Cryptocurrencies Coronation Day Published 9 months ago on October 10, 2017 By Mati Greenspan The Money Makers Club now has 6 of 15 available seats. Learn more here! The alternative investment community has crowned bitcoin as the king. August was a good time for the entire crypto market and everything surged. September was red and we saw plenty of pullbacks, which is as can be expected given the previous rise. October is still in question. An answer may have come from the market action yesterday afternoon where we saw bitcoin rising sharply while the rest of the cryptocurrencies fell. Of course, the weakening US Dollar may have had something to do with this as well as we’ll see in the charts below. @MatiGreenspan eToro, Senior Market Analyst Please note: All data, figures & graphs are valid as of October 10th. All trading carries risk. Only risk capital you can afford to lose. Market overview Now just one and a half weeks from the general elections in Japan and the current Prime Minister Shinzo Abe has already been handed a major victory. The biggest threat was coming from an extremely popular new player. The first female mayor of Tokyo Yuriko Koike. Koike’s Party of Hope has seen some excellent gains in the polls these past few weeks. However, she has gracefully decided not to go after the full sushi platter and so will not be running personally fro Prime Minister. This move could very well hand the crown back to Abe by default as his main opposition seems to be in tatters at the moment. Of course, it’s still too early to call but the way things look at the moment, September 22nd could simply be a coronation day rather than a battle. Abe is one of the world’s leading figureheads in loose money policy so this generally means more support from the BoJ for the financial markets. The Nikkei 225 is celebrating the welcome sign of a stable government and the prospect of continued stimulus. It is now close to it’s highest level since 1996. Gold & Oil Also, take a look at gold and oil today. Gold has been one of the best performing assets (besides crypto) so far this year. After peaking in early September at $1357 an ounce we’ve seen a pullback of $97 (blue rectangle). Donald Trump has introduced a new policy for the US Dollar, which is contrary to just about every US president and economist before him. Rather than advocating for a strong Dollar, Trump has chosen to join the global currency wars to try and make America more competitive by weakening the Buck. Whether this policy will be effective remains to be seen but the effect on the Dollar is clear and it has been sinking like a stone since inauguration day on January 20th. A natural way to hedge Dollar weakness is by adding Gold to your portfolio. Many hedge fund managers recommend a conservative amount of 5% to an aggressive 15% of your overall assets. After the major pullback, and now with three solid green days, we could be looking for some fine entries. Oil on the other hand is less appreciative of the Dollar depreciation. The oversupply has been apparent since 2014 and according to OPEC’s Secretary General is now rebalancing itself. Of course, it’s really his job to say that since OPEC’s entire purpose for existing is to keep the price of Oil elevated. One of the world’s biggest oil producers, Saudi Aramco, has just announced that they will be making the deepest cuts to production in history and will reduce total output by 560,000 barrels per day. The news of this did send the price up slightly we’re now looking at a support level of $49. At the moment the big question will be if OPEC and the East can get the price above $50 and hold it there before producers from the West turn open their spigots and flood the markets once again. Another simple way to invest in energy and metal is through eToro’s unique low risk and well diversified CopyFund @GoldenEnergy. The Crypto Crown When two things are moving in space it is extremely difficult to prove which is moving in relation to the other. That’s one of the main reasons that people who argue that the sun revolves around the earth are so annoying. So, we ask the question. Is bitcoin rising against the Dollar, or is it the other way around? Either way, this chart from Bloomberg shows the correlation between the two. With Bitcoin in blue rising on every major drop in the US Dollar Index (yellow). Yesterday, we had some unique price action within the cryptomarket as we saw a rare flight to safety. The clear winner was BTC which rose about 7%, while all the altcoins dropped by roughly the same amount. Bitcoin’s dominance can be further depicted in this chart from coinmarketcap.com… As we can see, Ripple had a go at Ethereum back in May that lasted a few days. Ethereum then took a shot at the title in June and nearly surpassed Bitcoin. Since then the trend has been clear. Yesterdays moves have put the original blockchain and the dominance level is now above 52% of the total market share. Many thanks to everyone who is reading these daily market updates and sending me your awesome feedback, helpful comments, and relevant links. I honestly couldn’t write them without you. This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation. The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro. Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose. 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 5)You need to be a registered member to rate this. Loading... Mati Greenspan 4.7 stars on average, based on 115 rated postsSenior Market Analyst at Etoro.com. Follow @HackedCom Feedback or Requests? Related Topics: Up Next Technical Analysis: Ethereum Leads Altcoin Rebound as Bitcoin Remains Strong Don't Miss Trade Recommendation: Dash You may like Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Analysis Crypto Update: Bitcoin Blows Through $7000 but Altcoins Still Lag Behind Published 9 hours ago on July 18, 2018 By Mate Cser The Money Makers Club now has 6 of 15 available seats. Learn more here! The relief rally in the cryptocurrency segment continued in earnest today, as Bitcoin still lead the way higher posting its best daily performance since April. The most valuable coin stole the show, although the whole market blasted higher, with the total value of the coins getting close to $300 billion, up by around 20% in a matter of days. While the segment is still not out of the woods, BTC triggered a short-term buy signal in our trend model, as it overcame major resistance levels for the first time since May, finally showing some technical progress. That said, most of the majors are still stuck in, or right at the top of their trading ranges, and besides Bitcoin, buy signals are few and far between even considering the smaller coins, as correlations are still very high. Trading volumes were also the highest in months, as especially Bitcoin triggered automatic orders while surging through several strong resistance levels. Bulls would still need further coins to join the break-out and fro now the long-term setup is still just little changed. BTC/USD, 4-Hour Chart Analysis BTC cleared the $6750, $7000, and $7350 levels in a bit more than an hour, and the epic short squeeze settled down near the latter resistance, for now. The coin is now on a short-term buy signal, and should a higher low form in the coming days, a new short-term uptrend could be established. The coin needs to stay above the $7000 level to keep the signal intact, and given the relative weakness in Altcoins, the long-term outlook is still mixed. Resistance is now ahead between $7650 and $7800, while further support is at $6500. Ethereum at $500 as Ripple Tests $0.51 ETH/USD, 4-Hour Chart Analysis While Bitcoin is already above primary resistance, Ethereum is trading right at the $500 level, leaving the short-term trading range intact. The coin is close to triggering a buy signal, but it remains relatively weak and traders should wait for follow-through before playing a possible trend change. Primary support is still found at $450, with other levels at $420, $400, $380, and $360, while further resistance is ahead between $555 and $575. XRP/USDT, 4-Hour Chart Analysis With all of the majors registering large gains, and even some the recently weak coins like LTC, XRP, and Dash are trading near key resistance levels, further short-term buy signals could pop up in the segment, but until a confirmed new uptrend, traders should remain cautious with new positions. As an example, Ripple is trading slightly above the $0.51 resistance currently, but a break-out is not yet confirmed, and the trading range remains dominant. Further resistance levels are ahead at 0.54 and $0.575, while support is now found at $0.49 and $0.45. 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. 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. (1 votes, average: 4.00 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.6 stars on average, based on 293 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. Follow @HackedCom Feedback or Requests? Continue Reading Altcoins Altcoins ADA, BAT, XLM, ZEC and ZRX Enjoy a Coinbase Pop Published 20 hours ago on July 17, 2018 By Gerelyn Terzo The Money Makers Club now has 6 of 15 available seats. Learn more here! The Ethereum price wasn’t able to hold onto its gains today despite seemingly marching toward the $500 level on Monday, as market technicians have predicted that the downward trend remains intact despite yesterday’s rally. Meanwhile, daily trading volume in the cryptocurrency market is hovering at about $13.8 billion compared to its 2017 peak of more than $50 billion, as per CoinMarketCap data cited in reports. The more trading in digital currencies, the higher the revenue of bitcoin exchanges like U.S.-based Coinbase, which incidentally is in the process of adding a handful of altcoins. While it may seem that Coinbase’s answer to the weaker average trading volume these days is to bolster its platform with more coins, a leading exchange executive said that’s not the case. Coinbase Vice President and General Manager Adam White told CNBC that customer demand fueled the decision. “Certainly volumes today are lower than they were at the end of Q4 and January. The idea behind adding new assets is very simple: our customers want it,” White said, adding that more than 20 million individuals are signed up on the exchange in addition to institutional investors, the latter of whom are demonstrating “unprecedented” interest in the space. The assets that Coinbase is moving toward adding include Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). And while these coins are likely to be directed to the exchanges indexes, their presence does not reflect a bullish position on the part of Coinbase, White noted. Nonetheless, let’s take a look at each of them. Cardano (ADA) eToro exchange just published a report focused on Cardano, referring to the smart-contract-fueled platform as “Blockchain 3.0.” Cardano remains in the nascent stages but it’s designed to pick up where the Bitcoin and Ethereum networks fall short on scalability. ADA has advanced about 13% since Coinbase’s Friday announcement. But Cardano has shed more than three-quarters of its value since the beginning of the year. Basic Attention Token (BAT) Basic Attention Token describes itself as a “blockchain-based digital asset” startup. BAT is advancing more than 4% today and has been among the top performers since Coinbase announced plans to add the coin. BAT has added 33% to its value since the Coinbase announcement. Stellar Lumens (XLM) Stellar is advancing about 1% today and has tacked on about 28% since the Coinbase announcement. The coin also got a boost when the SEC Thailand said that Stellar would be an acceptable form of payment by iPO issuers. A Stellar follower on Twitter joked that soon XLM would be accepted at every McDonald’s. Zcash (ZEC) Privacy coin Zcash is up almost 2% today and its value has ballooned by 22% since the Coinbase announcement. ZEC was also added by fellow U.S.-based cryptocurrency exchange Gemini in recent weeks, so it has the tailwind of both listings. 0x (ZRX) The thing about 0x is that it already had a relationship with Coinbase ahead of the listing announcement. So much of the enthusiasm for a listing may have already been baked into the price. ZRX is shedding some ground today, down about 1%, but it’s up about 48% since last week. Disgruntled XRP Investors Coinbase was accused by some XRP investors, a community that has been waiting for their Coinbase day in the sun, of price manipulation in the altcoin the exchange announced it’s exploring now. 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 5)You need to be a registered member to rate this. Loading... Gerelyn Terzo 4.6 stars on average, based on 23 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH. Follow @HackedCom Feedback or Requests? Continue Reading Altcoins Dogecoin Price Surges 20% After Robinhood Listing Published 20 hours ago on July 17, 2018 By Greg Thomson The Money Makers Club now has 6 of 15 available seats. Learn more here! Dogecoin has been one of the day’s biggest movers, climbing 20.8% and trebling its daily volume in the process. Given that we’re dealing with DOGE, we’re going to have to make full use of our decimal places. This time last night one DOGE coin was trading at a price of $0.0024. Fast forward 24 hours and its value now stands at $0.0029 – that’s a 20.8% growth which has come fairly steadily over the last day, except for the brief spike which sent it to $0.0027 at 6pm (UTC) last night. Today’s movement puts Dogecoin at 31.8% gains for the week, based on the $0.0022 starting point seven days ago. Looking at DOGE’s monthly numbers, we see that it has now returned to the monthly high with its breach of the $0.0029 mark today. But as is always the case at this stage of a market downturn, such numbers require to be placed in the larger context. Three months ago, during the mild peak of April, one DOGE was worth $0.0058, meaning that even with today’s growth factored in, Dogecoin is still down 50% over the last 90 days. Robinhood and DOGE Recently launched crypto exchange, Robinhood, added Bitcoin Cash and Litecoin just last week, and now a press release has dropped which signals Dogecoin’s integration onto the Robinhood platform. As stated in the release: “Starting today, you can invest in Dogecoin on Robinhood Crypto, commission-free. With last week’s announcement of Litecoin and Bitcoin Cash, you can now invest in five different cryptocurrencies on Robinhood.” Robinhood is a U.S based exchange which offers compatibility with stocks and ETF trading, as well as cryptocurrencies. The service is only available in the U.S at the moment, but has not yet been rolled out across all states. According to Robinhood they are currently working on extending their reach beyond the current 17 states they have already. “We’re working hard to make Robinhood Crypto available to everyone, and it’s currently available in 17 states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI.” Beyond the Meme Everyone will be somewhat familiar with DOGE’s humble beginnings in the crypto space, and many initially derided it for its seeming silliness and triviality. Yet the community at large thought differently, and eventually DOGE grew in stature to become a regular fixture in the top-100 coins, and has taken its position just in front of the fire in the cryptocurrency living room. During January’s peak DOGE reached a market cap of over $2 billion and a price of $0.0178. DOGE’s 11 billion circulating supply contributes to keeping its relative value down, but Dogecoin has often popped up as the most transacted cryptocurrency in existence at certain times, although not necessarily the most valuable. 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 5)You need to be a registered member to rate this. Loading... Greg Thomson 4.4 stars on average, based on 23 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. Follow @HackedCom Feedback or Requests? Continue Reading 5 of 15 Seats Available Learn more here. Recent Commentsphdooy on Trade Recommendation: TRONphdooy on Trade Recommendation: ICONphdooy on Trade Recommendation: Aionphdooy on Trade Recommendation: Aionphdooy on Trade Recommendation: EOS Oil Prices Plunge as Saudi Arabia Prepares Record... Bitcoin Price Rally Shows Promise After Technical... Frenzy to Get Bitcoin ETF Listed Is Clogging Up th... Update: Bitcoin Price Spikes 8% in One Hour as Mom... Crypto Update: Bitcoin Blows Through $7000 but Alt... Altcoins ADA, BAT, XLM, ZEC and ZRX Enjoy a Coinba... Dogecoin Price Surges 20% After Robinhood Listing Enroll Now! 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