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Cryptocurrency Market Stabilizes as Bitcoin Price Approaches Key Resistance

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Cryptocurrency prices regained momentum over the weekend, as billions flowed back into the market after the latest brush with yearly lows. In the process, bitcoin has regained an important technical level that could pave the way for further short-term rallies.

Crypto Market Update

The cryptocurrency market has recovered more than $20 billion in lost value this weekend. At press time, the value of all cryptocurrencies in circulation was nearly $257 billion, according to CoinMarketCap. On Friday, the market reached a new low for the year.

Much of the resurgence occurred on Saturday, as bitcoin and the major altcoins rebounded double digits. Bitcoin was little changed Sunday, as prices approached $6,400. The cryptocurrency broke that level on Saturday for the first time in about nine days. As Hacked previously reported, the $6,400-$6,500 level is considered to be the next major resistance test for the bitcoin price.

Other cryptocurrencies also stabilized Sunday. Ethereum traded above $450, bitcoin cash held steady around $740 and Ripple XRP was virtually unchanged at $0.460.

The modest price recovery has been accompanied by a sharp rise in trade volumes. Daily turnover has rebounded some 48% from Thursday’s low to reach $14.4 billion, according to the latest data.

Bitcoin’s Bear Market: An Assessment

As Hacked reported three weeks ago, bitcoin’s recent collapse mirrors the 2014 bear market when prices dropped by as much as 80%. The bottoming of that market eventually gave rise to an unprecedented rally, but that took years to materialize as retail traders first discovered cryptocurrencies.

A recent analysis published by Quartz and CCN further contextualized the 2014 bear market by showing that it took bitcoin 300 days to fall some 70%. This year, bitcoin’s 70% price collapse occurred over a much shorter span of 200 days. This means bitcoin is experiencing a more accelerated version of the 2014 price collapse. Naturally, this has led to speculation that the cryptocurrency will experience a faster corrective rally than the one that followed the 2014 bear market.

Fundamental analysts generally maintain a strongly bullish outlook on bitcoin, with BitMEX CEO Arthur Hayes recently telling CNBC that a rally to $50,000 this year shouldn’t be ruled out. Though that may be absurd given current price levels, the vast majority of bitcoin’s returns in any given year occur over a small handful of days. (In fact,  if you remove bitcoin’s strongest ten days the cryptocurrency would be down an average of 25% per year.)

The cryptocurrency market’s disappointing June performance discounted a bevy of positive developments in the market, including major developments on the regulatory front in places like Malta and South Korea. India will also propose a new cryptocurrency strategy as early as next week after the central bank barred financial institutions from dealing with virtual exchanges or their customers.

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 498 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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TenX Price Up 47%; Anomaly Detected on Bithumb Crypto Exchange

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TenX (PAY) was at the nice round number of one dollar last night before triggering a run which saw it spike to $1.47 by 2am (UTC). Since then the price has dropped back down to the $1.30 mark, but that still represents 30% gains for the day.

Just last week, TenX was priced at a value of $0.58 per token, with a market cap of $60 million. But in the last few days the PAY token has soared into the market cap top-100 and has hit 153% growth for the week. A daily volume of around $4 million at the start of the week has been replaced by peak volumes of $70 million over the last 24 hours.

The price may have dipped in the last few hours, but a glance at the daily volumes actually shows an increase, suggesting that TenX’s movements for the day aren’t over yet.

Bithumb Anomaly

PAY tokens were temporarily unable to be withdrawn on the Korean exchange Bithumb in the early hours of this morning. The lack of influx of new funds created a supply shortage on the platform, thus pushing the value of PAY tokens to a value of $7.32 – that’s a 632% growth in value, purely because of a temporarily disabled withdrawal system.

The volumes being traded on Bithumb amount to $200 million, and predictably all come in the form of direct trades between PAY and KRW (South Korean Won). That volume alone in 11 times the total recorded by CoinMarketCap at this given time.

Besides Bithumb, the most active exchange for TenX has been Upbit, followed closely by Bittrex, where BTC trades make up the vast majority. In fact, if we exclude the KRW trades from Bithumb (which we officially should) then we see that PAY/BTC trades make up over 75% of the total daily volume.

A History of Volatility

TenX’s overall charts make interesting reading. The ATH for PAY tokens was not in December-January as one might expect, but in August 2017 when one token was worth $5.33 and TenX had a market capitalization of half a billion. December’s peak, by comparison, only took PAY to a value of $5.00, but with the same market cap.

Barring a surge in April, TenX has been falling since January. Although the movements of the last two days may suggest a sudden change of sentiment. On July 16th, less than 48 hours ago, TenX was sitting at a price of $0.72. That means that it has grown by 104% since Monday.

Such movements usually trigger calls of the dreaded pump and dump, but TenX’s history shows a tendency for such dramatic movements, and this might just be par for the course. You can read more about TenX’s features here in this comparison against ICON.

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 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.




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Cryptocurrency Market Hits One-Week High as Volumes Spike 38%; Bitcoin Cash Jumps 10%

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The cryptocurrency market booked solid gains on Monday, as coin values and trading volume reached their highest levels in a week.

Market Update

With the exception of Tether’s USDT stablecoin, all major cryptocurrencies in the top-ten reported gains. In percentage terms, bitcoin cash was the strongest performer, rising more than 10% to a high of $804. That was BCH’s highest reading in nearly a month, according to CoinMarketCap.

The value of bitcoin reached a high of $6,691 Monday for a gain of nearly 5%. At press time, BTC/USD was trading at $6,674 on daily trade volumes of $4.6 billion. As Hacked previously reported, the $4 billion volume mark is closely associated with uptrends for the bitcoin price. Bitcoin is now eyeing resistance between $6,800 and $6,900, which is the upper end of last weekend’s rally.

Ethereum also notched one-week highs with gains of more than 5%. The second-largest cryptocurrency by market cap was last seen trading just above $476. The clean break above $450 is an encouraging sign for the bulls, who continue to target $500 as a critical inflection point for ETH/USD.

Ripple XRP showed positive momentum Monday as prices rose to fresh one-week highs. The so-called “banker’s cryptocurrency” is up 6.1% at $0.474. Ripple has been in the spotlight for all the wrong reasons lately as the San Francisco-company fends off another lawsuit claiming XRP is a security.

Market Sentiment Improves

A sudden shift in investor sentiment underpinned the market’s $20 billion gain on Monday. That shift was fueled by reports that BlackRock, the $6.3 trillion asset manager, is exploring entry into the cryptocurrency market.

Sometime over the past 12 months or so, the company has gone from vilifying crypto to treating it as a potential value driver. According to CNBC, BlackRock has been researching cryptocurrency since at least 2015.

At the time of writing, the total cryptocurrency market was valued at $270.5 billion. It notched $271 billion earlier in the day, the highest in seven days.

Trading volumes shot up 38% to $14.2 billion, with Binance and Huobi each processing more than $1 billion in transactions.

Coinbase – a company betting big on firms like BlackRock entering crypto – has also been a source of optimism after it announced Friday that it has short-listed five coins for future consideration. The five coins in question are Stellar (XLM), Cardano (ADA), Zcash (ZEC), Basic Attention Token (BAT) and ox (ZRX).

Coinbase remains non-committal about whether it will eventually add these cryptocurrencies to its exchange listing. However, their mention was enough to spur double-digit percentage gains early Saturday.

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 498 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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Ethereum Price Returns to Weekly High; EOS Behind ‘Fish’ Attack?

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Ethereum has regained lost ground over the week, returning to the seven day high of $475, even breaking the $476 mark just under an hour ago. For the last few days pundits and analysts marked the $450 barrier as the breakout point, but the growth really accelerated after breaching the $455 level.

In the last twelve hours or so Ethereum went from a price of $446.86 up to $476.13 – a 6.5% growth. If we look at the the strongest surge, which occurred six hours ago at 10am (UTC), we see that ETH prices experienced a 5% spike within just a few hours.

Looking at the weekly trend we see that ETH was falling in value against the dollar for six out of the seven days. Yesterday the coin tried to push upwards, but flattened out in the middle of the day. Last night into today marks Ethereum’s (and most of the market’s) first extended growth pattern for the week.

On June 16th Ethereum’s price was around $489 – not all that far off today’s level. Yet by June 21st the price had hit $543.72, meaning ETH’s value still stands at 12.5% less than during the monthly peak.

Exchange Activity

Bitcoin started the day with faster growth than Ethereum, but eventually fell away to 3.88% growth, compared to Ethereum’s 6.5%. The vast majority of Ethereum’s trades are coming against BTC right now, with ETH/BTC making up around 27.5% of the daily total.

The next most popular trade is against USDT, making up nearly 20% of the 24 hour volume.

The busiest exchange for Ethereum today has been CoinEx – the China-based exchange where the biggest trade volumes come in the form of BTC/USDT trades.

Interesting to note is Ethereum’s second most concentrated source of activity today, namely on Bitfinex where 5% of ETH’s daily total has been directly against U.S Dollars. That amounts to $80 million of the daily volume of $1.7 billion, and marks a sharp influx of new money into the markets.

iFishYunYu Attack

Spam attacks are nothing new to the Ethereum network, and are ultimately helpful in the long run due to their tendencies to highlight potential weaknesses in the platform.

The spam attacks commenced again this week as a smart contract began to overload the Ethereum network with pointless, meaningless transactions. At one point the flurry of activity raised gas prices to over 200 gwei, while some users have reported fees of several ETH at the absolute peak of the spam.

The attack was configured using Ethereum’s own token launching features. Around 5 billion ‘Fish’ tokens were created and distributed to multiple wallets, which then distributed them around to more. What followed was a senseless series of transactions between the wallets which eventually succeeded in congesting the network.

The issue has since been resolved, but already some Ethereum developers are pointing the finger at representatives, either official or unofficial, of EOS. Let the crypto wars commence…?

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 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.




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