Bitcoin made a MAJOR move today

The cryptocurrency markets have rallied, halting their persisting downturn and possibly establishing their recent lows as a bottom. Despite this, a bottom will only be validated contingent upon whether or not the markets, and Bitcoin in particular, can sustain their current rally long-term.

At the time of writing, Bitcoin is trading up 13% at its current price of $4,200, significantly outperforming most major altcoins. Bitcoin appears to have established $3,600 as a temporary bottom, as this price level has held as support on multiple occasions since it was first tested on November 25th.

Before Bitcoin fell to its 2018 low of $3,600 earlier this week, it has established the $4,200 region as a level of support that was unable to hold, so traders should watch to see if BTC is able to decisively break above this level, or if greater buying volume is needed in order to propel Bitcoin’s price higher.

Alexander Kuptsikevich, a markets analyst at FX Pro Insights, recently spoke to MarketWatch about Bitcoin’s recent price action, explaining that how Bitcoin responds to…

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Why you should buy THIS CRYPTO after the sell-off

Bitcoin cash was one of the marvels of the bitcoin bubble. It is a fork from bitcoin. A fork of a cryptocurrency takes place when someone, anyone declares that a blockchain is going to be transferred to a new set of rules and network infrastructure.

The blockchain is a public ownerless database information, mostly transaction data, and anyone can get a copy of it and load it into their own system. The new system, which is likely a hacked about about version of the original code running the established crypto, is the new fork, it could be called Clem coin, bitcoin dung, utrillium (actually not a bad name for a new coin) or whatever. The fork then takes on a life of its own.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Bitcoin cash was a fork brought into existence to scale bitcoin-style transactions by having bigger blocks. These bigger blocks can contain more transactions and therefore allow a lot more business to flow through the system. Bitcoin’s system can get congested and fees can skyrocket and the time it takes for coins to go from one person to another can rise steeply. The bitcoin cash fork was to create a new crypto coin mostly like bitcoin that would not suffer from this.

As a factor of the immaturity of the cryptocurrency industry nothing happens without an uproar and the launch of bitcoin cash was no exception. What happened next, however, was at the time unique…

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Why This Level Might Just Be the Bottom for Bitcoin

If you could have suggested to any crypto trader and enthusiast earlier this year that Bitcoin (BTC) would drop to current levels of $3,700 he or she might as well declared you insane. But the reality remains that we are where we are due to a few factors that will be stated below.

Current Values Had been Predicted Loosely 

Heading into Thanksgiving, there was the bullish side of the argument that had postulated that the discounted values of all cryptocurrencies will lead to a bounce and have BTC at levels above $4,700. This theory had been based on the fact that the Hash Wars were over. There was also another camp that was calling for $3,000.

Earlier Predictions of the Bear Market

Veteran Bitcoin and digital analyst Willy Woo, uses the NVT signal/ratio to analyze the future of BTC. The NVT ratio that was co-created by Dmitry Kalichki and Woo, is simply the Network Valuation divided by the Transaction Value flowing through the blockchain and then smoothed using a moving average.

In an October 26th tweet, Willy Woo had used this ratio to conclude that we were in the middle of a bear market. This in turn meant that we had a few months of Bitcoin falling before declaring a bottom. The exact date of the bottom was not known but the calls were for some time between April and May 2019.

Bitcoin Cash Hash Wars Has Accelerated The Process of Reaching a Bottom

Unbeknownst to many analysts, was the storm that was the Bitcoin Cash Hash Wars that saw BTC fall from $6,300 levels only two weeks ago to current $3,700 values. This event has indeed…

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Is the Bitcoin selloff finished?

After a Thanksgiving respite, the crypto selloff has resumed with all major coins trading lower on Friday and on track to log their third consecutive weekly declines.

Bitcoin, BTCUSD, -4.54%  the world’s largest cryptocurrency, was last changing hands at $4,259.80, down 3.8% since 5 p.m. Eastern Time on the Kraken crypto exchange a day earlier and lower by 23% since the start of the week.

And for one analyst, the end to the crypto demise is far from in sight.

“Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 level. The regulatory environment is suffocating the bulls and the bears are going wild. It is likely that the price may touch the level of $3,800 or even $3,500 if the current momentum continues,” wrote Naeem Aslam, chief market analyst at Think Markets U.K.

Aslam added that broad-based declines in cryptocurrencies is more concerning for Ether, the currency mostly distributed when crypto-related ventures pursue an initial coin offering.

“The most worrying aspect is that Ethereum could fall below…

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Is there a Bitcoin Relief Rally in sight?

Cryptocurrency markets staged a modest relief rally November 21 as the impact of news trading platform Bakkt had pushed back its launch subsided.

Markets Shrug Off Bakkt And Bitcoin Cash

Led by Bitcoin Cash 00, the fourth largest cryptocurrency by market cap which lost 50 percent of its value Monday, the twenty major cryptoassets all made gains on the day, the only exception being Tezos, which lost 4.3 percent.

Bitcoin price 00 had already corrected from weekly lows of $4237, circling $4550 at press time having hit daily highs closer to $4650.

Traders had reacted wearily to news Intercontinental Exchange’s “regulated ecosystem” for cryptocurrency Bakkt had delayed its physical Bitcoin futures launch from December 12 to January 24.

Due to what CEO Kelly Loeffler said was “the volume of interest in Bakkt and work required to get all of the pieces in place,” institutional investors will now need to wait until the new year to leverage exposure to Bitcoin.

“As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied,” she continued.

So it makes sense to adjust our timeline as we work with the industry toward launch.

Foul Play?

On social media, commentators were skeptical, many suggesting that “insiders” knew of the decision before Loeffler made the announcement and sold BTC positions, driving the price capitulation.

Others accepted the events’ timing was coincidental and that volatility was due in most part to Bitcoin Cash’s hard fork from November 15. A drop in the Dow Jones and FAANG tech stocks also took the blame.

bitcoin cash

A continuing war among the altcoin’s two rival chains and extensive negative publicity have been compounded by suggestions miners have left the Bitcoin network to mine Bitcoin Cash at a loss for ideological reasons.

One potential result of this, Bitcoinist reported, could be Bitcoin network hashrate loss as witnessed in recent days.

Where is the market going next? Let us know in the comments below!

Images courtesy of Shutterstock

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Source: Bitcoininst

Bitcoin: What Is Behind The Recent Plunge & How Bad Can It Get?

The crypto king is being hit hard, and it is under tremendous selling pressure. Today marks the eighth consecutive day of selloff for Bitcoin. It is down nearly 78% from its all-time peak of nearly $20,000 (depending on which exchange you look at).

Year-to-date, the price is down nearly 69.26%. At the time of writing, the price is trading at $4,391. All other major cryptocurrencies are feeling the burn. Ethereum, the second biggest cryptocurrency, has touched $121, a level not seen since May 2017. XRP, a token associated with Ripple, is by far the strongest coin now and it has gained the number 2 positiononce again (according to

Ripple is the strongest currency among Bitcoin and Ethereum.SOURCE: BLOOMBERG, THINKMARKETS,. TWITTER:@NAEEMASLAM23

Bitcoin broke the $5,000 mark yesterday for the first time, breaking yet another psychological level. This made the sentiment sour. The break of $6,000 was the first major psychological level to be broken and now a violation of the $5,000-mark is further evidence that the bulls are not supporting the price. The next big support level is at $4,000. One can only pray that the price doesn’t break below this critical level because this would open the floor towards the $3,000 level.

The open interest for Bitcoin futures on CME group and CBOE exchanges has jumped to 22,266, hitting an all-time high. Open interest is…

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Breaking: Bitcoin makes another dramatic move

Bitcoin prices have tumbled further on Monday, reaching their lowest level since October 2017.

Coming off a week that saw the world’s largest digital currency plummet through $6,000, bitcoin has shed another 10% on Monday, falling below $5,000 to an intraday low of $4,950.10.

In early afternoon trading, bitcoin BTCUSD, -11.06%  was hovering near its low at $4,978.10, down 10.3% since Sunday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

The broad-based selloff in digital assets has seen the total value of all cryptocurrencies fall to $166 billion, down more than $650 billion from its peak in January 2018.

With bitcoin now down more than 60% year-to-date and more than 70% since its all-time high, Stephen Innes, head of Asia Pacific trading at Oanda believes further regulatory hurdles will push bitcoin below the next psychological level at $5,000, with further declines likely. “The digital token fell as much as 6.3% to $5,202, having plunged through a critical resistance level Wednesday after a period of relative tranquility,” he wrote.

“I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets, and will undoubtedly burst crypto’s balloon as the $5,000 cliff edge is approaching fast,” he said.

Bitcoin’s decline from its peak marks the fifth biggest drawdown since…

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5 Top Altcoins To Consider for New Year 2019

Altcoins experienced many challenges in 2018. Most are now struggling to rise after the recent bear market that caused significant price drops. However, some of the altcoins show great promise in 2019.

Here are a few altcoins that could be a substantial investment in 2019.

Ethereum (ETH)

The “king of all altcoins” is currently among the top cryptocurrencies in the market. Despite its many challenges, this altcoin is here to stay. Ethereum saw its prices drop drastically for the better part of this year. However, experts in the community state that this altcoin will recover all the previous losses in the coming year, and could pass $1000.

Tron (TRX)

Tron is one of the alcoins that will receive a mixed reviews in the months to come. This coin, which recently entered the 1 million mark, will be a good investment in 2019. Tron made various strategic moves to ensure they stay in the market like purchasing BitTorrent. This acquisition will mean big things for Tron if the creator develops a much more secure and decentralized torrenting method in the future.

Tron is one of the few ERC20 tokens to make it to MainNet. The Tron community is continually growing and it currently has over…

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Find out which cryptocurrency overtook Ethereum as 2nd Biggest by Market Capitalization

Ripple (XRP) has once again overtaken Ethereum by market cap amid ongoing cryptocurrency market turbulence and bearish sentiment.

Only $100k Separates Ripple and Ethereum

As data from Coinmarketcap confirms, Ripple’s XRP token is now the largest altcoin, losing less than Ethereum in the past 24 hours. As a result, ETH is now in the third-largest cryptocurrency, repeating what has become a pattern in 2018.

As Bitcoinist previously reported, XRP last overtook ETH fairly recently on the back of rumored expansion of the token’s usage.

While not directly affecting Ethereum, the Bitcoin Cash hard fork appeared to hit the asset particularly hard, ETH/USD 00 losing almost 15 percent versus Bitcoin’s 11 percent.

XRP/USD 00 fell 9.2 percent, the difference in market cap between the two altcoins now just $100,000.

No Cause To Celebrate

The short-term success of XRP contrasts with the continued publicity battle Ripple has seen in recent months.

As Ethereum developers forge ahead with major technical developments many have championed, Ripple appears mired in criticism of both its products and senior executives, who have delivered contradictory statements about the company.

In October, CEO Brad Garlinghouse hit back at accusations the network was overly centralized.

“I as the CEO of the company can’t control the XRP ledger. I can’t change a transaction,” he told Cheddar.

“…I think there are a lot of people out there who are waging holy wars, they’re spreading misinformation – and they’re spreading misinformation because they have an economic interest in that.”

Nonetheless, third-party interest in the token remains with news this week surfacing that Japan’s biggest bank wishes to use it as the basis for a cross-border remittance service to Brazil.

Multiple financial institutions are currently considering the concept of Ripple-based remittances, with the company’s xRapid payment network also debuting with XRP as its means of exchange.

What do you think about Ripple overtaking Ethereum? Let us know in the comments below!

Images courtesy of Shutterstock, Bitcoinist archives

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Source: Bitcoininst

Bitcoin and Altcoins Plunge in a Widespread Market Sell-off

Bitcoin (BTC), Ethereum (ETH), Cryptocurrency–After months of relative price stability for cryptocurrency, a period which saw Bitcoin volatility drop below both tech stocks and the S&P 500, it appears the crypto markets are ready to resume their downward trend which has come to characterize 2018. On Nov. 14, investors watched as Bitcoin plummeted over 8 percent in value to below $6000, a figure that marks the lowest for the year and a far cry from December 2017’s last all-time high of close to $20,000.

Ether was also hit by the mass sell-off, posting a 10.5 percent loss as of writing with the downward trend in ETH looking to test $180 and below. As Ethereum’s price continues to slip relative to that of Bitcoin, more analysts are pointing out the drying Initial Coin Offering marketplace as a possible indication for ETH’s ongoing price struggles. Throughout 2017 and the beginning of this year, ICOs almost entirely relied upon the ERC-20 token as their model for development and launch.

While the end product for most of these ICOs has been fraudulent at best, with the vast majority failing to meet milestones promised to investors or even develop workable products months out from launch, the ERC-20 framework provided a strong investment opportunity for Ether accumulators. In addition, to have a promising future as a cryptocurrency, Dapp platform, and smart contract executor, the price of Ether was artificially inflated to meet the needs of ICO buys in, keeping the price high in conjunction with the rising ICO tide. Now that the market has seen pullback throughout 2018, with more developers turning to alternatives such as stablecoins, the price of ETH has slowly eroded to reflect the decline in ICO projects.

In addition to the slipping price of Bitcoin and Ether, the rest of the top ten coins by market capitalization experienced…

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