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Crypto Market Cap Turns Green as Signs of Tepid Recovery Emerge

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With the exception of bitcoin cash (BCH), all major cryptocurrencies traded in positive territory on Sunday, offering mild optimism that the worst of the bear-market rout had passed. Coins with established use cases in traditional finance – XRP and Stellar Lumens – were clearly outperforming the market.

Market Update

The combined value of all cryptocurrencies peaked at $186.3 billion on Sunday, some $11 billion higher than last week’s swing low. At the time of writing, the total market was valued at $185.3 billion on daily trade volumes of $13.1 billion, according to CoinMarketCap.

Bitcoin, the leading digital currency, rose 1% to $5,600. BTC briefly bottomed below $5,200 at the height of the selloff last week.

XRP was by far the best performer Sunday, gaining 6.7% to $0.5129. In doing so, it extended its lead over Ethereum as the world’s second-largest cryptocurrency. The XRP market cap is currently valued at $20.7 billion compared with $18.1 billion for ether. The so-called “flippening” has occurred at various points over the last few months but was solidified earlier this week as XRP held up better than its competitors.

Looking further down the leader board, Stellar XLM gained 3.9% to $0.2513. Monero XMR, a leading privacy coin, rose 3.3% to $0.0615.

Crypto prices plunged by as much as $37 billion last week, marking one of the worst selloffs since the bear-market began earlier this year. The slump immediately followed the pump for the bitcoin cash hard fork, which drove the BCH price on a wild roller coaster consisting of 50% gains followed by equivalent losses.

The bitcoin cash price was down 1.8% on Sunday to trade at $383. The fourth-largest cryptocurrency was trading north of $630 earlier this month.

$HODL

Regulators in Switzerland have approved the first-ever cryptocurrency exchange-traded fund (ETF), offering investors more options to buy and hold virtual currencies without the added risk. Beginning this week, the Amun Crypto exchange-traded product will begin trading on the Six Swiss Exchange under the ticker symbol HODL. The Six Swiss Exchange is Europe’s fourth-largest stock exchange.

The fund is comprised of five cryptocurrencies, with nearly half of its total holdings allocated to bitcoin. About one-third (30%) is allocated to XRP and the rest are put toward Ethereum, bitcoin cash and Litecoin.

The launch of a European crypto ETF shines the spotlight back on the U.S. Securities and Exchange Commission (SEC), which is expected to rule on a high-profile bitcoin fund application before the end of the year. While the U.S. securities regulator has already rejected more than a dozen bitcoin ETF proposals, market observers believe the application proposed by VanEck and SolidX has the best chance of being approved.

What sets the VanEck proposal apart from the competition is the structure of the fund itself, as well as comprehensive insurance designed to protect investors against the potential loss or theft of bitcoin. The fund is “physically” backed, which means it will be based on actual bitcoin and not futures contracts.

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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Coinbase Pro Adds ETH-Based Quartet; Golem (GNT), Dai (DAI), Maker (MKR) and Zilliqa (ZIL)

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Coinbase Pro extended its run of listing Ethereum-based tokens on Tuesday, when it announced the addition of Golem (GNT), Dai (DAI), Maker (MKR) and Zilliqa (ZIL).

The exchange recently released a list of more than thirty coins and tokens that it had signalled for immediate attention. After the listing of four ERC-20 tokens last week, and the four mentioned above, the list has now has twenty-three coins remaining.

Coinbase Lists ERC-20 Tokens

According to Tuesday’s tweet from the Coinbase Pro team:

Inbound transfers for DAI, GNT, MKR, and ZIL are now available in the regions where trading is supported. Traders cannot yet place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours.

Depending on where you’re based, you may not have full access to the complete range of services. The four tokens have been split into two different jurisdictions, as per the Coinbase Pro blog post:

Support for GNT and DAI will initially be available for Coinbase Pro users in the US (excluding NY), the UK, EU, Canada, Singapore and Australia. MKR and ZIL will not be available to customers in the US, but will be tradable in the UK, EU, Canada, Singapore and Australia on Coinbase Pro.

Dai is a dollar-pegged stablecoin which is backed by the funds of Maker token holders. The fact that Coinbase has found reason to separate two tokens which are part of the same ecosystem suggests the legal hoops they’re being forced to jump through are complex.

Utility or Coinbase Roulette?

Coinbase reminded everyone that the utility and functions of these assets would be lost if left on the Coinbase cold wallet:

Each of these tokens has associated functionality, some of which may be in beta. Moreover, each token’s associated functionality is not currently directly accessible via the Coinbase Pro platform.”

Some social media users questioned the function of these tokens, however, and one also questioned Coinbase’s motivations in listing them:

“@CoinbasePro lists 4 more random ERC20 coins. – Because it’s easy to add more ERC20 coins – Because in 2017 consumers wanted more coins – NOT because there’s huge demand for these particular coins Do you ever recall seeing a community coin poll at Coinbase? Binance runs them…”

Just another disgruntled bag-holder, or does he have a point?

Price Movement

All tokens mentioned were on the rise along with the rest of the market before the Coinbase announcement dropped, but news of the listings kicked the surge into second gear.

Zilliqa was the strongest performer out of the four, climbing 14% from a token price of $0.013988 up to $0.015963.

Maker gained just over 12% on its value, moving from $367 up to the $414 range. Golem climbed 11.9%, only days after hitting an all-time low following a 95.5% decline. Dai remained somewhat stable, although has been above its dollar peg for the last few days, falling from $1.07 to $1.02 in the last twenty-four hours.

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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4.5 stars on average, based on 106 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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EOS Price Analysis: EOS is Set Up for Bigger Gains, Following Recent Technical Development

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  • EOS has jumped around 45% between the sessions of 15th – 17th December. 
  • Bulls shrug off all negative related news flow that has surrounded EOS in recent weeks.

The EOS/USD bulls are on a serious mission to recovery. Unlike several of its peers, a slowdown in momentum has not been seen with the EOS price. More importantly, a breakout has been observed from a range-block, of which EOS/USD was confine within. This had been the case since the 7th December, managing to escape however on 17th and capitalize further on that.

EOS Shakes off Negative Commentary

Over the past few weeks, there have been several negative bits of news flow. Recently, as covered by Hacked in a prior article, the Cardano founder, Charles Hoskinson, had a fair few words to say about EOS. He had noted that action from regulators was potentially right around the corner for EOS. Hoskinson had specifically raised concerns about the EOS token sale.

Elsewhere, it was recently covered by Chinese press that EOS decentralized apps (DApps) have been victim to hacks totaling around $1 million since July. The report cited data which was collected by PeckShield, who are a blockchain security organization. This suggests that the DApps on EOS have been hit by at least 27 breaches from July up to late November. This is an amount of 400,000 EOS, equivalent to 8 million yuan, at the time of the published report.

Lastly, at the back-end of last month, there was some FUD surrounding the CTO of Block.one, Daniel Larimer. The community and social media space were concerned about Larimer working on new projects. This prompted worries that he may be leaving EOS, keeping in mind the EOS mainnet hadn’t even reached a year.

EOS has pretty much shrugged much of this FUD off, as seen with this latest rally. It has far outperformed its peers with the big gains collected over the past two sessions.

Technical Review EOS/USD

EOS/USD daily chart

EOS/USD had a decent extension to the upside after breaching the confinements of the detailed range-block.  The bulls initially jumped a chunky 45% over the period of 15th to the 17th December. However, into the session on Tuesday, the price has run into some minor resistance, seen at the 4th December high area. This can be noted within $2.60 territory.

The pullback being observed at the time of writing isn’t too much of a surprise, given the burst higher in such a short time frame. Profit-taking is only natural in this case. It is a minor retreat ahead of further potential moves north. Eyes will be on the breached range-block for support, the top of that seen at $2.18.

Should the bulls gather enough momentum for a push above the minor near-term resistance seen, then a fast 60% move could be seen. This would take EOS/USD back towards $4.40, where another minor supply zone is observed. Further north, a reclaim of the pre-November fall levels, i.e., $6 territory, is the next major target.

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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4.5 stars on average, based on 88 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.




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Cryptocurrencies Still Recovering Strong After Monday Rally; BitMEX Sees 24/7 Trading as the Future

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Cryptocurrency prices maintained their firm uptrend on Tuesday, a sign that the latest rally attempt has further room to grow. Rising volumes and steady gains in the last hour of trading point to further momentum up ahead.

Market Update

The cryptocurrency market capitalization is currently valued at $115.4 billion, according to latest available data. In doing so, it surpassed Monday’s peak and put crypto values on track for a bigger short-term recovery. Asset values bottomed near $100 billion on Saturday, the lowest in 16 months.

Trading volumes have skyrocketed in the last 24 hours, as waves of buying flooded the market. Turnover is up 47% since Monday, with the top-ten exchanges reporting a volume increase of 43% to 102%. The top-four exchanges – Binance, OKEx, Huobi and DigiFinex – each processed more than $500 million in trades.

In terms of individual currency, bitcoin was up 1.4% in the last hour to trade at $3,567. The leading digital currency rose double-digits on Monday, the anniversary of its last record high, which served as a catalyst for the broader market.

XRP gained 1.7% to $0.3346. In doing so, it extended its 24-hour advance to 10.4%.

Ethereum is up 1.5% on the hour to trade at $95.45. EOS rose another 2.9% to $2.52 and has now gained 17.4% over the past 24 hours.

With the exception of Tether (USDT), a dollar-backed stablecoin, all cryptocurrencies in the top-25 by market cap had reported gains Tuesday. USDT was stable around $1.01.

The latest recovery attempt looks convincing relative to price action in recent weeks. However, the bulls aren’t out of the woods yet. Depressed market sentiment could trigger fresh waves of profit-taking before the week is over.

BitMEX and the Future of Trading

Crypto derivatives platform BitMEX believes cryptocurrencies have set a precedent for how other markets will behave in the future. In a recent episode of the Unchained podcast with Laura Shin, BitMEX CEO and co-founder Arthur Hayes said he expects 24/7 markets will become the new norm in the future.

At the same time, Hayes indicated that the “jury is still out” on whether cryptocurrencies are a new asset class or just a “blend” of financial instruments. At the very least, bitcoin and cryptocurrencies could become a “new way of raising capital and sending value around the world.”

BitMEX has been at the center of the bitcoin selling spree of the last six weeks. As bitcoin printed successive lows, volumes on the exchange skyrocketed. At its highest point, BitMEX was processing more than a third of bitcoin’s daily trade volumes on virtual currency exchanges. Clearly traders were shorting BTC.

According to CCN, BitMEX processed nearly $1 trillion in volume over the past year.

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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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.

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