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Bitcoin Cash Hard Fork Controversy Heats Up, BCH Goes Up 15%

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Bitcoin Cash (BCH) is out front among the leading cryptocurrencies today, boasting 15% gains in the last 24 hours on trading volume of $466 million, which reflects the most robust amount of trading in the last 30 days. The Bitcoin Cash community has designated today “Stress Test” day and as a result, are pushing the envelope for the capacity of the Bitcoin Cash network.

But there is also a great deal of uncertainty swirling around the Bitcoin Cash community surrounding a potential hard fork of the network. Despite the community all wanting to accelerate the adoption of Bitcoin Cash as digital currency, they don’t all agree on the best way to gain scalability.

There are many moving parts to the controversy, including BitcoinABC, which is a “full node implementation of the Bitcoin Cash protocol,” Craig Wright (who once claimed to be Satoshi Nakamoto) and his company nChain, which is behind Bitcoin SV (Satoshi’s Vision), which is designed for “miners who support Bitcoin’s original vision.” Bitcoin SV is also the potential hard fork of Bitcoin Cash in November.

But Dr. Wright is attempting to set the record straight. He said on Twitter that Bitcoin “SV will not be a separate fork” and that “there is no BCH split.” Instead, BSV is designed to operate as a competing miner [to ABC] “as per the whitepaper on hash power.” He was responding to a statement issued by cryptocurrency exchange CoinEx, which released a statement on the BCH fork claiming that Bitcoin-SV lacks a certain “protection mechanism” that could trigger “asset loss” and urging traders to deposit their BCH on the exchange.

Wright doesn’t appear to be making any friends with the upcoming BSV, and the rivalry appears to have spilled over between Dr. Wright and Roger Ver, the latter of whom is a staunch supporter of Bitcoin Cash. According to Ver on a Reddit thread, a private meeting was held in Bangkok in which both Ver and Wright attended but in which Ver claimed that “Craig didn’t even attend 95% of the meeting. He left almost immediately after his own presentation.” Meanwhile, Reddit members pointed out that Ver unfollowed Wright on Twitter, in response to which Ver stated: “I didn’t unfollow him. He blocked me.”

Stress Test Day

Meanwhile, as the Bitcoin Cash developer community hashes it out about BSV, Bitcoin Cash miners are pushing the envelope to test the limits of the network’s capacity. Ver used it as an opportunity to take a shot at another rival, Bitcoin Core.

According to anecdotal results on Twitter, more than 1.1 million BCH transactions were processed in the early hours of the stress test. Mining pool BTC.com tweeted that it “mined a 13MB Bitcoin Cash block.” That surpasses the 10MB block reportedly mined by BMG Pool, which is of Wright’s nChain.

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 70 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Altcoins

Return to $100 Billion Awaits as Crypto Market Loses $5B in One Hour

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The cryptocurrency market lost $5 billion worth of value in fifty-five minutes on Sunday, as Bitcoin once again dipped into the high $3,500 range.

The entire stack of cryptocurrencies appears to be on dangerous footing, and despite miraculous growth recorded by various altcoins in recent weeks, one gets the feeling that a return to a market valuation of $100 billion is just a dip or two away.

That’s the valuation the market struck on December 15th, 2018 – a near eighteen-month low at the time. In a search for omens beyond those provided by technical analysis, the current daily trade volume in the $18 billion range is twice the $9 billion recorded during that December low, meaning the current volatile period could be extended a while longer.

Bitcoin Price Sinks

At 11:29 UTC Sunday, the value of BTC sunk from $3,730 down to $3,590 – a 3.75% drop off, and all within fifty-five minutes.

By 12:24 UTC, the rest of the market had followed suit, and small and mid-cap altcoins such as Wanchain (WAN), Ardor (ARDR) and Aion (AION) all lost over 10%. Major altcoins fared only slightly better, and by the end of the drop the global market had sunk from $124 billion down to $119 billion – a 4% drop overall.

Closer to the top ten, several major alts lost between 7% and 10%, including EOS (EOS), IOTA (MIOTA) and NEO (NEO).

EOS Price

EOS sunk 7.14% from the daily high of $2.52 down to $2.34 during the fifty-five minute plunge. Technical analysis from two days ago suggested EOS was on shaky footing, and its losses on Sunday were twice that of Bitcoin, and even more again than XRP.

The highest concentration of trades came from a little-known exchange called Dobi Exchange, where EOS/BTC trades made up almost half of the platform’s daily turnover.

IOTA Price

From MIOTA’s daily high of $0.325250, the coin price fell 7.6% down to $0.300415. That wipes out most of MIOTA’s gains for the week, and returns the coin to the $0.30 range – one which has been in and out of play since late November of last year.

USDT and BTC trades dominated among MIOTA’s pairs, with ETH and KRW only offering single digit percentages of IOTA’s $7 million daily trade volume. IOTA had recorded 17% growth during the previous week, with $0.28 remaining the weekly base.

NEO Price

After falling out of the top ten, and almost the top twenty during 2018’s market plunge, NEO recorded 77% growth leading into January – more than Ethereum or XRP managed during the same time period.

On Sunday however, NEO saw a reduction of 10% as the coin price fell from $8.37 down to $7.53. NEO trade volumes rose 49% over the weekend, topping $161 million thanks to increased action on the DragonX, BitForex and Bit-Z exchanges.

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 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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Altcoins

Dash Price Analysis: DASH/USDT Downside Risks Linger Despite Trust Wallet Support Announcement

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  • DASH/USDT price action is moving within a narrowing range formation, subject to further downside risks.
  • Trust Wallet, Binance-owed crypto wallet provider, announces support of DASH.

Price Behavior

DASH/USDT has been trading within a $6 range for the tenth session in a row, at the time of writing. The upper part of this range should be noted at $73. Looking to the downside, the lower support of the formation is seen at $67. The price, like many of its peers within the cryptocurrency market, is stuck within a narrowing range block. They are all currently demonstrating strong downside vulnerabilities, given the current behaviour.

This trading range came after a steep fall in the market last Thursday, 10th January. Double-digit losses were seen across the board after moving within a prior narrowing range formation. DASH/USDT had a strong run from 15th – 24th December, gaining as much as 81% within that time frame. Following the high print towards the latter part of that period, at $102.50, price cooling was seen and then begun to trade sideways.

Between 26th December 2018 – 9th January 2019, DASH/USDT was moving between a narrow $86 at the high and $73 at the low. This led to the explosive breakout to the downside, where the price dropped around 20% on 10th January.

Trust Wallet Supports Dash (DASH)

Trust Wallet, a mobile crypto wallet owned by Binance, announced earlier this week that it has added support for Dash. The announcement followed after just a week ago, when the wallet provider revealed the support of Litecoin (LTC), Bitcoin (BTC), and Bitcoin Cash (BCH). In addition, the app also supports Ethereum (ETH), Ethereum Classic (ETC), Tron (TRX) and others.

The team at Trust Wallet, upon their DASH support update, also left users somewhat excited about further announcements lined up. They stated, “Going forward, we will monitor the performance and stability of our Dash release very closely, and if everything works well, hopefully, we can surprise you with more new coins in the coming weeks!”

Technical Review – DASH/USDT

DASH/USDT daily chart.

A breakout of the key mentioned levels that make up either side of the range, $72 and $67, will likely determine the next committed trend. Firstly, in terms of the next major area of support south, eyes will be on the December low area, $58. To the north, drop supply remains heading into and just above the psychological $100 mark.

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 110 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

Apollo Currency (APL) Has Top Twenty Altcoins in Sights with 418% Weekly Growth

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Rise

Apollo Currency (APL) is one of the latest altcoins to rise through the rankings and splash onto CoinMarketCap’s front page in recent weeks. The coin’s rapid 418% growth over the past seven days was compounded on Sunday, as APL chalked up further 40% gains overnight.

Rather than opt for niche specialization, Apollo Currency aims to build a one-stop shop which covers the entire spectrum of blockchain and crypto services.

The project’s director of business development, Stephen McCullah, recently stated his aim to knock the top twenty alts off their perch:

I get asked all the time, “do you really think Apollo can compete with the top 20 cryptocurrencies?”. Let me be very clear, we did not develop Apollo to compete with the top 20, we developed Apollo to replace them.”

Jack of All Trades?

Apollo Currency dismisses the idea of specialization in favour of generalization – in fact, when I cast my eye over their list of stated aims, I can’t see a single area of blockchain development that’s been left out.

According to the informational video which greets users upon landing on the project website:
“Although there are a variety of currencies to choose from in the current market, users are left using one currency for one application, and another currency for another.”

What follows is a recital of all of the technical goals of Apollo Currency, which appears to represent a clean sweep of the hot-button features being developed in the blockchain space today:

“Apollo will be the first currency that will have a 100% private transaction option, with IP masking, as well as smart contracts, an asset system, a currency and token system, encrypted messaging, file sharing, a decentralized marketplace, multi-signature accounts, voting system, alias system, decentralized data storage, decentralized exchange, coin shuffling, and much more…”

All of this, the video continues, will be built on a next generation blockchain. The Apollo project lists John McAfee as its chairman, and this may explain the coin’s recent addition to the McAfee-backed Bitfi hardware wallet.

Apollo Currency’s Rapid Rise

Apollo commenced trading in July of 2018 and fluctuated wildly since then. Market cap data wasn’t secured until September when the coin’s full circulation became known, and it immediately valued APL at a market cap of $30 million.

Fast forward a few months, and after sinking to a market cap of $6 million in December, that figure now stands at $50 million – helped in part by a 418% surge in the past week. That carried APL from a coin price of $0.000714 all the way up to $0.003703.

An 800% recovery since the previous month marks Apollo Currency out as one of the New Year’s best performers, joining a new batch of altcoins in an increasingly unrecognizable top hundred.

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 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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