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Crypto Markets Surge $15 Billion to Ten Month High on Record Trading Volumes

Another day, another new 2019 market capitalization record for cryptocurrencies. Total crypto market cap has surged again adding $15 billion over the past few hours to reach a ten month high of $245 billion.

Bitcoin has leveled out above $8,000 and has remained there
for the best part of the past day. A dump back to $7,700 a few hours ago was
quickly quashed as BTC surged back up to $8,100 over the next couple of hours.
Since then it has been trading at just over $8,000 where it currently remains.

Heavy resistance at this level and profit taking from short
term traders is likely to cause a correction for Bitcoin. Its market dominance
has already started to slip back from that seventeen month high of 60 percent
down to 58 percent where it is at the moment. Crypto traders and analysts are
calling for ‘altseason’ this morning on Twitter as several are predicting
moves
into lower priced altcoins as Bitcoin
cools off
.

“It makes sense, with the money some people have made on BTC, they will naturally rotate back to some beaten up Alts they like. The key here is to see what reacts well and what does not,” said trader ‘CryptoFibonacci’.

Total market cap 7 days – coinmarketcap.com

Crypto markets have surged an epic $60 billion over the past
seven days. The 32% pump has been largely driven by Bitcoin though over the
past day or so both Ethereum and XRP have awoken to post double digit gains.

In the past eight hours alone total market cap has surged by
$15 billion to a high of $245 billion. Markets were last at this level back in
August 2018 when they were dumping. This time the trend is definitely on the
up.

At the time of writing Ethereum has woken up with a 10%
surge to $220, its highest level since October last year. XRP has been on fire
also with a massive pump of 15% to hit $0.43. These two, in addition to
Bitcoin, have catalyzed the overall market cap surge. Stellar, Cardano, IOTA
and Tezos are getting massive doses of FOMO
at the moment, all surging over 10 percent today.

Trade volumes are also at record highs, reaching $107
billion. This is significantly higher than the level reached during the 2017
bull run which was a mere $70 billion over 24 hours. Many crypto exchanges are experiencing
their highest volumes of all time also with BitMEX reporting over $6.6 billion
and OKEx at $3.2 billion according to Coinmarketcap.com.

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Bitcoin Dominance At 17 Month High As Altcoin Assault Continues

Crypto markets are surging again and have just hit a new
2019 market capitalization high of over $190 billion. Bitcoin is largely
responsible for the momentum which is great news for the crypto industry …
unless you are an altcoin holder.

In a scene reminiscent of the big bull run of late 2017,
Bitcoin continues to chomp away at altcoins as it surges to new highs not seen
for six months. During Asian trading this morning BTC pumped in a further 3.3%
on the day to touch $6,290, its highest price since before November’s
capitulation.

Daily volume has surged to $18 billion and Bitcoin’s
dominance has reached an epic 17 month high of 58%. The last time BTC held so
much of the market was during its monumental spike in December 2017 when
dominance peaked at 64%.

Crypto market dominance over 2 years.

The move has been at the expense of altcoins, predominantly
the higher cap ones. Ethereum market share has dropped to 9.6% and XRP, which
has been on a downward spiral all year, is down to 6.6%.

Total market capitalization for all crypto assets has not
been over $200 billion since mid-November. Today it has just reached $192
billion which is a new high for 2019. A number of altcoins are dumping heavily
though such as Cosmos sliding 9%, Bitcoin Diamond and Binance Coin dumping 7%,
and Stellar, Tron and Tezos losing 4%.

Ethereum
and Litecoin have had a small boost from their big brother but nothing
significant as BTC continues the altcoin assault. Crypto observers are already
singing the swan song for altcoins but we have all seen this type of market
action before so it is nothing new really;

Where Next For Bitcoin?

Technical analysts are all eyeing
the key $6,400 level
which was 2018’s
most frequently traded price
. Popular twitter commentator and chart guru David
Puell added;

“$BTC: Price is not only parabolic, but vertical now. Shorts are still far from getting fully squeezed. $6.4k may activate longs from late trend traders, setting up the perfect blow-off top.”

There could be a number of fundamental factors driving up
the price of Bitcoin and Anthony ‘Pomp’ Pompliano reckons it could be state
driven;

“My guess is that at least one large government has already
bought a significant amount of Bitcoin. Eventually they will all follow.”

Either way, Bitcoin continues to high new highs for the year
bringing market cap up with it. The altcoins are having a tough time keeping up
as they have done so in the past. As in nature, only the fittest will survive
and the trigger for a major crypto-wide market surge may be just around the
corner.

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IOTA Rallying by 18,300 Percent to $55 is Possible, Ardent Bull Confident

IOTA

The IOTA Foundation is behind a
project whose objective is to commandeer the world of Internet of Things (IoT).
Even so, the coin that will power that revolutionary hyper-connected world is
trading at around 30 cents, with billions in circulation and pre-mined. Regardless
of price, it’s the possibilities and low competition that supporters are
convinced the next bull wave would see the asset’s price spike to $55 when IOTA
has control of 10 percent of the IoT space.

According to a cryptocurrency analyst, Taipei Style, IOTA has the potential to surge 18,333 percent to $55 within a tentative time frame—which maybe years upon the complete roll out of 5G internet. In a tweet, the IoT fanatic and an ardent supporter says IOTA says the progress towards domination would happen in lock steps.

First, with a one percent control, its market cap would increase to $15 billion in a market which he believes is worth $1.5 trillion. If the participating rate should increase to 10 percent, then IOTA’s market cap would be around $150 billion. At this point, the IOTA price would be $55, and Taipei believes it is feasible.

Note that the last cryptocurrency
market Bull Run in 2017, IOTA reached at an all-time high of $5.25 with a market
cap of $14.5 billion. If the cryptocurrency attains that price again, then it
would account for 1 percent of the transactions on the IoT space as its market
cap retest the $15 billion level. However, that is unlikely and should it
happen, then there could be a complete shift with IOTA consensus algorithm first
of all functioning as designed and coordicide implementation flawless.

His sentiment comes a few days after another
supporter argued that all IoT firms planning to be relevant should begin accumulating IOTA coins.
The IOTA bull cites ground breaking tech and a multibillion dollar market that
companies are beginning to explore. Although critics argue that IOTA platform
is not simply a network and not designed to harvest true value in data like
what competing centralized companies—like Amazon Web Services, Google
and Microsoft are testing and improving on; the vast market is what would pique investor interest.

It is projected that by 2020, more
than 30 billion devices will be connected to the internet of things and the
sheer amount of data willing customers will be ready to share could be
overwhelming. According to a report by Forbes, the IoT
market will likely expand to $521 billion in 2021 with a CAGR of more than 50
percent spurred by increasing connection and optimism by enterprises.

Despite supporter’s projection, IOTA
is eons from the $55 mark. As we have stated above, the network’s consensus
algorithm would have to function flawlessly, without criticism and
centralization.

Then again, IOTA must have strong
partners within the manufacturing space as they roll out products with IOTA as
facilitators. It’s only when there is complete trust that IOTA could expand to
above $55.

The post IOTA Rallying by 18,300 Percent to $55 is Possible, Ardent Bull Confident appeared first on Ethereum World News.

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Crypto Market Cap Hits New 2019 High As Bitcoin Surges Towards $6,000

The weekend has started with a bang in the crypto world as
Bitcoin breezed past resistance again to post a new 2019 high. The action has
had the effect of pushing total market capitalization up to its highest level
for five months.

Bitcoin Bulls Are Back

Just when it looked like more consolidation was on the cards Bitcoin surged past resistance at $5,600 and hit a new 2019 high of $5,880 a few hours ago according to Coinmarketcap figures. Trading in Asia has pushed volume up to almost $20 billion which is higher than the entire market volume was a couple of months ago.

The big push as resulted in a 4% gain on the day for BTC
which is very likely to hit $6,000 in the next few hours. The sentiment is
bullish all round as analysts chart further gains for Bitcoin;

Over the past seven days Bitcoin has gained 11% and since
the beginning of the year it is up a whopping 55%. Not bad for an asset that
bankers, politicians and ageing billionaires had written off. Markets have
shrugged off the negative news regarding the Tether imbroglio and pushed even higher,
defying expectations
of a drop
. The trend now is clearly up and is has been for the best part of
this year.

Economist Alex Krüger commented on the current push stating
that there is not far to go before we are back into a full bull market;

“BTC now at $5750, the 2018 low prior to the November crash. The 2018 bear trend ended once above $4200. Above $6400, 2018’s most traded price, it’s a bull market.”

Heavy resistance also lies around the $6,000
level
so a push above it will not come easily. There may be several months
of consolidation around here as markets did last year before moving in the
other direction in mid-November.

Bitcoin’s bullish upside swing has taken its market cap back
over $100 billion again. This has resulted in total crypto market cap reaching
a new 2019 high of $188 billion a few hours ago. Over $8 billion has been added
over the past 24 hours which has seen markets surge by over 4%.

Altcoins are also having a solid day at the moment with big
gains for Bitcoin Cash surging 8% and heading back towards $300, Litecoin
making 5% up towards $80 and Bitcoin Gold with a 10% surge towards $20.

The weekend has kicked off in the green and it is Bitcoin dominating once again.

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Crypto Collapse Plunges Market Cap to 16 Month Low

Not since mid-2017 have cryptocurrencies been so depressed. The difference back then though was that the market was bullish and full of energy, today it is the complete opposite.

Over the past 24 hours cryptocurrency market capitalization has nosedived to a new low for the year and the lowest it has been for 16 months. According to data from coinmarketcap.com markets dumped to $103.5 billion around 12 hours ago, their lowest point since the beginning of August last year.

The crash marks an astounding 87.5% decline since the all-time high of $830 billion in early January. As the exodus from digital currencies accelerates, a new low is made every couple of weeks. Another $20 billion has been lost this week alone as markets plunged a further 15%.

Since the same time last month, over half the crypto market has been destroyed with over $100 billion leaving the space. In early November market cap was over $200 billion, today it has collapsed to just over $100 billion.

The mainstream media have been all over this with stories of death spirals and Bitcoin going to zero serving little purpose but to spread more fear, uncertainty and doubt. The blame has been put on the SEC with its constant clampdown on unregulated securities but the cause is likely to be a lot more than this alone. The notion that it will not approve a crypto ETF for some time has also quashed hopes of a recovery.

Chinese miners shorting their newly minted coins have been another nail in the crypto coffin this year. As profitability decreases though, so does mining difficulty which may take some of the control away from the conglomerates and their high powered farms of ASICs.

One thing is for certain, the bears are still in full control of the crypto markets sending them lower every week. Bitcoin has been the leader of downward momentum and its failure to hold support levels on several occasions has sent it to new lows with the rest of the market following. At the time of writing Bitcoin was trading at $3,480, bouncing off a new 2018 low of $3,280 a few hours ago.

The current prediction is that BTC will level out at around $3,000 and stay there for some time before recovering. Though some merchants of doom have even suggested that Bitcoin could go down to $1,500 at which point most of the other altcoins will be practically worthless.

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Bitcoin Price Climbs $400 In 20 Minutes to Reach 2-Week High

Bitcoin, the world’s largest cryptocurrency by market capitalization has jumped 6.6 percent in quick succession pushing prices well above 6,600.

At 01:00 UTC, just after Tuesday’s close, the cryptocurrency rose $428 over the course of 20 minutes as it rose in a flash for the first time since July 24, 2017, according to CoinDesk price data.

Bitcoin was last seen trading at $6,750, marking roughly a 6.6 percent increase since the day’s open.

At press time,  bitcoin is gaining momentum, having stalled briefly at around $6,750 before crossing the $6,800 hurdle.

Indeed, the spike in price could be attributed to investor sentiment in lieu of the fresh bitcoin ETF proposals set to be decided upon on August 23.

This potentially could be a defining moment for cryptocurrency, whereby a denial sees longer-term bearish entrenchment, while an approval sees investment from institutional investors, currently sitting on the sidelines awaiting additional regulation.

Other major names such as Ethereum, XRP, and EOS are all up between 6-10 percent, with much of the alt-coin spread coming from a sudden rise in bitcoin’s price.

The total market capitalization also rose by a total of 11 billion in one hour as a large injection of capital entered the crypto space seeking bitcoin, bringing it from 210 billion to 221 billion CoinMarketCap data shows.

Disclosure: The author holds USDT at the time of writing.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Crypto Markets Lose $8 Billion in a Day, Bitcoin Slides to $6,100 Levels

The cryptocurrency markets are once again treading on shaky volumes as the total market capitalization has dropped to $245.9 Billion at the moment of writing this. The current value is approximately $8 Billion shy of the market capitalization levels 24 hours ago. This drop in value has also seen the King of Crypto, Bitcoin (BTC), trading at the current levels of $6,115 and down 1.42% in the last 24 hours.

June 26th Total market cap levels of $253.7 Billion. Source, coinmarketcap.com

Bitcoin (BTC) had been enjoying comfortable levels above $6,200 only yesterday, June 26th. The chart below illustrates the tumultuous market activity of BTC in the last 7 Days with yesterday’s levels being highlighted.

7 Day market performance of BTC. Source, coinmarketcap.com

Many crypto-traders and enthusiasts had expected the news of Facebook easing down on its earlier total ban of crypto related ads on the platform, to increase investor confidence and further upward movement in the values of all digital assets. Facebook has reinstated particular ads on its social media platform. The platform has introduced an application process for any firm wishing to run crypto ads. This way, crypto projects and companies can prove their legitimacy including any licenses they have obtained, trading information and other relevant information that might be required.

However, ads promoting binary options and ICOs are still banned on the platform.

The Facebook online application clearly states that:

Please note, we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide. Advertising must comply fully with all applicable terms and policies, including the Facebook Advertising Policies. Facebook may review and reject ads in its sole discretion.

Another reason for the decline in the crypto-markets could be that we are yet to reach a bottom with BTC. Analysis by veteran digital asset analyst, Willy Woo, had indicated that the price of Bitcoin (BTC) would test levels below $6,000 before any signs of recovery can be seen in the markets. In particular, Mr. Woo had highlighted the levels between $5,500 and $5,700. BTC recently reached levels of $5,800 on Sunday the 24th of June.

This then implies that we could be headed towards a few more days or even weeks of crypto market uncertainty with bouts of sporadic decline. But one thing is common with all the analysis being put forth in the crypto-verse: that a market recovery is eminent this year.

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Bitcoin below $6,000 as markets fall to lowest level this year

The big crypto sell-off has continued this weekend as red Sunday sees Bitcoin fall to its lowest level this year.

A big psychological barrier was broken a couple of hours ago when Bitcoin plunged below $6,000 for the first time in 2018. Analytics website coinmarketcap.com is reporting a 3.7% fall on the day for Bitcoin which has dropped its price to $5,900 at the time of writing. Almost $3 billion was wiped out from its market cap in just two hours. Currently BTC market cap is just over $100 billion, also its lowest level this year.

The previous low point for Bitcoin this year was on February 6 when it dropped to $6,170. The last time Bitcoin was trading below $6k was in October 2017 however markets were largely bullish back then. Analysts have been predicting a fall to around $5k but that has now been revised lower as there is a real possibility of Bitcoin going back to mid-2017 price levels.

As has been witnessed countless times all of the other cryptocurrencies have been dragged down with it, many even further suffering big losses in double figure percentages. Ethereum is at its lowest level since April 7 when it dropped to a yearly low of just below $370. At the moment Ether is down 5.3% on the day to $442, back to trading levels in early December.

The two biggest losers of the day have been EOS and Ontology. The EOS mainnet launch did not quite go as well as planned with several issues resulting in the questioning of its decentralization, or lack of it. Currently EOS has lost 12.7% in 24 hours and is trading at $7.35 according to CMC. Likewise Ontology has taken a big hit and dropped 15% to $4.36 on the day. New comers Populous, Zilliqa and Aeternity are all down by over 14% since yesterday.

All other altcoins are also falling fast and many of them are reaching price levels not seen since late 2017. The total capitalization for all digital tokens is at its lowest point of the year right now. Falling to $242 billion markets have lost 14%, or $40 billion, since last weekend. Over the past month almost $100 billion has left the crypto scene and markets have plunged over 27%.

We are now in the third dip of the year, and the deepest so far. The big question remains; are we at the bottom yet?

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Why Ripple (XRP) Has The Crypto-Verse Excited

There is no denying that no day goes by without seeing a Ripple (XRP) news article or a price prediction for the coin that has lots of HODLers excited with the prospect of making huge returns by the end of the year. A year ago on this same date, Ripple was worth a meagre $0.031 in the markets. Considering that XRP is currently trading at $0.842, this is an amazing ride for the once little coin in the markets. The percentage gain in the past 12 months is an amazing 2,632%.

This type of gains are only unique in the Crypto-verse and many HODLers expect a similar performance by Ripple in the markets this year and heading into 2019.

One thing to note is that the market share of the coin has increased from levels of 5.3% of the Crypto market in December last year, 2017. Current market analysis now puts Ripple at occupying an 8% market share with XRP’s current market cap of $32.99 Billion in comparison with the total market cap of the crypto markets that stands at $414.22 Billion at the moment of writing this.

This gain in terms of slight dominance can be attributed to XRP showing more promise in the markets. The market action of the coin has seen it double in a month from levels of $0.44 to a recent high of $0.95. XRP is currently trading at $0.84 after a slight correction in the markets during the week. What is highly awaited, is the breaking of the current resistance levels XRP is experiencing at around $0.87. This will then lead XRP to the current promised land of $1 per XRP.

To add to the above market momentum, is the constant news of Ripple technology being used to solve real life problems. Ripple’s xVia promises to solve the payment system issues experienced by financial institutions and businesses when attempting to settle transactions fast in an equally fast paced 21st century.

“By providing a standard API solution, xVia lets companies that want to send payments — payment providers, digital wallets and other corporates — quickly scale their businesses, differentiate their services and address their customers’ unique needs. The individuals and businesses that rely on them can send payments faster and cheaper anywhere in the world.”

In a nutshell, the crypto-verse is constantly watching Ripple developments on and off the markets. Some believe the coin is on its way to dethroning Bitcoin (BTC) from the top slot in terms of market capitalization and dominance.