Connect with us

Opinion

Underrated Players in the Blockchain Ecosystem

Published

on

The cryptocurrency industry generally conjures up the thought of complex protocols and volatile coins, but the actual ecosystem is so much more complicated than that.

Think about it like this: for every protocol or coin, there is a corresponding team who has such a strong belief in the “mission” of that coin that they were willing to forsake other more stable employment options in order to help develop the organization. It is rare you see this sort of a commitment, but many of the tokens being released have that sort of evangelical feel to them, and attract supporters accordingly.

Much of the industry is made up of these types of contrarians and strong believers. Not only do you have cryptocurrencies, but many tokens and dApps that are in development.

Takers Vs. Builders

One of the most well-known companies in the blockchain sector is Coinbase. As the largest cryptocurrency trading exchange, it has been known to shift entire markets based on announcements of future listings or considerations for listings. Coinbase has made it much more simple for investors to buy cryptocurrencies, and many first-time purchasers start off using Coinbase.

At the same time, they aren’t so much “building” something as they are collecting rents based on being the simplest entry method to cryptocurrencies. Just as big banks dominate in the financial world, Coinbase is dominating in the crypto world. The danger here is the oligopolistic-like trading industry that can result. But more importantly, we need less companies making massive amounts of money collect trading fees and more companies building out protocols.

This is why firms like Consensys are so important. The team is composed of a large group of developers and businessmen (among many other professions) who are trying to expand the blockchain infrastructure. With 47 projects currently in development, as well as consulting and turn-key blockchain-based projects for sale, they are the exact opposite of Coinbase in many sense.

There is nothing wrong with what Coinbase is doing, as there is certainly a need to fill there, but ideally we would see many more developers choosing to go create something rather than incrementally improve an already massive company.

The Effect of the Crash on the Flow of Talent

Many people on the outside believe a crash in cryptocurrency means bad things for the development of the industry, but it is actually precisely the opposite. First of all, a collapse in prices means that there is more potential upside for investments within the industry. No one wants to invest at the peak and this creates better buying opportunities. Also, the lower prices tend to weed out the “non-believers” if you will. Building a company filled with opportunists who are drawn to a quick buck rather than looking to build something over the long-term is a recipe for disaster. Finally, low prices tend to remove the distractions of trading, doing large amounts of press, and all the other things that pull teams away from their core mission. It basically creates an incubation period for the blockchain sector.

Over the long-term, it is hard to deny that more infrastructure is being built out and more major investors are expressing an interest in cryptocurrency. So whether the prices are low or high today, it doesn’t quite matter. What does matter are the players within the industry and their ability to continually build upon the frameworks currently in place so there is eventually a strong decentralized ecosystem.

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.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.2 stars on average, based on 48 rated posts




Feedback or Requests?

Altcoins

Stellar Price Analysis: XLM/USD Continues to Head for the Stars

Published

on

 

  • XLM/USD bulls resume upward trend, having gained another 8% over the past two sessions.
  • Cryptocurrency wallet provider Blockchain is to host Stellar Lumens (XLM) airdrop worth $125 million.

Stellar’s native token Lumens is notablly outperforming several of its peers. XLM/USD has seen its firm move north has continued, with the price gunning towards the $0.3000 mark. As a recap, the bulls exerted pressure to the upside, which forced a firm breakout from a triangular pattern formation. This resulted XLM/USD moving into an explosive short-term bullish trend.

The price ran higher between 4-6 November, gaining over 16%. For the next three sessions after this, the price cooled, between 7-9 November. This was a move which was very much in line with the rest of the market. It appeared profit-taking kicked in, given the fast and explosive gains. The bulls are back on the move within the past two sessions.

Recent Stellar News Flow

Cryptocurrency wallet provider, Blockchain, will be hosting what they say is the “largest crypto giveaway in history.” They will be dispersing $125 million worth of the Stellar Lumens, to Blockchain wallet holders, that choose to sign up for the airdrop. It is offering $25 of Stellar Lumens (XLM) for free to its 30 million users, a move to encourage new users and ever so slightly assist towards the greater goal of mass adoption.

The Blockchain CEO had reported that the company is working with the Stellar foundation partly because he believes it represents a superior blockchain capable of massive transaction volumes. He added that the airdrop is designed to “put users first” and allow them “to test, try, trade and transact with new, trusted crypto-assets in a safe and easy way.”

Technical Review – XLM/USD

XLM/USD daily chart

XLM/USD over the past two sessions now is running at consecutive daily gains. Bulls having gained over 8% at the time of writing, between 10-11 November. This demonstrates the strength of the current bullish trend, which had commenced on 31st October. Technically, the market accommodated a small pullback, as mentioned in the prior article before resuming its move north.

Upside Targets

There was some sticky resistance seen around the 50% Fibonacci, but the bulls having made a firm clearance of that now in latest move. The next near-term challenge is seen at the 61.8% Fibonacci, around $0.2830. This was the high area for 21st, 23rd and 24th October, where the price faltered on each of those occasions. A breakdown will likely open the door for the $0.3000 return.

Should XLM/USD bulls manage to firmly conquer the $0.3000 price region, there doesn’t appear to be too much in the way of $0.5000. During the chunky market sell-off seen in April, XLM/USD ran straight through from $0.5000 down to the $0.3000 territory, leaving little in the way of technical observation within the $0.4000 region.

Overbought Dangers

Despite all noted above, it is worth considering the RSI’s behavior. On the daily time frame, the RSI is again approaching the 70 territory. At the back end of July and September XLM/USD saw a steep sell-off. Given the recent surge in price action higher within a short time period, it still leaves XLM/USD vulnerable.

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 44 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

Altcoins

XRP Price Analysis: Largest Bank in Japan, MUFG Bank, Set to Utilize Ripple Technology

Published

on

 

  • Japan’s largest bank MUFG will be collaborating with Brazilian bank, Banco Bradesco, leveraging Ripple technology for payments between Japan and Brazil.
  • XRP/USD technical bullish formation eyed (a pennant pattern on the daily chart view) subject to a breakout.

It was reported last Friday that the largest bank in Japan, MUFG Bank, will be utilizing Ripple’s technology. MUFG Bank and one of the largest banks in Brazil, Banco Bradesco, announced signing a Memorandum of Understanding. They will be collaborating to develop a new cross-boarder payment service, which will leverage Ripple’s technology between Japan and Brazil. It is anticipated that they will be using Ripple’s xRapid, which requires the use of XRP,  to facilitate with the transactions overseas between the two countries.

Ripple announced via their Twitter account“@Bradesco and @btmu_official are leveraging Ripple’s #blockchain technology to create a new cross-border payment service between Japan and Brazil.”

Ripple continue to add large financial players to their ever-growing list of users on their network.  It was only reported at the back-end of last month that the National Bank of Kuwait (NBK), one of the largest banks in the Middle East, is actively testing and readying to go live with Ripple’s xCurrent payment solution.

Technical Review – XRP/USD

XRP/USD daily chart

XRP/USD over the past two sessions is moving back higher, after a chunky cooling in the price was seen. On 6th November, XRP/USD ran up to its highest level that was seen in around 6 weeks, moving just above $0.5700 mark. This was part of a 30% gain, which commenced after bouncing off support on 31st October. The bulls then ran into some near-term resistance, an upper trend line, that has formed a bullish pennant pattern. As a result, then price eased lower for two sessions, dropping just over 10%, during that period.

Upside Targets

Looking to the upside, should the bulls continue this pick seen going on two sessions now, a retest of the pennant will likely be seen. The above descending trend line is now currently tracking at $0.5500. A breach here could see a fresh wave of bull buying, initially with a firm move above 6th November high at $0.5705. Ultimately, a breakout from this mentioned pattern, could see a fast move back into the $0.6000 territory. XRP/USD last traded here on 1st October, before running into sellers.

Support Levels

If the technical set up as described above fails to play out, then there are key areas of support that must be looked at. Firstly, the lower part of the pennant pattern, which is observed at $0.4700. This is also in proximity to a demand area, running down to $0.4400. Any failure to provide comfort at the mentioned, then it could be disastrous. XRP/USD could be forced to free-fall back down below the $0.3000 territory. The price was last traded down here on 18th September, when it had entered into a strong bull run.

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 44 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

Altcoins

Zcash Price Analysis: ZEC/USD Trades at Its Highest Level in Six Weeks as Fundamentals Propel Prices Forward

Published

on

  • ZEC/USD upside momentum remaining on course; a green daily candle on Friday, is vital for this continued move north.
  • Fundamental updates around Zcash remain strong, with still much anticipation around pending developments.

The Zcash native token (ZEC), since its bounce on 31st October, has made solid advances to say the least. ZEC/USD received firm bidding on the lower part of the triangular pattern at $113.10. The price had initially been contained within this pattern since the start of September. The latest bull run saw a move up to a high print on 8th November at $139.65, that was a chunky gain of 23%. In today’s session, the price is swinging between losses and gains, with bulls looking to resume upside.

Zcash News Flow

Earlier in the week, it was covered that the Zcash foundation backed a funded development and execution of ProgPOW, a POW algorithm that will be removing the upper hand that specialized ASICs have when mining for ZEC. The move should also make Zcash mining more decentralized. This is expected to make the coin more secure and attractive to its users – a development of which could have contributed to the recent upside seen for ZEC/USD.

Zk-snarks

Elsewhere, there is much chatter and anticipation across the community concerning zk-snarks, or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. Recently, this technology has gained strong interest from Ethereum. It is considered a potential near-term scaling solution for Ethereum’s blockchain.

Lastly, Zcash late last month, on October 28, launched its heavily anticipated ‘Sapling’ upgrade. This brought much in the form of benefits and features to its ecosystem. As mentioned in the previous article, “Sapling introduces new shielded addresses with significantly improved performance: a time reduction of 90% for constructing transactions, and a memory reduction of over 97%”. Instant benefits were noted by users.

Technical Review – ZEC/USD

ZEC/USD daily chart

The bulls have been making solid ground since the price’s breakout from the previously mentioned triangular pattern. Current momentum is well behind the market bulls, as they look to retest the 27th September high print, $146. This is within a strong touted supply area. The price on several occasions at the back-end of September attempted and failed to break above this area, Forcing a deep sell-off over a period (some 25% was dropped).

Upside Targets

A break above the supply zone pointed out could see the bulls pilling in, resulting in further upside pressure. This could very well force a fast move towards $160+, ZEC/USD having last traded at these heights back on 6th September. Finally, this appears to be the only major barrier in the way of the big psychological $200 mark. The price has not traded here since 2nd August, when heavy selling was hitting the ZEC/USD.

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 44 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 Forum Topics

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