Bitcoin Rally Leads Cryptocurrency Market Above $330 Billion
Published // — Discuss and ask questions in our community on Workplace . BTC/USD Price Levels
Bitcoin surged past $8,400 on Sunday for the first time since Mar. 25, extending its five-day rally to 20%. It would later consolidate at $8,280 per coin for a gain of 4.6% and a total market cap of $140 billion.
With the gain, bitcoin has rebounded nearly 30% from the Apr. 1 swing low, which had threatened a major bearish reversal. An RSI of 63 implies strong momentum and price action is also strengthening, as evidenced by the bullish crossover in the moving averages.
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Bitcoin’s reversal has been a major catalyst for the broader market, which has recovered 33% since Wednesday. The total market cap peaked near $336 billion on Sunday, based on latest available data.
Each of the top-ten cryptocurrencies reported gains on Sunday. Ethereum extended its rally north of $500, gaining 6% to $525.33. Ripple XRP jumped 6.2% to $0.
665, bitcoin cash rose 5.4% to $771.32 and Litecoin added 3.5% to $130.22. Meanwhile, Stellar Lumens surged 15.5% to $0.286 while IOTA added 18.
2% to $1.61.
The number of billion-dollar cryptocurrencies has risen during the latest rally. As of Sunday, 24 digital assets were valued at $1 billion or more, according to CoinMarketCap. A dozen more were capitalized at $500 million or more. Return of the Bull Market?
The dramatic surge in the price of altcions is a firm indicator that the bull market is making a comeback.
At the height of the crypto euphoria, altcoins accounted for nearly 68% of the total market. That figure plunged to 55% earlier this month, but has since strengthened to roughly 58%.
Several altcoins have outperformed bitcoin over the past week, including EOS, OmiseGo, STORM and WanChain. Altcoin speculation is a strong indicator of returning liquidity.
The recent price resurgence has been attributed to the winding down of tax season for U.
S. traders, a factor that could support a continued rally long after the Apr. 17 deadline. U.S. traders accounted for 30% of the $590 billion in wealth generated by the cryptocurrency rally in 2017, according to Tom Lee of Fundstrat Global Advisors.
Although Lee has predicted sizable capital gains taxes from cryptocurrencies, organizations like Credit Karma have predicted only a tiny portion of traders have reported their earnings.
Credit Karma told CNBC on Friday that less than 100 people had reported crypto-related gains out of 250,000 filers.
Rising trade volumes on the Korean peninsula and a general decline in fear-inducing headlines may also be a factor in the recent rally. According to CCN , South Korea is considered a ‘copper pan’ for cryptocurrency trading because it heats up very quickly and cools down just as fast. Korean exchanges Upbit and Bithumb processed a combined $1.5 billion in cryptocurrency trades on Sunday, latest figures show.
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.
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. Sam Bourgi 4.5 stars on average, based on 326 rated posts Sam 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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Published Sam Bourgi
Tron’s attention-grabbing headlines continued over the weekend after the company announced a $2 billion reward pool for its Project Genesis development program. The company led by Justin Sun appears to be full-steam ahead in its mission to build a global entertainment network backed by blockchain technology. // — Discuss and ask questions in our community on Workplace . Project Genesis Sees Huge Reward Program
On Saturday, the Tron Foundation unveiled Project Genesis, a reward program that will disseminate $2 billion to developers and community members.
The figure was much higher than the $1 billion initially pledged on Mar. 31 during the platform’s testnet launch.
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Justin Sun confirmed via Twitter that the $2 billion will be rewarded through a number of programs, beginning with the Github Plan that was launched in March and extending all the way through Dev Con later this year.
Last month’s testnet deployed 2,500 nodes across 31 countries. The company is now poised to launch its mainnet May 31, a full six months ahead of schedule.
Sun also pegged June 26 as the date for the election of Super Representatives, which marks the end of the company’s Exodus phase before transitioning to Odyssey.
This phase will incentivize content creators to migrate to the Tron platform for its fair rules governing content creation, distribution and dissemination.
The Tron platform allows users to build applications and execute smart contracts directly over the blockchain. To many in the blockchain industry, this puts Tron on a collision course with Ethereum.
This is further gleaned by the company whitepaper (which was accused of plagiarism ), where Tron outlines its vision for social media, blockchain and content storage platforms. This vision overlaps with Ethereum on areas related to data liberation and content development, among others.
Though Tron has a long history of controversy, Project Genesis could incentivize developers to contribute to the platform’s development. The project will also mobilize support from within its own community, which includes nearly 16,800 Telegram members. Sun also hosts an active Twitter account with more than 434,000 followers. TRX Price Levels
The value of TRX rose 5.1% on Monday to $0.042 per coin, according to latest available data.
The digital currency is up more than 23% from last Monday’s swing low.
TRX, which is normally traded against the major cryptocurrencies, was last valued at 0.
5 BTC and 0.
000082 ETH.
At current values, TRX is capitalized at $2.8 billion, putting it in 14th spot by market cap. Daily trade volumes amounted to $354.
6 million, according to CoinMarketCap.
South Korea’s Upbit was the largest market for TRX trades, with 20% of daily transactions occurring on the exchange. OKEx also saw nearly one-fifth of the daily volume.
Other major platforms for TRX trades include Binance, Huobi and Bithumb.
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.
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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 5 ) You need to be a registered member to rate this.
Loading… Sam Bourgi 4.5 stars on average, based on 326 rated posts Sam 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. What Is Bitcoin Private and Why Is It Surging?
Published // — Discuss and ask questions in our community on Workplace . An Introduction to Bitcoin Private
A ‘fork of a fork of a fork’ is how some analysts in the blockchain community have described bitcoin private. The token came into circulation on Mar.
6 as a fork from ZClassic, which is itself a fork from the original bitcoin. Analysts describe BTCP as a “fork-merge” since it involves both bitcoin and ZClassic. (As a refresher, ZClassic is a hard fork of privacy coin ZCash that removed the 20% reward allocated to the founders. And finally, ZCash is essentially a fork of bitcoin.)
As an open-source, peer-to-peer coin, BTCP gives users the ability to send payments securely while obscuring either the sender, receiver or amount (or all three).
Private addresses are supported by a protocol called Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or zk-SNARKs for short.
In addition to zk-SNARKs technology, the developers behind BTCP retained Zclassic’s ASIC-resistant Equihask protocol, which essentially promotes a decentralized network. // — Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership — //
In their whitepaper , the developers behind bitcoin private provided a side-by-side comparison of the new coin relative to bitcoin cash, bitcoin gold and the original BTC blockchain:
BTCP certainly won’t be the last fork of the bitcoin blockchain. Analysts are projecting some 50 splits this year after 19 spinoffs in 2017. BTCP Price Levels
Bitcoin private rose by as much as 24% on Sunday to a new high of $27.96. Prices later consolidated at $26.
61, having gained 17.8% over the past day. BTCP has gained nearly 50% over the past seven days.
At this time last week, the coin was valued at around $14.
Over the course of the week, bitcoin private’s market cap has swelled to $561 million, putting it in 35th place by market capitalization.
Trading volumes amounted to $638,000 on Sunday, according to CoinMarketCap. Trading was limited to just a few platforms, including Trade Satoshi, Nanex, Octaex, Exrates and TradeOgre.
Trade Satoshi accounted for nearly two-thirds of the daily turnover in BTCP, while Nanex represented nearly one-quarter.
There was no immediate catalyst for the coin’s dramatic surge in value, which suggests that it received a hefty pump on one or all of the aforementioned exchanges. It may have also benefited from the broad uptrend in the cryptocurrency market since last Wednesday. Over that period, coins have added roughly $85 billion in value, according to latest available data.
The total market cap rose to $336 billion on Sunday, with bitcoin representing approximately 42% of the whole.
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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. Sam Bourgi 4.5 stars on average, based on 326 rated posts Sam 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. XRP Jumps After Santander Launches Ripple-Powered International Payment System
Published // — Discuss and ask questions in our community on Workplace .
XRP/USD Price Levels
Ripple’s XRP currency has gained 20% over the past 24 hours, higher than the 15% gain reported across the crypto market. The XRP/USD exchange rate touched a session high of $0.663 in late afternoon trade and was last seen hovering just below $0.
64.
The price resurgence has pushed XRP into overbought levels, according to the Relative Strength Index (RSI). Price action shows accelerated momentum, with the 50-day moving average forming a bullish crossover with the 200-day MA. Both averages are lagging behind the actual price. // — Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership — //
With the latest rally, Ripple’s market cap has swelled to $24.7 billion on total trade volumes of $1.4 billion.
South Korean exchanges continue to dominate the XRP market, with a combined 40% of daily turnover generated on the Bithumb and Upbit exchanges. Ripple Champions International Payments
In a major milestone, Ripple and Santander have officially launched “the first blockchain-based international money transfer service,” according to a Thursday press release from the Spanish banking group.
The new service, dubbed One Pay FX, allows retail customers to complete international transfers on the same day. Four countries are part of the initial roll out: Spain, U.K., Brazil and Poland. Only Santander customers will be eligible to test the service.
Development of One Pay FX was a multi-year effort designed to reduce both cost and waiting time for international money transfers.
While the platform is powered by Ripple’s blockchain technology, it does not require the use of XRP tokens.
Financial institutes have been keen to partner with Ripple to develop new liquidity and clearing systems, but less willing to adopt the digital currency itself.
This has sparked a broader debate about the actual value of XRP as a long-term investment. That said, we’ve argued before that Ripple’s fundamentals are growing stronger by the day thanks to the company’s intent in solving real world problems and broadening institutional appeal. Ripple ‘Absolutely Not a Security’
The Ripple company has pushed back against speculation that XRP could be labeled a security token by federal regulators.
Cory Johnson, Ripple’s chief marketing strategist, recently told CNBC “we absolutely are not a security” and that, based on historical precedent, the token does not “meet the standards for what a security is…”
While many cryptocurrencies are thought to be securities, XRP is near the top of the list of potentials due to a large concentration of tokens being held at the parent company. The San Francisco-based Ripple startup owns roughly 60% of XRP. That said, the U.
S. Securities and Exchange Commission (SEC) has not passed judgment on XRP specifically.
Regulators have indicated that securities laws generally apply to cryptocurrencies, although each asset has its own set of characteristics that may put it outside the purview of federal oversight.
In general, assets like bitcoin and Ethereum are not considered securities.
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. ( 4 votes, average: 4.25 out of 5 ) You need to be a registered member to rate this.
Loading… Sam Bourgi 4.5 stars on average, based on 326 rated posts Sam 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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