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10% Wiped Off Cryptocurrency Market Cap as ETF Decision Delays

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The global cryptocurrency market cap lost 10% of its value overnight as the SEC further delayed their decision on the VanEck ETF. The judgement has been pushed forward to September 30th, in what could possibly end up being the third rejection of a VenEck ETF proposal. The ETF decision has been responsible for much of the crypto markets trends over the past month, and the speed of last night’s plunge mirrors the speed of its rise in anticipation of the ETF proposal from earlier last month.

Global Cap Loses 10% Overnight

Last night’s losses compound a 23% fallout over the course of the week, and today the majority of coins in the top one-hundred have been marked down by double-figure percentages.

Within the top ten, XRP, EOS and IOTA have taken the worst of the damage, each losing over 16% within the last 18 hours or so. Ethereum has shed over 10% of its value, while Bitcoin is closing in on the 10% mark, having sunk by 9.5% before a slight rebound and consolidation.

     XRP

The XRP coin is now trading at 2017 levels, after falling to a price of $0.345 – a valuation not encountered since early December. That amounts to 16% losses overnight, and leaves XRP on 23% losses over seven days. The highest concentration of trades come from XRP/JPY (Japanese Yen) trades on Bitbank.

xrp

Despite XRP’s losses and reversion to last year’s valuation, it isn’t even the worst performer in the top ten.

     EOS

EOS is down 17.5% from last night’s price of $7.17. The lowest it dipped was to $5.91 at around 06:00 UTC this morning, before a return to $6.01 at the time of writing. Over 48% of EOS trades have come against Tether (USDT) today, suggesting investors aren’t necessarily cashing out, but rather using Tether as a friendly port for the duration of the storm.

eos

Today’s losses take EOS back to the early April valuation, just before the ramp up to the completion of the ICO took place.

     IOTA

IOTA has nursed 10% day-on-day losses for the last two days starting August 6th, and now the coin price has returned to early November levels. Last night’s price of $0.805 gave way to the tune of 18.8% and the coin plunged to a value of $0.653.

iota

In the last 24 hours many seemingly sacred support levels have been breached. IOTA had floated comfortably above the $0.90 mark for the last month or so, but the preceding seven days have seen all of that perceived security disappear.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 82 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Litecoin Price Analysis: LTC/USD Developers to Slash Transaction Cost, with Upcoming Core Update

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  • Litecoin fees are set to be largely reduced in the forthcoming upgrade, in an attempt to boost adoption.
  • LTC/USD remains heavily dictated by triangular pattern, behavior suggests a breakout is imminent. 

Litecoin Fees to lower by 10x in next Core Release

The Litecoin foundation will be updating the Litecoin protocol to version 0.17, following an announcement via Twitter. This update will ultimately reduce the network’s fees drastically compared to its already nominal costs.

It is reported that with this upcoming upgrade, the network fee will go down to $0.005. Their goal is to encourage greater adoption of Litecoin. Currently, the average transaction fee is floating around $0.05. Bitcoin’s transaction fee is currently seen around $0.10.

At the back end of 2017, a large bull market was observed. Bitcoin prices were up at heights around $20,000. Users as an alternative started to use LTC, given its inexpensive nature, in comparison to Bitcoin. It is interesting to note also that Bitcoin transactions were as much as $55 during those highs. However, Litecoin remained by far competitive, facilitating lower transaction fees, less than $1. During the peak, LTC fees reached $1.5.

Litecoin’s Core lead developer, Adrian Gallagher, was commenting on the upgrade intentions, saying: “To encourage more adoption and usage of Litecoin, I think lowering the fees are a good thing. We’re not even close to block limits and the block size on disk is pretty small (20GB) relative to other coins. Technically people can already adjust their fees right now to the one above, because of the more relaxed min relay/dust relay fee.”

Elsewhere, he was speaking about the current market conditions, believing that the bear market being observed, will not last. Predicting that in the next three to six months, prices could start to rise again. He stated: “With lower fees, it would be possible to lay down the foundation for a fee rate, that can grow proactively rather than re-actively.”

Technical Review – Daily Chart

LTC/USD daily chart

Looking via the daily time frame, LTC/USD price action remains trapped and dictated by a triangular pattern. This is seen across several of the other cryptocurrencies. The calls of an imminent breakout make much sense, with this type of price behavior seen.

Over the past few days, upside has been capped around the $55 mark. Further north, resistance is seen at the $56.50-60, the upper part of the triangular pattern formation. A breakout higher should allow a run well into the $60 territory. Testing the 27th September high ($65.85) would be probable. Supply is seen running from that high up until $70, where the price faltered on 4th September.

In terms of support, $53 has proven to be an area of comfort, over the last five sessions. The lower trend line of the above-mentioned pattern is seen tracking at $51.50. Finally, a demand zone is seen just below running from the big $50 mark, down to $0.47.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

Stellar Lumens Quietly Leads Crypto Market Recovery as Fidelity Rumors Circulate

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Stellar Lumens has put up double-digit gains over the past week, buoyed by improving fundamentals and rumors of a potential partnership with Fidelity Investments.

XLM/USD Update

The XLM price experienced little movement on Sunday, as the overall market made tepid gains. At the time of writing, XLM was down 0.8% at $0.2415. Against bitcoin, the cryptocurrency was down 2%, according to CoinMarketCap.

Compared with seven days ago, XLM has gained more than 13%. Lumens peaked near $0.2500 on Saturday. Over the same period, the broader cryptocurrency market rose 4%. Bitcoin is up just 3.4% over the same period while Ethereum gained 3.7%.

At current values, the Stellar blockchain has a total market capitalization of $4.6 billion. Trade volumes in the last 24 hours reached $48.1 million. Binance, BitMart and BCEX are the largest markets for XLM trades, according to the latest available data.

This isn’t the first time XLM has outperformed the broader market. Lumens managed to hold its ground during the mid-August slump, a period that was associated with a 21% drop in Ethereum and a nearly 40% plunge in IOTA.

Fidelity Rumors Circulate

The latest upsurge in Stellar’s price follows speculation that Fidelity Investments may consider adopting the XLM blockchain for its digital asset business. The speculation is tied to Tom Jessop, a Fidelity executive who used to run a promising blockchain startup by the name of Chain. The Chain project was recently acquired by the Stellar Development Corporation. Following the merger, the Stellar Development Corporation re-branded as Interstellar.

From an institutional standpoint, Fidelity is considered an early adopter of cryptocurrency. The asset manager has been mining cryptocurrency for the past four years and recently announced plans to develop a new suite of blockchain-focused products.

Stellar has been subject to other positive speculation in recent months as large corporations seek entry into the blockchain arena. In August, Business Insider speculated that Facebook was eyeing a potential partnership with Stellar. Although Facebook denied the rumors, there’s strong reason to believe that the social media network will soon enter the blockchain arena, which makes Stellar a prime candidate for adoption.

Last month, IBM announced it had officially launched its new money transfer business on the Stellar protocol in a move that could springboard digital currency adoption across the globe. IBM Blockchain World Wire, as the system is known, utilizes Stellar to settle cross-border transactions in a matter of seconds.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 649 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Ravencoin (RVN) Arrives With 118% Weekly Growth Ahead of Mainnet Launch

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Ravencoin (RVN) made its entry into the market cap top one-hundred on Sunday, propelled by a Binance listing, and 118% sustained growth over the course of the week.

Trade volumes for the asset-creation coin hit all-time highs on Thursday, rising an incredible 23,000% from $212,000 to $49 million within the space of ten days.

Ravencoin has been around since 2017, and the upcoming mainnet launch on October 31st marks the one year anniversary of the coin’s creation. It also marks the ten year anniversary of the release of the Bitcoin whitepaper by Satoshi Nakamoto.

RVN Rising

Ravencoin was going relatively unnoticed until it gained a Binance listing on October 11th. As you can see from the chart below, the Binance listing completely changed the coin’s fortunes.

Indeed, if we look at the source of today’s $49 million worth of trades we see that Binance has housed just under 85% of the total.

In the past week the coin rose 118% in value, climbing from $0.017300 up to Sunday’s peak of $0.037732. Since the date of the Binance listing the coin is up 172% in value, and finds itself among the market cap top-eighty.

What Is Ravencoin?

The Ravencoin protocol is open-source and available to the public, and focuses on the creation of digital assets on its Proof-of-Work (PoW) blockchain.

The blockchain itself is secured by sixteen different hashing algorithms, all of which are rotated on a non-patterned basis. The algorithm changes depending on the final digits in the preceding block hash, making it impossible to predict by ASIC mining machines.

As stated in the initial release notes last year:

“The core developers are currently focused on building the asset layer which will allow Ravencoin to facilitate the transfer of assets.  There is a hard-fork planned for the network to implement this additional asset layer in around October/November 2018 time frame.”

The devs appear to have held true to that time frame, and the mainnet upgrade is expected to go ahead as planned on October 31st.

The release notes state that no premine was used, nor are there any developer rewards. The blockchain is intended to be a Bitcoin for digital asset creation, and according to the official documentation:

“Assets can come in a variety of types, such as financial instruments such as security tokens/stocks/bonds/deeds/etc as well as gaming items (ex. a sword)/conventional asset management/managing  distributions for co-ops/digital art. There are a lot of real-world applications that this blockchain is intended to disrupt and improve.”

More can be read about the coin’s unique hashing algorithm, known as X16R, in the dedicated whitepaper provided in the Ravencoin release.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 82 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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