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Bitcoin Dominance

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Virginia is currently filled with hate. As usual, comments from the President were less than helpful. From his vacation Donald Trump blamed both sides of the conflict, which is usually a good stance for a politician. However, in this case, one of the sides is led by members of the KKK and promotes racist driven violence.

Stocks are doing great in Asia so far today. It seems that the drive towards safety that we’ve been tracking has been suspended for now. Perhaps Asian investors are comforted by the fact that Trump may now be distracted from his conflict with their close neighbour Kim Jong Un.

@MatiGreenspan

eToro, Senior Market Analyst

 Please note: All data, figures & graphs are valid as of August 14th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Everybody is buzzing about the new all time high in the price of Bitcoin, which rose and so far managed to remain above $4,000 per coin on weekend trading.

One year ago today, one coin sold for $579 so in 365 day bitcoin has grown 606%, a virtual explosion as people begin to reshape the way we think of money.

The price has continued on it’s exponential climb despite the naysayers and despite 3 seperate attempts to split the network. (BIP 148, Segwit2x, and BitCash)

Here’s the graph…

Dominance

We’re not yet at the place where we can say bitcoin is competing with the US Dollar, though the US dollar has been declining steadily since the beginning of the year, it is certainly competing directly with other virtual currencies.

The closest contender has been Ethereum. Ether tokens have grown even faster than bitcoin and over the last year have seen a growth of 2,525%.

Ripple also had a go for a bit and even passed Ethereum for a few days as number two.

We can see it all on this chart from coinmarketcap.com

Bitcash has certainly taken a stab at Bitcoin but so far has not been able to come close to it’s value.

For now, Bitcoin is trading at an inverse correlation to other cryptocurrencies. Meaning, that bitcoin’s rise has been partially feeding off of declines from other cryptos and not just Bitcash either.

The value of the entire cryptocurrency market has risen by $4.2 Billion over the weekend (Friday to Sunday) reaching a new all time high of $137 Billion.

In that same time frame, bitcoin’s market cap has risen $11 Billion by itself.

Competition with Fiat

Though we’re not on the level of competing with the Dollar or the Euro, or even the Yen just yet, Bitcoin certainly has been competing with some Fiat currencies.

The main one we can start tracking is the Venezuelan Bolivar. As we know, the current dictator Nicolas Maduro has imposed harsh sanctions on his own people which include restrictions from trading in anything except the VEF, which of course includes BTC. But that of course only encourages the people to use it more.

As the price of the Bolivar drops the Venezuelan volumes of bitcoin rise. At the moment, one Ƀ is worth 40,400 Bs. Two years ago, it was worth just 1,500 Bs.

Of course, the perception of how people view money is greatly corrolated with the way they view government since until now, the government has always been the ones in charge of the money.

Weak leadership has a way of influencing markets. It’s become clear in Venezuala and other places recently. We hope for a more smooth transition in other parts of the world.
Let’s have an amazing week ahead.

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation. 

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are 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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Altcoins

Targeted Marketing: How to Sell Bitcoin and Cryptocurrency to the Masses

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According to recent data from data management platform Lotame, advertisers have abandoned their usual broad-stroke marketing efforts in favour of more specific methods.

The ‘parent’ demographic once ranked as the highest possible target an advertiser could aim for – get the parents and you get the entire household. But that’s changed in recent years, and advertisers now aim for ‘advanced demographics’.

Such advanced demographic markers vary wildly, and advertising spending has been re-allocated to reflect newly identified buyer groups.

This has seen advertisers increase their spending by 451% to attract ‘animal lovers’. One advertiser increased its spending 98% to target the hispanic population – the largest racial minority in the U.S. Others boosted their budgets by various amounts in order to snare millennials (32%) and ‘young Gen-X’ (29%)

The Problem with Blockchain and Crypto Marketing?

If advertisers can see the wisdom in laser-targeted marketing, why shouldn’t blockchain marketers take the same route?

In my experience, most current blockchain marketing is stuck on a small scale. The general public is not being marketed to. Instead, PR is mostly directed towards other people already in the space, such as journalists (No, Ms. Xhu, I can’t publish an ad for your new coin).

I went to the discord server of a prominent altcoin recently, and the ‘marketing’ channel was full of coordinated attempts to ride the coat-tails of prominent twitter personalities and their tweets. ‘This tweet’s getting traction…jump on it and promote our coin!’

Marketing efforts are directed at ICO reviewers, YouTube personalities and cryptocurrency news outlets. In other words, marketers are only doing enough to get noticed by people who are already here. Most of this is done with the simple goal of making it successfully out of the ICO stage – like an independent movie producer pulling every dirty trick they can just to get a strong opening.

Can Targeted Marketing Help the Crypto Space?

As things stand, the default sales pitch of Bitcoin and/or cryptocurrency is that it has the potential to bring down the banksters, revolutionize the financial system, and put financial control in the hands of the people.

Maybe I’m not the best salesman, because when I explain it to people they rarely display the kind of enthusiasm described in the field-manual.

My point is not everyone wants to be a revolutionary – or even a libertarian. Rather than market the full terrifying potential of Bitcoin and cryptocurrency to one and all, wouldn’t it be wiser to break it up into chunks and spread it around various advanced demographics?

Advanced Demographics of the Crypto Space?

Well, the animal lovers demo might already be sewn up by Cryptokitties; and it seems like Dentacoin has dentists covered for now.

But what about the demographic difference between the young and old? Rich and poor? Can cryptocurrency serve working class people more than middle class people? We know Bitcoin is adopted by people desperate to avoid taxes, but so too is it used by those who give to charity.

To push the point further, one can imagine immortal enemies Alex Jones and George Soros being equally enthusiastic about cryptocurrency, but for radically different reasons.

I suspect the early battles in the blockchain revolution will be won in the front end of the shop, through careful targeting of the everyday needs of specific individuals. The internet didn’t spread to everyone in equal time – its outreach never exceeded the applicability it held for whatever individual was next in line to use it.

The goal of cryptocurrency marketers must be to find those applications in the real world and magnify them to such an extent that they can’t be ignored.

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 146 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

Crypto Markets are Up $16 Billion Since Sunday; What’s Behind the Rally?

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Cryptocurrency prices are flashing green on Tuesday, as bitcoin and the major altcoins extended an early-week rally that was brought on by a sudden surge in trade volumes. The market’s performance over the past two days suggests that the big buyers are absorbing selling pressure following weeks of mostly lateral moves for the majors.

Market Update

The combined value of all coins reached $135.8 billion on Tuesday, the highest since early January, according to CoinMarketCap. The total market capitalization has increased by nearly $16 billion since Sunday.

At the time of writing, the top 30 coins were all reporting gains. Double-digit gainers included EOS (+15.3%), bitcoin cash (+10.6%) and Stellar (+11.6). Each of these top cryptocurrencies were considered severely oversold during the latest bout of selling pressure that extended into February.

EOS is tracking weekly gains of 30% and has moved well north of $3.60. The cryptocurrency had been firmly capped below $3.00 since November amid the wider market downturn and fallout from the ICO bust. EOS currently has a market capitalization of more than $3.3 billion, inching closer to its ICO value of $4 billion.

Oversized gains for EOS pushed Litecoin back down to the no. 5 spot in the crypto market cap index. Litecoin is currently trading below $49.00, having gained 5.3%.

Bitcoin, the market’s primary bellwether, reached an average aggregate price of $4,010.15, according to CoinMarketCap. That represents a gain of 5% over the past 24 hours. The bitcoin price traded as high as $4.083 on Bitfinex. More on this story: Bitcoin Blows Past $4,000 as Volume Surges to 10-Month High.

Volumes Tell a Story

An eye-popping surge in trade volume across all exchanges and cryptocurrencies was the primary catalyst behind the rally. But what’s driving volume, and why was the burst so sudden? A closer look at exchange-based volumes reveals that market activity has been rising steadily since at least October. In fact, data from Flipside Crypto reveals that the volume pump may have originated last summer when long-dormant bitcoin accounts began transferring funds onto exchanges.

Bitcoin’s circulating supply has been rising since last July, with the most dramatic surge occurring over a 30-day stretch between December and January. As Hacked reported at the time, “It’s clear that many of these dormant account holders are preparing to become active traders once again.”

Volumes have been consistently higher throughout the year. Ethereum, the market’s no. 2 cryptocurrency by total capitalization, recently printed its largest-ever volume on Bitfinex. Over a three-week period ending Feb. 15, so-called “smart money” absorbed selling pressure to the tune of 13.627 million ETH. That was equivalent to $1.8 billion at the time. As Hacked analyst Kiril Nikolaev noted, “Whales had to commit such an amount to keep prices from falling further. Even for rich people, this is a huge investment.”

Related: Ethereum Price Analysis: Volume Spike Pushes ETH/USD to Monthly Highs.

Trade volumes across all exchanges and cryptocurrencies topped $36 billion on Tuesday. During long stretches of ‘crypto winter,’ daily trade volumes were in the $10-$12 billion range. Since the new year, daily turnover has averaged more than $15 billion.

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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4.7 stars on average, based on 772 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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Bitcoin

Bitcoin Blows Past $4,000 as Volume Surges to 10-Month High

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Bitcoin’s bulls maintained full control of the market on Tuesday, as the BTC/USD exchange rate crossed $4,000 for the first time since early January. In the process, exchange-based volumes surged to their highest levels in ten months.

BTC/USD: Breakout Eyed

The bitcoin price crossed $4,000 on Bitfinex and reached a session high of $4,048. That was the highest level since Jan. 8. At the time of writing, BTC/USD printed $4,006.30 on Bitfinex, having gained 0.7%. The latest recovery attempt has produced strong momentum for the bitcoin price, as evidenced by the hourly relative strength index (RSI).

Aggregate data provided by CoinMarketCap show an average bitcoin price of $3,921.67 as of Tuesday morning. That’s a gain of 4.2% over 24-hour cycle.

Read more: Bitcoin Surges to Five-Week High; Crypto Bulls Reignite?

In terms of technical indicators, bitcoin must return above $4,200 to negate the long-term downtrend. This is the high from late December and represents the 15-week moving average prior to the last breakout attempt. Beyond that, the bulls must return above $5,500 and eventually break the 50-week moving average near $6,800 to convince traders that a full-blown recovery is afoot.

Has Bitcoin Bottomed? A Closer Look at the Bullish and Bearish Cases

Trade Volumes Surge

The rally on Tuesday is a continuation of a sudden breakout that began more than 24 hours ago. On Monday, bitcoin and the broader cryptocurrency market rose to five-week highs thanks to a confluence of technical and fundamental forces.

A significant rise in trade volumes has underpinned the market’s push north. More than $10 billion worth of bitcoin traded hands on virtual exchanges in the last 24 hours. According to CoinMarketCap data, that’s the highest since April 2018. Virtual currency exchanges processed nearly $36 billion worth of cryptocurrency transactions over the same period.

The following chart highlights the extent of the volume surge on individual exchanges. Three exchanges processed more than $1 billion in adjusted volume; 12 more reported adjusted volumes of $500 million or greater. The billion-dollar exchanges are Binance, Bit-Z and OKEx.

The volume surge has contributed to higher volatility over the past two days. As of Monday, bitcoin’s 30-day volatility index rose to 2.24%, according to bitvol.info. That’s a gain of 32 basis points from Sunday, when volatility fell to three-month lows.

For crypto traders, volatility is a double-edged sword; a dramatic swing in price makes things like market timing and technical analysis more difficult to use. Significant levels of volatility also make rapid price declines more likely. On the opposite side of the ledger, the 2017 bull market showed that volatility can lead to parabolic gains for bitcoin and its altcoin peers.

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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4.7 stars on average, based on 772 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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