcoming cycle.

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Bitcoin Analyst Says Crypto Traders Who Ignore Two Emerging Trends Will Miss Out, Warns Altcoins Set for Pullback - The Daily Hodl

Ethereum 2.0 validator testnet goes live: ETH Research Team – AMBCrypto

According to Ethereum foundations official blog, Ethereum 2.0 validator launchpad testnet version officially went live on 27th July 2020.

The development and research with regard to Ethereum 2.0 network have been ongoing for many months now and alongside Consensys and DeepWork Studio, the eth2 research team revealed that validators would be able to keep track and make deposits for the upcoming Medalla multi-client testnet. The post read,

The idea behind the launchpad is to make the process of becoming an eth2 validator as easy as possible,without compromising on security and education.

The blog added that in addition to the process of becoming a verified validator on ETH 2.0, users would need to take responsibility for their own keys as well.

The objective of ETH 2.0 launchpad and Reward

The testnet launchpad would allow the validators to properly understand the security aspect of the new system without compromising on the education.

In terms of rewards, the post revealed that the system would be dynamic rather than stationary or fixed. It said,

In plain English, if the total amount of ETH staked is low, the annual reward is high, but as the total stake rises, the reward received by each validator starts to fall.

For Ethereum, this could not have come at a better time as it may propel the largest digital altcoin to finally surpass its 2019 high of $335. At press time Ethereum was valued at $315 with a market cap of $35 billion.

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Ethereum 2.0 validator testnet goes live: ETH Research Team - AMBCrypto

Altcoin Market Update: Akropolis and Ocean Protocol are unstoppable lately thanks to DeFi bull… – Forex Crunch

Ocean Protocol is up 211% in the last 24 days seeing a significant increase in trading volume. The daily RSI is overextended but hasnt really stopped Ocean for now. The digital asset is already ranked 110th by market capitalization at $63 million. Throughout the first few months of 2020, Ocean has enjoyed a notable increase in trading volume up until April.

OCEAN is trading above both daily EMAs and is eying up $0.20 in the near future. The MACD remains extremely bullish while bulls are not facing a lot of resistance.

Akropolis is experiencing higher gains because it has a lower market capitalization. In the last month, AKRO surged by more than 650% touching $0.0129 for the first time since September 2019 when the digital asset was crashing.

The RSI for AKRO is healthier as periods of consolidation managed to cool it off. AKROs trading volume has also increased a lot more in the past month from an average of $400,000 per day to $6 million.

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Altcoin Market Update: Akropolis and Ocean Protocol are unstoppable lately thanks to DeFi bull... - Forex Crunch

Prominent Bitcoin Whale Predicts Mass Altcoin Extinction Ahead of Next BTC Rally – The Daily Hodl

A prominent Bitcoin whale who made a name for himself by ranking at the top of the Bitfinex trading leaderboard says he believes a massive altcoin purge will happen before the next BTC leg up.

In a new tweet, trader Joe007 says the altseason predicted by many is not on the horizon.

My view is that shitcoin mass extinction event will likely precede next Bitcoin rally. Make of it what you will.

The crypto strategist is also bearish on the king cryptocurrency in the short term. Hes predictinga massive shakeout that rivals the coronavirus-induced sell-off in March.

A lot of people are expecting a downleg, yes. But the question is are they prepared to buy into a real dump, like a repeat of early March or worse?

Despite his short-term outlook on BTC, Joe says he remains a long-term bull on the dominant cryptocurrency.

If I thought BTC would go to zero, why would I accumulate it and keep net long position at all times?

Bitcoin market is a relentless tug of war between actors who want to use Bitcoin to accumulate fiat profits and actors who want to use fiat (or fiat-substitutes) to accumulate more BTC.

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Prominent Bitcoin Whale Predicts Mass Altcoin Extinction Ahead of Next BTC Rally - The Daily Hodl

PrimeXBT Comparison: Will DeFi Defy The ICO-Fueled Ethereum All-Time High? – Ethereum World News

Decentralized finance is growing at a rapid pace, and at the center of it all is Ethereum. Sentiment surrounding the largest altcoin in the cryptocurrency industry, however, is extremely low after a prolonged bear market.

The growth in DeFi has brought some positive buzz back to the altcoin, but pundits argue that without another ICO boom, Ethereum will never return to an all-time high.

Analysts from the award-winning Bitcoin margin trading platform PrimeXBT, have supplied data that puts a spotlight on if the quickly spreading DeFi trend will be enough to break Ethereums previous price record.

Alongside Bitcoins meteoric rise into the public eye, the second-ranked cryptocurrency, Ethereum, also skyrocketed.

Bitcoin FOMO was the result of the world learning about the powerful new cryptocurrency technology and, at the same time, learning of the wealth it generated.

Ethereum, however, the next generation of cryptocurrency that acts as more than just a currency or store of value, allowed for the creation of new cryptocurrencies.

Ethereum offers smart-contracts, or code-based agreements and operations. The platform can run decentralized applications and serves as a foundation for developers to build on.

Devs chose to build more and more new cryptocurrencies, launching them on the Ethereum protocol as ERC20 tokens through initial coin offerings.

In initial coin offerings, Ethereum was exchanged for shiny new tokens promising to be the next Bitcoin. With Bitcoins record and meteoric rise fresh in peoples minds, Ethereum prices skyrocketed to over $1,400 per ETH token, due to surging demand.

The demand was primarily crypto investors buying the token to then exchange for ICO tokens. Later, the Securities and Exchange Commission stepped in and put an end to ICOs, deeming many of them unregistered securities listings.

Many projects fell as a result; others were canceled. Initial coin offerings never came back, and Ethereums demand also dropped. Lowering demand and increasing supply leads to sell offs and quickly falling prices. Ethereum fell by over 90% to just $80 at its low.

However, at the start of 2020, Ethereum closed seven consecutive green weekly candles in a row. The only other time in history the asset had such a positive run, was prior to reaching its all-time high.

All signs pointed to a breakout. The rally was fueled by quickly rising ETH locked in DeFi applications. A powerful new use case had emerged for Ethereum, and its user base had gone parabolic.

However, the Black Thursday market collapse set back DeFi and put a stop to Ethereums bull run.

Now, markets have cooled off again, and Ethereum is once again flirting with resistance just as DeFi returns to previous highs.

A fiery debate has reached a boiling point in the cryptocurrency community: can DeFi push Ethereum past previous highs set during the ICO boom, or will lightning never strike a second time for the altcoin?

Analysts believe that altcoins will never return to such highs, even if Bitcoin breaks its previous high. However, hedge fund managers point to a trillion-dollar market cap for Ethereum thanks to DeFi growth.

The fund manager claims that while theres no denying the insane demand ICOs caused, DeFi is a far more sustainable trend for the long-term, that will bring Ethereum slow, but steady growth.

Such an achievement would do a lot more than taking Ethereum past $1,400. At the current circulating supply and a trillion dollar market cap, it would take the asset to well over Ethereum price predictions at more than $9,000 per token.

If pressure from DeFi growth is building beneath Ethereum, a break of resistance may be days away. If the second-ranked cryptocurrency can break and close above $250, $500 will be the next pit stop on its way, potentially to $9,000 per ETH.

Traders seeking to take advantage of Ethereums big breakout can do so on PrimeXBT, an award-winning Bitcoin-based trading platform supplying the data used in these insights.

PrimeXBT offers long and short positions on commodities, forex, stock indices, and cryptocurrencies like Bitcoin and Ethereum. When Ethereum does make its move, prepare yourself with PrimeXBT.

Disclaimer:This article is not meant to give financial advice. Any additional opinion herein is purely the authors and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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PrimeXBT Comparison: Will DeFi Defy The ICO-Fueled Ethereum All-Time High? - Ethereum World News

These Altcoins Set a New ATH While Bitcoin And Ethereum Tank | NewsBTC – newsBTC

Last week, Bitcoin price fell from a high of $9,800 to a low of $8,900. Ethereum fell over 10% from $248 to $215. But while these top crypto assets tanked, several small-cap altcoins not only surged but set records for a new all-time high.

Whats causing these underdog altcoins to rally while major crypto assets continue to struggle under the same market conditions?

Bitcoin and Ethereum continue to struggle with resistance above $10,000 and $250 respectively. Worse yet, the two major cryptocurrency assets dominating the market, are now having a hard time with levels below that.

The weight of stock market uncertainty and a resurgence of cases of the pandemic has brought fear back to crypto.

The chances of a V-shaped recovery completing fade by the day. Instead, most major assets have done nothing more than set a lower high, which is a sign of a coming downtrend.

Related Reading | Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge

A lower low could be next, confirming the existence of a deeper downtrend. The risk alone has put a damper on any bullish momentum the assets had at the start of 2020 and in recent weeks.

But while the most important crypto assets struggle, small-cap altcoins have been soaring under the same conditions and sentiment. But why?

Last week, while Bitcoin and Ethereum sank, small-cap altcoins not only surged, they set new records. According to data, ten different small-cap altcoins across six different exchanges set a new all-time high.

The list includes:

Not even a handful from the list crack into the top one hundred cryptocurrencies by market cap. Combined, all ten cryptocurrencies dont even amount to $1 billion in market capitalization with just over $775 million total.

Aside from being a low cap altcoin, these assets have very few things in common. With little correlation, there seems to be no rhyme or reason as to why these crypto assets are pumping while Bitcoin and Ethereum sink further.

Related Reading | Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

The allure of opportunities elsewhere in the crypto market may be prompting profit-taking in Bitcoin and Ethereum. Another theory simply points to these low liquidity assets pumping through very little capital injection.

At under $1 billion in total capital, and with a couple of the projects amounting to just $1 million in market cap, it takes very little money to move the prices of these assets.

With such low market caps and trading volume, any activity in these assets could result in larger gains. Whales know this and could be utilizing the small-cap altcoins to bolster their BTC and ETH holdings ahead of an eventual breakout.

Profit-taking is said to flow out of small-cap altcoins eventually, into mid-cap altcoins. From there, money eventually makes its way back into major altcoins like Ethereum, then back into Bitcoin. That is when the bull market may begin, and then the cycle will repeat all over again.

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These Altcoins Set a New ATH While Bitcoin And Ethereum Tank | NewsBTC - newsBTC

Renowned analyst predicts Bitcoin to outperform altcoins in 2021 – FXStreet

Since the beginning of 2020, the small-cap, medium-cap and large-cap altcoin indexes from FTX exchange have outperformed Bitcoin, according to an earlier Bitcoinist report. However, a renowned trader and analyst (@SmartContractor) expect this trend to get reversed in 2021.

According to the analyst, Bitcoin dominance (the percentage of the crypto market made up of BTC) has the potential to surge to 86% by 2021-2022. He attributed this sentiment to Elliot Wave - a technical analysis tool that suggests that markets move in predictable cycles because of investor psychology.

While the analyst expects altcoins to underperform Bitcoin in 2021, he shares a different sentiment from a shorter-term perspective. According to a chart he shared on Twitter, Bitcoin dominance is likely to fall in October of this year. The chart suggests a retracement of Bitcoin dominance to 60%.

Notably, this is the same trader who predicted Bitcoin would bottom at $3,200 in 2018 a few months before it did.

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Renowned analyst predicts Bitcoin to outperform altcoins in 2021 - FXStreet

XRP Price Can Outperform Bitcoin in the Short Term Heres Why – Cointelegraph

Bitcoin's (BTC)sideward price action of late has been a hunting ground where whales can easily liquidate misinformed traders on leverage trading platforms. Without decent swings, any asset can become boring.

But lets not forget BTC isnt the only cryptocurrency out there, as several altcoins are currently staging somewhat of a comeback. However, theres one coin that doesnt seem to be having a good time lately, namely XRP, the fourth-largest digital asset by market capitalization.

So, in today's analysis, Im going to look at whether holding XRP is likely to be more fruitful than BTC in the short term.

Daily crypto market performance. Source: Coin360.com

Starting out with the weekly chart, one can see why the bears favor this timeframe. Bitcoin is forming a massive pennant that is far clearer now than it was before the March 12 black swan event.

BTC/USD 1-week chart. Source: TradingView

Typically, pennants break toward the end of the pattern, sometimes a little before. However, they are invalidated after. As things stand for Bitcoin, a breakout or breakdown could occur any time between now and approximately September 2021, 14 months from now.

With the current price around $9,156, a small 6% increase would put Bitcoin on the resistance line, and this is why we have failed to reclaim $10,000. But at this rate, reclaiming just $9,750 would be a welcome breakthrough for the bulls.

On the flip side, there is a massive 47.42% gap from the current price to the support of the pattern. This puts a figure of $4,500 as a potential target, which may be a great opportunity to stack some sats. But is this just wishful thinking from overly aggressive bears that shout burn this Ponzi to the ground?

BTC/USD one-day chart Source: TradingView

The one-day chart can be interpreted as equally bearish for Bitcoin. Using the Fibonacci retracement tool from the March 12 dump to the last time $10,500 was rejected, the price is still above 0.236. But should this level fail, then the 0.382, 50%, and 0.618 Fibs are where the action is, and this puts support levels at $7,900, $7,150 and $6,350, respectively.

While none of us hodlers want to see $6,350 or $4,500 Bitcoin, you cant ignore the charts.However, the bull in me sees that just a 13% uptick in the price of Bitcoin is needed in order to reach the multiyear resistance of $10,500.

So, what is more likely? Number go up? Or number go down?

BTC/USD one-hour chart Source: TradingView

In the short term for Bitcoin, and using now the one-hour chartas well as the Fib levels from the tip of the June 23 pump and the $8,800 bottom on June 27, we can see that Bitcoin has broken the 382 (as I type this article). Thus, following the Fibonacci structure would put the most likely resistance levels at $9,300 on the 50% Fib and $9,420 on the 618.

Should Bitcoin continue on an upward path, reaching the top of the Fib at $9,794 would invalidate the pennant structure and also wipe out the chance of $4,500 to boot.

Once the bulls are in control, then $12,000Bitcoin is the next key level to break, and when all is said and done, this is still only a 25% increase in price. Which brings me to Ripples XRP, an altcoin that has piqued my interest.

XRP/USD one-week chart. Source: TradingView

At first glance, the XRP chart looks like any other altcoin. A huge 2017 spike followed by a monster downtrend. Anyone that looks at this chart would draw the same conclusion that this project is dead.

But is the fourth-biggest digital asset by market cap really dead? Or is it the investment opportunity of a lifetime?

Using the Fib with a massive pinch of salt, the first target being the 382 is $1.33. With XRP currently trading at about $0.175, thats approximately a 750% return on investment. If the price continued to the 50% retracement, then thats 900% and a massive 10-timesgain if it were to reach the 0.618 level.

I like those numbers, and since XRP is somewhat of the Ralph Wiggum of crypto, responding rather slowly after Bitcoin and Ethereum make their movesand remaining stagnant for the majority of 2017, this could be a great speculative investment as Bitcoin looks like its close to its top.

XRP/USD 1-week chart. Source: TradingView

Moving down to the one-day chart for XRP, the downside doesnt look that great. If $0.16 support fails to hold, $0.10 XRP is what the Fib retracement tool shows as a potential target.

However, there is massive buying and selling pressure for XRP on Bitfinex, between $0.17 and $0.18 with no big orders below $0.17, according to the Tensorcharts orderbook heatmap.

XRP/USD heatmap. Source: Tensorcharts

This all leaves me asking the question: Is the bottom in for XRP? But also, are we close to the top for Bitcoin?

Obviously, XRP hasnt won as many hearts and minds as BTC, as its generally discounted by the crypto community due to its centralized nature, Ripples regular monthly sales from its escrow and its XRP Army supporters.

Nevertheless, XRP is currently at mid-2017 levels, while Bitcoin is already at December 2017 prices. So, which horse looks better to bet on at these levels? Obviously, you should DYOR do your own research. But as Warren Buffet once said,Be fearful when others are greedyand greedy when others are fearful.

For Bitcoin, the first level of resistance is at $9,450. However, should we break this, then $9,750 is where bulls need to push toward to regain control.

Defending $8,900, which is the 236 Fib, is massive for Bitcoin right now. Should this level fail, I would be looking at $7,900 as a very real target should the bears win this battle.

The views and opinions expressed here are solely those of @officiallykeith 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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XRP Price Can Outperform Bitcoin in the Short Term Heres Why - Cointelegraph