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Bitcoin Is Eyeing $12,000 in New Show of Strength

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Bitcoin accelerated over the weekend, with prices reaching new all-time highs ahead of the planned launch of a new futures contract later this month.

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New Peaks Eyed

BTC/USD reached a session high of $11,839 on Sunday, enough for a new record peak. At press time, bitcoin was trading at $11,133, having gained 2.1% on the day. That’s still equivalent to $278.

The new highs give bitcoin a total market cap of $187 billion, easily tops among the 1,200 or so cryptocurrencies. Prices have now gained more than $2,500 over the past five days, a startling climb even by bitcoin’s standards.

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Bitcoin’s 24-hour trade volumes once again surpassed the $6 billion mark on Sunday. Bitfinex was responsible for roughly 15% of the global turnover. South Korea’s Bithumb was second with a little more than 6%.

Rubbing Shoulders With Fiat Currency

Bitcoin’s nearing of the $12,000 price level puts it on par with some of the world’s leading fiat currencies. A mere eight years after its launch, bitcoin is now sixth most valuable currency in circulation, according to CCN. The advance also pushed the total market capitalization of all cryptocurrencies past $350 billion for the first time.

Although bitcoin’s value is on the rise, its transaction capacity is still the subject of concern. Challenges with creating a more scalable cryptocurrency have already led to multiple hard forks in the blockchain.

Last month, developers backed out of the highly anticipated Segwit2x fork, which would have doubled the size of the blocks stored in the blockchain from 1 MB to 2 MB. The hard fork failed to launch due to a lack of consensus within the community.

After an initial selloff, bitcoin returned to strength in the days following the Segwit2x hiccup. Prices have been on a tear ever since.

Bitcoin Billionaires

Various media outlets have speculated that Tyler and Cameron Winklevoss are the world’s first bitcoin billionaires. The twin brothers successfully sued Mark Zuckerberg for stealing the idea for Facebook. The $10 million proceeds from the lawsuit have gone toward building a massive holding in bitcoin.

The brothers have major plans to launch the first bitcoin exchange-traded fund (ETF), but have yet to satisfy SEC requirements.

The world’s most active digital currency still has plenty of scope for further gains in the short and medium term thanks to the planned introduction of bitcoin futures later this month. CME Group will become the first major exchange to offer BTC futures. Next year, CBOE and Nasdaq are expected to follow suit.

Although bitcoin’s long-term trajectory is subject to great speculation, one strategist for sees much higher prices in the future. Strategist Tom Lee recently told CNBC that bitcoin is “digital gold” that could easily achieve the $100,000 price range.

“It’s valued as if it is a small company today,” Lee said on Squawk Box “We think over the next 10 years, this new generation of millennials are going to view trust as a replacement for gold. So, bitcoin is essentially digital gold for another generation.”

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. 

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

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Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

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While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

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Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

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