Connect with us

Altcoins

Bitcoin Rally Leads Cryptocurrency Market Above $330 Billion

Published

on

Cryptocurrencies were back on the offensive Sunday, as bitcoin and the major altcoins extended their gains en route to fresh three-week highs.

BTC/USD Price Levels

Bitcoin surged past $8,400 on Sunday for the first time since Mar. 25, extending its five-day rally to 20%. It would later consolidate at $8,280 per coin for a gain of 4.6% and a total market cap of $140 billion.

With the gain, bitcoin has rebounded nearly 30% from the Apr. 1 swing low, which had threatened a major bearish reversal. An RSI of 63 implies strong momentum and price action is also strengthening, as evidenced by the bullish crossover in the moving averages.

Bitcoin’s reversal has been a major catalyst for the broader market, which has recovered 33% since Wednesday. The total market cap peaked near $336 billion on Sunday, based on latest available data.

Each of the top-ten cryptocurrencies reported gains on Sunday. Ethereum extended its rally north of $500, gaining 6% to $525.33. Ripple XRP jumped 6.2% to $0.665, bitcoin cash rose 5.4% to $771.32 and Litecoin added 3.5% to $130.22. Meanwhile, Stellar Lumens surged 15.5% to $0.286 while IOTA added 18.2% to $1.61.

The number of billion-dollar cryptocurrencies has risen during the latest rally. As of Sunday, 24 digital assets were valued at $1 billion or more, according to CoinMarketCap. A dozen more were capitalized at $500 million or more.

Return of the Bull Market?

The dramatic surge in the price of altcions is a firm indicator that the bull market is making a comeback. At the height of the crypto euphoria, altcoins accounted for nearly 68% of the total market. That figure plunged to 55% earlier this month, but has since strengthened to roughly 58%.

Several altcoins have outperformed bitcoin over the past week, including EOS, OmiseGo, STORM and WanChain. Altcoin speculation is a strong indicator of returning liquidity.

The recent price resurgence has been attributed to the winding down of tax season for U.S. traders, a factor that could support a continued rally long after the Apr. 17 deadline. U.S. traders accounted for 30% of the $590 billion in wealth generated by the cryptocurrency rally in 2017, according to Tom Lee of Fundstrat Global Advisors.

Although Lee has predicted sizable capital gains taxes from cryptocurrencies, organizations like Credit Karma have predicted only a tiny portion of traders have reported their earnings. Credit Karma told CNBC on Friday that less than 100 people had reported crypto-related gains out of 250,000 filers.

Rising trade volumes on the Korean peninsula and a general decline in fear-inducing headlines may also be a factor in the recent rally. According to CCN, South Korea is considered a ‘copper pan’ for cryptocurrency trading because it heats up very quickly and cools down just as fast. Korean exchanges Upbit and Bithumb processed a combined $1.5 billion in cryptocurrency trades on Sunday, latest figures show.

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
7 votes, average: 4.00 out of 57 votes, average: 4.00 out of 57 votes, average: 4.00 out of 57 votes, average: 4.00 out of 57 votes, average: 4.00 out of 5 (7 votes, average: 4.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 494 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.




Feedback or Requests?

Altcoins

Cryptocurrency Market Rebounds as Trade Volumes Recover from Yearly Low

Published

on

Cryptocurrency prices were seeing green Sunday, as market activity rebounded from the lowest level of the year with bitcoin and the major altcoins making tepid progress.

Crypto Market Update

Every cryptocurrency in the top-20 by market capitalization was trading in positive territory Sunday. As a result, the total market capitalization of all digital currencies rose by $6 billion to $254.5 billion. Bitcoin’s share of the pie remains roughly 43%.

The bitcoin price edged up 1.7% to $6,363, with the bulls continuing to defend the critical $6,000 level despite repeated downturns.

Ethereum, the no. 2 cryptocurrency by market cap, rose 2.4% to $447.

Bitcoin cash jumped 3% to $719. BCH has shown poise over the past five days even as accusations of node centralization continue to grow.

Ripple XRP rose 1.9% to $0.445. Meanwhile, EOS gained 2.4% to $7.13.

Volumes Hit 2018 Lows

Daily turnover in the cryptocurrency market bottomed fell to around $8.8 billion on Saturday, the lowest since November, according to CoinMarketCap data. Daily trade volumes rose by as much as 20% Sunday, reaching $10.5 billion. At the time of writing, 24-hour volumes were valued just under $9.9 billion.

Since the April downturn, trading volumes have thwarted multiple rally attempts for cryptocurrency prices. Daily turnover has crossed the $20 billion mark only once since June.

As Hacked previously reported, tepid volumes reflect a general decline in retail trading activity on major digital currency exchanges. This is further corroborated by the sharp drop in Google search results for terms like “bitcoin” and “cryptocurrency.” Basically, the half-year market downturn has spooked new traders from entering the market.

Amid the downturn, exchanges like Coinbase have reported a drop-off in app downloads as fewer traders show interest in buying cryptocurrency. Meanwhile, trading apps like Robinhood are still growing thanks to a suite of service offerings that extend far beyond cryptocurrency. Robinhood began offering cryptocurrency back in February but still maintains a thriving platform for traditional markets, such as stocks and ETFs.

Several leading exchanges have announced plans to relocate to jurisdictions with friendlier policies toward cryptocurrency. Malta, a tiny Mediterranean island state, has managed to lure Binance and OKEx to its shores thanks to favorable regulations.

As Hacked’s James Waggoner recently showed, much of the downturn in crypto trading activity has been associated with fears of a regulatory clampdown in jurisdictions like the United States and South Korea. In the case of China, those fears were realized last September when policymakers issued a blanket ban on cryptocurrencies and initial coin offerings.

However, a “tectonic shift” in regulatory thinking is currently underway, which could pave the way for a renewed uptrend in cryptocurrency markets. Case in point: the U.S. Securities and Exchange Commission (SEC) has declared bitcoin and Ethereum to be non-securities. So long as there is no conveyance of ownership, ICOs may also fall under this favorable regulatory purview.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 494 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.




Feedback or Requests?

Continue Reading

Altcoins

Bitcoin Cash Price Shows Poise as Accusations of Centralization Grow

Published

on

Bitcoin cash (BCH) traded within a narrow range Saturday even as opponents of the virtual currency hurled accusations of centralization against its developers.

BCH Price Levels

The bitcoin cash price was little changed on Saturday, reflecting a subdued trading environment in the broader market. At press time, BCH/USD was trading around $703, virtually unchanged compared with 24 hours ago. At current levels, bitcoin cash is capitalized at $12.1 billion, according to data provider CoinMarketCap. Daily trade volumes amounted to $274.5 million.

The fifth largest cryptocurrency by market capitalization has shown poise over the past five days, with prices fluctuating between $671 and $706. Like other cryptocurrencies, bitcoin cash experienced a sharp reversal last Monday, knocking prices from more than two-week highs.

Bitcoin Cash Highly Centralized: Bitpico

Hacker group Bitpico has uncovered massive node centralization of the Bitcoin Cash network, and has taken to Twitter to uncover IP addresses of the platform’s nodes. One screenshot of Bitpico’s discovery showed 98% of the IP addresses associated with bitcoin cash were “sitting in the same server rack,” the group tweeted earlier this week.

In response, a Twitter user by the name of Melik Manukyan showed that the BCH servers were hosted on a cloud farm belonging to Alibaba.

The group  claimed that 49% (or one-half of 98%) of all Bitcoin Cash network nodes were running on the Alibaba cloud farm.

If confirmed, centralization of the Bitcoin Cash network would mark a significant departure from the original bitcoin, which was envisioned as having no central authority (as an aside, the backers of bitcoin cash claim that BCH is the original crypto chain).  Satoshi Nakomoto said as much in the original bitcoin whitepaper published in 2008:

“By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them.
The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended.”

Last month, Bitpico announced it was planning to launch an attack on the BCH network with the goal of dividing it. The group says the coordinate strike will inflict grief on Roger Ver, one of bitcoin cash’s most ardent supporters.

Ver was revealed as the owner of bitcoin.com back in 2015. As Hacked reported back in April, manipulation involving bitcoin.com may have contributed to BCH’s massive rally. You can read the full story here.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
3 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 5 (3 votes, average: 4.67 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 494 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.




Feedback or Requests?

Continue Reading

Altcoins

Steem Price Down 19% Over Week as Hardfork 20 on the Horizon

Published

on

Steem – one of three internal currencies on the Steemit social media platform – has had a fairly miserable week and has ended up with 19% losses from this time seven days ago.

During that time STEEM coins dipped from a value of $1.63 to $1.31 – the price at the time of writing.

Over the course of the last 24 hours Steem has fallen by close to 5%, and it now seems likely that Steem’s 36th place ranking on Coinmarketcap is under threat from today’s strongest performer in the top-100 – Basic Attention Token (BAT).

Early Growth

July actually began well well for Steem, as the coin spiked in value to the tune of 61% over the course of three days between June 29th and July 1st. Yet the early July high of $1.86 is nothing compared to the April high of $4.62 – during which time the daily volumes reached $150 million. That’s significantly higher than today’s volume of $1.5 million – a mere 1% of that recorded during the April peak.

The price during January’s peak was $8.01, which leaves Steem in the uncomfortable position of being 83% in the red over the last seven months.

Hardfork 20

At the start of the month the Steemit team released details on the upcoming ‘Hardfork 20’. The post detailed the team’s intention to overhaul some of Steemit systems with the update in a bid to:

“…create a system that 1) more efficiently allocates blockchain resources; 2) more accurately measures the true cost of running the blockchain; and 3) enables Steem developers to create more predictable user experiences.”

The resources in question are those which are awarded to users for their participation on the platform. Steemit is a social media site which runs on a blockchain, and instead of likes and upvotes, posts are rewarded with cryptocurrency.

There are currently three internal currencies on Steemit – STEEM, Steem Dollars (SBD) and Steem Power. Both STEEM and SBD can be traded in and out of the platform, while Steem Power represents ‘locked in’ funds, which measure network influence. Steem Power can only be withdrawn incrementally over a period of three months.

App Coin

The STEEM coin’s poor performance in recent times has a ripple effect which extends further than the trading floor. Since the Steemit platform operates on the blockchain, the platform expands or contracts in value along with its primary currency – STEEM.

This means that a user could earn $50 for a post on Monday, and by the time the pay-out is made a week later, the value of STEEM has dropped and now the post is worth less. If we take the previous week’s numbers for example, then we see that a $50 post would now be worth only $40. Ultimately the platform rises or falls with the cryptocurrency… but that works both ways. If enough people can get on board with the idea of blockchain-based social media then the STEEM currency would benefit from the increased use.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.4 stars on average, based on 22 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.




Feedback or Requests?

Continue Reading

5 of 15 Seats Available

Learn more here.

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending