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Bitcoin’s Wild Ride Continues as Prices Recover Near $6,400

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Bitcoin prices traded sharply to the upside Monday, overcoming a weekend sell-off that drove the cryptocurrency to multi-week lows.

BTC/USD Price Levels

Bitcoin reached session highs near $6,870 before consolidating around $6,350. The world’s most actively traded coin is up nearly 14% from the low on Sunday. Trading volumes over the past 24 hours exceeded $6.8 billion. That’s the highest turnover since mid-September when the market was reeling from China’s regulatory attack on cryptocurrency.

Current price levels give bitcoin a total market cap of $107.3 billion, which is well below last week’s all-time highs.

The bitcoin market has been in a state of disarray since the backers of Segwit2x cancelled their planned fork of the blockchain network. The announcement triggered an unprecedented surge in Bitcoin Cash (BCH) as investors poured capital into the new currency. The altcoin community was largely on the sidelines as investors took turns buying and selling bitcoin and Bitcoin Cash.

BCH was last seen trading at $1,432 for a market cap of $24.2 billion. That’s enough for third place on the global market cap chart.

South Korea Drives Volume

South Korea has emerged as a pivotal player in the global cryptocurrency market. As CCN reports, 61% of Bitcoin Cash exchanged between Nov. 11 and 13 occurred in South Korea. The nation’s crypto exchanges integrated Bitcoin Cash long before its most recent price surge.

Despite banning initial coin offerings (ICOs), South Korea continues to be one of the most favorable cryptocurrency jurisdictions on the planet. Cryptocurrency trading remains largely unregulated there, which may partly explain the no-fee policy used by the major exchanges. The major downside to this policy is the increased likelihood of price manipulation like we saw in China last year.

South Korea’s leadership pace is not just concentrated on bitcoin, but other cryptocurrencies as well. For example, the country remains a top jurisdiction for Ethereum and is witnessing greater adoption of Litecoin. To the latter point, cryptocurrency exchange Coinone recently added LTC trades to its platform. LTC transactions exceeded $3 billion within the first 24 hours.

BTC vs. BCH: A Healthy Competition?

The growing battle between bitcoin and Bitcoin Cash reflects the evolving mandate of the competing communities. Whereas bitcoin investors are mostly concerned with keeping the blockchain decentralized, backers of BCH want a more efficient payment system. The whole purpose of Bitcoin Cash is to create favorable conditions for more people to join the cryptocurrency sphere and to actually enable users to quickly pay for goods and services.

For backers of the recently aborted Segwit2x, this was one of the main priorities. By doubling bitcoin’s block size, the blockchain will be able to support a more streamlined transaction system. Although Segwit2x emerged earlier this year, it reflects years of dialogue about how to scale up the digital currency.

As Spencer Bogart of Forbes recently noted, backers of BTC and BCH also want what the other side has. Bitcoiners want quick and efficient payments, but not at the risk of decentralization. Proponents of Bitcoin Cash want to maintain a decentralized structure, but this isn’t as important as boosting adoption across a wider network.

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 704 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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Analysis

Crypto Update: Majors Confirm Short-Term Trend Change

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The encouraging rally in the cryptocurrency segment continued in earnest in the past 24 hours, and several top coins topped key resistance levels after forming higher swing lows, confirming a short-term trend change. While the broad rally lifted all of the majors, and the deeply oversold long-term momentum readings together with the horrible sentiment will likely lead to a tradable larger scale bounce, the long-term bearish picture is unchanged in the segment.

For that to change, we would need to see at least a higher low on the long-term charts, but for now, bear market rules remain in place for the top coins. We will take a closer look at the long-term outlook later on today in our long-term cryptocurrency analysis. For now, traders could enter long positions on the relatively stronger coins, but from a broader perspective, at least a retest of the lows remains likely.

BTC/USD, 4-Hour Chart Analysis

Bitcoin pushed above the key $3600 yesterday in late trading, triggering a short-term buy signal in our trend model. While the long-term sell signal remains clearly in place, the most valuable coin could rally as high as the $4450 swing high in the coming weeks, boosted by the negative sentiment and the oversold momentum readings.

That said, November’s key technical breakdown is clearly intact, and the bearish long-term trend is in no danger for now. Primary resistance is ahead between $4000 and $4050, while above $4450 the next zone of interest is found between $5000 and $5050 and further support is at $3250 and $3000.                          

ETH/USD, 4-Hour Chart Analysis

Ethereum also managed to get back above the crucial $95-$100 resistance zone together with the broader market, triggering a short-term buy signal in our trend model. The rally could extend to the resistance zones near $120 and $130 in the coming weeks, and traders could now enter short-term trades on pullbacks, despite the still intact long-term downtrend. Further strong resistance is ahead near $160, while support is found near $80 and between $73 and $75.

Broad Rally in Altcoins as Coins Gain 30% on Average

LTC/USD, 4-Hour Chart Analysis

The strong oversold rally carried all of the major altcoins higher as well, and on a positive note, the early leaders of the counter-trend move continue to be strong, raising the odds of a more sustained move on the upside. Litecoin has been one of the strongest coins so far during the current move, and together with Ripple, they triggered buy signals before the rest of the market.

LTC is trading near the key $30-$30.50 support/resistance zone, and although even a pullback to $26 is in the cards, traders could enter long positions, with targets ahead at $34.50 and $38 level.

XRP/USDT, 4-Hour Chart Analysis

Ripple also formed a short-term swing low and confirmed the breakout yesterday, and today, recaptured the $0.3750 level, while becoming overbought from a short-term perspective. That said, a test of the $0.42-$0.46 zone could be ahead, even as the long-term sell single remains in place and odds still favor a retest of the lows following the counter-trend move. Support is now found near $0.3550 and $0.32, while further resistance is ahead near $0.51.

IOTA/USDT, 4-Hour Chart Analysis

While the broad-based move lifted all of the majors and most of the smaller coins as well, the currencies in the strongest downtrends, such as IOTA, DASH, NEO , Monero, ETC, and Stellar are still vulnerable despite the lofty short-term gains.

With that in mind, even as speculative long positions could be opened in the battered coins, strict risk management rules should be used, with sharp selloff likely being ahead in the coming weeks.

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 422 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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Bitcoin

Bitcoin Price Extends Recovery Toward $4,000; Rally into the New Year?

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Bitcoin’s return to $4,000 could be imminent following a multi-day rally that has seen price action swing firmly to the upside. The leading digital currency is enjoying a strong bounce from weekend lows, possibly signalling the end of the downtrend.

BTC/USD Update

The bitcoin price did $4,000 on at least one exchange Wednesday. On Bitfinex, BTC/USD printed a daily high of $4,043.00 before consolidating below that psychological level. At the time of writing, bitcoin was trading hands at $3,925.90.

Traders on Bitfinex pay a larger premium for bitcoin when compared with other leading exchanges. For example, bitcoin is currently quoted at around $3,790 on Coinbase, Bitstamp and Gemini, among others.

Aggregate data courtesy of CoinMarketCap show an average price of $3,844. That represents a gain of 7.7% compared with Tuesday. At current values, bitcoin has a total market capitalization of $67.1 billion, some $10 billion higher from the weekend low.

Trading volumes skyrocketed midweek, as nearly $7 billion worth of BTC traded hands on virtual currency exchanges. BTC trading on BitMEX, a popular derivatives platform, reached $3.7 billion, according to CoinMarketCap. Its share of the total volume reached 33.2%, which basically means that a third of bitcoin’s daily volume came by way of futures trading.

A surging bitcoin helped springboard other cryptocurrencies to recovery on Wednesday. At the time of writing, the collective market cap was worth $125.5 billion. The market reached a new yearly low of $100.4 billion on Saturday.

Rally into the New Year?

After weeks of carnage, bitcoin and the broader cryptocurrency market are rallying again. For some in the crypto community, this means bitcoin is finding fresh buyers in the wake of multiple yearly lows that culminated on Saturday when prices bottomed near $3,100. Interestingly enough, the apparent breakout began on Dec. 17, the anniversary of bitcoin’s infamous climb to $20,000. The cryptocurrency has failed to establish new highs ever since.

The reversal of fortunes doesn’t mean the bulls are out of the woods yet. A sustained recovery north of $4,500 and, eventually, $5,000 is needed to confirm a prolonged bullish breakout. Even then, bitcoin faces several technical hurdles en route to higher highs.

One level traders should carefully monitor is $6,000, as this represents the break-even rate for several miners. Millions of mining devices have been switched off in the wake of the November price collapse.

The chaos that engulfed cryptos last month may have been triggered by the hard fork of bitcoin cash on Nov. 15. However, it quickly turned into a technical selloff followed by full-blown capitulation.

2019 is expected to be a pivotal year for bitcoin. Within the first six months, two major futures markets are set to open, setting the stage for wider adoption among institutional investors. The U.S. Securities and Exchange Commission (SEC) is also set to rule on the VanEck SolidX Bitcoin Trust, a highly touted ETF product, by the end of February.

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 704 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

EncrypGen (DNA) Surges Ahead After Two Major Announcements

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Although nobody enjoys a bear market, the downturn has afforded me more time to research promising technology instead of worrying about trading patterns.  Not all projects will survive this downturn.  In fact, most probably won’t.  Instead, companies that have delivered upon their goals and promises will be the ones that soar like eagles.  EncrypGen (DNA) is an extremely promising company I have been following since their Initial Coin Offering in 2017.

Background

EncrypGen made global headlines in November when it launched the world’s first blockchain based genetic data marketplace.  The marketplace, called the Gene-Chain, brings together buyers and sellers to facilitate the exchange of genomic data.  Consumers will be able to both safely store their genetic data and, if they choose, generate passive income by selling that same data to researchers.  The good news for data sellers is that EncrypGen just made a major announcement which will make cashing out much easier.

Consumers Can Now Withdraw Via Bitcoin

As of Monday, consumers can now withdraw the proceeds from their data sales via Bitcoin.  This will allow consumers a quick, convenient, and safe method to withdraw their earnings and use it for whatever they choose.  With the holidays coming up, this is a perfect opportunity for consumers to generate some extra cash that can be used toward making the holidays extra special for everyone.  The next part of this process will include the ERC20/ETH integration.  The integration is expected to be completed in January.

Partnership With Murrieta Genomics

In addition to the new withdrawal method, EncrypGen also made headlines by announcing a major new partnership with Murrieta Genomics.  Murrieta Genomics is a genomic sequencing incubator based out of California.  Murrieta has agreed to offer EncrypGen’s Gene-Chain to the Genomic Data Industry.  This will greatly benefit both individual data users and researchers.  The hope is that this blockchain based solution will lead to more efficient and effective healthcare through the advancement of new medical treatments.

EncrypGen’s Chief Strategist, Joe Cawley, had this to stay about the partnership:

“Today’s Partnership moves Gene-Chain up the value chain toward those generating Next Generation Sequencing (NGS) genomic data, assays and testing techniques.  NGS genomic data unlocks the multi-trillion dollar personalized medicine market.”

Indeed, the opportunity currently available in genomics and personalized medicine is enormous.  Although there are a few competitors in this space, they have yet to even release an alpha platform.  Additionally, given the regulatory hurdles that new entrants will face, EncrypGen’s closest competitors are likely years behind.  As those competitors work on getting a platform built, EncrypGen will be focused on developing strategic partnerships that will enable the Gene-Chain to become the world’s go-to marketplace for genetic data transactions.

Conclusion

With the Gene-Chain now live, EncrypGen is focusing its attention on developing more strategic initiatives such as the partnership with Murrieta Genomics.  DNA token holders can expect more announcements like this over the next 6 months.

Although the crypto market is extremely depressing for all involved, traders must not lose sight of the end goal.  I recently wrote an article that the crypto market is still in the earliest phase of the technology adoption lifecycle.  EncrypGen is a pioneer in both crypto and genomics.  And I fully expect EncrypGen to not only survive the bear market but to prevail in the end.

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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