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Ethereum Shows Signs of Life as Price Crosses $330

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Ethereum gained the upper hand against the dollar Tuesday, rising to its highest level in a month as prices overcame a series of technical hurdles.

Ether Price Levels

Ether rose sharply in early-week trade, as the bulls overcame a difficult trading range en route to new monthly highs. ETH/USD broke above a series of technical hurdles, including $315 and $325, to reach its current price level of around $334. Prices briefly traded as high as $344 earlier in the day.

Ethereum also rallied against bitcoin, with ETH/BTC reaching a high of around 0.05480. Traders made multiple attempts to overtake that level and climb above 0.05500 but were sent back on two successive occasions.

ETH/BTC was last seen trading around 0.04928 for a decline of 2.7%. Technical traders are looking for a clean break above the 0.052 resistance to confirm further upside.

The Case for Ethereum

Ethereum may very well be the most unique cryptocurrency from a value perspective, according to economist Harry Dent.

“Of the many cryptos, I see Ethereum as the most credible as it makes creating new blockchains easier,” Dent said in a quote obtained by Forbes, “It advances the whole industry, and I obviously think this is a major trend, not just a near-term bubble, which it is.”

As Ky Trang Ho rightly notes, Ethereum isn’t limited by the number of tokens it can create. In addition to being a nascent unit of exchange, the ether network has emerged as platform of choice for developers to launch their own tokens. Ethereum will remain the platform of choice for the foreseeable future as developers latch on to smart contracts.

The strong majority of the ICOs covered by Hacked were built using Ethereum. Even J.P. Morgan Chase built its advanced blockchain technology Quorum on top of the ether protocol.

Parity Looks to Free Up Stuck Ether

Ethereum platform Parity Technologies announced Monday it would deploy more resources into freeing up some $162 million worth of ether tokens contained in multi-signature wallets. The funds were blocked last week after a novice hacker made it impossible for some of Parity’s consumers to access their ether funds.

It is estimated that around 587 multi-sig wallets have been locked out since Nov. 6. Parity’s official audit found a total of 513,774.16 ether frozen as a result of the gaff.

In a blog post issued on Monday, Parity foudner Jutta Steiner said, “We are endeavouring to find a solution as soon as possible.”

She added: “We have spent the last few days rigorously examining the events. While it is too early to decide on a fixed solution, EIP156 has been discussed for a significant time and has drawn support from various directions in the community. The team is working on a broadly accepted solution that will unblock the funds.”

The team expects to deliver a detailed result of their investigation in the next few days. It is unclear how the organization will handle the security breach. Although not entirely similar, cryptocurrency exchange Bitfinex last year chose to socialize its losses after $72 million worth of bitcoin was stolen.

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrency. 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 697 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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Altcoins

IOTA Price Analysis: Audi and IOTA Partnership Moving Strong; Price Behaviour Not Reflecting That

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  • IOTA and Audi partnership is said to be progressing forward, according to Audi representative.
  • Price action for IOTA remains tilted to the downside, and a bearish technical set up eyed.

IOTA (MIOTA) price remains very much depressed, in line with current stubborn market conditions. It continues to trade around the lowest levels seen since July 2017, with a lack of slowdown signs for now. Since the start of the year, the price is down a chunky 95%. The bears have the opportunity to run this further south, as there isn’t much in the way of support seen. This is all despite the strong growth fundamental prospects for IOTA.

Audi and IOTA Partnership Moving Strong

Earlier this year, IOTA announced a partnership with Audi Think Tank as the foundation was moving with the development of a permission-less mobility ecosystem. IOTA believes this structure of working is a strong route to understand how automakers are approaching innovation and development. The foundation previously noted that they see it as a great opportunity to incorporate into a new mobility solution, backed by strong suite of skills that Audi associates possess.

An update hit the wires this week, suggesting the Audi and IOTA partnership is progressing forward. The venture development manager at Audi Denkwerkstatt Berlin, Malte Schönfeld, provided some commentary via his LinkedIn account:

“What an awesome experience! The last five months we had a great time at the Audi Denkwerkstatt Berlin. Working in cross functional teams with IOTA on a new project. With the focus on enabling trust for the user in emobility, we pushed a new use case to reality. Stay tuned for further Information.” Matt Schönfeld also sent many thanks to all that are involved with the project, including IOTA founder Dominik Schiener and Alisa Maas, Head of Mobility and Automotive at the IOTA Foundation among others for “putting so much energy & passion into this project.”

Technical Review – IOT/USD

IOTA/USD 4-hour chart

Keeping in mind the decline discussed at the start of this piece, the most recent price behavior remains worrying. As seen via the 4-hour chart view, IOT/USD is moving within a range-block formation. The price is very much within consolidation mode. As a result, it remains at risk of another extended move to the south. It can also be perceived as a potential bearish pennant formation, which technically is subject to a breakout tot the downside.

Downside Targets

IOT/USD weekly chart

Looking at downside levels of potential support, the next area to note would likely be $0.1750. This is a weekly support seen since July 2017, week of 17th. Should this fail to provide any comfort, the next level is eyed at $0.1425, the weekly support for week of 10th July 2017. These moves would be similar to other cryptocurrencies in terms of finding that bottom area. For now, all remains tilted in favor of the market bears.

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 84 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

Why Investors Should be Paying Attention to Counterparty (XCP)

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With more than 1,500 coins in existence and new ones being pitched every day, it is easy for this space to turn into a repetitive slog where everyone has “the new thing”, but offers only a slight mutation of everything before it. Most of the time, new projects are built on the Ethereum blockchain, so it is a welcome innovation to see a project that uses the Bitcoin blockchain for a change.

This is what Counterparty has done with their project, with their goal being widespread use of smart contracts on top of the Bitcoin platform.

The Counterparty Project

Counterparty was launched in January 2014, which was very early in the game and shows they weren’t just some marketers jumping on the bandwagon. The project was all about making it easier to create custom tokens and run smart contracts, and aimed to do so on top of the Bitcoin blockchain.

By putting the project on top of the Bitcoin blockchain, they hoped to bring some added reliability and security to the process of creating custom tokens. XCP is the proprietary token of the platform. Essentially, XCP tokens are just BTC transactions with some additional information embedded in the transaction data regarding the smart contracts.

Users of the Counterparty protocol are able to create other types of assets, such as bond notes, loyalty rewards, and collectible cards. The platform is basically a “mint on demand” that uses the security of the Bitcoin blockchain.

Structuring Counterparty

One aspect of counterparty that is fairly unique is the structure and how they financed it. Rather than having pre-mined tokens that would give certain stakeholders a pre-existing supply of the token in the form of startup capital, Counterparty chose to go a different route. Additionally, the token cannot be mined and there was no ICO. The idea behind this is that Counterparty becomes a legitimately decentralized platform, because no stakeholders have an unfair advantage or control over the platform, even the founders.

Instead the protocol is designed with a “proof of burn” model, where a certain amount of Bitcoin was sent to an unspendable address, and XCP tokens were created in exchange. These tokens are burned and will never be touched. Even more importantly, XCP acts as “fuel” to smart contracts, and are burned every time an execution step occurs. Therefore, the quantity of XCP is constantly decreasing.

Buying Opportunity

It took 2,130 BTC to create 2.65 million XCP, and the coin is currently ranked as 295th in terms of market capitalization. XCP is tradeable on both Bittrex and Poloniex, but Poloniex is more liquid, as that is where the market makers tend to work.

XCP has been hovering around 0.0006 BTC and 0.0008 BTC for the last few weeks, with a spike occurring on December 10th. Right now seems like the perfect time to jump in and capitalize on this project, especially if you are long on its features (oracle betting, decentralized exchange, order matching, etc.).

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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Analysis

Crypto Update: Bear Market Lows in Jeopardy After Latest Failed Bounce

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The cryptocurrency segment switched directions yet again, as, after a weak bounce on Wednesday, the major coins are headed back towards their recent bear market lows today. While the losses are not significant, for now, given the bearish long-term picture and the vicinity of the lows, another leg lower in the downtrend could soon begin, despite the deeply oversold long-term momentum readings.

The majors are all in the red amid the broad selloff and only a few of the battered altcoins are showing some relative strength in the face of the apparent selling pressure. The total value of the market is back below $110 billion, and a dip below the $100 billion mark is possible as soon as the coming days, with Bitcoin being among the weakest top coins in the past few days.

Volatility has been steadily decreasing ever since last week’s breakdown, but we expect trading activity to pick up somewhat ahead of the weekend, and traders should remain cautious here given the still broadly negative technicals.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is trading just above its recent lows despite yesterday’s rally attempt, and the coin is showing relative weakness hinting on an imminent test of the lows. That said, with the long-term momentum readings clearly being oversold, we could still be in for a larger scale bounce in the coming weeks, but traders should wait for signs of short-term strength before entering new positions.

Our trend model remains on sell signals on both time-frames, with strong resistance levels zones ahead near $3600 and between $4000 and $4050, and with key long-term support found near the $3000 level.

ETH/USD, 4-Hour Chart Analysis

Ethereum is still stuck below the key $95-$100 zone as yesterday’s bounce faded but the coin is trading above its bear market low, performing in line with Bitcoin and the majority of the segment. ETH is still in short- and long-term downtrends, and our trend model is on sell signals on both time-frames as well, despite eh oversold long-term picture.

Odds still favor a move towards the next key support zone between $73 and $75, and traders and investors shouldn’t enter positions here, with further strong resistance zones ahead near $120 and $130.

Altcoins Drift Lower Across the Board

IOTA/USD, 4-Hour Chart Analysis

We are still not seeing signs of meaningful relative strength even among the smaller altcoins, as although some of the most oversold currencies are, in fact, holding up well above their recent lows. IOTA is still a prime example of the long-term weakness, as it got stuck below the resistance zone surrounding the $0.24 price level despite the recent bounce attempts, while also remaining in a clear broader downtrend. For now, the prior low just above $0.20 is safe, but new lows are still likely in the coming weeks.

XRP/USDT, 4-Hour Chart Analysis

Ripple has been trading with very low volatility in the last couple of days, hovering around the $0.30 level. The coin failed to show relative strength amid the bounce attempts, and break below last week’s lows and a test of the bear market low near $0.26 still seems likely, with the sell signals being in place in our trend model on both time-frames.  XRP faces strong resistance near $0.32, $0.3550, and $0.3750, while primary support is found at $0.28

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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4.7 stars on average, based on 415 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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