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Imaginary Numbers & Irrelevant Laws

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Even though the World Wide Web has been around for nearly 30 years legislation surrounding this groundbreaking technology is still in its infancy. Two laws have just been passed that could change things quite significantly.

In Europe, a new privacy law is set to go into effect on May 25th that will give users full control over who can store and access their personal data. This is a huge win for consumers but could prove very expensive for large corporations to implement the necessary changes by the deadline.

In the United States, things are going the other way. The FCC has just voted to repeal the Obama era law of net-neutrality. This is a win for large cable companies who will now be able to offer faster Internet speeds to clients using their services and smaller websites will likely be a lot slower going forward.

This ruling by the FCC is being seen by many as a slap in the face of the US constitution and citizens rights to freedom of speech. As large corporations gain the upper hand in speed they will be able to assert much tighter controls over the flow of information.

As with many things, technology has a way of fixing itself. Web 2.0, which is currently under construction with the help of blockchain and smart contracts may well render both of the above rulings useless over the next decade.

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of November 22nd. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

US stocks reached another all time record high yesterday for the first time in a week and a half with the S&P 500 reaching a milestone of 2,600 points.

Stocks in Asia and Europe are following suit with notable gains across the board.

This comes as the US Dollar is under a bit of pressure. Let’s take a look at the USDJPY, which is now meeting a critical support level of 111.50 (blue line). It just so happens that the average price for the past 200 days (yellow line) is sitting just above that support. So a strong break of both lines could lead us to the bottom of the range around 109.

Volatility Ahead

There are several large announcements coming out today that could shake things up a bit. The FOMC minutes later this evening should set the tone on Wall Street ahead of the Thanksgiving break tomorrow.

There are also several other announcements coming out during the US session including Durable Goods orders and Crude Oil inventories. With oil up near $58 this will be something to watch closely.

But before all that, the focus right now is on the UK and the annual budget that will be released at 12:30 PM in London.

The ruling Tory party would probably like to splurge on some fancy vote winning initiatives but the Chancellor of the Exchequer Philip Hammond will more likely propose something a bit more level-headed. The effects of Brexit are still a huge source of uncertainty so being conservative with the national treasury may be the prudent move at this time, even if it is largely unpopular.

The British Pound has been trading in a tight range in anticipation of this announcement.

Dash!!

Though the overall rally in the cryptomarket has been losing a bit of steam over the past 48 hours things are still trucking ahead fairly consistently.

One of the outstanding exceptions is Dash, which has recently broken through it’s all time highest level and has managed a gain of 21% over the past 24 hours.

Here we can see the price growth since the beginning of the year, a jaw-dropping gain of 4,881%. We are firmly in the realm of imaginary numbers folks.

One thing that could be giving rise to this specific coin on this specific day is a $550,000 partnership that was announced between the Dash Foundation and Kuvacash. The new project aims to bring some level of financial stability to the country of Zimbabwe through a peer to peer payment system that will be accessible to anybody with a mobile phone.

In our bi-monthly webinar yesterday we had a great discussion about cryptocurrencies on eToro as well as the benefits that are available to our members. You can catch the recording of that here: https://attendee.gotowebinar.com/recording/4385655401945804545

As always, please feel free to reach me anytime with any questions. Have an awesome day ahead!!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

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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Altcoins

UNICEF and Goldman-Sachs Backed Investors Adopt Stellar; XLM Overtakes EOS

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Stellar (XLM) was the beneficiary of two promising pieces of news over the weekend; first that Goldman-Sachs backed financial platform, Circle, has added XLM to its array of investable assets. And secondly that world aid organization UNICEF has expanded its breadth of donatable currencies to include Stellar (XLM).

Just like with XRP a couple of days ago, two big pieces of news was enough to trigger a flurry of buys for the coin in question. While XRP’s flurry cascaded into 115% growth and an influx of $5 billion to daily trade volumes, XLM’s performance has been a little more understated, but still significant.

Stellar (XLM) Displaces EOS

As sentiment began to turn for XLM last night it’s coin price went on a run that eventually resulted in 28% growth by 10:30 UTC Sunday morning. Stellar’s market cap jumped from $4.3 billion to $5.6 billion in that time, displacing EOS as the fifth most capitalized cryptocurrency in the process.

The overnight surge saw XLM trade at a near two-month high of $0.299126 during this morning’s peak – that’s up from Saturday’s low of $0.233491. And just like we saw with the majority of altcoins during the market surge of the last few days, a significant chunk of the action is coming from the eastern markets.

Over 25% of the day’s trades have come in the form of the XLM/KRW (Korean won) pair, based on the Upbit exchange. Likewise today, Cardano (ADA) can also attribute the majority of its 13% to Upbit’s ADA/KRW pair.

Upbit and Bithumb were the source of the majority of the recent market surge, and even today as the XRP hype dies down, Upbit’s XRP/KRW trades still represent the highest concentration of daily action.

XLM Making Moves

The Circle team announced the addition of XLM to their investment platform via this blog post, in which they detail the addition of EOS (EOS), Qtum (QTUM) and Ox (ZRX) as well as Stellar. The post states:

“These 4 assets were selected specifically based on their potential to contribute powerful infrastructure to the broader crypto ecosystem.”

Details on how Circle decide which assets are beneficial to the broader ecosystem can be read here. XLM, along with the other cryptos mentioned, will be available for individual investment or as part of a pre-packaged array of assets.

Over the weekend the Stellar team also took to Twitter to announce that the French division of UNICEF will now be accepting donations in XLM. The announcement by UNICEF  (French language) details the addition of Stellar as well as XRP in the last few days, taking the organization’s list of acceptable cryptocurrencies to nine.

The current batch of cryptocurrencies is now made up of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Dash, Monero, EOS, Litecoin and Stellar.

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 60 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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Analysis

Crypto Update: Market Stabilizes as Ripple Craze Fades

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The major cryptocurrencies had crazy Friday, with the skyrocketing Ripple in the center of attention. XRP more than doubled in 24 hours, and the coin was up 3 times off its low from earlier this month before entering a correction in the second half of the day. Ripple briefly took over Ethereum as the second largest coin by market capitalization, even as ETH also hit an almost three-week high amid the broad rally in the segment.

XRP/USDT, 4-Hour Chart Analysis

XRP settled down above the $0.50 level near the market cap of ETH, but short-term the coin is severely overbought, and a pullback to the $0.42-$0.46 zone is still very likely even if the coin manages to hold on to its stellar gains and enter long-term rising trend. For now, a long-term trend change is not confirmed, despite the huge bullish move, with most of the segment still being in bearish long-term trends.

That said, the short-term buy signal is still intact in our trend model, and should the overbought readings get cleared, traders could enter new positions again. Support levels are found near $0.54, $0.51, while resistance is ahead near $0.57, $0.64, and $0.75.

BTC/USD, 4-Hour Chart Analysis

Bitcoin got up to $6750 yesterday, but so far, it failed to overcome the resistance zone near that price level, and the coin is now trading in a shallow short-term correction. BTC needs to stay above the $6500 support to maintain the break-out that followed Ripple’s surge and to remain on a buy signal in our trend model.

The fact that correlations are still declining between the coins is a positive sign, but the overall bearish picture in the segment and Bitcoin’s proximity to the key long-term zone still warrant caution here. Further resistance zones are now ahead near $7000 and between $7200 and $7300, while support below $6500 is still found at $6275, $6000, and near $5850.

Altcoins Pull Back with Ripple, Short-Term Setup Still Promising

ETH/USD, 4-Hour Chart Analysis

Ethereum finally broke above the key $235 support/resistance level thanks to yesterday’s broad rally, and the coin reached the next major resistance zone near $260 as expected after the bullish move. Now the dominant declining trendlines are not far away, so traders should reduce their positions, since the long-term trend is still clearly bearish.

A test of the lows is still in the cards in the coming weeks, and the coin remains on a long-term sell signal despite the short-term rally.  Support is found near $200, $180, at the low near$170, and at $160, while further resistance is ahead between $275 and $$280 and at $300.

Stellar/USDT, 4-Hour Chart Analysis

Stellar was among the strongest coins during yesterday’s rally, following Ripple higher, but now it is testing the key support/resistance zone between $0.2375 and $0.25 after entering a correction together with the broader market.

That said, the break-out is intact in Stellar, and traders could hold on to their positions here. Support levels are found near $0.21, $0.1930, and $0.1830, while further resistance is ahead near $0.2650 and $0.2850.

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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Altcoins

Why Investors Should Pay Attention to RHOC

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In every industry, there is one company that tries to become so technologically superior that it can overcome all the other challenges posed by their competition. Whether the other competitors have first mover’s advantage or are just plain better marketers, one company can disrupt this by being so much more advanced where it matters.

Bitcoin is constantly criticized for its scaling ability. The speed and safety of the network has proven to be lacking, but the story and community behind it have allowed it to become massive. RChain was formulated with the core belief that by creating a solution that solved all the problems Bitcoin couldn’t, it could gain dominance.

RHOC’s Main Value Proposition

To sum up the entire goal of RChain (or RHOC), they aim to be the fastest and most efficient solution on the market. From there, it should be simple to take advantage of the core communities that have been built around media favourites like Ethereum and Bitcoin.

RChain gets its name from the mathematical innovations that are used to fuel it: Reflective High-Order Calculus. This calculus was invented by the founder, Greg Meredith, and it allows for concurrent calculations to be done in a way that will enable the continued scaling of the network.

There are 3 benefits that are constantly highlighted about RChain. Speed is first and foremost, since it is a key selling point for everyone. With the ability to process 40,000 transactions per second (and high hopes of scaling to 100,000 transactions per second), this puts it way ahead of the current capabilities of Bitcoin.

Then you have the tools provided for developers, which should greatly improve their ability to create apps and products that work well with the platform. But most of all, RChain has put a lot of work into creating their own RChain Collective. The collective is a public group composed of developers, investors, and users of RChain. By creating this inclusive collective, the RChain team has guaranteed that every member has some say in the future of the platform.

RHOC’s Recent Performance

2018 has seen a slow but consistent rollout of the features promised by the RChain Cooperative, and now many of the promises are starting to come to fruition. As more features are offered and the mainnet demonstrates its ability to handle a higher number of transactions, RChain will become much more appealing for investors and developers.

In situations like this, the first thing people usually say is that it is a pump n’ dump scheme, but there is one key reason why this doesn’t fit RChain. They are continually updating their development timeline, and have released consistent offerings along the way. Their testnet is planned to be released in September 2018, with the mainnet following sometime in Q1 2019.

Although RHOC is down 31.4% in the last month, it is well-positioned for a comeback. Its total market capitalization is $121 MM, which places it in the top 20 of ERC-20 tokens. Making a bet on RChain is really about making a bet on the team they have in place, and their ability to deliver on the massive promises they have made. Because if they do, then it could mean massive disruption in a sector that has mostly been focused on Bitcoin and Ethereum from the beginning.

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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