Connect with us

Altcoins

Crypto Market Cap Loses $17 Billion Overnight; ETH, XRP and IOTA Take Big Hits

Published

on

Over $17 billion was wiped off the global market cap as the cryptocurrency market took yet another dip early on Thursday morning. The bulk flash sale was conducted in little over an hour, and saw the major altcoins lose value at more than twice the rate of Bitcoin (BTC).

Ethereum (ETH), XRP (XRP) and IOTA (MIOTA) all felt the brunt worst than most; each losing between 12% and 14% during the selloff – with ETH and MIOTA in particular drawing closer to 2018 lows.

Multiple reasons for the sell-off have been put forth so far, and yesterday’s stock market crash has emerged as the popular vote. However, the dip also coincides with the tightening of BTC’s descending triangle pattern which has been in play all year.

XRP/USD

From yesterday’s high of $0.470005, XRP fell to the $0.405251 range, marking a 13.7% decline overnight. In the same time over $300 million entered the XRP market, and over 35% of the day’s trades came from Eastern markets, following the trend that XRP exhibited during its surge in September.

This morning’s dip to the $0.405 range means XRP is down 47% since its September peak, but remains bolstered against yearly lows thanks to its +100% growth that month.

Fundamental news coming out of XRP may look good right now, given its cascade of positive developments in the previous month. However, today’s decline showed that no altcoin has yet successfully ‘decoupled’ from Bitcoin.

ETH/USD

Ethereum lost 12.2% during the overnight dip, falling from $226.65 to the 06:30 UTC low of $198.93. As has been the case for most of the year, the majority of ETH trades have come against USDT as the yo-yo process of Tethering and un-Tethering continues.

Of the $4 billion that entered the global market cap during the dip, over half a billion found its way to ETH markets, as daily trade volumes rose from $1.3 billion to $1.8 billion.

Today’s movement leaves ETH just a handful of dollars away from 2018’s yearly low. The amplified losses of XRP means ETH is now almost 25% larger by market cap – a major reversal after XRP’s brief overtaking of Ethereum.

MIOTA/USD

IOTA (MIOTA) is one of the less-traded coins within the top dozen or so crypto projects, with daily volumes being as low as $21 million on Wednesday. That sum almost doubled to $38 million during the overnight dip, with MIOTA/USD trades on Bitfinex proving the most popular at 33% of the daily total.

Ultimately MIOTA shipped 14.4% of its value overnight, falling from $0.585923 to $0.501085 within the space of a few hours. That leaves some space between MIOTA’s 2018 low of $0.408336, but remains a long way off even quarterly highs.

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.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 146 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?

Altcoins

Busiest Day in Tether’s History as USDT Volume Matches Bitcoin’s $10 Billion

Published

on

Tether (USDT) was utilized to a greater extent than ever before on Tuesday, as traders pumped $9.95 billion worth of trades through the stablecoin.

That’s the highest value of daily trades recorded in Tether’s history. While the global cryptocurrency market cap climbed to $136 billion, USDT trades were just a few hundred thousand off that of Bitcoin. Tether accounted for 27.7% of Tuesday’s $36 billion market wide daily volume.

Tether Volume Nears That of Bitcoin

After processing $4 billion worth of trades on Sunday, USDT volume rose steadily throughout Monday. By the time of the market peak Tether was processing the second most trades in the crypto space, second only to Bitcoin.

Excluding transaction mining, BTC/USDT trades dominated ahead of Ethereum and EOS. There’s an opportunity for arbitrage trading between Coineal and Binance at time of writing, where USDT is valued at $0.999847 and $1.01 respectively.

The algorithms that keep Tether stable did their job well today, as the coin avoided the kind of major fluctuation that often accompanies a market pump. Besides Coineal, aggregate prices remained between $1.00 and $1.01.

Tether’s Stablecoin ‘Price Predictions’

In an example of an article that seems like it was written by algorithm, this post details some Tether price predictions for 2019. According to the author, USDT will hit $1.50 before the end of the year:

“Tether price prediction 2019 is up to 1.50$. It seems very less. For now if you buy Tether for 100$ right now then you will get 100 USDT (Tether). So price prediction 2019 shows you will get profit of 50$ within a year. Its mean your 100$ will turn in to 150$.”

The rationale behind the prediction? Corrective and impulse waves:

“Tether forecast shows that price shows a corrective wave. After every corrective wave there will a impulse wave. Inverters should wait for that impulse wave and after that they will gain 50% profit.”

Tether’s clearly defined function as a dollar-backed stablecoin hasn’t stopped others from taking shots at USDT price predictions.

Has Tether Had a Negative Effect on Bitcoin?

When Tether burst onto the scene in 2014 (as Realcoin), many Bitcoin adherents immediately saw doom on the horizon. Rightly or wrongly, they foresaw the prospect of Tether becoming a more convenient on-ramp to the altcoin market than Bitcoin, and so eliminating one of Bitcoin’s useful functions.

Five years on from the birth of Realcoin and that vision hasn’t really come to pass. Bitcoin remains the on-ramp to the altcoin market, while the rebranded Tether has become the off-ramp. How different would the Bitcoin market cap look today if BTC was still the beneficiary of all of the altcoin profits.

Over $30 billion of today’s volume came from top-ten major alts – all of which have USDT pairs on major exchanges. Combined BTC and USDT trade volume today would be just $2 billion less than Bitcoin’s own all-time high changeover.

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...

4.5 stars on average, based on 146 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

Altcoins

XRP Price Analysis: Explosive Breakout from Pennant Confirmed; SBI Holdings CEO Bullish on XRP

Published

on

  • XRP/USD is enjoying three consecutive sessions of gains, having jumped around 17%.
  • SBI Holdings CEO believes XRP market capitalization will be higher than bitcoin’s.

Ripple’s XRP price has been enjoying a decent move to the north over the past few sessions, as life flows back into the bulls. XRP/USD is currently running at a third consecutive session in the green, having gained around 17% within this period. The explosion of buying pressure came after the price managed to escape a bullish pennant pattern.

XRP/USD: Price Recap

XRP/USD had initially been cooling since the big bull run at the back end of 2018. The price rallied on 24th December up to a high of around $0.4670, before quickly losing upside momentum. It was then forced to trade within the confinements of a descending wedge pattern. XRP lost over 30% in value before it was able to break out from the wedge.

On 8th February a chunky push higher from the bulls was observed, resulting in a breach of the upper acting trend line. XRP/USD jumped around 10% on this day but then eased south to retest the trend line for a few sessions. During the cooling period, price action has formed a pennant structure which saw an eventual big breakout to the upside, as described earlier.

SBI Holdings CEO Bullish on XRP

The SBI Holdings CEO, Yoshitaka Kitao, was recently speaking on XRP and said this year is a significant one for the so-called banker’s cryptocurrency. He believes that the market capitalization of XRP is likely to dwarf bitcoin’s at some point in the future. Kitao has firm belief in the future sucess of XRP and can see it being adopted on a global scale. He was quoted saying:

“Because XRP is already beginning to become international, xRapid will be used for fund transfers in 2019. By increasing the so-called XRP’s plastic use, we anticipate that the XRP market capitalization will easily exceed the market capitalization of bitcoin.”

SBI has many joint ventures set up with Ripple across the blockchain industry; it’s therefore not too surprising to see such comments. The organization will also be launching its very own cryptocurrency exchange called VCTRADE, scheduled for March. Deposits and withdrawals for bitcoin, XRP, and Ethereum (ETH) are already available on the platform.

Technical Review – XRP/USD

XRP/USD daily chart.

Given current upside, eyes must now be on the next likely barriers of resistance for the bulls. A supply area noted from $0.3450 up to $0.3600 is the next target; XRP has not traded comfortably above this region since 10th January. A break above this zone should put the bulls in an excellent position to retest the $0.4000 area. On several occasions, this price territory has caused issues for the bulls in their attempts to push further north. In terms of support, this is seen back down at the psychological $0.3000 mark. If that fails to hold, then there is a demand which runs from $0.3000 down to $0.2500.

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.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 124 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.




Feedback or Requests?

Continue Reading

Altcoins

Targeted Marketing: How to Sell Bitcoin and Cryptocurrency to the Masses

Published

on

According to recent data from data management platform Lotame, advertisers have abandoned their usual broad-stroke marketing efforts in favour of more specific methods.

The ‘parent’ demographic once ranked as the highest possible target an advertiser could aim for – get the parents and you get the entire household. But that’s changed in recent years, and advertisers now aim for ‘advanced demographics’.

Such advanced demographic markers vary wildly, and advertising spending has been re-allocated to reflect newly identified buyer groups.

This has seen advertisers increase their spending by 451% to attract ‘animal lovers’. One advertiser increased its spending 98% to target the hispanic population – the largest racial minority in the U.S. Others boosted their budgets by various amounts in order to snare millennials (32%) and ‘young Gen-X’ (29%)

The Problem with Blockchain and Crypto Marketing?

If advertisers can see the wisdom in laser-targeted marketing, why shouldn’t blockchain marketers take the same route?

In my experience, most current blockchain marketing is stuck on a small scale. The general public is not being marketed to. Instead, PR is mostly directed towards other people already in the space, such as journalists (No, Ms. Xhu, I can’t publish an ad for your new coin).

I went to the discord server of a prominent altcoin recently, and the ‘marketing’ channel was full of coordinated attempts to ride the coat-tails of prominent twitter personalities and their tweets. ‘This tweet’s getting traction…jump on it and promote our coin!’

Marketing efforts are directed at ICO reviewers, YouTube personalities and cryptocurrency news outlets. In other words, marketers are only doing enough to get noticed by people who are already here. Most of this is done with the simple goal of making it successfully out of the ICO stage – like an independent movie producer pulling every dirty trick they can just to get a strong opening.

Can Targeted Marketing Help the Crypto Space?

As things stand, the default sales pitch of Bitcoin and/or cryptocurrency is that it has the potential to bring down the banksters, revolutionize the financial system, and put financial control in the hands of the people.

Maybe I’m not the best salesman, because when I explain it to people they rarely display the kind of enthusiasm described in the field-manual.

My point is not everyone wants to be a revolutionary – or even a libertarian. Rather than market the full terrifying potential of Bitcoin and cryptocurrency to one and all, wouldn’t it be wiser to break it up into chunks and spread it around various advanced demographics?

Advanced Demographics of the Crypto Space?

Well, the animal lovers demo might already be sewn up by Cryptokitties; and it seems like Dentacoin has dentists covered for now.

But what about the demographic difference between the young and old? Rich and poor? Can cryptocurrency serve working class people more than middle class people? We know Bitcoin is adopted by people desperate to avoid taxes, but so too is it used by those who give to charity.

To push the point further, one can imagine immortal enemies Alex Jones and George Soros being equally enthusiastic about cryptocurrency, but for radically different reasons.

I suspect the early battles in the blockchain revolution will be won in the front end of the shop, through careful targeting of the everyday needs of specific individuals. The internet didn’t spread to everyone in equal time – its outreach never exceeded the applicability it held for whatever individual was next in line to use it.

The goal of cryptocurrency marketers must be to find those applications in the real world and magnify them to such an extent that they can’t be ignored.

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...

4.5 stars on average, based on 146 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

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