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Bitcoin SV Under Pressure Despite Growing Support Base

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Bitcoin SV was the worst-performing cryptocurrency in the top-ten on Thursday. The coin that previously demonstrated inverse price action with the rest of its peers now finds itself struggling to regain momentum despite signs of early adoption across the market.

BSV Update

Over the last 24 hours, the BSV price has fallen an average of 5.4% to reach $86.02, according to CoinMarketCap. The cryptocurrency market as a whole is down 1.4% over the same stretch.

In percentage terms, BSV’s downtrend is commensurate with the broader market over the past seven days, but details of the underlying price action reveal a divergence with its peers. Case in point: BSV saw highs of around $110 last Friday – a session where bitcoin and other cryptocurrencies registered new lows for the year. Losses over the next few days were much more contained relative to the broader market. It was only until Tuesday that the downtrend in BSV intensified, eventually breaking below the $90 handle toward the present lows.

Trading in SV reached $45.2 million on virtual currency exchanges, down from a high of $305 million last Friday. Binance and BitMart were the largest exchanges for BCHSV trades.

For all the controversy surrounding its release, BSV has emerged as the eighth largest cryptocurrency by market cap with a total value of $1.5 billion. Bitcoin SV has seen its ranking fluctuate over the past two weeks but maintains a strong grip on the top-ten. Bitcoin cash (BCH), which houses the ABC protocol, is ranked seventh at $1.7 billion. BCH has fallen three spots during the latest bear market.

Growing Support

Although the bitcoin cash hard fork divided the cryptocurrency community, more venues have extended support to the competing chain. Earlier this week, Circle’s Invest App enabled users to purchase BSV directly on their mobile devices, a move that could serve as a bellwether for future adoption. That being said, the success of SV on this platform is largely tied to adoption of Circle Invest in general. The app currently has only 50,000 downloads on Google Play compared with over 5 million for Coinbase. The latter has yet to offer support for BSV.

Money Button, a San Francisco-based transfer service, has already released a new JavaScript update for bitcoin SV. The company has essentially set up a virtual library for bitcoin SV that supports cryptography and transaction building for the new protocol. According to the official website, Money Button is a “digital currency payments button for websites and apps” that offers “nearly instant, nearly free” transactions.

The Malta-based Raisex exchange has also announced full support for bitcoin SV trading this week. Guarda wallet, which allows users to store cryptocurrencies, has also enabled storage of BSV on its desktop and mobile platforms.

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 740 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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Altcoins

Cash Flow Token, PayPie (PPP) Hits 1,000% Growth on $296 Volume

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Higher

Just thirty days away from the longest bear market in cryptocurrency history, one could be forgiven for looking at the altcoin market and assuming we were still in January of 2018.

Every day small cap altcoins are doubling, tripling or quadrupling in value, and several have already gained more than 1,000% this month alone.

The trouble is that most of them are tokens no one has heard of, on exchanges that you’d never sign up to. And even if you did sign up to them, you’d only get there to find the absolute minimum in liquidity, provided by whichever friendly neighbourhood pumper was on duty that day.

PayPie (PPP)

A good example of this phenomena was on display on Thursday night with PayPie (PPP), which hit 904% growth in five minutes, and 1,016% for the week. Irony is never lacking in the crypto space, and PayPie’s proposed role as a cash flow platform seems comical in light of its $296 daily trade volume.

It took just five minutes for PPP to hit 904% growth on Thursday, climbing from the daily low of $0.073341 up to $0.736635 not long after midnight. The weekly low of $0.065958 puts seven-day gains on 1,016% – although it’s difficult to say who exactly is collecting these gains, if anyone at all.

What Is PayPie?

Despite a Bitcointalk forum page which stretches back to 2017 and has 247 pages to its name, no one has posted there since June of last year, over six months ago. In fact, the last post on the page is directly related to PPP’s lack of volume, and the creators’ failure to land the ERC20 token on any new exchanges.

From the project’s website we can gather that PayPie is set up to offer help with cash-flow projections for small and medium-sized businesses. They offer a web app, some monitoring and calculation tools, and email and telephone support for their customers.

Remarkably, not one mention of cryptocurrency, blockchain or the PPP token is made on the company website. No link is posted to a whitepaper, and there is zero mention of team members nor anything tech related. If it wasn’t for the website link on CoinMarketCap there would be no reason to think this was a crypto project, and I still don’t know what PPP is supposed to be used for.

PPP…Past Success

After launching in late 2017, PPP came around just in time to catch the altcoin mega-pump of January 2018, when its trade volume surged to over $1 million, and the coin price reached $3.72.

That’s when ‘development’ was still somewhat active, with occasional communications on Bitcointalk. Since then it has been complete radio silence, although the cash flow company behind PPP continue to post finance tips to their blog, but none of it is crypto related.

Maybe the PPP token is the perfect symbol of 2017’s bubble, when ICO madness caused thousands to attempt to cash in on the crypto gold rush. Despite growing by close to 1,000% in the last twenty-four hours, one gets the feeling this might be one of the last times we hear about PayPie.

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

XRP Price Analysis: XRP/USD Behavior is Demonstrating Strong Downside Vulnerabilities

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  • Ripple’s XRP was trading up with modest gains in the latter part of Wednesday, just some 0.60%.
  • XRP/USD continues to move within a narrowing range-block formation. The price is subject to a breakout, with risks pointing to the downside.

Recent Price Behavior

Ripple’s XRP is seen holding very modest gains of 0.6% in the latter part of Thursday’s session. Price action remains limited, given the narrow trading range, in which it is moving in. There is a lack of commitment from both sellers and buyers, and as a result a range-block formation can be eyed. XRP/USD has been within the confinements of this for the past seven sessions now. Currently, there aren’t any technical suggestions of the bulls recovering and picking up the mid-December momentum again.

Given the above-detailed price behaviour, risks point to the downside. One of the key reasons for this is XRP/USD moved into consolidation mode after a recent hard fall on 10th January. Prior to the drop, the price was trading sideways, which was seen from 19th December, apart from the freak spike to $0.46 on 24th December. A technical breakout was then observed, as mentioned on 10th January, where XRP/USD dropped a huge 20%. Keeping in mind the described recent journey for the price, similar movements are currently playing out.

Range-block

XRP/USD 4-hour chart.

A breakout is imminent, given that price action is getting tighter. It is worth noting the key levels around this range-block. In terms of the lower support, this should be noted at the $0.3200 mark, the recent low area of 13-14th January. The upper part of this technical formation is eyed at $0.3450, the high from 11th and 14th January.

If the bears manage to force a breach of the above-described, then XRP/USD will quickly be forced to give up the psychological $0.3000 mark. A large area of demand is seen tracking from $0.3000-$0.2500. This has proven to find strong buyers on several occasions – December 2017, August and September 2018.

Furthermore, to see XRP/USD fly the way it has in the past will require a serious amount of upside momentum. Given all of this sideways trading and consolidating, the price is building new areas for itself to have to break down. In terms of upside resistance, this should be noted running from $0.3500 up to $0.4000. Lastly, the price as mentioned earlier, was ranging here between 19th December to 10th January.

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 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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Bitcoin

MIT and Stanford Professors are Creating the Answer to Bitcoin’s Scalability Issues

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Researchers from America’s most prestigious universities are coming together to create a new cryptocurrency that will overcome bitcoin’s greatest technical challenge: scalability. Although academics have a poor track record of solving real world problems, the researchers have teamed up with Pantera Capital to develop a cryptocurrency that could serve as a viable payment network in the future.

Academics Designing ‘Better Bitcoin’

According to Bloomberg, professors from seven U.S. universities have joined hands to create a new cryptocurrency capable of achieving faster processing speeds without sacrificing decentralization – a core tenant of the blockchain revolution. The so-called Unit-e cryptocurrency is the first project to be carried out by Distributed Technology Research, the non-profit group uniting the academics.

Among the schools represented are the Massachusetts Institute of Technology, Stanford University and University of California. They are joined by hedge fund Pantera Capital, which has an impressive track record in generating stellar crypto market investments. Read: How Pantera Capital Engineered a 10,000% Return Investing in Cryptocurrency.

Although several initiatives are underway to boost bitcoin’s transaction speed and scalability, the researchers say the cryptocurrency’s design has inbuilt restrictions that impede on its usefulness as an everyday payment system. The goal of Unit-e is simple but highly ambitious – namely, use blockchain technology to develop a cryptocurrency that can process transactions faster than Visa.

Unit-e is scheduled to go live in the second half of 2019. When released, it will process as many as 10,000 transactions per second, according to DTR. By comparison, Visa processes roughly 1,700 transactions per second.

The Bitcoin Scalability Debate

The issue of scalability is one of the biggest impediments facing bitcoin, so much so that dozens of alternative cryptocurrencies have been designed specifically to address this problem. Some proponents of the original cryptocurrency believe the debate over scalability could be put to rest once Lightning Network achieves full potential. The highly-touted bitcoin scaling solution has seen notable improvements in recent months, including a double-digit percentage gain in processing capacity.

As of Thursday, Lightning Network’s capacity has increased to 529.21 BTC, which is equivalent to just over $1.9 million at today’s prices, according to 1ML. That represents a gain of more than 3% since the last time we covered Lightning Network’s processing power on Dec. 26. At the time, the network saw a 13% surge in processing capability.

Lightning Network has achieved 20,586 channels, an increase of 31.8%. The number of nodes is up nearly 20% to 5,472.

At the core of Lightning Network is the desire to boost bitcoin’s transaction speed while lowering the cost of payments. This is done by creating a second-layer scaling solution that operates as a bidirectional payment channel. Basically, this creates a ‘running’ tab between two accounts, which eliminates the need to record every transaction on the blockchain.

Lightning Network has its fair share of detractors who claim the protocol promotes centralization and suffers from inefficiencies that could allow hackers to target channels holding a high volume of bitcoin. Bitcoin advocate Andreas Antonopoulos addressed some of these concerns in a YouTube Q&A last February. Click here for more.

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 740 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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