Connect with us

Altcoins

Stellar Lumens Leads Battered Crypto Market Higher on Thursday

Published

on

Stellar, Cardano and a handful of other coins breathed new life into the cryptocurrency market on Thursady following one of the biggest flash crashes in history.

Altcoins Rebound

Thursday’s altcoin rebound was led by Stellar Lumens (XLM), the platform designed for building financial products. Stellar’s XLM token rose more than 20% to a session high of 56 cents. At press time, it was up 19% at 49 cents.

The XLM digital currency bottomed out near 30 cents on Wednesday, its lowest level of the year.

The latest up move gives Stellar a total market cap of $8.3 billion on daily trade volumes of $473 million, according to CoinMarketCap. At its peak, Stellar’s total market cap was worth well over $16 billion.

Stellar is one of a handful of cryptocurrencies expected to resume its bullish campaign, according to a recent price forecast from Finder.com. As reported by Pound Sterling Live, Finder.com expects XLM tokens to rise triple digits percentage-wise for the remainder of the month. Cardano is expected to lead the altcoin rally, based on the report.

Cardano was up more than 15% at the start of Thursday trading to reach 64 cents. NEO, IOTA and Ripple XRP also put up strong gains. These altcoins have been at the center of the cryptocurrency market’s meteoric rise since the start of 2018. Each of them has successfully eaten away at bitcoin’s share of the market, which recently fell to as low as 32%.

Gradual Recovery

Although cryptocurrencies are no strangers to volatility, the total market experienced an unprecedented decline over the last three days. At its lowest, the market’s total value reached $414.9 billion. That was roughly half of the $835 billion peak set earlier this month.

At last check, the total crypto market cap was worth roughly $548 billion. The ecosystem is expected to remain volatile ahead of South Korea’s decision on domestic cryptocurrency exchanges. Regulators in the Asian country are reportedly considering various measures to reduce or eliminate speculation in digital currency trading. This is a concern for investors because South Korea is an international center for crypto trading, which makes any attempt to limit trading a potential threat to capital flows. The country alone represents about a third of global bitcoin trades.

Barring any major disruption on the Korean peninsula, history has taught us that the crypto rebound is likely to extend further, possibly into new highs. Investors have routinely bought on major dips in anticipation of further price accumulation in the future. In recent weeks, the gains have been driven largely by altcoins. Prior to that, it was bitcoin that did much of the heavy lifting.

Regulatory uncertainty continues to be the thorniest issue facing cryptocurrencies, with each nation and jurisdiction reaching its own conclusion on how to govern the market (if at all). The debate over regulation will only heat up as cryptocurrencies become vital components of the digital economy and monetary system.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
7 votes, average: 4.86 out of 57 votes, average: 4.86 out of 57 votes, average: 4.86 out of 57 votes, average: 4.86 out of 57 votes, average: 4.86 out of 5 (7 votes, average: 4.86 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 664 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




Feedback or Requests?

Altcoins

Crypto Market Flash-Dips 12%; Bitcoin Price Hits New Yearly Low as ETH, TRX Bleed Out

Published

on

The global cryptocurrency segment experienced a market-wide sell-off on Wednesday afternoon, losing $25 billion, or 12% of the overall market cap.

The bulk of the losses struck in a brief one-hour window, between 15:30 and 16:30 UTC. The sudden flash dip came as a surprise to say the least, and followed this morning’s $7.5 billion sell-off which, without the benefit of foresight, seemed significant at the time.

Just When We Thought We Were Out…

Now the altcoin setup looks radically different, with several coins threatening the yearly lows of August-September once again following an entire quarter of recovery.

All of Bitcoin Cash’s recent gains have disappeared, with BCH sinking 30% in the last week alone, and close to 20% in the last day. The same pattern persists among all the recent market growers, as yet another great correction unfolds.

BTC/USD Hits 13-Month Lows

Bitcoin did however strike new yearly lows, or thirteen-month lows to be precise, after BTC/USD fell to $5,765 – a level not witnessed since October 2017. That puts BTC on 9.8% losses over less than twelve hours, after falling from this morning’s $6,395.

Of Bitcoin’s $6 billion volume at time of writing, you have to look eleven places down the charts to find the first cryptocurrency that BTC has been significantly traded against. The top ten most concentrated trades are all against either fiat currency (USD and KRW), or dollar-pegged stablecoins – specifically Tether (USDT).

Ethereum Sinks Along With Mining Profits

As covered earlier on Hacked, Ethereum’s initial fall below the $200 mark resulted in Ether mining no longer being profitable. However, the $189 price quoted in the article continued to fall further, landing on $179.49 and resulting in a 14.4% crash for Ethereum from last night’s high of $209.78.

That’s still slightly above the $170 valuation recorded during the dip of September this year, and saves ETH from notching up a new yearly low along with BTC.

Tron (TRX) Threatens Yearly Lows

The value of TRX fell 16% from $0.022358 to $0.018757 for Wednesday, pushing the coin closer to the lows of August when TRX hit the eery number of $0.016666 before rebounding.

This time the price rebounded to the $0.019 level, which is a hopeful sign for the altcoin, although TRX losses now stand at 22.5% for the last seven days.

All of the coin growth surrounding BitTorrent, record transaction volumes, coin listings and everything else that came out of Tron HQ in recent months has now effectively been wiped out.

Few coins were spared the bloodletting, and even the stablecoins were shaken by the sudden sell-off as Tether dipped to the $0.97 range once again. Despite the numbers quoted above, the worst of the losses came from the lesser altcoins, with recent gainer Basic Attention Token (BAT) now down more than 40% for the week.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.4 stars on average, based on 88 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.




Feedback or Requests?

Continue Reading

Altcoins

Update: Crypto Selloff Deepens as Bitcoin Hits New Yearly Low

Published

on

The cryptocurrency market underwent a massive selloff Wednesday, as bitcoin breached new lows for the year and major altcoins booked double-digit losses across the board. Bitcoin cash experienced the largest percentage drop, effectively erasing gains made in the run-up to Thursday’s hard fork event.

Market Update

Cryptocurrencies have given up a combined $25 billion in value over the last 24 hours, as markets approached new lows for the year. The selloff intensified through the late morning session, driving the crypto market cap to a low of $187 billion. At the time of writing, cryptoassets were worth $188.4 billion collectively, according to CoinMarketCap.

Trade volumes surged 33% to $17.6 billion as investors rushed to liquidate their positions amid the selloff. All major exchanges reported a sharp rise in daily turnover, with volumes on Huobi, Bitfinex and LBank surging 100% or more in the last day.

Bitcoin’s price collapsed more than 10% on Coinbase to reach a session low of $5,530. At the time of writing, BTC/USD was worth $5,675.

Bitcoin cash, the fourth largest cryptocurrency by market cap, relinquished a whopping 18.1% to reach $433. In doing so, it completely reversed all the gains made in the last two weeks.

Ethereum fell 12.1% to $184, XRP lost 11.9% to $0.4576 and Stellar XLM declined 12% to reach $0.2303. With the exception of USDT, a dollar-backed stablecoin, all cryptoassets in the top-20 lost 7% or more on Wednesday.

The following snapshot, courtesy of CoinMarketCap, highlights the extent of the selloff.

Bitcoin Dominance Grows

While bitcoin certainly wasn’t spared from the latest rout, its share of the overall market climbed back above 54% on Wednesday, a sign that remaining capital was consolidating in the largest asset store. Bitcoin’s dominance rate has since fallen back to around 53.1%.

Extended periods of volatility for altcoins and tokens have provided bitcoin with a linchpin of support since the bear market began earlier this year. This has been most recently demonstrated by narrower price ranges and sharp declines in volatility for the leading digital currency. As Hacked recently reported, bitcoin’s volatility index fell this week to its lowest level in over two years.

Although there was no immediate catalyst for the rapid decline in market prices, anxiety over the future of bitcoin cash likely factored into the equation. The protocol’s primary implementation, dubbed bitcoin cash ABC, has won support from major industry players ahead of Thursday’s hard fork. However, recent data show that the network’s hash rate has tipped in favor of bitcoin SV, a competing protocol being pushed by Craig Steven Wright, Calvin Ayre and some very large mining pools. This information may have contributed to a sharp spike in SV futures prices on Wednesday.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 5 (2 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 664 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




Feedback or Requests?

Continue Reading

Altcoins

Monero Price Analysis: XMR/USD Bulls Eyeing Explosive Move Out of Current Range Block

Published

on

 

  • XMR/USD is moving within a range block, having been stuck within for the past 5 weeks, subject to a breakout.
  • Buying pressure would likely be triggered above $115 and heavy sellers below $100. 

XMR/USD has been trading steadily for going on five weeks now, moving within a $15 range. The price has produced a bottom at the psychological $100 level. The top observed at $115. Therehas been a lack of excessive volatility observed in either direction, for the time being. This price behaviour is coming despite the breakout of a key supporting trend line. It had been providing comfort initially since mid-August, until the breach and retest between 7-11 October.

Monero Related News Flow

Noriel Roubini, also known as Dr Doom, recently further spread FUD within the market. This week, the economist via Twitter, was speaking on anonymity and how the FEDs are coming for Monero. “So much for privacy, anonymity & censorship resistance: there is NO anonymity in crypto. Law enforcement authorities prefer transactions on crypto because it is easier to trace transactions & who is behind them than in banks.  Wake up crypto zealots. & Feds will crack Monero too.”

This isn’t the first time the economist has expressed his strong dissatisfaction for the cryptocurrency market in general. Last month, he was speaking at a hearing to the U.S. Senate Committee on Banking. During this him testifying, he noted, “Crypto is the mother or father of all scams and bubbles.” He was very much doing his best to try and sound the alarms to the committee on the market in general.

Technical Review – XMR/USD

XMR/USD daily chart

As earlier mentioned, a range block has been formed within the past five weeks of trading. Given this current form, a breakout would be expected to be imminent. Looking via the daily chart view, for now it remains unclear, in terms of next direction. The move will likely be chunky, it is just as matter of where. What can be noted is that the current bottom of the range is observed at $100, any break lower here, would likely be a huge incentive for sellers.

Should a breach occur at the psychological $100 mark, a very forceful push lower would likely be seen. The next major area of support is observed down at $85-75 range, where a demand zone is sitting. This last came into action on 14th August, after heavy selling pressure hit XMR/USD from the back end of July. The price had dropped a whopping 48%, over that period, falling from around $149 down to $76 territory.

Looking to the upside, buyers would likely apply heavy pressure should a breakout be seen from the upper part of the mentioned range. This would be a breach of $115, opening the door for a retest of the breached ascending trend line. An initial target would be seen at $140, then further north, $145-150 range. This area is a known supply zone, XMR/USD has not been convincingly above here since June.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 50 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.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending