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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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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4 Comments

4 Comments

  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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Cryptocurrencies

How Bithumb Listing is Boosting Zcash Cryptocurrency on the Coin Market

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Zcash, previously referred to as ‘ZeroCoin’ or ‘Zerocash’, recently got listed on Bithumb as the ninth coin. The move has attracted attention to this private digital currency that came into existence in October, 2016.

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Prior to its listing on Bithumb, Zcash traded on a virtual asset exchange called Poloniex in the United States. Zcash value and technology were subjected to a thorough review before gaining entry to the South Korea market via Bithumb, the biggest exchange for digital currencies in the country.

Competing Closely

Though Zcash displayed signs of slow growth early this year, it recovered strongly in June with its price hitting the $435 mark, up from $26. There is no doubt that this digital coin is now competing closely with other bigger digital currencies in the cryptocurrency space. It is currently trading between $217 and $304.

Denitza Tyufekchieva, CEO at Propy says, “Such dramatic price changes of cryptocurrencies can be explained with speculation, especially after such announcement. However, what brings such increase in the long-term is usually the product advancement. In the case of Zcash, The Zcash team has made great strides on performance since their initial release. In the pending Sapling network upgrade, users will see significant performance improvements. This could mean a potential increase in the demand.”

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The stabilizing price of Zcash indicates its competitiveness. It  also shows that the coin does not differ too much with other high ranking cryptocurrencies like Ripple, Dash and Ethereum. Currently, there are 2.31 million Zcash coins in circulation.

Secure and Private

Drawing inspiration from the Bitcoin, Zcash boosts privacy through its cryptographic tool, zkSNARKS, an element that is not provided for in Bitcoin.

This outstanding security and technology underlying Zcash coin captivated the coin market. It has led to a surge in the coin’s market capitalization which is now at $648.5 million, up from $1.3 million at the time of listing on Bithumb.

On the coin market, Zcash improved in ranking now at  the 15th position, from position 30 in December 2016. The coin has been experiencing steady growth with its every day exchange volumes between $26 million and $43 million.

However, Angel Versetti of Ambrosus notes that, “Fluctuations like this make one jealous of cryptocurrency exchange owners, because no matter which way it goes as long as there is volatility and massive trading riding the wave, the house always wins.”

Traders find the coin’s untraceability compelling with its encryption serving to conceal user identity, protect privacy and conceal transaction amounts. Zchash’s protective anonymity has seen its value attract recognition in US’s Silicon Valley as well as globally in countries such as China, Argentina, Venezuela, Brazil and South Africa.

However, it is important to note that with Zcash, users are not be able to conduct audits on the blockchain. According to Kamil Przeorski, CEO and founder of Experty.io, this poses a risk for Zcash holders particularly if a bug hits the codebase.

Featured image courtesy of Shutterstock.

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Analysis

Technical Analysis: NEO Jumps as Broad Markets Turns Lower

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As the new waves of regulatory changes keep on hitting the segment, the major cryptocurrencies are mostly lower today. After the major update of Ethereum, and the recent surge in the price of Bitcoin, choppy conditions developed, with no clear short-term trend in most of the coins.

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NEO is the best performing major today, as it surged back to the $30 level after a frustrating period that was dominated by a downward drift.  The coin is now just below the key resistance level, and it could be ready to test the $34 level, with a further target found at $40. The long-term picture still looks positive, with strong support levels at $27 and $25.

NEO/USDT, Daily Chart Analysis

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Ethereum is in a consolidation after the encouraging rally towards the end of last week, while Bitcoin is also correction after its stellar rise. The two largest coins pulled the rest of the majors lower, while Ripple remained very volatile after touching the $0.30 level yesterday, trading below the $0.26 again.

Litecoin, Dash, Monero, and IOTA are all a bit lower today, while Ethereum Classic found some relative strength, although it remains stuck in a declining short-term trend. All in all, the segment is still in a clear uptrend, so let’s see which coins are the most promising regarding the short-term picture.

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Cryptocurrencies

Trade Recommendation: Syscoin

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The market bounced from the support level and broke SMA100. It gave us a trend reversal signal. MACD and DMI support upward movement. We can use the local swing high and a breakout signal for opening long trades. Entry level is 0.000037 with stop orders below the support at 0.000022 level. Profit targets are 0.000050 and 0.000060 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: SYSBTC
Buy: 0.000037
Stop: 0.000022
Profit Targets: 0.000050 and 0.000060

The trading signal is based on Poloniex chart.

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