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Cryptocurrencies

A Huge Milestone but Just the Beginning

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Digital currencies are now even more popular than Pop music.

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Here’s a graph from Google Trends showing searches for Bitcoin topping Bieber for the first time.

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However, in this graph, we can see that there’s still a way to go before bitcoin is more popular than regular money or the Dollar but the gap is closing fast.

So, though we can certainly celebrate how far we’ve come, let’s continue to focus on how far we have left to go.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of June 6th. All trading carries risk. Only risk capital you can afford to lose.

A Huge Milestone for Cryptos

The total market cap for all digital currencies in circulation has now passed $100 Billion for the first time ever. This represents more than 500% growth for this new and exciting industry since the beginning of the year!!

The two most popular digital assets, Bitcoin and Ethereum are currently trading at their all time highest levels.

Somehow, even though the growth has been so rapid, it still seems hardly enough. If Bitcoin is the future of money and Ethereum is the future of the internet we will need to see these numbers rising even faster than they are already.

Asian Drivers

The higher volumes are clearly coming from Korea, China, and Japan. The Japanese buyers had been very timid after the great pullback of May 25th. Over the last three days the Chinese exchanges have been gradually building up their volumes and leverage and last night, Japan finally joined the party.

According to data compiled by coinhills.com, the Japanese exchange bitFlyer (the one who is currently working to bring bitcoin to storefronts across the country) is the second largest exchange by volume.

The Korean bithumb is now responsible for 4.5% of bitcoin trading and the three large Chinese exchanges OKCoin, Huobi, and BTCC have a collective 9.92% of the total market share.

What else is happening in the world?

The global stock markets are still on low volatility but have notably ticked down over the past 24 hours.

The weak jobs numbers from the United States published last Friday has some people questioning whether the US Federal Reserve will have the guts to raise their interest rates on June 14th.

According to the Bloomberg Terminal, the implied probability of a rate hike in this coming meeting are still above 90%.

However, there are many analysts who feel there’s a good chance the Fed will disappoint this time and err on the side of caution. Unfortunately, we won’t be able to get any further verbal signals from Janet Yellen and the gang as they have now entered their blackout period with no major speeches from now until the meeting.

Also, keep an eye on Oil and Gold. Oil has been slipping lately on oversupply and gold is surging on safe haven trading. If either of these trends continues it could weigh further on the already gravitational stock market.

Thanks to everybody for reading and thanks for all the excellent feedback about these market updates. Your comments are highly appreciated and serve as my main source of inspiration.

Have a wonderful day!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

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 32 rated postsSenior Market Analyst at Etoro.com.




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  1. embersburnbrightly

    June 6, 2017 at 1:50 pm

    Ah, if only one could COMBINE the popularity of Justin Bieber and Bitcoin: “BieberCoin”! (Be careful what you wish for…) In all seriousness, though, what a fascinating time to be a cryptocurrency investor, as both Bitcoin and Ethereum have taken off again over the past 12 hours. I am fascinated by the juxtaposition of a 500% increase in cryptocurrency since January while subsequently reading this statement: “If Bitcoin is the future of money and Ethereum is the future of the internet we will need to see these numbers rising even faster than they are already.” What sort of growth/numbers would be reflective of Bitcoin indeed becoming the future of money or Ethereum becoming the future of the internet? Interestingly, I just saw an another article on the internet stating that Bitcoin could potentially even become a reserve currency at some point if it continues with its current momentum. Nothing is guaranteed or set in stone, so I’m refraining from putting more in than I could afford to lose around all this, but all the same, these are exciting times indeed!

    • embersburnbrightly

      June 6, 2017 at 1:55 pm

      I stand corrected. A quick internet search shows that, in fact, there actually is a such thing already as a Biebercoin, as per coinmarketcap.com and other sites. Wow. (It is currently trading at $0.000011.)

      • Gabriel

        June 6, 2017 at 10:10 pm

        Hahaha! It’s cheap, time to buy! 😀

        • embersburnbrightly

          June 6, 2017 at 11:58 pm

          I’ll match whatever you put into it. 🙂

          P.S. Just kidding, don’t think I can actually get behind anything that supports the Biebs. Just not a fan of the dude, personally.

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Analysis

Technical Analysis: Altcoins Lead Markets Lower as Bitcoin Still Looks Strong

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All of the largest digital currencies are in the red today, following heavy overnight selling, a bounce in European trading, and another round of losses around the US market open. Ethereum is still in the worst short-term shape among the giants of the segment, and that’s in line with the slightly delayed cycle of the coin that we have been monitoring.

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The technical divergence between the leaders of the market and the laggards yesterday is still dominant with the 6 coins that spearhead the rally, BTC, LTC, NEO, Dash, Monero, and ETC, are still in much more bullish setups than the rest of the majors.

Bitcoin is also well below its recent rally highs after breaking down under the key $11,300 level, and a test of the $10,000 support now looks likely, while a move to the $9000-$9200 zone would still keep the rising trend intact.


BTC/USD, 4-Hour Chart Analysis

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The overbought short-term momentum readings are being cleared, and despite the slightly bearish volume patterns, we expect the coin to continue its new bullish cycle after the correction, with targets above $11,300 ahead at $13,000 and $14,250.

ETH/USD, 4-Hour Chart Analysis

Ethereum is now trading below the key $845 level as the correction continues, as we expected, and the coin remains stuck in the dominant declining trend, for now. We still expect a breakout in the coming weeks, but a test of the $740 level is possible before another rally. Further support below that is at $625 and $575 and we don’t expect a new low in the coin, so investors could still accumulate the coin near the main levels.

(more…)

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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4.7 stars on average, based on 105 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Crypto Update: Monero Tests Rally High as Majors Pull Back

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The segment had a bearish Asian session, as a wave of selling hit the major coins following the US close that carried the market more than 5% lower. The still present short-term overbought readings that we noted yesterday likely played a part in the move, as the strong post-crash rally made the market slightly stretched.

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As the coins followed stocks lower during the volatility-driven crash two weeks ago, yesterday’s late-day decline on Wall Street might also have driven the dip in the segment. Amid the decline, several coins are showing relative strength, most notably Monero and Dash, which already have been in encouraging setups.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin is hovering around the $11,000 level today in European trading, with the $11,300 support/resistance level being in focus. The short-term momentum indicators still not reached neutral territory and that might mean that further consolidation is ahead for the most valuable currency. Support below is found at $10,000 and between $9000 and $9200, while resistance is still ahead at $13,000.

Monero remains one of the strongest candidates for another leg higher in the coming days, as the coin quickly recovered from the overnight sell-off and it is still trading back in the short-term consolidation pattern, below the $335 resistance that it tested already today. With the coin clearly being in an uptrend, a rally towards $400 is likely in the coming weeks, while support levels are at $300, $280, and $240.

XMR/USDT, 4-Hour Chart Analysis

Losses Across the Board among Altcoins

DASH/USD, 4-Hour Chart Analysis

Not surprisingly, Litecoin, NEO, and Dash continue to outperform the broader market from a technical perspective, as correlations remain muted, still pointing to an intact short-term uptrend. ETC, the early leader of the rally is also holding up above the previous consolidation zone, with the $32-$34 zone also providing support for the coin.

Ethereum, Ripple, Bitcoin Cash, Cardano, EOS, and IOTA are still the laggards among the majors, as they continue to trade in the short-term correction that started last week. That said, the price action in the segment is still consistent with a new bullish cycle, and we expect the crucial support levels to hold.

Stay tuned for our detailed technical analysis later on today.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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4.7 stars on average, based on 105 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Bitcoin

The Rally Continues: Bitcoin Market Cap Bounces Back to $200 Billion

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The past week has seen an incredible rebound for bitcoin, as the world’s largest cryptocurrency has regained 30% of its value to lead the market higher.

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Bitcoin Price Levels

The cryptocurrency advanced sharply Tuesday, hitting a rally high of $11,770.87. It closed the day at $11,698.86, having gained more than 36% over the past five days. The coin was last seen trading around $11,357 for a market cap of $194 billion. The total capitalization briefly crossed $200 billion on Tuesday.

With the latest rally, bitcoin has taken the global cryptocurrency market past $500 billion. In doing so, it has claimed roughly 39.5% of the total market share, up from a low near 32% in January.

Trade volumes have also risen sharply, and as of Tuesday, nearly $10 billion in bitcoin was transacted on global exchanges. Bitfinex, OKEx and Binance saw the largest percentage of the daily transactions.

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The Return of the Bull Market

Bitcoin is benefiting from a myriad of forces that, when combined, point to higher prices for the cryptocurrency. Sentiment has improved markedly after government regulators in the United States and South Korea adopted a friendlier attitudes toward digital assets.

South Korea’s financial regulator recently said the country has no problem with “normal” cryptocurrency trading. The comments mirror earlier statements made by Hong Nam-ki, who heads the Office for Government Policy and Coordination.

“I can assure you that the government has consistently maintained a close and careful approach to market conditions and international trends, keeping all possible means open,” he said in a statement last week.

In the United States, Wyoming recently approved two blockchain bills that could make the state one of the more accepting jurisdictions for cryptocurrency. The first bill, HB 70, defines utility tokens as neither traditional fiat money nor securities, which may give startups more leeway in ICO fundraising. The second bill, HB 19, exempts bitcoin from the 2003 Wyoming Money Transmitter Act.

The Senate has also proposed Bill 111 that would exempt cryptocurrency from taxes. This regulation is intended to boost Wyoming’s digital currency market, which may impact everything from economic growth to job creation. Some analysts have also speculated that the passing of such a bill would set a precedent for other jurisdictions still jostling with formulating cryptocurrency regulation of their own.

As bitcoin climbs above $12,000, investors may feel a greater sense of urgency to enter the market. This so-called “fear of missing out” has been a major driver of cryptocurrencies over the past 12 months.

CNBC “Fast Money” trader Brian Kelly recently recommended to his audience that they purchase March bitcoin futures at $12,000 with a target of $18,000. Based on this recommendation, Kelly anticipates a 50% gain for the cryptocurrency. Futures operated by CBOE and CME Group recently reached their highest levels in three weeks.

Of course, a bull market in bitcoin does not exclude volatility. Bitcoin is expected to remain highly volatile even as capital flows back into the market.

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 157 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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