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4 New Cryptocurrencies You Need in Your Wallet

Thousands of new cryptocurrencies have popped up since Bitcoin was created in 2009. Some compete with BTC, while others offer some kind of complementary use alongside the first-to-market coin.

Here, we cover four “new” cryptocurrencies launched within the last five years that show a lot of profit potential.

You might be thinking it feels like the dot-com boom all over again with this cryptocurrency stuff. Just look at how many businesses failed in the tech space pre-2000.

 

For many investors, that tech bubble was a graveyard of failed companies. But if you bought Apple Inc. (NASDAQ: AAPL) or Amazon.com Inc. (NASDAQ: AMZN), that graveyard was your playground.

Many cryptocurrency dissenters argue that most cryptocurrencies, too, will end up in a graveyard. They are not wrong.

True enough, there are over 4,000 cryptocurrencies trading right now. And new ones are being added every day, as anyone can make their own.

One man produced a crypto called “Scamcoin” as a joke, and it reached a $70 million market cap in an hour.

But while most cryptocurrencies will fail, those that remain will be the few that offer a combination of utility, security, and marketability.

Thus far, Bitcoin and Ethereum are unbeaten in those departments, with a few “altcoins” – coins other than Bitcoin – battling alongside them.

It’s hard to speculate on how this will play out – it’s still early days in crypto. So we suggest you look at crypto investing like you would startup investing or investing in IPOs.

Diversify across a range of investments and look for quality. That gives you the best chance of landing an investment that will go hyperbolic.

Here are a few new cryptocurrencies that could do just that.

How Cardano Could Replace Ethereum

Cardano has been called the “Ethereum Killer” because it has much of the same functionality as Ethereum, but better.

This is not hard to believe, because it’s founded by five of the initial founding members of Ethereum.

Much of the crypto community looks for quality in the whitepapers released by a cryptocurrency’s creators. Cardano has written over 90, showing research matters a great deal to the team.

This coin was trading for just a few cents a year ago. But it’s rocketed as high as $1.56 since then. From $0.05 to $1.56 is more than a 3,000% return.

That’s huge. But the greatest benefit of holding a cryptocurrency will be experienced in the long term. People want a secure, well-designed cryptocurrency that can hang around for a while.

Like Ethereum, the usefulness of Cardano is in its proof-of-stake consensus model.

Staking is an alternative to “mining.” For actively validating transactions of the currency, you get more currency as a reward.

The more you stake, the higher your rewards.

Unlike Ethereum, Cardano is deflationary; there is a limited supply. That means the value of Cardano becomes increasingly scarce the more is mined, which is a value-add to holding the currency.

Cardano’s vision is to establish decentralized financial products for the whole world and validate other contractual agreements with its blockchain.

Polkadot Brings Blockchains Together

Polkadot is another proof-of-stake coin with a slightly different purpose. Its goal is to bridge gaps between different blockchains.

The best way to look at this is like a building where different blockchains can meet and talk to each other in the same language, even if they spoke different languages outside the building.

Polkadot also connects oracles, which are the trusted sources of online data for settling smart contracts. So, this coin really wants to serve as the prime connector of all things crypto.

The coin was also founded by a founder of Ethereum who didn’t like the way things were going.

Multiple projects are using Polkadot now, and its popularity is accelerating.

Polkadot stands around a $30 billion market cap.

This coin is up 1,130% in the last year, from a few cents to $33. Of course, it will soar much higher if adoption increases and it becomes a primary source for connecting blockchains and oracles.

Chainlink is another “bridge” type cryptocurrency. Specifically, Chainlink is a network of oracles that deliver data to settle smart contracts.

While smart contracts are common, getting the trusted data to settle them accurately and efficiently is not easy. Chainlink fixes this by linking to multiple oracles. It also emphasizes having many sources of data to ensure at least one source will be available when needed.

This expands the capability of a smart contract to a wide range of uses. For example, an insurance company can use sensors to track the speed of a vehicle, with information from those sensors transmitted to the smart contract to calculate a more precise insurance premium in real time.

This kind of communication between sensors, databases, and smart contracts is what Chainlink makes possible.

Chainlink is up over 800% in the last year as the crypto market hype has exploded. But it’s one of the most promising cryptos on the market when you consider its future use.

A single LINK is $35 today. The coin still has plenty to grow at $15 billion market cap.

Tezos Could End Coin Splits Forever

Tezos is another coin that has been referred to as an “Ethereum Killer.” It shares much of the same smart contract functionality.

One advantage to Tezos is that forks are virtually impossible.

See, a “fork” is when a team of developers disagrees in the way a cryptocurrency operates. So they break off and create their own.

Theoretically, a cryptocurrency can split into hard forks for eternity. That would just give you thousands of competing cryptocurrencies with similar functionality; nobody really “wins.”

Tezos, however, prevents these splits by building an amendment process into the blockchain. There’s an entire interface allowing developers to propose and test changes to the blockchain, with stakers voting to approve or reject those changes.

This is not common across blockchains. In many cases, developers would have to break off and create their own coin if they want to implement significant changes.

The best thing is that Tezos trades for just $5 right now, at only $4 billion market cap. This is bound to increase with time. We are yet to see if it will compete or work alongside Cardano as a leading Ethereum alternative.

Put These Tiny Cryptos on Your Radar NOW

A surge of interest from institutional investors is setting the stage for a rally in a slew of small digital coins.

But understand this: These under-the-radar players are much more affordable than Bitcoin.

Some are so hot, even a small stake could transform into a humble fortune in 2021.

One is trading for around $12 – and could deliver a 638% profit by the end of this year.

Our resident Silicon Valley insider is recommending three tiny coins as today’s BEST crypto buys – to get his take on all three, click here.

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Source: Money Morning

Find Out: Which Cryptocurrency Jumped 200% in the Past 24 Hours

Dogecoin is where all the rage is in the cryptocurrency market throughout the past 24 hours. DOGE is up almost 200% in the past day and almost 500% in the past week. With the latest surge, it has also managed to become the 6th largest cryptocurrency by market capitalization, surpassing Cardano’s ADA.

Dogecoin Now Bigger Than Cardano

As CryptoPotato reported earlier, the popular meme coin, DOGE, made headlines by painting a fresh all-time high at around $0.30. While this, in itself, was more than impressive what followed was downright astonishing.

After a slight retrace, DOGE took off for the skies… again. At the time of this writing, the cryptocurrency is trading at around $0.4 and holds a total market capitalization of just a bit less than $46 billion. The current all-time high stands at above $0.45 on Binance.

dogecoin_gecko
Cryptocurrency Ranking. Source: CoinGecko

As seen in the above image, Dogecoin, the cryptocurrency that was literally named after a Shiba Inu, is now officially the sixth-largest project by means of total market capitalization.

It’s also worth noting that this comes during a day when the majority of the market is bleeding. In fact, all of the top 10 cryptocurrencies, besides DOGE, of course, are in the red for the past 24 hours.

The Community Reacts

Needless to say, the meteoric increase in DOGE’s rice led to a serious reaction from the community. Hours ago, Jordan Belfort, also known as The Wolf of Wall Street, posted an image of the cryptocurrency which further fueled the surge. He also followed up with a few other tweets.

Dave Portnoy also jumped on board. In case anyone is wondering – he’s not jealous about DOGE.

Cameron Winklevoss also made it clear that the Doges are howling tonight.

As it stands, Dogecoin has a bigger market cap than many companies, including Coinbase, which recently had its direct listing on Nasdaq.

Source: Crypto Potato

Data: Bitcoin Bull Run May Be Less Than One-Quarter Complete

Bitcoin price continues to struggle with resistance above $60,000, but data suggests it is refueling for a much larger move higher. In fact, the same data could point to the current bull run only being roughly one-quarter or less of the way through to completion. 

There’s also a chance that the cryptocurrency bull run is only just getting started, making potential targets as high as $400,000 per coin when it is all said and done.

Bitcoin Building Solid Technical Base Around $50,000 to $60,000

Right on schedule – according to its regularly scheduled halvings – Bitcoin is back in full bull mode. Within a year, the cryptocurrency climbed from $4,000 to more than $60,000 per coin. But once it got to that local high, the leading cryptocurrency by market cap has now spent several weeks below the now strong resistance level.

At the same time, price action has failed to bring Bitcoin back to support levels any lower than $50,000, keeping the bull trend in tact and eyes on targets much higher.

And while there’s still no ruling out a more substantial correction due to technicals being so overheated, ongoing buy pressure from institutions while BTC supply diminishes implies this is the calm before the storm.

The Puell Multiple backs up the theory that new highs are just ahead, potentially indicating that the current bull market is merely one-quarter or potentially less of the way through.

Puell Multiple Implies Crypto Bull Run Has Much More To Go

According to the Puell Multiple, there’s a lot more room to climb before the peak is in of this cycle. The metric doesn’t say anything about corrections along the way, but does project that the current rally is far from finished. But how far through the current are we exactly?

The tweet above suggests that Bitcoin is roughly between 15 to 25% through its current bull market, matching up well with the $3,000 to $5,000 range. This zone ultimately built enough long-term support to catch the cryptocurrency’s bear market free fall, and the current resistance level could one day act as bear market support.

But for now, bulls are in charge.

Using the $3,000 to $5,000 range as a gauge and the $20,000 peak in 2017 as a factor in projecting the next top, it would indicate that the bull market is anywhere between 15% and 25% of the way through.

At 25% through, Bitcoin would be projected to peak at around $240,000. At 15 %, however, the cryptocurrency could run to the full $400,000 per coin that some analysts have projected. Following the exact path of the last cycle, puts the peak around $325,000.

Even if the top crypto by market cap failed to meet these lofty expectations, and instead was roughly 50% of the way there, the top would still be at least another $60,000 away – leading to six figure BTC at minimum.

Source: Bitcoininst

One Bitcoin Will Buy a Lamborghini This Year and a Bugatti in 2022, Kraken CEO Says

One bitcoin will be able to buy a Lamborghini model by the end of the year and a Bugatti in 2022, said Jesse Powell – the CEO of the veteran US crypto exchange, Kraken.

During a recent interview with Bloomberg, he was also bullish on Ethereum, predicting a price tag well above $2,000 due to the upcoming ETH 2.0 release and the large number of projects built on top of it.

One BTC for Lambo and Bugatti

Kraken’s CEO has been highly-optimistic regarding BTC’s future price performance for a while. He has repeatedly outlined that the primary cryptocurrency is heading towards “infinity,” especially if the US continues to print excessive amounts of the dollar.

When asked to specify what “infinity” means in terms of the USD, he previously said that $1,000,000 per bitcoin sounds very reasonable in the next ten years.

During a more recent interview with Bloomberg, Powell decided to provide a more vehicle-related comparison.

“It might be easier to understand if we measure it in terms of Teslas. Now 1 BTC is one Model 3. Probably by the end of the year, it will be one bitcoin for a Lambo. Probably by the end of next year, it will be one bitcoin per Bugatti.”

How Much Will BTC Be Worth in USD?

Although Powell believes that putting BTC’s price in USD perspective could be unnecessary with the current Fed policy, it’s still worth reviewing how much one coin would be worth if his words come true.

According to data from SuperCars.net, the cheapest new Lamborghini model in the US now is the Huracan Evo Rear Wheel Drive (RWD), worth $179,000. The most expensive one is the Aventador SVJ – $515,000. So, if BTC is to indeed follow Powell’s projection, it could cost between $179,000 and $515,000 in the next nine months.

Lamborghini Aventador SVJ. Source: Nastarta
Lamborghini Aventador SVJ. Source: Nastarta

The 2022 prediction could see bitcoin at an even higher price level – significantly higher. Keeping in mind that the cheapest new Bugatti on sale in the US now – Chiron – costs $2,990,000, this means that bitcoin’s USD price needs to increase by more than 5,000% to reach that level.

Bugatti Chiron. Source: NYTimes
Bugatti Chiron. Source: NYTimes

Just for the sake of it, the most expensive Bugatti, the Chiron Super Sport 300+, costs $3,900,000.

Bullish on ETH and DOT

Powell also touched upon a few other cryptocurrency projects – Ethereum and Polkadot. He noted that Polkadot had become a vital part of the cryptocurrency industry as its blockchain continues to attract new developers.

Although he failed to provide a price tag for Polkadot’s native crypto – DOT – he said that Ethereum’s digital asset – ETH – would most likely be north of $2,000 by the end of the year.

He believes that the upcoming Ethereum 2.0 launch and the high utilization of the network with DeFi and NFT would be the primary reasons behind the price increase.

Source: Crypto Potato

Bitcoin Records 17-Day Low: Now Facing Critical Support

Bitcoin dropped by a sharp 10% over the past 24 hours as it headed towards $50K. The cryptocurrency has been falling throughout the entire week after slipping beneath an ascending trend line around the previous ATH from February at around $58,300, back on Monday.

It initially found support at $54,000, but it was broken down yesterday, causing Bitcoin to fall further into the .618 Fib Retracement at $51,540. Today, the price decline continued as the 10% price fall caused BTC to record a current low of $50,360 according to Bitstamp.

On March 20th Bitcoin was rejected trying to break through the $60k resistance level. Since then, BTC lost almost $10k of its value. In fact, $50,300 is the lowest price BTC was trading at since back on March 8th.

The bearish momentum follows the global markets. On Wednesday, major Wall Street indices saw 1-2% crashes, and today the bloodbath continues with Nasdaq deep in the red.

On a daily timeframe, Bitcoin broke down a critical ascending trend-line at around $54k and is now struggling to stay on top of the 50-day moving average line which is currently around the $51k mark. Besides, a daily close above the latter is the first condition to stay safe from a deeper plunge towards the mid 40k zone.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $51,540, $51,000, $50,000, $49,195, $47,700.

Key Resistance Levels: $53,500, $54,000, $56,000, $58,350, $60,000.

Looking ahead, the first level of support beneath $51,540 lies at $51,000 (50-day MA). This is followed by $50,000, $49,195 (.382 Fib Retracement), $47,700 (downside 1.618 Fib Extension), $46,000, and $44,750.

On the other side, the first level of resistance lies at $53,500 (ascending trendline which started forming in January). This is followed by $54,000, $56,000, $58,350, and $60,000 (this week’s high).

It is important to point out that the RSI is now the most oversold since mid-January as it falls beneath the 30 level. This indicates that the market sentiment is pretty bearish as the price drops. In this bull run, the last two times the daily RSI fell below 50 was the last days of the past two months. On both occasions, it took bitcoin no more than two weeks in order to record a new all-time high.

Moreover, the Stochastic RSI is extremely oversold, and a bullish crossover might give some hope for a bullish correction.

Bitstamp BTC/USD Daily Chart

btcusd-mar25th
BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

btcusd-mar25-4hr
BTC/USD 4-Hour Chart. Source: TradingView

Source: Crypto Potato

Stimulus Checks Arrive: Is Bitcoin Set to Hit Another Record High?

US retail traders are gearing up to put billions of dollars into the bitcoin market when stimulus payments begin entering bank accounts later this week, adding more speed to a trading frenzy that swept the cryptocurrency industry last year.

Small investors are likely to buy almost $40 billion worth of bitcoin and rival cryptocurrencies when the payments, part of US President Joe Biden’s $1.9 trillion spending package, gets transferred in coming days, according to a survey conducted by Mizuho Financial Group, a Japan-based banking firm.

The Mizuho analysts, led by Dan Dolev, surveyed 235 people with a maximum income of $150,000 or less, with 40 percent responding that they would utilize a portion of their stimulus money to invest in bitcoin or stocks. Mizuho noted that that would roughly bring about $40 billion into the cryptocurrency market, out of the total $380 billion in stimulus checks.

The survey also concluded that most retail investors would rather put money in bitcoin than in stocks. The cryptocurrency attracted 61 percent yay votes versus 39 percent for equities, raising its likelihood to swell its market capitalization by an additional 2-3 percent.

More Funds Incoming

The coming deluge in the Bitcoin market underscores the large role retail investors — stuck at home due to coronavirus lockdowns with spare time and cash — can play, armed with free trading platforms.

Their presence has ensured that even the most bearish stock like GameStop rallies by hundreds of percent in a single day. Similarly, an almost useless token like Dogecoin gets to beat some of the most bullish cryptocurrencies by logging higher sessional profits. The flow of money from the previous government has given these traders the tools to play the markets.

Meanwhile, Robinhood, the free trading app in the US—which offers stock and bitcoin trading services, has already sent a newsletter to its customers, stating that the stimulus has arrived. The previous $900bn stimulus package followed up with a 7 percent increase in funds by Robinhood clients. With Mr. Biden’s 1.9 trillion dollar aid, the deposits on the platform expect to rally higher.

“We thought that last year was an over-the-top year, with the big increase in the market being driven by retail,” Richard Repetto, an analyst at Piper Sandler, told FT. “This year is not just a continuation of that momentum; it’s a step up.”

Bitcoin Holds Support

The Bitcoin market continues to hold onto its crucial technical support areas, having corrected sharply from its recently-established record high of $61,788 (data from Coinbase).

As of Wednesday, the benchmark cryptocurrency maintained a price floor above $55,000 as traders kept a close eye on the Federal Reserve to see whether they address the recent rise in long-dated Treasury yields. Rate-setters at the central bank started a two-day policy meeting, and its chairman Jay Powell will speak on Wednesday about their future decisions.

Rising yields have helped to take the US dollar out of its yearlong bearish slumber.

In turn, that has diminished the appeal of safe-haven assets like bitcoin in the short-term. Loose monetary policy, progress in COVID-19 vaccinations, and Mr. Biden’s stimulus have helped lift the cryptocurrency higher in recent months. But any signs of the Fed getting worried about rising inflation could dent the Bitcoin rally and move investors toward the US dollar.

Conversely, any indications show the Fed’s willingness to address the rising yields could have the central bank reallocate its $120bn monthly asset purchase program to long-dated Treasuries. Or, it could expand its bond-buying program altogether, thus leading the yields lower.

In turn, that would help Bitcoin continue its uptrend—towards a new all-time high.

Source: Bitcoininst

Ethereum is Poised to See an Explosive Surge to $850 as Strength Mounts

  • Ethereum has seen some wild price action over the past few days, with its bulls moving to erase its pattern of underperformance that has plagued its price action
  • The crypto is now sitting firmly above $730 and may be positioned to see even further upside in the coming days
  • This rebound seen against its USD trading pair has also come as it shows subtle signs of strength against BTC as well
  • Weakness on ETHBTC has been plaguing its price action for the past few weeks and may continue to do so in the mid-term
  • One trader is confident that serious upside on both pairs could come about shortly, however, as he is pointing to a bullish technical pattern
  • He is specifically targeting a move towards $850 in the short-term

Ethereum and the rest of the cryptocurrency market have been flashing some subtle signs of strength over the past few days, with buyers being in full control of the crypto’s price action.

This has helped buck a multi-week trend of underperformance seen amongst all altcoins, with Bitcoin’s rally happening almost entirely in isolation of the rest of the market.

Where Ethereum trends in the mid-term may depend largely on whether or not bulls can sustain the newfound momentum they have created.

One analyst is watching closely for a move up towards $850 in the near-term.

Ethereum Gains Momentum as Altcoins Rebound 

At the time of writing, Ethereum is trading up just under 7% at its current price of $730. This marks a notable rebound from its recent lows of $560 set on the 24th of the month.

The crypto’s recent strength has come about as Bitcoin’s rally takes a slight pause, with the recent rejection at highs of $28,500 sparking a consolidation phase.

This has allowed altcoins – including Ethereum – to gain some momentum.

Analyst Claims ETH is Poised to Rally Past $800 Next

Ethereum’s rally may just be getting started. One trader is now expecting it to see a move up towards somewhere between $800 and $850. He notes that strength on its BTC pair may drive this movement.

“Sticking to the plan for ETH/BTC pairing. Next up 29, than 315. This should trigger some very solid movement on the USDT pairing. $800-$850.”

The coming few days should shed light on where altcoins will trend in the mid-term, as it may depend entirely on Ethereum.


Source: Bitcoininst

Altcoins Time?

After another highly volatile weekend trading day consisting of a new all-time high above $28,000 and a massive rejection, including a drop below $26K, BTC has calmed and as of now trading safely around $27,000.

Most altcoins have finally joined the party with some impressive double-digit gains, including Ethereum breaking north of $700, recording a current daily high at nearly $740, which is the highest of 2020.

Bitcoin’s New ATH And Subsequent Rejection

The primary cryptocurrency continued with its remarkable performance during this year’s Holiday season yesterday. After charting consecutive all-time highs above $26,000 and $27,000 on the days before, bitcoin headed towards another major milestone – $28,000.

It didn’t take long for the cryptocurrency to break above it. The run saw BTC painting the latest ATH at nearly $28,400 (on Bitstamp). Quite impressive considering the fact that BTC was trading around $10K during October.

However, as the community started speculating on the next major obstacle at $30,000, the bulls took charge. In the following hours, BTC dumped by more than $2,000 to a daily low beneath $26,000. Nevertheless, the asset has recovered some losses and currently hovers around $27,000.

From a technical perspective, the first support levels situated at $26,850, $26,500, and $25,700 (yesterday’s low) could assist in case of another price breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Rise: Ethereum Breaks Above $700

The altcoin market trailed behind BTC during the latest run. Consequently, bitcoin’s dominance surged to a yearly high of nearly 72%. However, most altcoins have awakened in the past 24 hours with serious gains, thus reducing BTC’s dominance beneath 70%.

Ethereum is among the most impressive performers with a 15% surge on a 24-hour scale, as recorded earlier today. As such, the second-largest cryptocurrency by market cap has overcome the $700 price tag and reached its highest level since early 2018 – $738 (Binance).

Chainlink has added a similar percentage to its price and trades above $12.5. Bitcoin Cash (4%), Binance Coin (3.5%), Polkadot (4.5%), Cardano (2.25%) are also in the green.

Litecoin and Ripple are the two coins from the top ten that have lost value. LTC (-3%) struggles with $130, while XRP (-5%) is down to $0.28.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Ocean Protocol (13%), THORChain (10%), Decred (10%), Aave (10%), Uniswap (9.5%), and Kusama (9%).

Source: Crypto Potato

The Altcoins Christmas Bloodbath – Market Cap Lost Over $40B

Bitcoin’s recent rollercoaster continued in the past 24 hours with another $1,000 move before settling around $23,000. However, BTC’s dominance has spiked as the entire altcoin market has bled out, led by Ripple’s continuous drops.

Bitcoin’s 24H Wild Ride

The past several days have been particularly volatile for the primary cryptocurrency. Just a few days ago, BTC skyrocketed to a new all-time high of $24,300 before getting rejected and dumping by more than $2,000.

Bitcoin recovered most losses rather quickly and even attempted a few breakouts above $24,000 again. However, the bears intervened and didn’t allow any new records.

In the past 24 hours, BTC spiked from a low of $22,800 to an intraday high of around $24,000 once more. Another rejection followed that drove the asset beneath $23,000 hours later. Nevertheless, BTC has reclaimed some ground and currently trades around $23,000.

Should another price breakdown arrives, the technical indicators suggest that BTC could rely on the support levels situated at $22,700, $22,500, and $22,000.

Alternatively, the significant resistance line at $24,000 would be the first major obstacle if bitcoin resumes its recent bull run.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Bleed Out, Market Cap Dives

It’s safe to say that the alternative coins have seen better days as most have been losing substantial chunks of value for a few consecutive days. Such is the case with Ripple’s XRP.

After the SEC brought charges against the payment processor, the native token XRP has been plummeting in value. In the past 24 hours, the asset has lost another 30% and struggles at $0.25.XRP has dropped by 60% since Saturday.

However, it seems that most altcoins feel the adverse effects. Ethereum has dropped by 6% to $575, Bitcoin Cash (-10%) trades at $275, Binance Coin (-7%) sits at $31, Polkadot (-4.5%) is well beneath $5, and Litecoin (-7%) struggles to stay above $100.

Apart from XRP, Chainlink and Cardano have also plummeted by double-digits in a day. LINK (-17%) fights to stay above $10, while ADA (-11%) is at $0.135.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further declines are evident from numerous lower- and mid-cap alts. Band Protocol (-17%), Algorand (-15%), Yearn.Finance (-15%), Zcash (-15%), EOS (-14%), Neo (-14%), Dogecoin (-13%) are just a few.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost over $40 billion in a day and $60 billion since Sunday.

With BTC’s relatively moderate price decline, while the altcoins are deep in the red, bitcoin’s dominance over the market has surged to over 69%.

Source: Crypto Potato

Real Estate Billionaire Sam Zell Skeptical of Bitcoin but Says ‘It May Be the Answer or One of the Answers’

The founder and chairman of Equity Group Investments Sam Zell says he is sceptical of bitcoin but concedes that it may be part of the solution. In particular, the billionaire and real estate magnate thinks the bitcoin community is composed of many individuals that he is not fond of.

Fast Talking Characters

In remarks made during an interview, the billionaire, who predicts that the U.S. dollar will lose its status as the world’s reserve currency within the decade, has no kind words for some unnamed individuals in the bitcoin space. A report quotes Zell remarking:

I am very sceptical, frankly, of bitcoin. Ultimately, it may be the answer or one of the answers. But right now, it’s a world that’s extraordinarily populated by chameleons and other fast-talking characters. I don’t believe everybody involved in it are the kind of people I’d like to follow.

Although the billionaire does not explain how BTC can be one of the answers, the same interview, however, does provide some hints as to why Zell thinks so. When talking about the possibility of the U.S. dollar losing its reserve status, Zell warns:

“If we keep doing what we are doing right now, I think it is 10 or 15 years away. If we lose the reserve status, I could see a 25% reduction in our standard of living.”

US Dollar Reserve Currency Status

Meanwhile, other individuals and organizations including the International Monetary Fund (IMF) seem to share the billionaire’s sentiments on the U.S. dollar’s future status. The IMF says central banks now need to think about the possibility of replacing the dollar with other alternatives which include digital currencies.

However, for his part, Zell warns of the disastrous consequences ahead if the tradition of “unlimited debt and irresponsible activity” does not end. Many analysts including bitcoiners see the excessive borrowing and printing of money as the prime cause of the U.S. dollar’s depreciation. The resulting diminished dollar value then forces some investors to seek and invest in inflation resistant assets like fiat money. Bitcoin is proving to be one such asset.

What do you think of Zell’s bitcoin remarks? Tell us what you think in the comments section below.

The post Real Estate Billionaire Sam Zell Skeptical of Bitcoin but Says ‘It May Be the Answer or One of the Answers’ appeared first on Bitcoin News.

Source: Bitcoinnews.com