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Crypto Market Cap Rebounds 45% From Flash Crash as Chinese Investors Receive ICO Refund

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With Chinese ICO investors paid off and coin values rising, the cryptocurrency market appears to be back on track. But nobody knows why or who’s driving the gains.

Crypto Market Cap Jumps

The total value of all cryptocurrencies in circulation has risen steadily in recent weeks. The crypto market cap rose as high as $147.1 billion on Thursday as 24-hour trade volumeclimbed back above $4 billion. At press time, the total market capitalization was slightly below $144 billion.

Cryptocurrency flows plunged in the first two weeks of the month, with the market briefly falling below $100 billion on Sept. 15. The 45% rebound over the last two weeks appears to have been driven by a combination of technical trading and bargain hunting.

Bitcoin, which has been at the center of China’s regulatory crackdown, climbed back above $4,000 this week. The BTC crypto coin is trading at $4,100 at the time of writing, according to Bitstamp.

The ether token briefly traded above $300 before a technical reversal dragged prices back toward $290.00.

Bitcoin and Ethereum are the world’s No. 1 and 2 crypto coins based on total market cap. It’s also worth mentioning there are nine other cryptos with a value of $1 billion or more. Half a dozen others have a value between $470 million and $944 million, according to CoinMarketCap.

China’s ICO Refund

Chinese investors are flush with cash after nearly a billion dollars in ICO investments were returned to them. You’ve no doubt heard by now that the People’s Republic launched an all-out assault on cryptocurrency this month, beginning with everyone’s favorite crowdfunding model. As a result, the 40-plus ICOs that were launched on the mainland this year have been de-funded.

But the Chinese aren’t going away that easy. During the recent Wanxiang blockchain conference, rumors circulated that the the founders of ICO-backed companies were planning to re-register in Hong Kong or Singapore. This means it’s probably only a matter of time before mainland investors put their money back in.

Hacked.com reported last week that bitcoin traders are moving from China to Japan to work around the ban. Unlike China, Japan has formally recognized bitcoin as a form of payment and has moved swiftly to regulate its use. Hundreds of thousands of Japanese retail outlets start accepting the payment this year, analysts say. South Korea also appears to be moving in the same direction.

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 604 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Coins Settle Down After End-Of-The-Day Bitcoin Madness

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While the short-term technical setup has been little changed in the cryptocurrency segment in the past 24 hours, a volatile dump&pump period made headlines in Bitcoin. The most valuable coin got smashed lower right before the futures market close, violating the $6275 support and plunging as low as $6100, triggering a downgrade in our trend model to neutral. BTC than surged higher a few minutes later and shot up to the $6500 resistance before settling down near $6400, where it stands today in European trading as well.

The possible manipulation event (or simply a closing imbalance in the futures market) dragged the rest of the market with it, although the moves were less pronounced in altcoins, and today, the market has been calm across the board, with most of the majors sporting modest gains amid the improving sentiment. On a positive note, Ripple is holding on to its gains from Tuesday, and today’s new swing high triggered a buy signal, which is a much-needed positive sign for the still generally bearish segment.

BTC/USD, 4-Hour Chart Analysis

Bitcoin’s long-term outlook is unchanged but the quick recovery from yesterday’s spike lower is a plus for bulls, even as the $6275 level is still in focus and the coin still haven’t shown strong bullish momentum.

With that in mind, traders should still be cautious with new positions, since the short-term outlook for the segment remains mixed, and BTC continues to trade dangerously close to the key long-term zone near $5850. Below $6275 further support is found at $6000, while resistance is ahead at $6500, $6750, and $7000.

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to trade at a very important technical juncture, trying to establish a short-term uptrend after last week’s rally and avoid a re-test of the bear market lows. The fact that Ethereum remained stable amid yesterday’s Bitcoin move, and recovered to its short-term trading range is positive, but the coin has to show bullish momentum soon to remain on a short-term buy signal.

A sustained move below $200 would warn of a re-test of the lows but a new swing high could open up the way towards $235 and $260, with further strong resistance ahead between $275 and $280. Traders could still enter new short-term positions, but full positions are still not recommended given the bearish long-term trend.

Ripple Hits 1-Month High Above $0.35

XRP/USDT, 4-Hour Chart Analysis

Ripple is rallying again today, scoring a new high above the key resistance zone near $0.35 and triggering a buy signal in our trend model with the bullish swing. The next major resistance zone is found near the $0.42 price level, close to the dominant broad declining trendline, with a weaker short-term resistance level at $0.3750, the August spike high, and found at $0.32, $0.313, and $0.30. The coin is still on a long-term sell signal, despite the current move, and traders shouldn’t enter full positions here.

LTC/USD, 4-Hour Chart Analysis

Litecoin is trading in a very narrow range today, and volatility declined progressively in since the selloff two weeks ago, which will likely lead to a strong momentum move as early as the coming days. A bullish move would be important for the whole segment, as it could point to a developing leadership, with Monero, Stellar, and Dash also being in possibly bullish setups. Primary resistance is ahead at $56, while support is found near $51.

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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4.6 stars on average, based on 348 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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Altcoins

Electroneum Coin Price Surges 31% On Launch of Instant Crypto Payment App

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The newly launched beta-version of the Electroneum mobile payment app went live this week. And as successful reports filter in from testers from around the globe, the good news is translating into positive sentiment on the exchanges for the ETN coin.

ETN Price On the Up

In the twenty-four hour period leading up to the morning of September 20th, ETN gained 31% on its value. The coin price climbed from the daily low of $0.005203, up to the latest peak of $0.006827.

New volume continues to pour in at time of writing, after climbing throughout the day from around $180,000 to $570,000 – just over a 216% increase. Weekly gains stand at 34%, but only really heated up in the last two days as news of Electroneum’s app came to be known.

ETN/BTC trades are the most dominant, with over 80% coming from Cryptopia and Kucoin alone. The coin had long been lingering outside the market cap top one-hundred after 85% losses from Q2 into Q3.

All-time lows were reached as early as April for ETN, and the coin continued to notch up new lows right through the year. Sentiment had perhaps soured on the coin after the company website suffered a DDoS attack in April of 2018, prompting them to lock user accounts and deny access to funds while they attempted to address the problem.

Electroneum App Rolls Out

The beta-version of the app was released this week, and Electroneum’s twitter feed was inundated with accounts from individual and business users who had successfully tested the product.

One video showed a merchant in Egypt demonstrate setting up the app to transact with the existing retail API most prevalent among retailers in the nation. Another batch of tests were carried out by users on Reddit, who successfully transacted some ETN between Japan and the U.S in a matter of seconds.

Last night, founder and CEO Richard Ells released this blog post celebrating what appears to be a successful beta-launch, saying:

“Easy access for users was the first step and we’ve now had over 1m app installs and we’re proud to say the Electroneum app has the same retention level as Instagram (®)!”

According to Electroneum, they currently have over 1.6 million registered users. If true, that would make it one of the most adopted crypto apps to date. The blockchain-based social media site, Steemit, has been around for over two years, and has just over 1.1 million registered users.

It’s worth noting that the app requires some level of centralization. Essentially it is running a centralized app on top of a decentralized blockchain. The company say this is required since waiting for block confirmations would make merchant payments impractical.

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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4.4 stars on average, based on 58 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

Five Bullish Coins That Have Bucked 2018’s Bear Market

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This year marked the third bear market in the history of Bitcoin; a year in which BTC lost 70% of its value, and the second biggest cryptocurrency, Ethereum, lost 85%.

Looking down the list of altcoins those numbers don’t get any better. At least not for the majority. However, there are a small handful of cryptocurrencies that have quietly bucked the 2018 trend, and have carved their own successful path through the crypto landscape.

Some simply weathered the storm better than others, while several diverged completely from the surrounding market. Here are five of the most bullish coins and tokens of 2018 so far.

Chainlink (LINK)

There was hesitance to include this token in the list since it followed the rest of the altcoin market in a 37% decline between the dips of April and June. But ever since then it has been nothing but upward trajectory for LINK as it maintained higher lows even throughout the dips of August and September.

Recent news that Bithumb is to add Chainlink resulted in another pump for the token in mid-September, and could help snare another higher low when the next dip comes.

DigiByte (DGB)

Lowers lows have been common throughout every dip of 2018, yet DigiByte has managed to achieve just the opposite. The DGB/USD valuation has been sustained by higher lows through every dip of the year.

From early April’s low of $0.016689, DGB went on to $0.018986 by the dip of late June – a 13.8% rise. For some perspective, Bitcoin lost around 10.7% in the same timeframe.

From there DGB kept on rising despite fluctuations, and by August’s dip had gained another 10.8% as it hit another higher low of $0.021042.

In fact, the dip of September 12th is the only time this year that the DGB valuation has recorded a lower low. The price of $0.020744 recorded on that date marked a 1.4% loss for DGB since the previous low, although it has since recovered 25% of that figure and returned to the $0.025 range.

Metaverse ETP (ETP)

Metaverse ETP sunk throughout the summer months like most, but from the end of June has grown 484% in value, rising from a valuation in the $0.50 range, up to the latest coin price of $3.14.

The rise of Metaverse throughout Q3 came as a surprise to many, and few have been able to pinpoint a clear catalyst. However, the coin is heavily traded against the Chinese yen, and is finds itself heavily wash-traded and used for transaction mining on the TOPBTC exchange.

Binance Coin (BNB)

Q3 of 2018 has been less kind to Binance Coin than the preceding quarters, but the fact that BNB has recorded net gains for the year makes it worthy of a mention.

BNB’s actual token price on January 1st was $7.96, meaning Binance Coin has grown 21% over the last nine months up to the current price in the $9.70 range.

At one point BNB had surged 119% for 2018 when it reached a valuation of $17.44 on June 7th, but that momentum couldn’t be sustained.

Dogecoin (DOGE)

Unlike some of the coins mentioned above, DOGE did fall to consecutive lower lows throughout most of 2018, but Q3 saw a brash reversal of fortunes as it was added to Yahoo Finance, and Elon Musk began to take an interest.

From August’s low in the $0.00214 range, DOGE climbed 161% to the currently traded price in the $0.00561 range, completely subverting the majority of the market in its ascendance from joke coin to trend setter.

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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4.4 stars on average, based on 58 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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