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Ethereum Co-Founders Clash on Crypto’s Growth Potential

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The pressure on the Ethereum (ETH) price, which is currently hovering at a startling $174, has spilled over into the developer community, with two blockchain pioneers disagreeing about the potential of the crypto space. Ethereum Co-Founder Joseph Lubin quashed the suggestion by fellow Ethereum Co-Founder Vitalik Buterin that the days of “1,000 times growth” in the crypto space have come to a crashing halt and a “ceiling” was within grasp.

Not so fast, says Lubin, who told CNN: “Vitalik is brilliant, but I would have to disagree with him on that. This is a technology that’s going to impact how economic, social and political systems are built over the next few decades. So we’re really just at the start of this.” Lubin went on to make his point on Twitter, saying that “everything that is an asset right now could have representation as a crypto asset at some point in the future.”

Vitalik, who is never one to hold back, clarified his statement –

Damage Control

The fact that varying opinions about the inning in which cryptocurrencies are in and the future growth potential of the space are emerging is actually a sign of a maturing market, one that time will tell who is right. Lubin’s remarks were likely an attempt at damage control after the value of the second biggest cryptocurrency fell to July 2017 lows. After all, Lubin himself admitted that if the price of ETH were to fall to $1, it would signal that “something is wrong with the Ethereum ecosystem.” Given the pace of declines this year from a high of approximately $1,400, it’s probably gotten a little too close for comfort.

After the clarification, Buterin went on to make another statement that stirred further controversy, urging the crypto community to be “realistic” because “the entire world wealth isn’t going to turn into cryptocurrencies. Tron Foundation Founder Justin Sun disagreed this time, predicting “cryptocurrency will hit $10 trillion market cap before Apple and Amazon do.”

Meanwhile, Buterin believes that the next phase of growth in cryptocurrencies will be a function of adoption, not attention. On this, Buterin and Lubin don’t seem to be too far apart, with Lubin pointing to a very busy software developer community working on “accessible applications” like “crypto baseball” as well as card games, all of which are “driving  adoption/real interest but also driving the technology itself.”

Gaming projects, meanwhile, are delivering their own “scalability technologies” via layer two technology enabling “hundreds of thousands of TPS” that are “linked into the Ethereum network for the security of the network,” all of which is attracting outside investment into the industry despite the market downdraft.

On that note, Lubin pointed to a project that is likely to be even bigger than the Gemini dollar coin that was launched on the Ethereum network that’s “coming out very soon.” Circle’s Centre project, which is a “governed network” fueled by stablecoins, will similarly launch on Ethereum.

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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 60 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.




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Analysis

Crypto Update: Market Remains Weak Despite Ripple’s Surge

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Ripple made headlines today in the cryptocurrency segment, as the third largest coin jumped by more than 15% after trading in a narrow range for several days. Most of the major coins joined the rally, but the gains were muted and the technical setup remained unchanged in most cases, with the long-term outlook still being bearish, while the short-term picture remaining mixed.

Ethereum, which has been in the center of the trends in the segment for weeks rallied back above $200, but stayed below the recent swing high, leaving several questions unanswered concerning the short-term trend. Bitcoin also got stuck near the $6275 level yet again, and the total value of the market is still below the $200 billion mark, with still no clear signs of major capital inflows in the segment.

ETH/USD, 4-Hour Chart Analysis

Ethereum quickly recovered above $200 after dipping below the weekend lows yesterday in late trading, retaining the short-term buy signal in our trend model. That said the coin still needs to show stronger bullish momentum to avoid a resumption of the clearly declining long-term trend. As sustained dip below $200 would still warn of a move to last week’s lows, while a move above $235 would open up the way towards $260 and the confluence resistance near $275.

BTC/USD, 4-Hour Chart Analysis

Bitcoin has been showing weakness in the last couple of days, and although the coin is still on a short-term buy signal, similarly to Ethereum, a quick recovery above $6500 would be needed to avoid a bearish turn.

Traders should hold on to their positions here, but given the still bearish segment-wide trends, we still don’t advise full positions even in the stronger coins. Below $6275, weaker support is found at $6000, close to the key long-term zone near $5850, while resistance is ahead at $6500, $6750, and $7000.

Ripple Needs Follow Through For a Buy Signal

XRP/USDT, 4-Hour Chart Analysis

While today’s spike in Ripple is encouraging, the coin needs to show further signs of strength, as the recent sudden spikes in the majors were quickly sold as the bearish trend remained dominant in the segment.

With that in mind, despite the broken resistance levels, XRP remains on a neutral short-term signal in our trend model, while still being bearish from a long-term perspective. The coin is currently trading right at the $0.32 level, with support found at $0.3130, $0.30 and near $0.30, while strong resistance is ahead at $0.35.

DASH/USD, 4-Hour Chart Analysis

Dash is among the stronger coins from a short-term technical standpoint, trading in a bullish consolidation pattern just below the key $200 level. That said, the coin failed to show strength today amid Ripple’s rally, and that still points to a dominant bearish trend in the segment. With that in mind, traders should wait for further positive signs before entering new positions, especially since a bullish leadership still hasn’t developed.

IOT/USD, 4-Hour Chart Analysis

IOTA is still weaker than average, together with NEO, EOS, and ETC, and the coin is still just above the August lows, clearly being in a broad downtrend, despite holding up above the lower boundary of its short-term range. A test of the lows is likely in the coming weeks, and the coin remains on sell signals on both time-frames, with support found between $0.455 and $0.475, and near $0.405, and with key resistance ahead near $0.57 and $0.64.

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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Ethereum

Ether Price Spikes Suddenly and Sharply

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Ethereum’s price rose quickly and sharply Tuesday morning, as technical traders appear to have pushed a corrective rally following yesterday’s steep selloff. Beyond that, there were no obvious reasons for the dramatic reversal.

ETH/USD Update

Ether’s value spiked more than 8% on Bitfinex to reach $211.80, according to latest available data. The unusual bout of volatility appears to have originated more than 1 hour ago amid a surge in volume on Bitfinex. At the time of writing, the exchange’s daily turnover in ETH amounted to 388,680. The cryptocurrency reached a session high of $222, completely reversing Monday’s downturn.

CoinMarketCap has also acknowledged a sharp rise in ETH trading volumes. At the time of writing, total trade volumes across all exchanges was higher than $2.2 billion. That accounts for nearly 16% of total market turnover.

On Monday, ether recorded a steep decline from $220 to $190 after the market failed to make new highs during the weekend. It’s not entirely clear whether the latest upsurge is part of a more coordinated effort to lift the market or simply reflects a bounce from oversold levels.

Crypto Market Approaches $200 Billion

Ethereum’s sudden advance helped push the cryptocurrency market closer to $200 billion. XRP, the third largest crypto by market cap, had initially led the recovery amid news of major commercialization efforts involving Ripple’s technology. XRP is currently trading at more 11-day highs, according to latest available data.

Bitcoin, which accounts for more than 55% of the total market cap, has also recovered from its recent five-day low. It currently trades around $6,374, down just 0.9% compared with Monday. BTC had declined more than 3% on Monday as prices fell to the mid-$6,200 range from a high near $6,500.

With the exception of XRP and a few other cryptocurrencies, fundamentals have struggled to explain the market’s recent moves. The market bottomed near $186 billion last week before staging a nearly $20 billion relief rally through the weekend. Since then, trading conditions have been fairly tepid.

Ethereum’s volatile moves over the past two months reflects deeper issues for the so-called developer’s cryptocurrency. The loss of “reservation value” amid what appears to be an ICO exodus has left ether’s price susceptible to vicious downturns. Not only are ERC-20 startups liquidating their holdings of ETH, uptake in new coin offerings appears to have declined sharply. ICOs raised just $337 million last month, the lowest in over a year. What’s more, September is shaping up to be an even worst month in terms of total secured funding.

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.

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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: Monday Selloff Drags Majors Lower

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The cryptocurrency continues to show mixed short-term signs following last week’s Ethereum-led bounce, and the subsequent consolidation. Today, all of the majors sold off after the US open, triggering downgrades in our trend model, but the two largest coins, barely, retained their short-term buy signals, holding up above key support levels.

Ethereum remained north of $200, while Bitcoin is still above the $6275 level, but the total value of the market is back at $195 billion as BTC failed to gain ground during last week’s rebound, and as several coins failed to join the move. The odds of a failed rally got higher after today’s selloff, and the move still only qualifies as a counter-trend one, with the long-term downtrends being in no danger in most cases.

XMR/USD, 4-Hour Chart Analysis

Monro, which has been the third major on a short-term buy signal, is also still positive in our model, despite bouncing lower off the $120-$125 resistance zone and getting close to testing the $108 support level. The coin is now trading slightly below the rising short-term trendline and it would need to show strength quickly to retain stay on a buy signal. Further support is found near $100, while key long-term resistance is ahead at $150.

ETH/USD, 4-Hour Chart Analysis

Ethereum fell back to the $200-$205 support zone today, and the coin is trying to establish a swing low, following the initial rally of its 15-month low. Despite the pullback, ETH is still on a short-term buy signal, but given the segment-wide long-term weakness, traders should still not enter full positions. A sustained move below $200 would warn of a test of the lows and a possible new leg lower, with strong resistance still ahead at $235 and $260 and with further support found at $180.

Market Still Lacking Sustained Strength

BTC/USD, 4-Hour Chart Analysis

Bitcoin fell back to $6275 again after failing to show bullish momentum last week, and although BTC is still trading with relatively low volatility, well above the crucial support zone near $5850, the recent days are not positive for crypto-bulls. A sustained move below primary support would warn of a test of the weaker support near $6000 and a likely move to the key long-term zone, with resistance levels now ahead at $6500, $6750, and $7000.

XRP/USDT, 4-Hour Chart Analysis

Ripple’s weakness is also a warning sign for bulls, as the third largest coin not just failed to join the rally last week, but it turned lower today, threatening with another move towards the August lows. XRP is still trading within its short-term range, and it remains on a neutral short-term signal, but further weakness could quickly trigger a sell signal. Support below $0.26 is found near $0.23, while resistance is ahead at $0.30, $0.3130, and $0.32.

EOS/USD, 4-Hour Chart Analysis

EOS also remained weak during the recent altcoin bounce and now it is back on a short-term sell signal after dipping lower together with the broader market, plunging below $5 yet again. Now, a test of the August lows and a move to $4 is once again the most likely, with only the support between $4.55 and $4.65 found above the August low, while strong resistance is ahead between $5.35 and $5.55.

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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