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Bitcoin Pushes Through $11,000 as Bulls Look to Break Out of Range

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Bitcoin put on its rally cap Thursday, as the bulls made another attempt at overcoming narrow trading conditions that have restrained price action in recent days.

BTC/USD Price Levels

The cryptocurrency reached a high of $11,078.04, narrowly overcoming Tuesday’s intraday peak. Bitcoin was last seen trading in the vicinity of $11,030, up more than 6% over the previous day.

An assessment of the Relative Strength Index (RSI) shows momentum is building, although prices are coming up against a firm resistance around the psychological $11,000 level.

Tepid trading conditions in the crypto market over the past month have actually worked in bitcoin’s favor. The cryptocurrency now accounts for roughly 41% of the total market in terms of value and 40% of the daily trade volume. Both figures have risen steadily over the past four weeks as demand for altcoins faded. As we reported Thursday, bitcoin’s share of the total crypto market has risen markedly in recent weeks.

Bitcoin remains above and beyond the most valuable cryptocurrency on the market with a total cap of $187.5 billion. Ethereum is a distant second all the way down at $85.5 billion.

At press time, the market’s total capitalization was $461 billion.

Market Consolidation Continues

Though bitcoin’s recent gain helped the crypto market add $20 billion to its value, underlying conditions remain fairly stable. This comes despite several fundamental indicators making a strong case for a bullish breakout.

Investors are in wait-and-see mode as they assess the long-term potential of the market and iron out details over possible legislation. This attitude is further reflected in the sharp decline in market activity over the past month. Overall trade volumes dropped by more than a third in February, as the crypto market entered a steep correction followed by broad consolidation.

That being said, several coins put up strong gains on Thursday, including bitcoin cash (BCH), which peaked around $1,300. The alternative to bitcoin was last up 7% at $1,292, according to CoinMarketCap.

Other big gainers included Tron, IOTA and Monero, the privacy-focused altcoins. Each currency added at least 7%.

In terms of news, the spotlight over the past two days has been on the SEC’s ongoing investigation into initial coin offerings. Washington’s top securities regulator has handed out subpoenas and requests for information to dozens of market participants, including Overstock, the company behind tZERO.

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 699 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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Cryptocurrencies

Syscoin (SYS) Makes Comeback Amid Downturn; 76% Spike Ahead of Project Rebrand

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Syscoin (SYS) was a stable fixture in top ranked coins by market cap earlier in 2018, but a 97% decline throughout the year saw the coin depart CoinMarketCap’s front page, and eventually hit a new twenty-month low on December 13th.

That’s when everything changed for SYS: a 15,500% increase to trade volumes helped fuel a 76% comeback recovery, all of which occurred in just over a day. Social media mentions for the decentralized marketplace project also surged in the last day, with Twitter and Reddit receiving an influx of SYS related posts and activity.

All of this comes ahead of a project revamp which is set to be launched on December 18th.

Syscoin Price – SYS/BTC

Over 90% of daily trades came against BTC in the last twenty-four hours, with Binance housing the majority of the action.

From a starting price of $0.029109 (883 sats) on Thursday evening, Syscoin jumped 76% up to $0.051509 (1579 sats), with the peak landing on Saturday morning. Several huge pumps from BTC traders on Binance kept the run going, as can be seen above.

Prior to the surge, Syscoin was nursing wounds from 97% losses since January, and the dollar valuation in the $0.029 range hadn’t been seen since April of 2017. The satoshi value of 883 hadn’t been witnessed for even longer.

Origins of the Pump?

The price rise does coincide with the lead up to Syscoin’s project rebranding, which is set to go ahead on December 18th. It wouldn’t be too cynical to assume a playful little pump and dump in anticipation of the event, however, some Syscoin supporters see larger reasons at play.

According to one recent post in a Syscoin traders group, Syscoin is pumping for a multitude of reasons, including:

“…Syscoin Core 3.2 is coming…Fusion is coming…BMD 3.2 is coming… SYSio is coming…”

The list of upcoming Syscoin developments goes on, and could very well be a catalyst for the increased action we’ve been seeing since Thursday night.

But then, show me a crypto/blockchain project that doesn’t have a whole host of developments coming and I’ll show you something similarly fanciful.

Syscoin on Social Media

Twitter bots picked up increased chatter on the Syscoin front, with a 228% increase in tweets coming in by Friday night. The surge continued since then, but as noted at the time:

“Syscoin up 45.76% on a 1,212% increase in trading volume. Daily sentiment remains high on a 228% increase in tweets. #SYS only accounts for .02% of overall crypto market cap, but .18% of tweets today.”

Syscoin was one of the earliest ICO launches back in 2014, and was the first blockchain to implement the Lightning Network on its mainnet in April of 2017.

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 105 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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Bitcoin

Bitcoin Price Scrapes the Barrel While Stellar (XLM) Losses Fall in Line

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Bitcoin returned to its lowest valuation of the year on Friday, as the last week of cautious upward movement by the crypto market came to a crashing halt.

Just last week BTC fell to a dollar valuation in the high $3,200 range – a fifteen-month low at the time. After seven days of false hope and another rinsing of weak hands, BTC returned to the same valuation early on Friday morning – a sign that $3,000 is destined to act as a baseline in the short-term?

Meanwhile, after months of positive developments and upward momentum, Stellar (XLM) is finally feeling the pinch and may be about to fall back in line with average market losses. XLM’s valuation is down over 18% for the week, and 7.5% for Dec 14th alone – leaving Tether (USDT) waiting in the wings to take over XLM’s 4th spot ranking by market cap.

Bitcoin Price – BTC/USD

Bitcoin fell 4.75% leading into Friday morning, compounding 10% losses over the last five days. From the daily high of $3,448, BTC found itself trading as low as $3,200 on some exchanges, while the aggregate valuation drawn from all exchanges remains closer to $3,300 at time of writing.

Bitcoin volume remains high while overall trade volume has declined. This has sent BTC dominance to over 55% again, and may be the beginning of a trend which sees altcoin gains continually cashed out to the more trusted BTC (via USDT) for the duration of the bear market.

Stellar Price – XLM/USD

A portion of those gains may now be coming from the Stellar market, which is being dominated by USDT and BTC trades as of Friday.

From the daily peak of $0.111740, XLM’s valuation fell to £0.103288 by noon Friday. That’s a 7.5% decline for the day, and comes on top of 18.3% losses over seven days as Stellar finally seems to be falling in line.

Stellar had kept the bears at bay for much of the prolonged market dip in the last few months, even rising in the rankings to become the 4th highest capped cryptocurrency. Fuelled by prominent announcements and almost constant speculation regarding a Coinbase listing, XLM managed to buck the trend and hold onto its value while all around it were losing theirs.

Now, this latest dip has singled out XLM specifically, leaving the coin’s losses firmly in line with ETH and the major alts’ +60% losses since mid-November. Once valued at nearly $17 billion by market cap at its peak, Stellar is now valued at less than $2 billion, and only the slightest fluctuation by ‘stable’ coin, Tether, would drop XLM out of the top four ranked cryptos.’

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 105 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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Analysis

Crypto Update: Majors Testing Lows Following Broad Selloff

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The major cryptocurrencies have been once again under pressure in the past 24 hours and most of the coins got very close to their recent lows, even as the losses are limited for now. While the top coins avoided a breakdown, given the overwhelmingly bearish long-term picture and the steep short-term trend, odds continue to favor new lows in the coming weeks, so traders and investors should still remain defensive.

Dash/USD, 4-Hour Chart Analysis

The continued technical weakness in the lagging coins, like Dash, and the lack of a relatively strong leadership is still apparent, and it reinforces the bearish overall picture. That is true even as the long-term momentum indicators are showing deeply oversold readings and investors sentiment remains very negative which could lead to a larger scale correction after a short-term trend change. That said, traders shouldn’t enter new positions here until we see meaningful short-term technical improvements.

BTC/USD, 4-Hour Chart Analysis

Bitcoin failed to regain momentum despite the weekend bounce and the coin is back near its recent low trading near the $3250 level today. The key $3600 level is out of reach for the most valuable coin, and with that in mind, our trend model remains on clear short- and long-term sell signals.

The current weakness of BTC is a negative sign for the whole segment, and a test of the key long-term $3000 level is more and more likely. Further string resistance is ahead between $4000 and $4050, and traders and investors shouldn’t enter positions here.

ETH/USD, 4-Hour Chart Analysis

Ethereum has been trading in a very narrow range in recent days, and the coin is still stuck below the key $95-$100 zone, as it failed to show relative strength despite being among the most oversold majors. ETH also faces strong resistance near $120 and $120, with the next major support zone found between $73 and $75, and traders and investors should still stay away from the coin.

Litecoin Breaking Down Again?

LTC/USD, 4-Hour Chart Analysis

Litecoin is threatening with another break below support today, with the $23 support level looking very weak now, and the steep short-term downtrend remains clearly intact in the coin. LTC continues to be relatively weak from a short-term standpoint, and traders shouldn’t consider even ultra-short term positions here, despite the deeply oversold broader picture.

The next major support zone is found between $20 and $20.50 and odds favor a test of that zone as soon as in the coming days, with strong resistance found near $26 and $30.

XRP/USDT, 4-Hour Chart Analysis

Ripple continues to hover around the $0.30 level, still being very weak on the short-term time-frame, and being on sell singles both short- and long-term in our trend model. XRP faces strong resistance near $0.32, $0.3550, and $0.3750, while primary support is found at $0.28, with the prior bear market low being at $0.26. We expect at least a test of the lows in the coming weeks, despite the still relatively strong long-term technical setup and new low bear market lows are also likely in Ripple.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 416 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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