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Bitcoin Cash (BCH) and Bitcoin (BTC) Showdown – Let the Fight Begin

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In the Red corner, we have the dominating, crypto crushing, sledge hammer of cryptocurrency investing…. Bitcoinnnnnn… In the other corner, we have the fast talking, quick moving, fancy footwork moving, sly… Bitcoin Cashhhhhh. Let the showdown begin.

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I don’t usually talk about Bitcoin as I like to invest and focus on altcoins, however I wanted to go over this now because altcoins are tied directly to Bitcoin. Usually, when Bitcoin rises and goes on a decent bull run altcoins will fall and vice versa. Even though I don’t talk about Bitcoin much I do watch it on a daily basis to better forecast money flowing back into altcoins or into Bitcoin. The Bitcoin hard fork has affected the market drastically. Watching Bitcoin and Bitcoin Cash fight it out would be slightly amusing (if so much money wasn’t involved). This proves that a lot of the market is based on emotional response and not necessarily fundamentals. Ethereum and Litecoin are far better than Bitcoin Cash. BCH has “borrowed” the Bitcoin name and the man behind it, Roger Ver, is pushing Bitcoin Cash hard as “the” Bitcoin. I wanted to go through this a little because I believe that Bitcoin Cash is being manipulated at the moment. While Bitcoin Cash does offer a little value but it is doing so well by borrowing the Bitcoin brand name.

On a side note, Bitcoin is getting a ton of press and attention from people that have never even heard of it because of ICOs, SEC scrutiny, Jamie Dimon (CEO of JP Morgan Chase) and from the interest of traditional investment firms announcing futures trading based on Bitcoin. Also, a very popular show called The Big Bang Theory will be dedicating an entire episode to cryptocurrency called The Bitcoin Entanglement which will air on November 30th. 14 million people watch that show. The IRS and the SEC are looking into cryptocurrencies closer and is starting to figure out how to regulate ICOs and how to tax cryptocurrency investing. Just something to keep in mind.

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From an objective point of view let’s look at what BCH actually does offer. To be 100% clear, I am not promoting one or the other. Personally, I have moved everything into alts until the Bitcoin showdown is over. One thing to think about is the majority of the volume going into BCH is coming from Korea. That means that most are not selling off their BTC to get into BCH. A lot of the BTC drop, I believe, comes from those that had gambled on BTC going up with margin accounts now are cashing out to cover their borrowed money. BTC sell off is also coming from those that have taken a profit believing that BTC is at a short term all time high. There is a lot of uncertainty with the BTC hard fork, BCH buyers and manipulation to make it look like it is taking over BCH. Enough of that, let’s get started:

Bitcoin Cash offers a block size of 8MB, while Bitcoin has a block size of 1MB. BCH speeds up and decreases fees of transactions. This is actually a major deal.

Bitcoin Cash offers replay and wipeout protection which will protect investors from losing their coins during forks.

Bitcoin has the original brand.

Bitcoin has a very large, loyal community. Most Bitcoin maximalist will stay with the original and support it being updated for scalability.

What I am doing is waiting, watching to see what happens regarding the Segwit2x hard fork and Bitcoin Cash. My main trading activity will be focused on altcoins and not in Bitcoin. I am not a financial advisor so please do your own research. Wait, Watch, Fight…. CryptoDayTrader out!

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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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2 Comments

  1. csinkey

    November 12, 2017 at 1:26 am

    This analysis is missing miner profitability analysis, BCH difficulty adjustment, and makes no suggestion as to which coin will be where in any particular amount of time. How is this article helpful to anyone wanting to understand what is happening right now? How about real insight into why BCH is rising, BTC falling (also, this was posted 12 hours ago, after segwit2x hardfork has already been cancelled yet author says hes waiting to see what happens w the fork?!), and which coin is likely to have staying power over the other. Honestly frustrated by this article, would expect this level of analysis on Medium, a free site. Please enlighten us with not just what is happening but why! Thats what we pay for

  2. Kent Hamilton

    November 13, 2017 at 7:09 pm

    Hey, thanks for reading. First off, the fork has not been cancelled. It has only been postponed. There is so much happening behind the scenes that is conjecture that it is hard to explain what is happening. The real fight is happening between Roger Ver and the Core Bitcoin team. It has been said that Segwit2x was never meant to happen but was part of a larger plan. To be completely honest, this explains exactly what is happening. Roger Ver and team is manipulating Bitcoin Cash and the core team is fighting to keep control of the hash power. The miners are looking to switch to whatever coin is making them the most at the moment. No technical analysis will tell you this. Just as the article states, this is a fight between BCH and BTC and miners want to control which coin wins. Roger Ver is trying to take advantage of this while the fork is happening and core seems in a weak moment. Difficulty adjustment and miner profitability all hinges on which one the miners choose. Understand that this article was to bring the behind the scenes fight to people’s attention that may not know about it. Even the best technical analyst cannot tell you where the coin will go in relation to the fork. No one saw the BCH parabolic run before it happened because it is 100% manipulation. If you are a long term holder of BTC then I would leave it alone as to not create more instability in the core BTC coin.

    I am not going to pretend to know what will happen with the fork, BCH and BTC over the next few weeks as some of this has caught everyone by surprise. Here is the letter that everyone is talking about if you want to know the conspiracy behind the fight:
    https://theflippening.github.io/open-letter-to-bitcoin-miners-from-another-miner/

    It is not a great idea to rely on technical analysis right now in my humble opinion. Have an awesome day.

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Altcoins

EOS, Tron Lead Cryptocurrency Market’s $36 Billion Rally on Tuesday

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Altcoins EOS and Tron led the cryptocurrency market higher on Tuesday, signaling the return of speculative interest in virtual currencies outside of bitcoin and Ethereum.

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EOS, Tron Surge More than 30%

Cryptocurrencies rose more than $36 billion on Tuesday, reaching a high of $435.7 billion in the early evening, according to latest available data. That’s the highest level since early March when the market peaked around $474 billion.

All major coins gained, but none more than EOS and Tron, which are currently ranked fifth and 11th by market cap, respectively.

EOS has nearly tripled in value over the past two weeks, with prices briefly approaching $16 a coin on Tuesday. At the time of writing, the cryptocurrency was trading at $15.40 for a 24-hour gain of 32%, according to CoinMarketCap. EOS is now valued at $12.6 billion with daily trading volumes approaching $3.2 billion.

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The hyped up Tron project rose by a similar amount, achieving a daily high near $0.08 a coin. TRX was last seen trading at $0.076 for a 24-hour gain of 31%. With a market cap of nearly $5 billion, Tron generated more than $1.5 billion in trading volumes on Tuesday.

 

EOS and Tron are benefiting from the influx of capital entering the cryptocurrency market as well as news of new exchange listings around the world.

On Monday, EOS confirmed that its currency was added to the eToro trading platform, which boasts more than 9 million users. Though traditionally a forex platform, eToro has expanded significantly to offering leading cryptocurrencies like bitcoin, Ethereum, Ripple XRP and Litecoin. Various news reports have also indicated that China’s Huobi also wants to start listing EOS.

Meanwhile, Tron founder Justin Sun recently confirmed that TRX will be available on Coinbene, a Malaysian exchange. Trading in TRX will go live on Wednesday.

Bitcoin Surges

The price of bitcoin surged on Tuesday as trading volumes topped $10 billion on the major exchanges. BTC/USD rose 7.4$ to $9,627 for a total market cap of $163.6 billion.

Since bottoming near $6,000 earlier this month, bitcoin has recovered more than 50% of its value. BTC trades were valued at $10.4 billion on Tuesday, easily tops among cryptocurrencies. However, the relative gain in altcoins has diminished bitcoin’s overall share of the market to 37%. That’s the lowest since mid-February.

Bitcoin hasn’t traded above $10,000 since early March. A return to those levels seems apparent given the recent shift in market sentiment.

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 352 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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Multi-Week Rally Continues as Cryptocurrency Market Surpasses $400 Billion; Bitcoin Cash Up 16%

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The cryptocurrency market’s jaw-dropping rally continued on Monday, with the total value of all coins surpassing $400 billion for the first time since early March.

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Bitcoin Cash Leads Market Higher

Bitcoin cash has dominated the headlines recently amid a series of oversized gains. BCH was the undisputed leader on Monday, surging 16.3% to $1,433, its highest since mid-February. The cryptocurrency added a staggering 87% over a five-day stretch, bringing its total market capitalization to $24.3 billion.

While there was no immediate catalyst for the rally, an upcoming hard fork of the BCH protocol has been cited as the most compelling force driving prices higher. BCH, the world’s fourth-largest cryptocurrency, will undergo a split on May 15. The update, known as Bitcoin ABC, will quadruple the BCH block size from eight megabytes to 32 megabytes. Advocates say this will heighten adoption in retail settings.

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By comparison, bitcoin’s block size is a mere 1 megabyte, although efforts are underway to boost scalability. (Interestingly, Satoshi Nakamoto probably conceived of a maximum block size to keep the blockchain from splitting.)

However, others have accused BCH advocates of artificially inflating the cryptocurrency. Much of the criticism has been levied at Antpool, a large mining group that is burning bitcoin cash on a daily basis, potentially reducing its total supply.

The Antpool network announced last week that it confirms more than 8% of all bitcoin cash transactions. The announcement prompted a 25% surge in BCH prices heading into the weekend.

$400 Billion

Bitcoin cash has been at the center of a much larger cryptocurrency rally that shifted into higher gear on Monday. Cryptocurrencies added more than $8 billion in market cap, bringing their total value to $401.7 billion.

The altcoin surge has diminished bitcoin’s market share to less than 38%, the lowest since mid-February. The total value of all coins not named BTC rose $7 billion on Monday to $249.8 billion. The total crypto market, including bitcoin, bottomed at almost exactly that level earlier this month.

Outside of BCH, most of the large gainers on Monday were cryptocurrencies ranked outside the top-ten by market cap. IOTA rose nearly 5% to $2.13, Dash added 7.4% to $503 and bitcoin gold gained 16.8% to reach $77.36.

Total trade volumes amounted to $22.1 billion, which is considerably lower than the most recent peak. However, volumes are up substantially compared to last month, when daily turnover was roughly half of the current level.

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 352 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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EOS Remains Fifth-Largest Cryptocurrency Following Airdrop

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EOS continues to hold the fifth spot on the cryptocurrency world rankings, as the coin overcame post-airdrop fatigue en route to steady gains. The cryptocurrency has even gone as far as outshining many of its peers over the last two weeks, giving rise to further optimism about the upcoming eos.ios platform.

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EOS Price Levels

The value of EOS rose 5% on Sunday to $11.39, where it remained the world’s largest cryptocurrency by market cap. The total EOS market is valued at $9.3 billion, which is roughly $900 million higher than Litecoin, the No. 6 coin.

Trading at nearly three-month highs, EOS has rebounded 177% from its bear market low Mar. 18. Unlike other major cryptocurrencies, EOS overcame the recent swing low culminating on Apr. 6. Nevertheless, the coin has gained more than 95% since that date.

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Nearly $1 billion in EOS tokens exchanged hands on Sunday, according to data provider CoinMarketCap. That made EOS the fourth most actively traded currency worldwide, with Asian exchanges Huobi, OKEx and Bithumb processing the largest share of transactions.

Interestingly, EOS was on one side of roughly 13% of USDT trades. USDT is the native token of Tether, the so-called stablecoin that claims to be backed by U.S. dollars.

EOS, which also trades against other major cryptocurrencies, was last valued at 0.001297 BTC (-0.2%) and 0.018146 ETH (-2.8%).

Democratizing Blockchain

As an operating system, EOS is being designed to give developers the tools to build decentralized applications (DAPPs) through the delegated proof-of-stake mechanism. This system seeks to democratize the development process using a voting system that is equivalent to the number of coins each party retains. Only voted block producers can participate in the production of blocks and be rewarded by the network.

Given its proof-of-stake mechanism, EOS generated significant buzz earlier this month when it announced a lucrative airdrop event for Apr. 15. The terms of the airdrop stipulated that each EOS holder with 100 or more units would receive an equivalent number of eosDAC tokens.

eosDAC is an ERC-20 token that will migrate to the EOS platform once it is launched in early June. In time, it is probably that eosDAC tokens will also provide DAPP- and utility-based services that can be used by network members. A full ICO review of the eosDAC project can be found here.

Anticipation for the Apr. 15 event triggered a huge spike in the value of EOS, which is not uncommon when airdrops are deployed. The sustainability of the rally post-airdrop suggests EOS is generating significant interest ahead of the platform’s launch.

Brought to life by Dan Larrimer, EOS is widely considered to be Ethereum’s next big challenger. Both platforms will compete in DAPPs and infrastructure development, potentially bringing blockchain further into mainstream discourse.

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 352 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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