In a twist of sorts, instead of bitcoin’s first chain-split hardfork sending price down under, it has fueled it up to an all time high of $3,339.50, some $350 higher than its previous brief all-time high of $3,000 on June 11th.
That was followed by a sell-off which nearly halved bitcoin’s price to what might be a bottom of around $1,800 on July 16th, with a sharp price increase soon after to $2,300, a segwit bull-run to $2,700, a Bitcoin Cash crash back to $2,300 and now the recent bull run to an all-time high.
That’s not what was meant to happen according to the hardfork naysayers. There was meant to be doom and widespread confusion. Bitcoin was meant to be over, done, gone, if it chain-split. People were to lose money, poor newbies would run to mummy and on and on.
What actually happened was what cooler heads predicted. The fork would unlock new value, giving everyone exactly what they want. Thus restoring confidence and optimism, leading to a price rise.
In this case, the price rise has been higher than many thought. That’s probably because bitcoin has become just a bit more interesting and cool. The currency has proved now you can’t control it. It has also proved its decentralized nature is inherent rather than a point of debate.
Rather than smoke filled rooms or closed door meetings, bitcoin has now shown its true governance in action. That of giving the free market exactly what it wants by forking, placing both currencies under its mercy.
That is something that has never happened before in this manner and shows the full power of bitcoin and any public blockchain based currency. You can’t choose your centrally issued fiat. With bitcoin, you get exactly what you want and no one can deny you such right.
If you want full blocks, empty blocks, or no blocks at all with IOTA, if you want smart contracts or simple multi-sig scrypt, Lightning Network or Raiden, Rootstock or the EON lot, you can have what you want in the great cryptocurrency amazon.
Where birds have flashy colors and some flowers even eat meat, where lions rule and snakes bite too, where elephants roam above them all yet get terrified by a little mouse.
The mix in this space isn’t too much different. The wall-street testosterone pumped jockey hangs around with glassy nerds, looked upon by flashy artists with the swindlers all around.
No wonder we are seeing what looks like a sharp V recovery with the combined market cap of all digital currencies nearing its all-time high of around $116 billion. Currently standing at just under $113 billion.
That’s more than many household brands. Eth and Bitcoin Cash have not yet even had their all-time bull run. So some are wondering, billions were cool last century, can this space manage a trillion?
I’m not one for hype, but the millenial generation is now entering a stage where their lives and careers are starting to stabilize after the confused teenage years and rocky early 20s.
They are now getting a stable income, maybe even settling down, with real purchasing power – perhaps higher than any other generation. They experienced first hand how the Middle East wars robbed them from some of the teenage fun. How the bank collapse ruined for many of their friends the early out of university years.
So when they look at gold they may think it outdated. When they look at stocks they may think it too stiff upper lip, when they look at cryptocurrencies they may think it as fun.
Because they’re not just buying something, but becoming part of a movement. A movement that returns money to the people. A movement that brings back investing to the masses, taking it off from the restricted and secluded VC ivory towers.
A movement where we are in charge. We, the free market. Where we have liberty and choice by just a click to get the exact thing we like and if its not on offer we’ll just code it and wala – it is now.
The young, those currently in university or just about leaving, will follow them. The old, those in the 50s or 60s, will hear them, because they are right. As such, real power has or is about to shift to the millennial generation, the late 20s early 30 somethings.
A generation that has found a solution in digital currencies where they may argue about bitcoin or bitcoin cash or ethereum or whatever else, but they all know it’s all just fun, not much different than brothers fickles.
For while some might see hate, I see passionate love between the three main ones. Sure, there are some currencies that objectively deserve polemics, but bitcoin, bitcoin cash, ethereum, some of the tokens, deserve the highest respect.
Because all three are pioneers in a very new world we are building. All three have sound bases, good foundations, great aims and either could lead. More importantly, the three currencies are all focused on actually achieving something that goes beyond mere price.
That is, they employ no tricks, through marketing or otherwise. They are not a get rich project, here today, gone as you sleep. They are serious attempts towards providing a solution to the problems the millennial generation saw and experienced as they were coming of age.
Their competition, therefore, although it may appear ruthless, it is in fact friendly. Long may it live and long may liberty reign above all three and above us all for a very, very long time.
Technical Analysis: NEO Jumps as Broad Markets Turns Lower
As the new waves of regulatory changes keep on hitting the segment, the major cryptocurrencies are mostly lower today. After the major update of Ethereum, and the recent surge in the price of Bitcoin, choppy conditions developed, with no clear short-term trend in most of the coins.
NEO is the best performing major today, as it surged back to the $30 level after a frustrating period that was dominated by a downward drift. The coin is now just below the key resistance level, and it could be ready to test the $34 level, with a further target found at $40. The long-term picture still looks positive, with strong support levels at $27 and $25.
NEO/USDT, Daily Chart Analysis
Ethereum is in a consolidation after the encouraging rally towards the end of last week, while Bitcoin is also correction after its stellar rise. The two largest coins pulled the rest of the majors lower, while Ripple remained very volatile after touching the $0.30 level yesterday, trading below the $0.26 again.
Litecoin, Dash, Monero, and IOTA are all a bit lower today, while Ethereum Classic found some relative strength, although it remains stuck in a declining short-term trend. All in all, the segment is still in a clear uptrend, so let’s see which coins are the most promising regarding the short-term picture.
Bitcoin Takes a Breather as Prices Drop Below $5,700
The world’s most talked about digital currency pulled back early Tuesday, a sign that the latest rally is nearing its end.
BTC/USD Price Levels
After a positive start to the week, bitcoin prices have reversed back toward $5,600 on Tuesday. The BTC/USD exchange rate opened up a nearly $200 trading range on Tuesday. At press time, the pair was down 1.3% at $5,653. Bitcoin remains in overbought territory, based on the RSI, with underlying momentum maintained.
Bitcoin’s current price level translates into a market cap of roughly $92.7 billion, according to CoinMarketCap. That nearly triples the Ethereum blockchain, which is currently valued at $31.2 billion. When assessed by market cap, bitcoin and Ethereum combined account for more than two-thirds of the cryptocurrency asset class.
The BTC/USD has registered a five-day gain of 15.%, which is equivalent to $772. The pair’s 52-week range is $627.77 – $5,861.15.
Analysts Struggle to Explain Rally
Analysts and market participants are struggling to explain bitcoin’s latest upsurge. The uptrend seems to have begun around the time of news suggesting Chinese policymakers may soon relax their ban on cryptocurrency. However, this alone doesn’t explain the 18% gain over the past five days.
Another plausible catalyst is the anticipated hard fork of the bitcoin blockchain in November, a plan that would benefit existing holders of the cryptocurrency.
The developers behind the Segwit2x protocol have identified a bitcoin upgrade approximately 90 days after the activation of Segregated Witnesses. The controversial plan, which aims to increase the transaction capacity of the blockchain, will occur at block 494,784.
Bitcoin Gold was also on some traders’ wish list before the blockchain community raised suspicion over the project. Several red flags have been identified by Gert-Jaap Galsbergen, which you can read here.
For now, bitcoin’s bull market appears to be taking a breather. As we’ve seen in recent weeks, it doesn’t take much to stoke investor exuberance in a market that has gained nearly 500% since Jan. 1.
Featured image courtesy of Shutterstock
Technical Analysis: Ripple Breaks Out Amid Ethereum Upgrade
The major cryptocurrencies are on the rise once again today, with Ethereum’s major Byzantium update being in the center of attention. The second largest blockchain network has been updated through a hard fork, as usual, and the successful lock-in led to an initial surge in the price of the ETH token. The digital currency recovered above the $330 level after Sunday’s pull-back, but so far it failed to durably break-out above the prior swing high just above $340.
With the long-term momentum readings still being neutral, the coin could be on the verge of testing the $380 resistance soon, with the all-time high near $400 being the last major technical obstacle. Below $330 further support is found at $300 and $285.
ETH/USD, Daily Chart Analysis
Bitcoin is also on the rise after dipping below $5500 during the weekend, and the most valuable coin is joined in the rally by Ripple, which most likely finished its short-term correction and could be ready for another leg higher. The other majors are also generally higher, with NEO and IOTA being ahead of the pack, while the rest of the market trading near unchanged. As the broad rally seems to be well and alive, let’s see how the short-term charts are shaping up.
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