Bitcoin

Weekly Cryptocurrency markets analysis: November 19 to November 25

The week beginning from November 19 to November 25 was punctuated with a huge dip in prices of most cryptocurrencies. Bitcoin, which seems to influence the price of other cryptos, was down by 36% throughout the week. Analysts have raised concern, this being the worst weekly in five years for the leading cryptocurrencies with regards to market capitalization.

Also, Ethereum, which had curved a niche for itself as the second best rated crypto after Bitcoin took a beating to remain at third.

On Sunday, November 25, prices of major cryptocurrencies took a further dip of around 10% which has not helped matters.

However, despite the negative sentiments from the markets, Bitcoin is set to overtake MasterCard in terms of the volume of transactions per day. This move is welcome as it may build impetus for a bullish momentum.

BTC/USD

The pair took a 36% dip throughout the week. This loss is the worst weekly loss since the second week of April 2013. It also dropped a further 10% on Sunday. The coin opened trading at $5553 and closed at $3520, translating into a 36% loss. Analysts predict that the digital coin may be headed for its worst loss since 2013 where prices nose-dived from $165 to $91, representing a 44% loss.

The $4000 level was breached as prices gravitated downwards to establish a new support level at $3887.

The RSI is at the oversold region (below 30) for the first time since 2015, with coin hodlers looking to dispose of their Bitcoin holdings to avoid raking in losses.

Little buying activity also shows that investors are restraining from buying the ‘dip’.

Both the 30 day and the 9 day moving averages are trending downwards which indicates that the bearish outlook may go on for a while.

XRP/USD

The altcoin solidified its grip as the top rated crypto after Bitcoin. This was due to Ethereum’s woes. The pair hit a high of $ 0.5101 and a low of $ 0.3673 as its stellar performance continued despite taking a loss as was with the case with most other alt coins.

The crypto exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (13.37%), ZBG (8.54%) and UpBit (7.61%)

 ETH/USD

Like Bitcoin, Ethereum took a severe dip, with prices pushing downwards. The $100 level was constantly tested although it was not breached. Prices hit a high of $ 177.18 and $110.83 on the lower side.

The exchanges that were more active, in volumes, with ETH across various pairs this week were OKEx (5.18%), BitFinex (5.04%) and CoinBit (4.03%).

Fundamental news throughout the week indicated a secret plan by ETH developers to upgrade ETH’s network. This is to improve the capacities of the technology. CRYPTO IS COMING!

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Interested in more crypto content? Check out As Tether dominance declines, new players emerge and Why are Bitcoin Miners Shorting Bitcoin?

Cryptocurrency markets weekly update: October 29 to November 4

The top 20 cryptocurrencies have today been on a bullish trajectory with most candles turning green.  Monero and Dash had the biggest percentage gains, standing at 4.26% and 6.85% respectively. Additionally, the BTC/USD recovered from last week’s slump. The pair saw an upward surge over the last 24 hours, gaining about 0.05. The total market capitalization stood at $209 Billion at the time of writing, with Bitcoin dominating the market at $109 Billion which translates to about 53% market dominance.

On price analysis charts, the Relative Strength Indicator for most cryptos showed a strong bullish momentum with trading activity increasing before dipping slowly this morning. The slow dip can be attributed to an imminent deadline set by the U.S. Securities and Exchange Commission (SEC) on 9 ETFs to file submissions against an earlier rejection by the same body. Owing to this, traders stood back awaiting SEC’s decision which could have the ripple effect of shifting crypto prices upwards or downwards or generally affecting the market.

BTC/USD

Bitcoin’s stability subsided throughout the week. A small dip of around 2% was recorded with RSI at the stable zone. A high of $6548 and a low of $6307 was recorded throughout the week. The exchange market was active with BTC exchanges Bithumb, BitMEX and CoinBene dominating at 10.3%, 7.1% and 3.1% respectively.

Chart indicating various cryptos’ performance throughout the week

XRP/USD

Among the top cryptos, Ripple recorded the least loss. Prices reached a high of USD 0.46 and a low of USD 0.43 indicating continued periods of stability. Ripple also recorded a high trading volume indicating low volatility in the market. Exchanges continued to trade in high volumes with ZB.COM dominating the market with 27.3% of the trades. Bithumb and Bitbank commanded 6.8% and 7.3% of the XRP/USD market respectively.

ETH/USD

The ETH/USD pair hit a high of $205 and a low of $195 seeming to test the $200 support. Coinbit dominated the market, commanding 5.4% of the trading volume. This week, news from a Maryland University research indicated that a lack of diversity of ETH smart contracts poses a threat to the Ehereum blockchain ecosystem.

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Cryptocurrency price analysis for the 3rd week of October

BTC/USD

The week kicked off on a bullish trajectory, breaking the $6,600 resistance to a new high of $7780 on October 15.The pair registered an average gain of about 20% before taking a sharp drop on October 17. The fall was attributed to tax avoidance efforts born out of a requirement to file tax returns on BTC which had earlier been classified as property rather than currency. This led to the mass sale offs by people hodling onto BTC to avoid incurring a lot of taxes.

Prices throughout the week ranged from $6,200 to $6800 as seen in the chart (A to C) say for October 15 when they sky dived above the $6,800 support (point B). However, price analysis charts for the BTC/USD on October 15 indicated a price rally that seemed to point to a break from the $6,600 support level.

Were the slow dip to persist, new support levels could lay at between $6,200 and $6,000. On one day charts, the 9 day EMA crossed over the 30 day EMA indicating a bullish trajectory with the 9 day moving average acting as support for the bullish trend.

XRP/USD

The pair kicked off the week on a bullish trajectory following in a dead cat bounce situation arising from the pair’s previous week performance. Support was at $0.4586 and resistance at $0.5. On October 15 however, a new month-high of $0.5250 was registered, breaking the $0.5 resistance barrier. This was due to an IRS requirement to file income tax on digital tokens held, including Ripple. Investors looked to dispose coins held to avoid mass taxes.

The bulls went on for half of the week before registering a slow downward spiral on October 17 due to increased supply in the market. Prices oscillated between $0.49 and $0.43 apart from when resistance was broken. The 9 day EMA crossed over the 30 day moving average, signaling a bullish trend.

 ETH/USD

The pair similarly kicked off the week on a bullish trend that was the consequence of the previous week’s dead-cat bounce. However, an IRS requirement to file tax on all digital tokens held led to mass dispositions which saw prices shoot(point A) on October 15 before taking a slow dip on October 17 (point B).

Support levels throughout the week were at the $206 mark and resistance at the $219 mark. The latter was breached on October 15 to a new high of $242. The 9 day Moving average crossed over the 30 day moving average at the beginning of the week, indicating a bullish trend.

 

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What does the future hold for Ripple

Will Ripple Live Up to the Billing as the Next Leading Cryptocurrency?

The rise of Bitcoin made some early investors very rich.  Anyone who purchased Bitcoin before 2015 for few Dollars has a success story to tell. Currently the value of Bitcoin is approximately $6,380, however, they had to wait for quite some time before reaping the rewards. And the fact that the value of Bitcoin continues to rise, investors are still making more and more each day.

We have seen how Bitcoin has drastically changed the lives of many traders and investors, Analysts are now looking for the next big thing in the cryptocurrency sector…could it be Ripple?

The strength of Ripple

Recently, Ripple has gained a lot of attention and partnerships. Some Ripple proponents are predicting XRP could be the next Bitcoin. I know, its sounds crazy and its value will not rise overnight, but can we expect to see a significant increase by 2019? lets take a look.

Ripple has performed well in the previous year. At one point in time it had dethroned Ethereum from its position as the altcoin with the largest market cap despite the fact that many in the cryptocurrency community consider it useless.  While Ethereum has gained back its, Ripple has shownsustained growth and plans on launching new products soon. 

Ripple was launched in 2012, approximately three years after Bitcoin. An U.S based company called Ripple Labs built Ripple. Its primary concern was to come up with a payment system to be used by banks to facilitate the transfer of funds both internationally and domestically. Currently, many financial institutions prefer Ripple due to its payment processing. The Ripple XRP token is being ranked third in the coinmarketcap.

The primary difference between Ripple and other popular cryptocurrencies such as Bitcoin and Ethereum is that Ripple is centralized with most of its coins being held by the company and founders. Bitcoin and Ethereum systems are backed by global miners who process and verify transactions making them much more aligned with the decentralization and trustless nature that has drawn many to the cryptocurrency movement. 

Ripple transaction modes are controlled by specific financial institutions such as RBC, UBS, and Westpac among others. The fact that Ripple has a great control over their system worries many buyers and sellers. Most investors opt for a decentralized platform such as Bitcoin. You can use some of the major free bitcoin telegram signals to understand how crypto prices rise and fall.

Working together with regulators

According to Brad Garlinghouse, Ripple CEO, for any kind of industry to grow and move forward, it has to work together with regulators. During an interview with CNBC’ Fast Money, Brad said the entire industry should realize the importance of working with the system. Exactly how the Blockchain revolutions happen within the system and never outside the system.

There are numerous ways on how the Ripple Blockchain platforms work better than Bitcoin and what has caused Ripple to gain popularity.

Ripples transaction fees and speed

When comparing Ripple and Bitcoin transaction times, Ripple comes out faster by miles. XRP takes seconds for the transaction to be processed and confirmed while BTC may take minutes.

Regarding Ripples transaction fees, Ripple is nearly free. The standard transaction fee for a standard transfer is 0.00001XRP. For instance, in January, when Ripple was selling at $3.29, the transaction fee for such a case would have been $0.0000329. In reality, this means that it would only cost you $1 to send over 30,000 transactions.

Ripple is attempting to position itself  as the service of choice for banks looking to make cross-border transactions. With such an ambitious goal, it’s no wonder speculators have made XRP one of the highest trading volume cryptocurrencies on the market, especially with the xRapid launch just around the corner. 

Scalability

When it comes to scalability, the Ripple system works better than Bitcoin. As mentioned earlier, Ripple transaction speed is very high. For instance, it takes Bitcoin approximately one second to handle seven transactions while Ripple an handle over 1,500.

This fact makes Ripple ideal for a big and multi-trillion inter-bank industries. With the Ripple system, banks will be able to send money to international banks easily and faster. Currently, it is very slow and costly to send money internationally. For instance, most banks use a Belgium based third-party organization known as SWIFT to transfer money. This means that someone can’t send money on emergency cases.

With Ripple in the finance sector, financial institutions can use XRP to facilitate money transfer and act as a bridge of liquidity. This ways, banks, and individual investors will save lots of money and time. So, we can expect more in the near future.

The Price of Ripple

The prices for Ripple XRP tokens are considerably lower compared to other high marketcap altcoins, which could make it more attractive to new institutional and retail investors entering the market. This explains why Ripple has attracted so much attention to cryptocurrency speculators. Currently, the value of Ripple’s XRP has improved by more than 7000% from its ICO price.

In fact, over 100 banks have already adopted the Ripple token. Some of these financial institutions include Santander, Credit Agricole, and the Bank of America. With Ripple already making these partnerships with major banks all over the world, we expect to see more in the future.

According to Craig Cole of crypto maps, an expert in the cryptocurrency industry, Ripple could be the catalyst that would make the cryptocurrency sector more mainstream. Ripple is just but a new cryptocurrency on the rise today, but one that promises a lot in the future.

Below is a chart illustrating the current Ripple’s token XRP market cap, price, and daily trading volume.

In summary, there is no doubt that Ripple has a potential to replace the current systems used by banks, but can it survive long enough to do so? Ripple will definitely be a project to keep you eyes on in the years to come. 

Crypto Is Coming!

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The Raven’s Dispatch – Aug 23, 2018 – Is Mass Detokenization On The Way?

The “tokenization of everything” hits a speed bump

“TOKENIZE THE WORLD” was the ICO battle cry of 2017 and the subsequent drive to democratize art, real estate, cars, securities, and more, has enabled people to buy a token representing the value of any asset you can care to imagine.

So why are we talking about detokenization? The Digipulse CEO recently announced that 98% of all tokens connected to the project would be burned because the issued tokens are being used for speculative investment and not the built in platform. This is an issue for MANY tokenized projects. Will other companies follow suit? Read our entire piece Is Mass Detokenization On The Way.

The overall cryptocurrency market was rather stable this week floating between $205bln to $207bln representing a 1% increase, with an obvious pump and dump yesterday. Fun times ya’ll. But look closer and you will note the top 5 struggled, being held up by the King, Bitcoin.

Livecoinwatch

Bitcoin (BTC): Crypto twitter was all over the place this week. $3k Targets, $11 targets, people capitulating, etc. Very entertaining. Week to week price action found a channel between $6,300 and $6,500, then pumped to $6,680 and subsequently dumped back to $6,400. Not taking into account the PnD Bitcoin experienced 1.5% growth.

Ethereum (ETH): There’s been little love for Ethereum this month. Down 45% since July 24th, there doesn’t seem to be any reprieve in sight for Vitalik’s love child. ETH currently sits at $274 as of this post experiencing a decline of 6% week to week. Curse you ICOs!!

Project of the week QUIZANDO (QUIZ): Social platforms have provided creative people with a soapbox in which to spread their views, opinions, likes and dislikes across the world. To make any revenue from the audiences they need to work hard at getting endorsement deals, look for related affiliates and constantly promote products.

This is where Quizando comes in. The Quizando project is a state-of-the-art quiz delivery system enabling players to participate in a gaming ecosystem that rewards them with cash prizes. Quizando wants to help influencers monitize their influence easily and without the need to be a business expert or turning their channels into a constant adverts.

Want to learn more? Check out our feature on What is Quizando, and learn how you can put your Quiz knowledge to work for you. Intelligence Pays! Sponsored Content.

WHAT’S NEW AT CRYPTO IS COMING

What Is Quizando? – The Quizando project is a state-of-the-art quiz delivery system enabling players to participate in a gaming ecosystem that rewards them with cash prizes. Are you a quiz master?

What is ChromaWay and Are Hybrid Database The Future? – ChromaWay is a Swedish blockchain startup that has been working on secret blockchain related research and projects since 2011.

Is Mass Detokenization On The Way? – For the last while, the “tokenization of everything” has been a constant theme in crpytocurrency, and it’s had people justifiably excited. So why are projects bruning their tokens?

Blockchain company Seven Stars Cloud Group signs exclusive $24b deal with China’s Largest Electric Bus Operator – A groundbreaking $24 billion deal between China’s largest electric bus operator (NTS) and Seven Stars Cloud Group (Nasdaq:SSC) was recently signed which will create financing products through SSC’s blockchain ecosystem.

What is Neon Exchange (NEX) – NEX is a platform for payment services and decentralized crypto trade. NEX aims to combine the performance of centralized exchanges with the trust and security features of decentralized exchanges

Blockchain Law Study group Formed in South Korea – In South Korea, lawmakers, industrial experts and judges are teaming up to form a fresh working group which will endeavor to discuss and propose solutions for issues surrounding the blockchain technology.

South Korea Still Unsure on How To Handle Cryptocurrencies – South Korea just held a session of its National Assembly with the sole purpose of discussing blockchain adoption and ICOs guidelines.

Ever Wonder Why Governments Tend to Bully Cryptocurrencies? – Stop picking on crypto, you bullies!

Bitmain Expansion: Multi Billion IPO on the Horizon – Cryptomining giant Bitmain is about to go public in what could be one of the biggest Initial Public Offerrings ever.

Kuwait Finance House Becomes First Bank Using Blockchain in The Country – The Kuwait Finance House (KFH) has confirmed it completed a cross-border transaction with the use of Ripple technology.

Hacker ordered by Federal Court to pay the bail in cryptocurrency – Cryptocurrencies are getting steady acceptance in judicial quarters. In a recent case, a Federal judge allowed an accused hacker to pay bail amount in cryptocurrency.

CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET

SEC Denies Nine More Bitcoin ETFs – Please, we all knew this was gonna happen. The U.S. Securities and Exchange Commission (SEC) on Wednesday rejected applications for nine bitcoin-based exchange-traded funds (ETF) from three separate companies.

China shuts down blockchain news accounts, bans hotels in Beijing from hosting cryptocurrency events – The two incidents are the latest instances of China’s continuing crackdown on cryptocurrencies, which began last September with bans on local exchanges and ICOs.

AppleJeus: macOS users targeted in new Lazarus attacks – Researchers have uncovered a new campaign by the infamous Lazarus group which targets cryptocurrency exchanges in order to spread malware to Windows and macOS users.

Half Of The Remaining Non-Minted Bitcoin Supply Is ‘Spoken For…’ – The CoinShares team analyzed data from an ING survey and found that there are 99 million people who intend to own Bitcoin but don’t yet.

90% of Employees at Major Crypto Exchange Binance Receive Salary in BNB – At the Liechtenstein Cryptoassets Exchange (LCX), Binance CEO Changpeng Zhao told TechCrunch founder Michael Arrington that 90 percent of the exchange’s employees receive their salaries in BNB.

‘Bitcoin Jesus’ Is Having a Hard Time Winning Over True Believers – Roger Ver, the virtual currency advocate often referred to as Bitcoin Jesus, is finding it tough to win converts to the supposed second coming of the the world’s biggest cryptocurrency.

Big Investors Deny Involvement In Crypto Miner Bitmain’s Pre-IPO Funding –  SAY WHAT?! Tencent Holdings and SoftBank Group are both disputing their involvement in a widely reported pre-IPO investment round for Chinese cryptocurrency mining giant Bitmain.

SoftBank Denies Reports of Bitmain Deal; Bitmain Still Silent – Hmmm this is not looking good for Bitmain. Japanese telecom giant SoftBank has denied media reports of its involvement in a pre-IPO funding round of bitcoin mining rig manufacturer Bitmain.

Here’s How You Can Validate An ICO Using Your Chrome Browser – Cryptocurrency and blockchain is a world filled with excitement and new technology, but like your Mother always warned, if something seems too good to be true then it probably is.

Wall Street’s Crypto Caution Risks Coinbase Gaining ‘Unassailable’ Position – Cryptocurrency trading revenue is primed to explode within the near future, and Wall Street is running out of time if it hopes to stop industry giant Coinbase from gaining an indomitable market position.

Nvidia is sliding after cutting its guidance and saying its crypto boom is over (NVDA) – Nvidia shares are down more than 4% Friday on trading after the chip maker cut its third-quarter revenue guidance and warned that it’s crypto business is going to zero.

Thanks for joining us this week. If you have something interesting you would like to submit reach out to us at info@cryptoiscoming.com. And don’t forget, Crypto is Coming!

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