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Ripple’s Double-Digit Advance Leads Crypto Market Higher on Tuesday

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The cryptocurrency market rebounded on Tuesday, with Ripple’s native XRP token leading the way higher. The so-called banker’s cryptocurrency rose by as much as 22% before giving back around half the gain in afternoon trading.

XRP/USD Price Levels

The value of XRP peaked at $1.44 Tuesday morning, according to pricing data provided by Barchart.com. At the time of writing, XRP/USD was worth $1.36 for a daily gain of 15%. At its current price, Ripple has a total market cap of $52 billion, placing it third among active cryptocurrencies. The market peaked in early January at $147 billion.

XRP has now gained more than 20% over the last five days, helping to offset huge losses through mid-January that dragged prices below $1.00.

With the exception of a few lesser known altcoins, Ripple was by far the biggest gainer on Tuesday when measured in percentage terms. The global cryptocurrency market was last valued at $534 billion after hitting a low of $490 billion earlier in the day.

South Korea Jitters Fade

Ripple and the broader market advanced after South Korea confirmed it was not banning cryptocurrency trading, only anonymous accounts. Beginning Jan. 30, the country’s Financial Services Commission will only permit trades from clients who have linked their digital wallets to their bank account.

The decision was in line with what we’ve been hearing for the last two months as regulators sought to cool excessive speculation in the market. Though tighter regulations are still possible, the announcement eased concerns about a sweeping ban on domestic cryptocurrency exchanges.

XRP is extremely popular in South Korea, with the won currency accounting for the largest share of total transactions. On Tuesday, South Korean exchanges processed roughly 60% of the daily turnover in XRP, according to data obtained by CoinMarketCap.

After a mostly quiet year, Ripple exploded in December to become the best-performing crypto of 2017. Though speculation played a big role in the surge, the coin was also aided by the announcement of major partnerships with global payment providers and regional banks. As recently as Jan. 11, Ripple announced it was partnering with global money transfer service MoneyGram on a pilot project aimed at boosting transfer speeds.

The cryptocurrency has also benefited from rumors that Coinbase may soon support XRP tokens, a move that would allow more people to purchase Ripple using fiat money. XRP’s inclusion on Coinbase could trigger unprecedented demand for the cryptocurrency, which unlike bitcoin and Ethereum, costs less than a cup of coffee.

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 552 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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Cryptocurrency Rally Stalls as Bitcoin Price Hits Resistance

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Cryptocurrency prices were down across the board on Saturday, with bitcoin – the market’s biggest bellwether – stalling near a key  resistance.

Market Update

After reaching a high of $225.6 billion on Friday, the total cryptocurrency market capitalization has fallen back to $211.3 billion, according to CoinMarketCap. The broad pullback was accompanied by only a minor dip in trading volumes, a sign that profit-taking was a factor.

Six of the top-ten coins (excluding Tether) had reported declines at the start of the weekend. Bitcoin was down 3.5% to trade at $6,355.00 on Bitfinex. The leading digital currency reached a high of $6,619, which is just shy of the most recent peak. Bitcoin’s market still exhibits strong trading volumes, with 24-hour turnover at $4.3 billion.

Among the major altcoins, Ethereum, Stellar Lumens, Litecoin and Cardano had each declined between 1.2% and 3.5%. On the opposite side of the spectrum, XRP, bitcoin cash and EOS had reported gains of at least 1.6%.

Bitcoin’s dominance rate, or the percentage of the total cryptocurrency market cap held in BTC, was 52%. Bitcoin accounted for as much as 54.5% of the total market capitalization earlier this week.

Dollar Factor?

The recent meltdown in cryptocurrencies originated 11 days ago when the U.S. Securities and Exchange Commission (SEC) announced it would delay a ruling on a highly anticipated bitcoin exchange-traded fund (ETF). However, analysts have struggled to explain the extent of the selloff – namely, the $35 billion plunge between Aug. 10-13.

According to eToro analyst and Hacked contributor Mati Greenspan, a surging U.S. dollar may have contributed to the decline. As CCN reports, the cryptocurrency market’s movements this week have been highly correlated with fluctuations in emerging-market currencies. Emerging-market exchange rates have been rocked by contagion fears emanating from Turkey’s political crisis, which have boosted demand for the U.S. dollar. As Hacked reported Friday, the U.S. dollar index recent hit more than one-year highs.

“As the United States moves to tighten its economy and avoid strong inflation, they’re taking action that is strengthening the Dollar. Because the US Dollar is the global reserve currency, many smaller economies rely heavily on a stable exchange rate with the greenback,” Greenspan wrote. “So too, as the Dollar is being seen as a stable store of value at the moment, there really isn’t much incentive for people to store their money in digital assets.”

Bitcoin is generally viewed as a non-correlated asset, which means it enjoys unique price independence when comparted with traditional markets. Correlation, when it does occur, is often driven by the erroneous belief that bitcoin is associated with the broader market. This was observed earlier this year when bitcoin seemingly fell in lockstep with the U.S. stock market.

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 552 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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Encrypgen Beta Launch Sends Token Soaring

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Encrypgen (DNA) provides customers and partners best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. Although the company has only been around for a few years, it appears to be a major player in the genomic blockchain security space. Security breaches at Ancestry.com and privacy concerns at 23andMe have created a void that Encrypgen hopes to fill.

Price Action

Earlier this week, Encrypgen reached a significant milestone after launching its Gene-Chain beta platform. DNA token is soaring by 20% since the announcement on Wednesday evening.

Encrypgen Price Chart

Encrypgen is far ahead of schedule since the initial expectation was the end of August. The company expects the final live version of the Gene-Chain to be available by the end of September. DNA is a utility token so platform usage will determine its value. DNA is inching its way closer to the finish line and traders appear to be backing it.

Since August 1, DNA is one of the best performing ERC20 tokens. I created a list of the top 50 ERC20 tokens and analyzed their returns since August 1. None of them have a positive return. In comparison, DNA has generated a 7% return during the same period. While the return is negligible compared to the fall 2017, it’s still a positive development. Especially since the price rise coincides with a major development milestone.

Encrypgen Value Proposition

Genetics is playing an increasingly pivotal role in the world of drug discovery. Researchers use genetic data to help them understand how diseases start and how they progress. One of the main reasons that Encrypgen caught my attention is that it is attempting to fill a real world void as a few of the largest non-crypto companies are facing serious issues. Two of those companies are Ancestry.com and 23andMe.

Ancestry.com is the most popular genealogical and family tree tracking company. Unfortunately, it appears that popularity comes at a cost. In December, a server on the company’s RootsWeb service exposed a file that has usernames, email addresses and passwords of 300,000 registered users. The stolen information was then leaked and posted online in plain text.

Another popular company in the industry, 23andMe, has its own issues regarding privacy. Lawmakers and consumers are expressing concern regarding privacy after a consumer submits their genetic test to the company. This is especially true in light of the recent $300 million collaboration deal that GlaxoSmithKline (GSK) struck with 23andMe.

Encrypgen’s Gene-Chain platform appears to be the answer to the problem. Consumers will be able to upload their genetic data via Encrypgen’s secure portal which then goes into the company’s database. That data will then be secured with the company’s Gene-Chain. One of the most interesting parts is that consumers get paid when researchers want to purchase their data. According to a recent article from Reuters, consumers can expect an average payment of $130 each time that researchers buy their data. This is an excellent way for consumers to generate passive income.

Conclusion

Investors need to keep their eyes on Encrypgen as the company finalizes its Gene-Chain platform. With the recent price action, the coming catalysts, and the compelling value proposition, the DNA token may be one to begin accumulating.

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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Four Altcoins Rebound +50% Over Twenty-Four Hours

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Most coins and tokens in the market cap one hundred are glowing green for the day of Friday, August 17th, but it’s the altcoins further down the list that have felt the strongest bounce.

Such a bounce may have been inevitable after the bloodletting of August which saw many altcoins lose north of 50% over the course of the month. The coins that suffered the worst have now benefited the most after surging to gains in excess of 50% over the past day.

Ontology (ONT)

On the afternoon of August 16th, Ontology (ONT) was priced at $1.44 after climbing from five month lows over the previous few days. Overnight the token saw a trebling of its daily volumes and the price surged to a daily peak of $2.16  – marking a growth of 50% by 03:30 UTC.

When the surge cooled off the price sprung back to around the $2.00 range, where it has hovered since daybreak this morning.

The recovery by Ontology is in proportion to the losses it experienced earlier in the month, after losing 50% between August 8th and August 14th.

VeChain (VET)

VET coins are up 53% for the day after jumping from $0.009955 to a peak of £0.015232 at 07:30 UTC this morning. Market cap statistics for VeChain have been reset after the coin underwent a token swap which saw VEN tokens changed to VET.

Like Ontology, the VET price has since stabilized after the surge, with the $0.0015000 range being maintained for the last six hours. Over 96% of VET trades have come on Binance where BTC and USDT trades dominate the majority.

Nano (NANO)

Nano’s peak was later in coming and peaked 13:30 UTC today, just a couple of hours before publication. From a low of $1.21 yesterday afternoon, NANO coins saw their value increase by 60% en route to a price of $1.94 – an over two week high that returns Nano to a July valuation.

Once again Binance finds itself host to the overwhelming bulk of the trades today, with NANO/BTC pairs alone making up 81% of the daily total. Overall daily trades have climbed from $5 million to $17 million over the last twenty-four hours – Nano’s highest daily volume since early June.

Cortex (CTXC)

Cortex saw a trade influx of over 300% today, with the $21 million daily volume not being seen since mid-July. Over the last day the coin price ascended from $0.253153 to a peak of $0.503776 – marking 99% growth over twenty-four hours.

Unlike the other coins and tokens on this list, Cortex isn’t listed on Binance and instead finds the majority of its action coming from Huobi, where BTC, ETH and USDT trades make up over 70% of the total.

Most cryptocurrencies are growing green today, although Bitcoin and Ethereum have only notched up growth within the range of 1-3%. Further down the rankings the altcoins are feeling the bounce, presumably due to the proportional extent of their losses earlier in the month.

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 38 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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