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Altcoins Lead Crypto Market Recovery as Consensus Summit Draws to a Close

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Cryptocurrencies rose in overnight trading Thursday, as altcoins rebounded from a double-digit slump on the heels of the biggest blockchain summit of the year.

Altcoins Lead Recovery

All major crypto assets reported gains Thursday, clawing back nearly $18 billion in lost market cap from the previous day’s low. At press time, the combined value of all digital currencies in circulation was $389.3 billion, according to data provider CoinMarketCap. Market prices bottomed near $372 billion on Wednesday.

EOS and Tron were among the biggest gainers percentage-wise. EOS added more than 10% to $13.75, while Tron gained 11.1% to $0.073. Both currencies were down sharply earlier in the week.

Ripple XRP gained 4.5% to $0.711 and Ethereum rose 3.1% to $712.81.

Bitcoin cash also rebounded from a series of volatile moves after a hard fork upgrade increased the protocol’s block size to 32MB from 8MB. The value of BCH rose nearly 4% to $1,324.63.

Bitcoin prices gained 1.3% overnight to trade at $8,406.51. Its total share of the crypto market weakened to 36.8% after reaching 37.3% just a few hours earlier.

Positive Developments from the Blockchain Industry

The crypto market’s weak performance this week has masked an outpouring of positive developments from the blockchain industry.

On Tuesday, Hacked reported four key developments related to institutional adoption, innovation and the apparent vindication of South Korea’s Upbit exchange following an audit of its records by local accountants.

Positive news kept coming mid-week after Square Cash leapfrogged PayPal’s Venmo digital wallet in terms of downloads. This is an important development for crypto traders as Square Cash allows transactions in bitcoin.

Square Cash has been downloaded roughly 28 million times, which is just 1 million below Venmo’s levels, according to analyst Dan Dolev.

In a note to clients, Dolev issued the following statement:

“With Square Cash App now open for bitcoin trading in most states, comparing its growth versus the popular Coinbase app is noteworthy. Here, while Coinbase saw growth peak around the holiday time — as bitcoin prices spiked — Coinbase’s growth has slowed from record levels, whereas Square Cash App experienced more balanced growth.”

Meanwhile, a start-up company backed by Goldman Sachs has announced plans to mint its own dollar-pegged cryptocurrency. USD Coin, as it will come to be known, will allow users to more easily pay for goods and services through cryptocurrency.

Circle, the company behind the project, will begin work on the new coin this summer.

The fourth and most successful Consensus summit wrapped up in New York on Wednesday. One of the key takeaways from this year’s event was the warm reception from U.S. regulators toward digital currency technology.

In a Wednesday panel that included Commodity Futures Trading Commission (CFTC) enforcement director James McDonald and Securities and Exchange Commission (SEC) cyber chief Robert Cohen, regulators said they did not want to hinder blockchain innovation. Although the panelists did not represent their respective agencies during the discussion, their openness to blockchain technology is a step in the right direction for crypto investors still weary of government intervention.

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 736 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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Altcoins

This Week’s Crypto Winners (January 15th)

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January has mostly been filled with negative news in the crypto world. With lows being tested and several hacks or 51% attacks occurring in just the first few weeks, this looks to be a very exciting year for crypto altogether. One common pattern this week was spikes in price with little explanation for why they might have occurred. This is just a sign of increasing volatility in the markets, in which case most investors should be wary.

Agrello

We’ve talked about Agrello before, and they’ve had another amazing week. Even though there were other coins achieving massive returns (CariNet managed 671.87% over the week), these coins often end up having a less significant market capitalization and trade more like penny stocks. Agrello’s 80.41% return and $42,103,013 daily hour volume are very impressive, but there is no news or announcement in either the message board or official company channels that might explain this. The legal contract startup seems to be in a volatile state, with the spike mostly occurring in the last 24 hours.

Tierion

Tierion managed 45.03% returns over the week, with 24 hour volume of $9,731,569. The coin is currently ranked 260th in terms of market capitalization, and most of this increase is the result of a spike on January 15th. The company boasts the ability to create “proof” for companies who need audit trails, timestamping, credentials, and other authentication purposes. The messageboards don’t seem to have any idea what is causing this pump, and Tierion’s Twitter account doesn’t have any new news on this, so this is a rather surprising jump in price. The best thing to do in these illogical situations is sell if you were ahead, and don’t buy into the hype if you’re not.

VIBE

VIBE was another big winner of the week, doing 24 hour volume of $19,659,426 and climbing 39.54%. Ranked 188th in terms of market capitalization, the company is centered around creating “virtual lives” and is basically a high level gaming startup. VIBE just released “VIBE or DIE”, their innovative new first person shooter. The game is designed so that VIBE tokens are required for enhanced gameplay, which is an interesting play on the gaming models developed in the past, where powerups and skins would create new revenue streams for the creators.

Aurora

Ranked 56th in terms of market capitalization, Aurora experienced a large spike at the beginning of the week and a large one at the end, resulting in a 32.09% price increase and $2,597,114 of 24 hour volume. Aurora has engineered several breakthroughs regarding consensus algorithms and is targeting several industries like gaming, big data, artificial intelligence and IoT. By boasting lightning fast transactions and being smart about who they target, they have a higher possibility of gaining dominance in a specific space.

Optimal Shelf Availability Token

Optimal Shelf Availability Token went through a 49.35% run up over the week, putting it at 79th in terms of market capitalization. As the name would suggest OSA is a supply chain management company that uses smart contracts to improve the flow of data and goods. Once again, the company seems to have experienced no notable news, which leaves this increase as something to be taken with a grain of salt.

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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Altcoins

Crypto Market Falls in Installments; Bitcoin and XRP In Lockstep; Small Alts Pump

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The cryptocurrency market continued to fall on Tuesday as $2 billion left the global cap in just fifteen minutes. Major altcoins and recent gainers took the brunt of the hit, while Bitcoin and XRP avoided the worst and continued to trade in lockstep fashion.

A handful of small-cap alts avoided gravity with double-digit pumps, but for how long? After the global market surged 45% in December, the current correction threatens to return the market to the $100 million valuation which was struck as recently as last month.

BTC & XRP Align

The top two coins at the top of the crypto market cap continue to trade together on Tuesday, similar to how BTC and ETH used to for so long.

While BTC and XRP only lost value in the 2-3% range, Ethereum’s losses were more pronounced, sinking 7.6% over the day. Such was the case across many major alts, including Bitcoin Cash (BCH), Bitcoin SV (BSV) and Neo (NEO).

Despite the $2 billion fall across the market in just fifteen minutes, Bitcoin remained within the $3,600 range after falling to $3,620. Earlier in the day BTC traded as high as $3,720, marking a 2.7% reduction.

Overall market sentiment may have cooled today after news that BitMEX was closing U.S user accounts. Many believe the firm was pressured by the SEC directly, although no comment has made as of yet. Some estimates suggest United States users account for around 15% of BitMEX’s entire user base.

XRP meanwhile lost just over 3% on Tuesday – dropping to the $0.32 range. However XRP’s stubbornness to drop in price is matched by its lack of upward momentum. Whereas TRX has gained over 100% since December lows, and ETH currently sits at 50% above this time last month, XRP has gained just 14% in the same time period.

Small Caps Pump

A handful of small to mid cap tokens continued to climb during Tuesday’s dip. Wax (WAX), Stratis (STRAT) and Aeternity (AE) defied gravity double-digit surges between 10% and 20% in strength.

Wax (WAX) was the best performer from the top hundred over twenty-four hours, climbing 22% from the daily low of $0.034038 up to $0.041834. A major drop off shortly afterwards down to the $0.038 range capped a tumultuous day for the gaming token.

Daily trades rose 580% throughout the day, from $275,000 up to $1.7 million, thanks in part to the 55% of trades coming from KRW markets.

Wax is EOS-based and focuses on blockchain gaming collectibles, and frequently scores abnormally high on independent blockchain activity rankings. Read this introductory article to find out more about the Wax project.

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 123 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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Tron Price Analysis: TRX/USD Looks Set to Give Up $0.02000 Territory Again

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  • TRX/USD under heavy selling pressure late on Tuesday, dropping over 7%.
  • Bears are gunning for another retest of vital support, seen above a breached pennant patterns structure.

TRX/USD has been under heavy selling pressure on Tuesday, nursing chunky losses at the time of writing of 7%. Bears remain well in the driver’s seat in the latter stages of the day, with momentum picking up pace to the downside. The bulls lost much wind behind their sails on 10th January, this coming after enjoying a strong period in a run to the north. TRX/USD from 4th January – 10th January had gained a massive 75%, breaking out of a bullish pennant pattern structure. It also managed to briefly extend above a known area of supply, which exacerbated the upside pressure.

TRX/USD daily chart.

The above-described move saw the price print its highest level seen since 31st July 2018. Shortly after this high print, a big wave of selling kicked in. As a result, a very bearish daily candlestick was produced on 10th January. Daily sessions since this have closed in the red, apart from 14th January. TRX/USD managed to receive strong support on top of the breached pennant, providing some brief relief after the reversal was well underway. Despite the current trend south, news flow around the Tron foundation continues to be plentiful and upbeat.

OKCoin Supports TRX

As reported by the CCN team, OKCoin announced it has listed TRX on its trading platform. This coming via the exchange’s Medium blog today. OKCoin detailed that “starting today, authorized OKCoin customers can deposit TRX, and starting on January 17th they’ll be able to trade TRX against USD, BTC, and ETH.” Of note, the OKCoin platform was founded by the same people behind OKEx; however, OKCoin primarily focuses on traditional swaps and allows for bank deposits. In addition, OKCoin accommodates U.S clients, whereas OKEx do not.

Justin Sun Welcomes New Partner ABCC Exchange

ABCC Exchange, a cryptocurrency exchange platform, announced it is partnering with the Tron Foundation. The company tweeted, “ABCC is the 1st exchange that will list TRX 10 tokens. We are one of the top exchanges with great security and user interface. Stay tuned!” On the back of this, Tron founder Justin Sun replied, “ABCC is truly an awesome platform that has witnessed great development. We are glad to partner with ABCC as it’s the first exchange listing TRX10 tokens”.

Technical Review – TRX/USD

Given the current downside momentum, eyes are on another retest the breached pennant pattern structure. Where the two trend lines cross, support will be sought here, which could see the $0.02000 territory come under threat. Should the bears manage to force a breach, then a prior action demand zone will be called into play, within the $0.01700 price region.

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 106 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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