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Update: Crypto Selloff Deepens as Bitcoin Hits New Yearly Low

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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.

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4.6 stars on average, based on 703 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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2 Comments

2 Comments

  1. Mister.Ticot

    November 14, 2018 at 8:12 pm

    I don’t think it is correct to state that Bitcoin did hit new yearly low while on most exchange it is not the case – it slipped on Coinbase that’s all.

    • Sam Bourgi

      November 14, 2018 at 8:23 pm

      Bitcoin’s previous bottom was $5,755. It feel deeper than that today on Coinbase (and is currently below those levels). It’s not always easy determining yearly lows because every exchange quotes different prices. For example, Bitfinex has quoted a daily low of $5,860.

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Ethereum Price Analysis: ETH/USD Not Out of the Woods Yet

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  • ETH/USD odds are still stacked against the bulls for now, as price remains within range-block.
  • Ethereum co-founder Vitalik Buterin, says his creation is becoming more and more decentralized.

ETH/USD has enjoyed a chunky bull run over the past three sessions, with that slowing down Tuesday. Between the 15th – 17th December, the price had gained a chunky 23%. ETH/USD hit its highest level seen since 9th December. It appears the bulls, however, have run into a near-term barrier. ETH has been moving within a range-block from 7th December, which is still the case. The momentum so far not proving to be enough to take the price through for now.

Ethereum More Decentralized – Vitalik Buterin

The co-founder of Ethereum, Vitalik Buterin, discussed how the network is becoming more decentralized of late. He was recently speaking in an interview with Blockchain Insider.

Buterin believes that a change is starting to be seen in terms of the further decentralization of the Ethereum blockchain. He believed that it was much too centralized around himself. He further affirmed the observations over the last 12 months of governance actions, which were he suggested were responsible for this.

The Ethereum creator said, “Number one, like a lot of the features in the Constantinople hard fork, that are launching in January, basically happened without me. Number two, issuance reduction from 3 ether to 2 ether which is going into Constantinople, I was not involved at all.”

Only just some days ago, a team lead within the Ethereum development circle, Péter Szilágyi, confirmed the scheduled update. This was covered by Hacked in a prior article. He had noted the upgrade is to start around 16th January 2019.

Ethereum 1.X Update

Focus outside of the Constantinople hard fork is on Ethereum 1.X. This will be a new developed update, which is anticipated to take place during June 2019 provided there are no delays.

Buterin said, “Ethereum 1.x, short-term scalability improvements that are going on to the main chain, before we can switch over to sharding. That whole effort started without my involvement at all.” The update is supposedly a replacement of the EVM – Ethereum Virtual Machine.

Technical Review – ETH/USD

ETH/USD daily chart

As detailed earlier, ETH/USD has been moving within a range-block. The upper part of this recent range appears to have slowed down the bulls. The key levels to this block for now, seen at $101 to the upside, and $83.45 to the downside. It is as simple as depending on which area is broken that shall determine the fate of the trend.

Despite the enormous jump of around 16% for ETH/USD, the fact of the matter is the odds are still stacked against the bulls. This being the case so long as the price remains confined within the detailed formation above.

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 88 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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Altcoins Share Spoils; Ontology, DigiByte, Revain, EOS Take Moonshots Amid Market Surge

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Most major altcoins helped themselves to +10% gains during Monday’s market recovery – a surge which saw the global market cap climb 12% overall, and sent Bitcoin back to the $3,600 range.

Several altcoins raced ahead of the pack, logging between 20% and 107% gains for the day, with DigiByte (DGB), Ontology (ONT), Revain (R), MOAC (MOAC), EOS (EOS) (covered earlier) and Arbitrage (ARB) most prominent among them.

DigiByte Price – DBG/USD

From the daily low of $0.008336, DGB’s dollar value climbed just over 22% up to $0.010210, with the peak landing at around 20:30 UTC.

DigiByte volumes doubled over the course of the day – ahead of the 50% volume increase experienced by the market in general. Still without a Binance listing, despite a long and messy mud-slinging process between Jared Tate and Binance’s CZ, the majority of DGB’s action came from Bittrex, Poloniex and Sistemkoin. Over 75% of all trades came against BTC.

Ontology Price – ONT/USD

Ontology climbed to 31% growth from trough to peak, moving from a coin price of $0.460371 up to $0.605721.

Ontology fell 95% since January’s peak, landing at an ATL (all-time low) in the $0.40 range on December 15th. As one of the NEO platform’s most successful token launches, ONT has literally never found itself at such low prices in its short nine-month existence.

Over 60% of ONT trades went through USDT on Monday, with Binance, Huobi, DigiFinex and OKEx making up close to 80% of overall movements.

Revain Price – R/USD

Revain shot to 61% growth in little over twelve hours, climbing from a coin price of $0.129126 up to $0.208672 by Monday afternoon. Since then the token price fell back to the $0.173 range – a more than 25% pullback.

Despite its relatively unknown status, Revain has averaged daily trade volumes of $2.5 million for the last two quarters of the year – an average volume higher than many coins and tokens in and around the top thirty.

MOAC Price – MOAC/USDT

Just over 99% of MOAC’s trade volume came from one exchange and one trading pair today, namely the MOAC/USDT market on CoinBene.

From the daily low of $0.431884, MOAC climbed 55% against the dollar, landing at a peak of $0.669675. Trade volumes more than quintupled throughout the day, rising from $25,000 to close to $130,000.

MOAC fell 98% from its all-time high back in February, just a month after launch. December 14th marked an all-time low for the coin when it fell to the $0.32 range, from an all-time high of $18.46.

Arbitrage Price – ARB/USD

ARB volumes rose 1,633% in the last two days as the token price climbed 107% from $4.13 to $8.56.

All 100% of ARB’s trades came from just one exchange – CoinExchange, where ARB/ETH made up 93% of the action. ARB/BTC made up the rest.

Arbitrage launched in Q3 of 2018, and went relatively under the radar until a near 1,000% surge in October put it on the map, and in the market cap top hundred.

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 106 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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IOTA Price Analysis: MIOTA Has Made Encouraging Technical Progress

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  • IOTA continue to expand and collaborate on new projects with other organizations.
  • Bulls defy the odds to breakout from a bearish technical set up. Eyes on a recovery back towards pre-November drop levels.

MIOTA price has gradually seen a renewed amount of bullish sentiment and is trading within its third consecutive session in the green. This comes after weeks of selling from the start of November well into December. Of late, a bottom area has been formed, around the $0.20 mark, which has seen the bulls capitalize on.

It is worth noting, however, that any bull run that has observed continues to be sold by the bears at quite some force. Despite this, most recently the price has made promising developments, given a break away from a bearish technical set up.

Strong Fundamental Developments

Recently, the IOTA foundation had announced a new collaboration with NEXT Biometrics, a global leader in fingerprint sensor technology.  The two organizations will be working together in the development of Internet of Things solutions. This is to then be integrated within NEXT’s leading fingerprint sensor technology and IOTA Foundation’s open-source protocol.

The IOTA foundation’s goal is the promote the development and standardization of Distributed Ledger Technology (DLT). Their Tangle is a DLT which is designed for the Internet of Things. This is an open-source protocol that enables machine-to-machine (M2M) engagements. This covers data transmission, in addition to real-time micropayments without charges. It also covers the acquisition and dissemination of information that is sensor-based. As a result, both IOTA and NEXT Biometrics will create synergies from their own existing technical knowledge and experience.

This comes after recent positive updates on the IOTA and Audi partnership, as reported at Hacked in the article last week.

Technical Review – IOT/USD

IOT/USD daily chart

IOT/USD price action had been moving within a bearish pennant pattern set up since 7th December. This formation took place after the steep fall that initiated from November into December. The bulls managed to breakout to the upside from this pattern, most recently on the 16th. This occurred after the odds appeared to be heavily stacked in the favor of the bears amid this current formation.

Furthermore, given the most recent move north, looking to the upside choppy resistance can be eyed around $0.3000-$0.3500 area. This could very well be the bulls first barrier to tackle. Ultimately, a return back to pre-November fall levels will be sought upon. As a result, a return back within the $0.5000 territory, which is some 100% away, at the time of writing is the next major target.

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 88 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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