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Bitcoin recovery receives dreadful warning from a top financial analyst

By | Edited By Ali Qamar,,

Ever since that mysterious Asian investor (or a group thereof, nobody knows for sure so far) placed that big buying order for Bitcoin last April 2nd, the Bitcoin market has experienced something that looks like a bullish run, but that could still not be. The effect hasn’t been limited to Bitcoin.

Because the mother of all cryptocurrencies is so influential in the cryptosphere by being the largest one and also by being the main base-currency in most crypto-to-crypto exchanges, what’s good for Bitcoin is good for almost all crypto coins. So the whole market has been going up for seventeen days now.

Bitcoin’s price grew at epic proportions during 2017. During that same period, the ICO mania that seemed to take over the crypto verse pushed the price of most tokens up to never before seen levels. The peak came on December 17th with Bitcoin above USD 17.000,00.

And then the next day arrived. With it came the bearish run that gave us a crypto winter that has taken away about 85% of the market’s value and that’s lasted for more than 16 months. The 2018 events forced many reputable (if over-optimistic) analysts to swallow the words they said or wrote over how good 2018 would be for crypto.

And that’s where we stand right now. At a point in which the last few weeks have been good for the market, but the harsh winter’s memories are still too fresh to be too optimistic. Is the current market status the beginning of the next big bull market or just a reaction to that now legendary buying order?

An expert opinion

One of UBS’ main tech analysts has something to say about the current situation, and while he’s not prophesying any doom scenario, he’s not all that optimistic either. In his analysis, the recent recovery (which has been modest, anyway) doesn’t mean that Bitcoin will recover its previous high levels in the short term. Not even if it’s gained about 40% for the last four months.

While Bitcoin’s price lost a lot of value during 2018, it gained in another critical aspect: stability.

That’s an essential feature for analysts because it tells them (or so they tell us) that we are going through a bubble-busting phase. “The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,” wrote Kevin Dennan (the UBS analyst) in a research memo for customers.

Mr. Dennean drew parallels between Bitcoin’s 2017 bonanza with previous (and notorious) bubbles such as the Dow Jones before the Great Depression, the 1989 Nikkei fiasco, the dot com bubble in the ’90s, oil in 2008 and China’s most recent stock calamity.

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are,” Dennean added.

If Bitcoin follows on the Dow Jones footsteps after 1929, Bitcoin holders would need to wait 22 years before they can recover their December 2017 investments. With an added problem. It was World War II and its aftermath which prompted that recovery, and no such catastrophic event insight would boost Bitcoin back up.

Mr. Dennean referred to several asset classes that lost more than 75% of its value after peaking. Only two of those ever went back to their highest levels.

Perspective

The kind of analysis presented by the UBS expert is quite valuable insofar as it promotes prudence. Too many optimists are already persuaded that the bearish winter is already over, and that’s a dangerous position to be in, especially if it turns out to be incorrect.

That being said, the crypto verse is an entirely different animal from the stock market, forex, commodities, or any other traditional financial market. Over the decade Bitcoin has been around, we’ve seen it go down by 80% or more about four times already. Each time it’s bounced back with a vengeance to reach even higher levels.

So we do not doubt a recovery. It will come in the future, and it will make 2017 look like small potatoes. When will that happen? We have no idea whatsoever. But you should keep in mind that neither does anybody else.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

The ultimate Tron (TRX) price prediction for 2019

By | Edited By Ali Qamar,,

Tron is a third-generation blockchain platform that allows you to develop, deploy and store smart contracts and decentralized applications. It also facilitates the process of publishing content (especially multimedia) and data. That set of features makes this blockchain particularly attractive as an entertainment platform. It also makes the network very versatile and ensures that plenty of applications and use cases are available for the blockchain and its native token, Tronix (TRX).

The newest blockchain projects are very much about new use cases and applications for the blockchain technology, and they’re not exclusively centered on supporting a cryptocurrency (like it happens for Bitcoin, Litecoin, or many other blockchain networks).

That being said, cryptocurrencies are still investment assets as well, and it behooves any potential investor, such as you and me, to look into any specific digital coin in that way to figure out if it’s the right choice for investment or not. In this article, we’ll try to answer that question for Tron’s TRX.

Tron price predictions for the current year

Investingpr.com expects TRX to reach USD 1.00 before a lustrum. Some would say that’s quite a conservative forecast, but it would make Tron a good investment option as it represents a 3800% increase in price over its current level.

The driving force behind Tron’s rise in value will be the platform’s usefulness, user base, and future extended usage. More developers are expected to adopt the platform (it’s grown incredibly fast already) to deploy their projects, and all those new contracts and applications will attract new users, increase trade volume for TRX thus supporting the token’s appreciations.

Tron is also engaged in making sure that developers have an easier time publishing content. We’re talking about one of the very few blockchain networks which facilitate content publishing without any restrictions. That’s how versatility is promoted in the application menu available in the platform.

More applications mean more usability. Which, in turn, means more users, more circulation for the token. And all those factors boil down into higher market prices. So the platform holds immense technological potential which will support an equally vast potential for the currency.

So if you’re interested in becoming a Tron investor, this could be the right time to get in the game as the price is currently meager at $0.026159 and rising in value overall. Mind you; the rising trend is for days, not for hours, so don’t go in if you’re looking to use TRX as means to do day-trading. At least not in the current circumstances. But Tron’s potential for future growth is indeed very high, so it’s worth examining the project and its market position.

The digital asset is performing ok in the crypto markets so far. The blockchain’s mission is to decentralize the web. No central servers, no central authorities. It would be something like the web running on the BitTorrent network (which is already owned by Tron, by the way). The result would be a free planetary international content platform (probably heavily focused on entertainment) that will allow people to send, upload, download, retain, share or store all kinds of content.

Tron was founded by Justin Sun, who serves as the Tron Foundation’s CEO. Most of the Tron’s activity is centered in Mainland China, but the Foundation is a not for profit organization established in Singapore, which is a country/city in which many other members of the blockchain industry have set up shop to take care of their Asian operations.

Most of Tron trading takes place in Binance. About 75%. This is no surprise as Binance is the world’s largest cryptocurrency exchange in the world, and it’s one of Tron’s most important strategic partners. They’ve launched several projects together (like the BitTorrent Token initial offering, which will be the digital asset fueling the new BitTorrent network that will run on Tron’s blockchain).

Tron’s TRX is currently ranked at the eleventh spot in the world by market capitalization which is quite a feat for a project that’s barely 1.5 years old.

So the project has a lot of potential both as a technology and as a crypto coin which is why many analysts are forecasting exponential growth for the token during this year. The forecasts come in all shapes and sizes, and we’ll share some of them with you.

Some analysts are talking about USD 3,75 in the upcoming 90 days. Some are even predicting a peak value of USD 12,00 sometime during 2019. Long-term analysis done in the same spirit by other experts points out to USD 52,19. This would be fantastic news indeed, but we find all of the predictions in this paragraph to be a little bit too optimistic. Not because Tron lacks potential, but because each of those forecasts implies an explosion in value that’s probably never been seen in the crypto verse in such a short time.

Tron’s strategic partnerships strategy

Meaningful strategic partnerships go a long way in any industry, and Tron is working very hard to secure many exciting partnerships that enhance its project’s potential. And it already has many of those under its belt.

Further project development

The project’s leader, Justin Sun, is on the record announcing that Tron already has more distinctive addresses than EOS, and more new addresses in first ninety-five days after it launched its main net than Ethereum during the same period. Mr. Sun also announced Odyssey 3.1, which will be an update for the blockchain. According to the promised specifications, it is going to be faster than ETH (200x) and cheaper than EOS (100x). Sounds too good to be true?  Maybe. But Tron has us used to delivering in every promise, always on time, and ever as expected.

Tron’s technology includes a virtual machine (TVM – Tron Virtual Machine) which is a plus. This enables developers to write their code in any programming language they fancy, then let the virtual machine deal with the details in making it work on Tron’s blockchain. This is a far cry from Ethereum’s developmental process that requires developers to learn how to write code using Ethereum’s very own native programming language. Talk about openness and versatility.

So the network has developed significantly over the last few months, and we’ve just scratched the surface. For instance, we haven’t gone into detail about Project Atlas (BitTorrent’s integration), or about the Tether re-deployment of the USDT stable coin as a Tron-based cryptocurrency that will now run on Tron’s blockchain just to mention a couple of milestones that have been commented extensively in the crypto verse.

The project’s adept management, superior technology, and bullish community increase Tron’s potential even further. That makes for rock-solid fundamentals that can only mean that the coin’s price will reflect the network’s success very shortly.

Mr. Sun is also in excellent terms with many of the world’s leading exchanges (Binance, BitForex, ShiftMarkets, and OTCBTC, for instance). The BitForex partnership will be particularly relevant when a bullish run comes to Tron, and we’ve already referred to joint work done with Binance.

So TRX is slowly but steadily acquiring authority as a cryptocurrency, and it’s been a profitable option. Its low price makes it very accessible for retail investors, and while its use cases remain mainly limited to the decentralized applications in the network, the Foundation is working in expanding its payments system so you will soon be able to use it to pay for your groceries at brick-and-mortar stores near you.

2.78 USD by coming September

That’s what many reputed crypto analysts we know think. Analysts are assuming that September will see Tron’s price at USD 2.78 because of the strong fundamentals supporting the coin. Besides, Tron’s definitely been trending upwards during the year.

There are further predictions, but before we delve into highly speculative forecasts (and make no mistake, that’s what they are), we will start by talking about the big elephant in the room. The cryptocurrency market remains very volatile, so price predictions are an incredibly difficult task, even if you’re an expert in technical analysis or in any other traditional speculative market (stocks, forex, commodities or whatever).

We will give you a series of predictions by several organizations and personalities in the crypto verse for the sake of completeness, but you should have a grain of salt ready for every prognostication.

New investors will arrive from the payment platforms (think PayPal), and that will make the token’s value go up to USD 1,5.

Potential for mergers: Mr. Sun is Jack Ma’s close friend and protegé. He studied under him at Ma’s Hupan university. And a little help from Alibaba could go a long way in establishing Tron as one of the crypto world most relevant players. This is not written in stone. Neither Tron nor Alibaba has ever announced plans to collaborate in any way at all, but the close relationship between the project’s founders keeps the doors open for anything to happen.

So what will make Tron grow?

Partnerships. Some massive names in the entertainment industry are already Tron’s partners. Game.com, Bitmain, UPLive, oBike have all signed up already. They are enhancing the network’s popularity and user base. That, in turn, will bring attention to new potential partners. It’s a virtuous circle. In the past, partnership declarations have influenced the TRX price.

Good PR and Marketing. Mr. Sun is very adept in implementing marketing, and public relations strategies as it’s shown by how he uses his Tweeter account. He’s also been listed in “30 under 30” of Forbes, and he already boasts a proven successful track record as a tech tycoon being Peiwo’s founder which is the leading messaging service in Mainland China where it’s giving a run for its money to Snapchat and other Western competitors. His close ties with Alibaba’s Jack Ma are not precisely hurting his influence and reputation either.

Speculation: the TRX price went up by 3.650% from December 9th to January 9th, 2018. That is more significant because of timing. It happened as the crypto winter was arriving (December 18th, 2017) so this was a token that managed to grow in value as the whole of the market was receding. The rise came about because of rapid growth, mainly.

Potential: Tron vision’s and mission’s ambition is just tremendous. It’s to create a web in which the usual central authorities (Apple, Google, Youtube, Facebook, Microsoft) become irrelevant and powerless. Sounds like too much? Well, it is, to be sure. But keep in mind that we’ve seen this kind of revolutions several times over in the digital environment.

Microsoft, Yahoo, Google, YouTube, Amazon, eBay, all seemed quite inoffensive in the beginning and turned out to disrupt the technology world, the internet, even the world itself in meaningful ways. Tron could follow in those steps. Is that the most likely thing in the world? Maybe not. But it’s possible for sure.

What could hamper Tron’s growth?

Focus on a single individual. Yes, Mr. Sun is a competent administrator, and he’s become something of a charismatic leader. But some critics believe that Tron’s actions rely a little too much on the founder’s prestige.

If Mr. Sun was to be involved in some kind of scandal and his reputation was questioned, the effect on the project could be lethal. This was close to happening not too long ago as the Tron community was divided about the delivery of a Tesla car as the prize for a competition.

By contrast, Satoshi Nakamoto (Bitcoin’s founder) holds a heroic status, but he’s remained silent for the best part of a decade. Another example? Linux is an example of a disruptive project, led by a founder (Linus Torvalds) who is still in charge of the kernel development process but keeps a rather low profile. There’s nothing wrong with Mr. Sun enjoying a little attention and being on the limelight. But he gets lots of attention and is on the spotlight all the time.

Perception of marketing. As stated before, Tron’s marketing is very effective, but some people find it irritating or controversial, to say the least. Even bullish community members are not always on board with the Foundation’s marketing schemes. Overhype tends to get people’s attention and create manias, which are good while they last. But then comes a correction, which is like a hangover.

Plagiarism: This is old news, but it happened. On January 2018 some allegations surfaced about Tron’s white paper being plagiarized from IPFS and FileCoin. Mr. Sun did some damage control through his Tweeter account by arguing that the lack of references (among other issues related to the white paper) resulted from translation errors.

It’s been a while, and while there was some damage to the public’s perception, it’s been mostly irrelevant so far. But it’s the kind of thing that could come back to haunt the project in the future.

Lack of adoption: adoption will be the key for every single cryptocurrency and blockchain network on the planet. The game is all about bringing the asset and the technology into the mainstream and have otherwise crypto phobic users involved. Tron’s objectives mean that its competition is not going to be Bitcoin or any other blockchain project. Not even Ethereum nor EOS. It’s going to be about facing and beating Google Play, Facebook, Instagram and YouTube at their own game. It’s a tall order.

The competition

Tron’s aims may be huge, but they’re not unique, as other platforms (some of which are also blockchain-based) are trying to do the very same thing. Tron’s network is superior in the crypto verse, but how it compares to a handful of crucial other projects will be very important for the future. Here are Tron’s competitors:

The value of Tron (TRX) in the months and years to come will, in part, be driven by how Sun-led blockchain compares to other rivals in the entertainment content market online. The leading entrants worth watching closely include:

The usual suspects: there is no shortage of content platforms on the web (and we mean the desktop and the mobile web). Twitter, Facebook, Instagram, iTunes, Google Play, YouTube.

It’s not even a remotely extensive list, just the most prominent names that control the best part of the industry’s traffic (thus deciding how content creators can monetize their work). Each and every one of those platforms is quite powerful, and it’s not going to welcome any competition readily. Tron will be burdened with offering itself as a viable option.

LBRY: it’s a community-run marketplace and digital media library built around the central aim to fight censorship and authority centralization. Users can upload their own content, set their very own fees and decide how their work is propagated through the network.

Po.et: also based on blockchain technology. It enables creators and publishers to manage their digital media while awarding them with indisputable ownership proof so that there’s no confusion about attribution.

SingularDTV: something of a blockchain-based YouTube clone platform.

Tron and the future

The next few months will be determinant for Tron’s future just as the care you give to a plant is crucial for the adult’s plant condition.

Mr. Sun’s performance will be critical as well. He’s something of crypto celebrity who inspires only black and white opinions. Either he’s a genius; as influential and important as the great Elon Musk is for Tesla or a text plagiarist with a taste for deceitful marketing. Love him or hate him, Mr. Sun has been Tron’s driving force since its foundation and evolution.

But no factor is going to be more relevant for the project’s success than mass adoption. Adoption for the TRX token, for sure, but also for BTT within the re-branded BitTorrent network and of USDT-Tron. Tronix (TRX) may be the project’s original digital asset, but as the project has developed and expanded into new directions, the performance of the other two coins will be critical as well. The three will influence each other because TRX is the base currency for the other two, and the three will be the currency in the whole Tron network, or at least in some specific sectors, especially BTT.

But adoption also goes to technology. Tron will have to attract bloggers and YouTubers to do their thing using Tron’s platform instead of the usual centralized websites. And as they come and try it out, the network must remain fast, reliable and cheap to use.

So you put all that information together and trying to see Tron’s future clearly turns out to be very complicated. While there’s no doubt about the solidity in the project’s fundamentals, it’s also true that the project aspirations are formidable which means the challenges that must be overcome are every bit as significant. And chances are that they will be hit and miss, partial advancement is welcome as part of the process, but not as a final result.

And as all that is in the process of becoming a reality, the Tron Foundation and its leader must find a way to stay away from any kind of controversy even if that means to sacrifice a fraction of the attention they both get from the crypto verse.

Conclusion

There’s a lot of promise in Tron as a platform and as a cryptocurrency too. But the road ahead is going to be bumpy. So far, everything has been peachy. Even the white paper scandal didn’t make much of a dent in the boss’ and the project’s reputation. The new Main Net worked great from the beginning, and it’s gained new users, deployed new apps and contracts at higher speeds than any other project.

Tron has made no mistakes, and it’s going forward with a steady pace, growing at a time in which most other blockchains are shrinking, and delivering on every promise in a timely way while meeting expectations. If they keep on going like that, things look bright.

BitTorrent will be merged into Tron’s network soon thus turning it into the world’s largest decentralized P2P network. We are talking about hundreds of millions of users scattered everywhere on the planet. Most of them don’t care all that much about crypto, so chances are they will stay away. But even if just a few realize the changes in the network and become interested in Tron, their sheer force in numbers could propel Tron beyond Mr. Sun’s wildest dreams.

So Tron’s path so far has been excellent. Achievements have been great as well, but challenges are on the same scale.

So, should you become a TRX holder? We haven’t got the slightest idea because it’s up to you. You will need to carry out your own research (starting with this article, maybe) and keep up with Tron’s news to make an informed choice.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

It is the ‘time to buy’ Bitcoin (BTC) again, a new report says

By | Edited By Ali Qamar,,

Adamant Capital is a Bitcoin alpha fund funded by Tuur Demeester, who is ranked by hive.one as the ninth most influential personality in the crypto verse. His company just published a new report featuring a bold conclusion on the current cryptocurrency market: the crypto winter is about to finish (but not yet), so this is the time to buy Bitcoin while is cheap in preparation for the ‘next’ bull run.

It’s not a first time for Adamant. It published similar reports in 2012 and 2015 explaining that Bitcoin was severely undervalued both times and they reported so.

“Now, at 75% below its 2017 all-time high, we believe the current bear market represents an exceptional opportunity for value investors,” write Mr. Demeester and another Adamant Capital expert, Michiel Lescrauwaet.

There is a jargon expression for this kind of thing. It’s called “accumuation phase” because this is when you buy (cheaply) as much as you can of an asset, and then wait for the market to turn upside down.

The current Bitcoin accumulation phase, according to Adamant Capital, will see BTC trading in a zone defined between USD 3k and USD 6.5k. The fund believes that the market capitulated (which is jargon for general panic) on Bitcoin during last November 18th. A lot of investors got out of the game, especially retail ones, affecting a 48% drop in price.

The report explains that retail speculators have fled the market several times in the past, and they illustrate and support their observations with several historical data points. And they left again about five months ago. Chances are they will keep away until the crypto summer begins.

It uses Google Trends data to show how retail investors are apathetic and disinterested based on the diminished number of Bitcoin-related google searches which are at a low ebb not unlike that of March 2017, at the time when the price was moving around the USD 1.5k level.

Decreased volatility also seems to show that retail investors are gone for now, according to the report, “High Bitcoin volatility can be a proxy for the involvement of trigger-happy retail speculators, whereas low volatility tends to coincide with phases of consolidation, apathy, and accumulation.”

The Hodlers make a comeback

Adamant’s report also boasts the market roles of long term Bitcoin holders. They’re known as hodlers. Standard crypto lore says they have the most significant influence on Bitcoin’s price. This notion was “officially” presented in a paper published in 2014 more as a technical resource than as an empirical fact. That being said, the idea is consistent with supply and demand and all we know (which is not all that much) about monetary theory as it applies to cryptocurrencies.

Hodlers stick to their Bitcoin tokens because they genuinely believe in the currency as a means to store wealth. But also because (some of them) consider in its future prospects as a genuinely viable option to replace fiat money all over the world while day traders just want to make a profit and leave. Another characteristic in the hodler’s attitude is that he’s not afraid of the dips.

For him, those are great opportunities to buy at the lowest possible price and then sit and patiently wait until the market goes back up. This crypto tribe is playing based on the fundamentals and strictly for the long run. Some of them are planning to keep their tokens out of circulation until they’ve made them rich.

Some others, until Bitcoin is ubiquitous and it better fulfills all the roles that authentic money is supposed to. Their lemma is “by the time we’re ready to cash out; we won’t have to sell.” That assumes that, by then, Bitcoin will enjoy wide mainstream adoption and it will be global and immune to politics.

It’s tough to pinpoint the hodler’s effect on the market price, but it’s not impossible. Bitcoin’s blockchain is transparent so, if you do your homework, you can figure out which wallet addresses are holding steady amid price panics.

So how do hodlers affect the market? By lessening inflationary pressure. Remember that Bitcoin was designed with inflation-control in mind since its very inception. That’s why only 21 million tokens will ever be mined. Hodlers take coins out of circulation hence producing deflation and increasing price. Yes, that remains highly theoretical, and nobody has been able to come up with a set of hard data that can prove this beyond any reasonable doubt.

In Adamant Capital’s view, hodlers were increasing their positions during most of 2018, taking advantage of dips, hoping for the prices to rebound. Then the whole market gave up. “That all changed in November 2018,” the report reads. “As the price dipped below $6,000, holders panicked and sold off coins. From November 14 to 16, over 70,000 Bitcoin days were destroyed, which was the biggest move of old bitcoins since February 23 of that same year.”

The report continues “Indeed, a lot of institutional investors got cold feet in late 2018, which we learned from talking to connected brokers and investment banks.”

Things seem better

The report sees an improved market sentiment. That happened as the new current year began. And it identifies something of a pattern that resembles those we’ve seen in previous Bitcoin roller-coaster cycles.

It informs,

“We can see that the 2018 drawdown of 84% from the all-time high is on par with drawdowns from previous cycles (-92% in 2011 and -85% in 2014-15). In our opinion, the parallel with previous cycles is sufficient to validate our thesis that we are back in undervalued territory.”

Adamant identifies this as a natural process by which Bitcoin’s operations are mutating from high-volatility cycles to more stable ones in which volatility is not as bad (but not lacking either, at least until it achieves its final stability state, which is not going to be anytime soon).

“While the markets could dip back down for a re-test of the November lows (or lower still) to further digest the hundredfold run-up of 2015-17, we feel strongly that Bitcoin is undervalued at these prices,” says the report.

Final thoughts

The report’s information and conclusions are quite impressive. It’s not overly optimistic as it’s not saying that the already protracted crypto winter is over, which has become something of a rule among a few analysts over the last couple of weeks. Rather than encouraging readers to get back in the Bitcoin game because of the potential short-term profits.

It instead explains that there’s still an uncertain period ahead that’s not a bad thing at all as it allows buying relatively cheap tokens that will go up in price significantly as the new bull run arrives. It’s optimistic, but it keeps the reader’s head cool.

We encourage anybody seriously interested in the state of the Bitcoin market to read this document with the utmost attention. It will be useful even if your cryptocurrency of choice is other than Bitcoin because the status it holds as the mother and father of all digital assets makes it exceedingly influential. When BTC price goes up, it drags the whole market upwards and vice-versa.

But also keep in mind that the cryptocurrency market is still very young and it’s not mature yet. The stock exchange has been around as a market for centuries, and even experts are still not sure how it works, and those very same experts don’t dare to mess with Bitcoin, for the most part, because it’s even harder to predict.

So when it comes to the crypto verse, nothing is written. There are no guarantees. Risks are there, and they can be very high. But that’s why it’s so much fun too, right?

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Ethereum founder Vitalik Buterin couldn’t intern at Ripple in 2013

By | Edited By Ali Qamar,,

Vitalik Buterin, Ethereum’s founder and leader (hence the man who created second-generation blockchain technologies) tells the world how he tried to get an internship at Ripple Labs in San Francisco –and failed in a casual tweet.

According to Mr. Buterin, he tried to work at Ripple as an intern during mid-2013. That’s the same year in which he started to develop the project that later became the Ethereum blockchain and network. The reason that kept him away from the company behind the XRP currency was red-tape related to the American visa.

Ethereum’s creator is not a young developer looking for work anymore, but one of the world’s foremost experts in cryptocurrencies and blockchain technology. Oh yes, he’s also a cryptocurrency millionaire. But aside from his personal wealth, his network was the first one to support the development and deployment of decentralized applications and smart contracts.

That achievement has given his network and himself a vast prestige that remains current today, even as the Ethereum network faces significant challenges at the present time. He said that the reason he couldn’t make it to Ripple as an intern was that the company was newly founded.

In his own words:

https://twitter.com/VitalikButerin/status/1119148572107165696

Mr. Buterin needed a visa so he could pursue his career inside the US as he is Russian. And he’s not alone in being denied working options because of visa problems. His shared his “fun fact” to complement a message posted by Brian Armstrong (Coinbase’s CEO) in which he was detailing how Eric Yuan (Zoom’s CEO) was denied a US visa for eight times in a row. That didn’t stop Mr. Yuan’s career who now enjoys an excellent reputation in the technology world.

And the lack of a visa didn’t stop Mr. Buterin either. Ethereum is more prominent and more influential in the crypto verse than Ripple, and its cryptocurrency is also more substantial than XRP.

XRP is indeed augmenting its use in the banking and remittance industry. But a recent revelatory study reveals that about half of Forbes Billion dollar companies use the Ethereum blockchain in one way or another. And Ethereum’s blockchain is several years younger than Ripple’s, so it’s gained more acceptance in less time.

What would have been of the crypto world should Mr. Buterin been able to work at Ripple? Maybe it would have enhanced his creative drive. Perhaps we wouldn’t have an Ethereum network. It’s utterly impossible to know for sure. But the one thing that remains clear is that apparent failure to achieve a goal in the immediate future doesn’t necessarily mean that a person’s plans or future success are done for. Mr. Buterin and Mr. Yuan are living proof to that effect.

The anecdote also speaks about Mr. Buterin’s resilience, which is going to be a vital asset if Ethereum is going to overcome its current challenges. For the last few months, the network has been facing direct competition from Tron, EOS and other third-generation blockchains, and it’s not been faring well.

Ethereum has been falling behind mainly because of performance issues and the price of gas, which is expensive when compared to the low costs in more up-to-date and better-performing blockchains. And that’s why the project needs the founder to set things straight.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Is Bitcoin really killing the environment? No, that is just FUD

By | Edited By Ali Qamar,,

We are all aware of China and its hostile history towards cryptocurrency. It was merely a few weeks ago that the NDRC put a draft forward to ban cryptocurrency mining in the country which now awaits the approval from the public.

Perhaps, most critics of this rapidly growing industry claim that mining cryptocurrency uses a lot of energy which they later translate that bitcoin (BTC) mining is behind killing the environmental.

However, the approach to crucifying bitcoin is wrong. We should instead start by asking how much pollution bitcoin mining produces to be rendered an enemy of the environment.

Bitcoin Mining Far Behind in Energy Consumption

It’s true that mining cryptocurrency uses a lot of energy. And it’s also true that environmentalists repeatedly have targeted bitcoin of late. However, to have an intelligent debate, all facts must be brought onto the table.

It’s misleading to attack cryptocurrencies for environmental impacts especially when we have more prominent players on the front foot.

Do you drive to work?

Yes, cryptocurrency mining uses a lot of energy, but it doesn’t create any significant pollution as automobiles do.

In fact, according to one Twitter user (@khannib), bitcoin mining for the past ten years, has consumed energy as much as US cars do in just three days. Can you imagine that?

Moreover, comparing the electricity used by the global banking sector with that of bitcoin, the later consumes relatively lower. Besides, bitcoin’s energy consumption unlike most in the banking sector is energy renewable.

Furthermore, bitcoin’s proof-of-work (PoW) model is getting more less costly as the algorithm-cracking becomes energy-efficient as a result of technological innovation. Therefore, the energy consumption of bitcoin will only improve with time.

Then What’s the Real Problem?

Clearly, environmentalists, the argument has to be that Bitcoin mining is not the enemy. Energy usage should never be the problem; instead, the way we create the energy should be the problem.

If we could be talking about prohibiting bitcoin mining due to cost issues and not environmental issues, then apparently that could make some real point. For instance, as much as it doesn’t matter how much electricity is needed for bitcoin miners, it’s good to reduce energy consumption.

Therefore, bitcoin is not the producer of energy but only uses it. The ones producing it should be in question as environmental enemies. Blaming cryptocurrency mining for not being green enough is ironic; maybe we should shift the blame to the banks.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

What will blockchain technology do for us besides its current uses?

By | Edited By Ali Qamar,,

It’s a good question. Blockchain technology has been hailed as one of the most revolutionary pieces of new technology ever to grace mankind. The blockchain was invented by the mysterious and legendary Satoshi Nakamoto with one objective in mind: to have it as the underlying technology that allows for the creation of a digital currency that would end up doing away with the traditional fiat currencies and with the conventional banking and money management system.

So cryptocurrencies were the reason for the blockchain to be created. They are still the blockchain’s primary application, but even that application has evolved over time. Vitalik Buterin created a second-generation blockchain implemented as Ethereum which was more than the substrate for a digital asset. It’s a programmable platform that allows for the development and deployment of smart contracts and decentralized applications.

Then arrived third generation blockchains (Tron, EOS, Steemit, and others) which include a native cryptocurrency in the network but that are not all about supporting a coin. Tron, for instance, wants to use blockchain technology to decentralize the world wide web. The Tron Foundation also bought BitTorrent a few months ago, and it’s working hard to merge BitTorrent (the world’s largest decentralized and P2P network by far) into Tron’s blockchain.

So far we’ve described the following use cases for blockchains besides issuing cryptocurrencies: smart contracts, decentralized apps, content sharing through BitTorrent and web content decentralization. But there’s a lot more. There’s a web site that uses a custom-made blockchain to feed chickens in farms, just to give you an example of a use case that’s 100% down to earth and in an industry that’s not very usually thought to be very tech-savvy.

What else is there? David Schwartz speaks

Blockchains are powerful, versatile, and very new in the world. They empower computers and the internet in a way we’ve never seen before so it would behoove us to wonder what else they could do that they’re not doing yet.

The Quora website asked this question recently, and they had a new answer authored by one of the world’s foremost authorities regarding blockchains. We refer, of course, to David Schwartz, Chief Technological Officer for Ripple.

Mr. Schwartz has been working on blockchain technology for years, and he’s the man responsible by Ripple’s astounding success (at least about the technical part), and he’s also responsible for keeping Ripple’s blockchain network current, updated, and working correctly. While he’s not the project’s founder (let’s not forget that the actual founder left Ripple behind so he could start Staller Lumens), Mr. Schwartz’ work is critical for Ripple, and his expertise is beyond any doubts.

So what did he answer? We’ll tell you.

Currently obvious uses

Settling payments and storing value would be the most evident use cases for the blockchain according to Mr. Schwartz. This, of course, is quite obvious as it was the way the blockchain ball started rolling and it remains the technology’s primary application.

Then expanding a little the blockchain’s power within the same industry it’s useful in settling securities, trade finance, lending and all kinds of other financial applications that are a tiny bit more complex than a simple payment system. Those instances are payment and a little additional feature that can also take advantage of a blockchain.

Thus, such apps can evolve to become more workable as the payment system, which is at the heart of such operations, is better, faster, more reliable. Mr. Schwartz explained that Ripple has been focused on settling international payments for years (since its inception, really) because of that reason.

But those use cases are not in the future. Among the applications mentioned in the previous paragraph, payments and storage of value have been there since Bitcoin came online, and the other cases are already a reality implemented, among other blockchain projects, by Ripple (and by Mr. Schwartz in person).

The future

If we start looking for use cases other than settling payments, continued Mr. Schwartz, “things can get more speculative.”

Private blockchains could offer zero-knowledge proof to solve problems such as tracking luxury goods, vaccines and all kinds of delicate merchandise or commodities. Zero-knowledge proofs are an application of cryptographic technology (and let’s not forget that blockchains are cryptography-based) that allows two parties to settle a discussion regarding what one of them can do. It works like this: let’s say you and I want to do business together.

But before we get the ball rolling, you need to know if I have the expertise actually to do what I say I can do. Traditionally there are two ways of dealing with a situation with this. You can trust my word, or I can give you a demonstration. Both options are detrimental to one of us. If you believe my word, it’s possible that I’m not as good as I said, so you’ll be involved in a losing partnership for you.

On the other hand, if I give you a demonstration and you observe carefully what I’m doing, then you could learn to do it yourself, so I’m no longer needed in the partnership, and I lose an opportunity to do business.

Cryptography solves this situation with zero-knowledge scenarios. In this context, I would be able to show you I can do what I say in a way that you wouldn’t need to have any doubts at all, but without you learning any of the details of what I’m actually doing. This is nothing short of magic, and it’s one of the most amazing applications scientists have found for cryptography, but it’s real, and it works. So in that way, we eliminate the need for you to trust me or the risk I have to expose my expertise. And this could be done on a blockchain network.

Another compelling use case would be the ability to create a consortium without all the hard work and complications that usually come with that kind of enterprise.

Mr. Schwartz emphasized the blockchain’s benefits as enhancing security and reliability. The inherent decentralization of a blockchain means that a blockchain computing system doesn’t have a downtime, which is something you can never say about a traditional database running on a central server (even if the server is in a cloud) which can go offline if something happens to the central authority that owns and manages the database.

Also, a blockchain needs not to worry about so-called “bad data” because every node in the network verifies the information in the ledger (the ledger is the pieces of useful data shared and maintained by the system as a whole through a variety of algorithms designed to achieve consensus and guarantee consistency). And this actually makes things simpler and cheaper because you don’t need to put all your resources on a central repository that you need to protect and manage.

So there you have it. Ripple’s answer was short and to the point. But it’s the opinion of an authority so it’s worth to know and to keep in mind what a crypto personality such as Mr. Schwartz is thinking because that’s how blockchain technology could develop in the months and years to come.

It’s all a bit technical and, as he said, speculative. Maybe a little Sci-Fi so far. But remember: before Bitcoin came online the blockchain didn’t exist even as a speculative idea except in Satoshi Nakamoto’s mind so we could see all these things develop and become a reality sometime soon.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron (TRX)’s use cases: Present and the future

By | Edited By Ali Qamar,,

Tron

Tron is a third-generation blockchain network. It means that it’s by no means as “simple” as, say, the Bitcoin or the Litecoin blockchains whose sole purpose is to support the existence and operation of a cryptocurrency. As first-generation blockchains, those kinds of networks have nothing to worry about except for producing new blocks that can keep the system going so the payments network keeps working and their respective tokens can be traded, exchanged, and preferably, rising in value.

Don’t get us wrong; we’re not picking on Bitcoin or any of the token-centric blockchains. All of them (Bitcoin above all) are revolutionary technologies. Those are the projects that started the digital currency movement which could disrupt the world’s financial system in such a profound way that, in the long-term, could help us to dispense with the government (or central bank) controlled fiat currencies (which are worth something only by consensus) and the world’s banking system. But the blockchain has evolved, and it keeps moving forward.

Second-generation blockchains

Vitalik Buterin found the way to turn a blockchain network into a programmable platform that supports the development and deployment of smart contracts and decentralized applications. That’s what Ethereum is, and that’s the source of the enormous prestige it still has, and why it remains the world’s second cryptocurrency by market capitalization in spite of all the complaints Ethereum users have expressed on the network’s performance and costs over the last few months.

Third-generation blockchains

And then the third-generation blockchains appeared such as EOS, Tron, Cardano, and many others. These can do everything that Ethereum does and then something extra. Tron, for instance, aims to turn the web into a blockchain network thus decentralizing it entirely and taking power away from central authorities.

It could seem like a very ambitious goal, but it’s moving in that direction. Sometime during this year, Tron will turn BitTorrent (the world’s largest P2P decentralized network) into a blockchain-based distribution network for the content of all kinds.

This all means that Tron was born with versatility in mind, thinking about all kinds of use cases for the network (and, consequently, for its currency, Tronix or TRX). The Tron Foundation has worked hard to secure many strategic partnerships that ensure a plethora of use cases for Tron as a network and as a cryptocurrency.

Tron’s use cases

First and foremost, TRX is useful to navigate and take maximal advantage of the vast amount of decentralized applications you can find in the Tron Network. Gaming applications of all sorts, as well. As like any digital coin, an obvious use case of TRX is in trading it, particularly at one of the many decentralized exchanges developed with the Tron’s blockchain and variegated tokens in mind.

As BitTorrent merges into Tron, it will become the most extensive use case in the network, fueled by the BTT Tron-based token. BitTorrent will turn Tron into the world’s largest blockchain network because it was already huge before.

Also, the project has been trying to find use cases that take advantage of TRX as a cryptocurrency and payment system. Those options include support at travala.com (where you can book rooms at more than half a million hotels over the planet), SpendCard, TroncardIo, Bitnovo (which sells cryptocurrencies in cash in thousands of supermarkets and convenience stores all over Europe) and BitcoinSuperst1, which facilitates cryptocurrency payments for more than 200 thousand stores.

And there’s more to come.

Tether is moving its flagship stable coin to Tron’s network. It is called USDT-Tron, and it will be a cryptocurrency in which a physical dollar will support every token, and Tether and Tron will issue it as a TRC-20 coin (that’s already started, and in fact, Tron blockchain occupies 2% of Tether supply now as we write this post).

We already talked about BitTorrent joining the Tron network. And then there are the BeatzCoin, dAppEvolution, Bitgo, Swarm and the SunNetwork future use cases.

On top of everything, the Tron foundation is working hard in improving the currency privacy features, and that will open many new use cases as the token will then be able (maybe) to compete directly with coins like Monero, Verge or ZCash which privilege privacy and suppression of traceability.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Ripple’s XRP arrives at Uquid, here is what it means

By | Edited By Ali Qamar,,

When it comes to mass adoption and cryptocurrencies, very few fintech firms in the world are as exciting as Uquid.

Uquid is based in England, and it’s designed as an all-in-one payments platform based in cryptocurrencies. Most platforms of the kind usually support the use of Bitcoin, Litecoin, and a handful of other digital assets. While this firm boasts the privilege of using Bitcoin (it has its own dedicated debit card), it also supports more than 88 cryptocurrencies other than BTC, so the list includes all the big names in the crypto verse plus many different coins you’ve probably never heard about.

The idea behind the site is quite simple. You get an account, and you top it up using GBP, EUR or USD. If you’re still into fiat currency, ofc. But if you’re part of the brave new world, you can fund it with the digital asset of your choice. Then you use your funds to make payments. The flagship service of sorts for Urquid is paying for mobile phone services, but depending on the country you live in you can pay your utility bills and many other services.

Moreover, once you have an account, you’re eligible to ask for a free debit card, if you live in one of the countries in the “allowed” list. And that list includes 130 countries and 44 overseas territories. The US is, unfortunately, not on the list.

The debit card can be funded by Bitcoin. If you prefer, say, Litecoin, then you need to ask for another debit card, the one that supports 90+ tokens. So you ask for the card, send some documentation, and it arrives on your door in the snail-mail. Then you can use the card to pay for goods and services in the streets of your own country, withdraw cash from ATMs, go shopping on the web, or in any other way in which you usually use the card associated with your savings bank account.

This is not the first or only service in the world that allows users to have a crypto-based debit card or that will enable you to use your digital currency with almost the same versatility as fiat currencies. The thing about Urquid is its worldwide availability. Most debit cards of this kind are usually limited to a specific economic or geopolitical zone (which is the European Union, most often), while you can have Urquid’s card almost anywhere in the world, recharge it over the web, and keep using it locally.

Ripple at Uquid

So what could be novel about the service this versatile that already supports more than 90 tokens? Well, that now they support the world’s third coin by market capitalization which, as a matter of fact, has also been the cryptoverse’s most profitable coin for two years in a row (and it could very well be for three, but it’s early to say): Ripple’s XRP.

This fits in very well with Ripple’s recent push to promote XRP’s mass adoption outside the banking system. For years, Ripple has focused very tightly on having banks and remittance services adopting its network, software solutions, and cryptocurrency, so they settle their international transfers with a higher degree of efficiency, safety at a ridiculous fraction of current costs. So the Californian company didn’t make much of an effort to develop partnerships that could build a payments network for retail users in the way that Bitcoin or Litecoin have. Well, that’s changed.

Ripple’s seen the writing on the wall, and now they’re securing partnerships (very quickly too) so that XRP comes out of the banking ecosystem and supports use cases for end-users as well. Uquid support is the latest development in Ripple’s push to reach the mainstream (well… the thing that passes for mainstream in an environment that remains marginal, as the cryptosphere still is).

But this isn’t all. Ripple is pushing in many different directions.

Ripple’s XRP in Luxembourg

It recently joined INATBA. That’s the European Commission’s International Association of Trusted Blockchain Applications. This group’s mission is to link blockchain organizations with policymakers all around the European Union. The goal is to create a suitable regulatory framework that brings the cryptoverse much closer to mainstream adoption.

Just recently, Pierre Gramegna who serves as Luxembourg’s Minister of Finance had a heart-to-heart with Chris Larsen who is one of Ripple’s founders. Don’t be fooled by Luxembourg’s diminutive geographical size. This is a country that holds a lot of clout in Europe when it comes to finances because it’s home to several powerful banks.

The meeting is more meaningful because of its timing. It happened just as a new report was published by the Luxembourg Private Equity and Venture Capital Association (LPAE). The report draws a comparison between Bitcoin and XRP. The report’s conclusion is quite relevant as it found XRP not to be a security. After close study, the report said that because the XRP token is “intended to be used, now or in the future, as means of payment for acquiring goods or services or as means of money or value transfer” it can’t qualify as a security. This is huge news for Ripple and XRP.

The report out of Luxembourg will go a long way in settling the security issue that has been hanging over XRP’s future since the notorious Craig Wright tweeted with his typical attention-seeking lack of prudence that XRP was a security and not a cryptocurrency.

Also, an official decision on the subject will probably help settle the very same issue in the US, where the SEC has been dragging its feet to rule definitively about XRP’s status. While Ripple has insisted vehemently that its cryptocurrency doesn’t meet any of the criteria needed to be a security, SEC is still taking things slowly and keeping silent even though it already ruled on Bitcoin.

So while Ripple is trying really hard to expand its presence and adoption in Europe (but the Urquid thing would rather mean that it’s expanding all over the planet), it hasn’t forgotten any of the world’s areas that are critical for doing business. Namely, Asia.

Ripple’s Asian expansion

Ripple’s Asian operation is based out of Singapore. The Asian office is currently staffed by 12 people, but the company has announced that it will double up its Asian division to 24 employees during the current year.

Ripple is expanding in every possible way. It keeps getting new strategic partners in the banking and remittance industry at the tune of one per week, on average. And it also keeps joining forces with companies like Uquid, that are all about mass adoption for cryptocurrencies.

As we get this article ready for publishing, XRP is trading at USD 0.321651. That’s way below the forty cent level that has been something of a fetish for XRP holders as well as many analysts. That shouldn’t discourage anybody.

But Ripple keeps expanding at a time in which most other cryptocurrency projects are shrinking which only comes to show that the project’s fundamentals are stronger than ever. The company is working hard for adoption and to find all kinds of new use cases. All that hard work is going to increase demand and trading volume for the cryptocurrency which, in turn, is going to end up pushing its price up, even as the rest of the market goes down. Indeed, because of the relative isolation that its primary use case (the international banking system) affords the coin, it always moves somehow independently from the rest of the market.

Keep an eye out for Ripple and its currency, XRP. One day you could find that you’re delighted that you did.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Meet Mazer Gaming, a hidden gem in the Tron ecosystem

By | Edited By Ali Qamar,,

Mazer gaming

The Mazer gaming team is a professional competitive e-sports organization that’s part of the Tron community through its MGG token (a TRC10 token that is worth .25 TRX as we write this).

The team was founded in 2014 in the US as a sniping team for Call of Duty competitions, which is still among its competitive specialties.

It competes professionally in Fortnite, FIFA, Splatoon, Fortnite, Call of Duty, Gears of War, CS:GO, Supersmash Bros. and Brawlhalla. The team’s athletes are nothing short of world class as their achievements show. They’ve won nine international competitions (playing Call of Duty and Smash Bros for the most part but also Fornite, Gears of war, Halo, Smite and CS:GO), and they’ve achieved several honor positions in countless other events worldwide.

https://twitter.com/ELEAGUETV/status/1118265406458867712

Mazer is a force to be reckoned with in the e-sports world as shown only a couple of days ago when they managed to beat the Games of War world’s top team. Besides bragging rights, that will enable them to join a US National competition: “Eleague Games of War Summer Series: the Bond and Betrayals of Brotherhood,” which will be transmitted live during the upcoming summer.

They have a worldwide audience of 454 million viewers which are huge numbers for e-sports. Even the world’s top clubs (Real Madrid, Barcelona, for instance) would like to have that kind of following all over the world regularly.

The organization

But Mazer is not just a team of players but a fully fledged organization that works in competitive sports as well as many related areas. The group is comprised of five divisions:

  • E-sport teams: the organization’s bread and butter, of course. They are among the world’s best in the games we’ve mentioned before in this article.
  • Content & media: takes care of live-streaming the team’s events, integrated marketing, and social media interactions. This is a pretty hard work to do when your audience is so numerous. Also managing a Tweeter account that boasts more than 1,3 million followers is no walk in the park.
  • Mazer events: they organize online tournaments that include all of the video games platforms available in the world. They aim to provide a space for all members to practice and compete in a friendly way.
  • Mazer academy: this department offers coaching and training for amateur e-sport players who are looking to hone their skills and bring them to the professional level.
  • Mazer studios:  provides graphic design services for the organization and its clients.
  • If you’re new to the e-sports world, you probably have no idea of how serious a thing it is for fans and professionals alike. Every gambling site worth its salt has an e-sports section these days. And very few organizations in the world take it as earnestly as Mazer gaming.

So if you’re a proud member of the Tron community don’t hesitate to join the e-sports world and root for Mazer, which is one of Tron’s partners in the entertainment and gaming industry. You can even visit the project’s website (mazer.gg) and support them by buying one of the team’s t-shirts or other merchandise. This is one of those things you probably won’t find at Ethereum.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Bitcoin hits $5,300 and drags the market up

By | Edited By Ali Qamar,,

A couple of days ago as Bitcoin’s price was moving sideways around 5,200, the road to a USD 100 increase seemed like a long way to go. But the mother of all cryptocurrencies is trading at USD 5,343 as we write this, so it has just crossed the $5,300 resistance level. Let’s review the market’s state as of two days ago.

Bitcoin was drifting around USD 5.200,00 after it went up by a meager 2.2%.

It found a bit of an obstacle, but it kept going up after it started the week (for the second consecutive week) on bullish tones. The previous weekend wasn’t that good. The market experienced something of a correction that saw the price go back down to the USD 5.000,00 level. But Monday’s events proved that the drop wasn’t significant in its own right, but rather a typical weekend bearish run, which is nothing special and tends to happen 52 times a year.

That’s all cosmetic. The central, more meaningful point, would be to find out if Bitcoin’s price will find it’s way back to its yearly highest value so far (USD 5.417) which happened on April 10th, exactly a week after the USD 1.000.00 spike that changed the market inside of a single hour. Some analysts (especially one at Forbes) are on record signaling the six thousand level as an easy target to reach in the short term. But technical resistance levels are much lower than that, so it’s a tricky prediction.

And things are not good for Bitcoin only. As the cryptoverse’s premier coin, and as the base coin for cryptocurrency trading in most exchanges, Bitcoin’s influence in the market is such that when it goes up, the whole market goes up.

Even Bitcoin Cash SV (BSV) which has been something of a disaster since it came online a few weeks ago (and has been decried as a toxic element in the cryptosphere by some crypto exchanges and by none other than John McAfee) has been going up. Granted, the increase was of 1.13% which is not exactly spectacular. But after the coin lost 24% of its already scarce value when Binance, Kraken and other exchanges started talking about delisting it from their platforms, even the smallest increase is a welcomed draft of fresh air for Craig Wright’s project.

BitCoin Cash ABC, on the other hand, has been doing reasonably well since Mr. Wright and its entourage went away to create the BSV fork.

And now while Bitcoin has gone past $5,300 mark, surprisingly, Binance Coin (BNB) crossed the $25 mark after going up by a whopping 14% in the last twenty-four hours.

So Bitcoin has been going up for the last sixteen days. Is this enough to think that the long-awaited bullish run has arrived already? We doubt so. The behavior has not been all that bullish if you take into account that most of the increases in price happened in a single day during a single hour.

After that, most of the action has moved sidewise so while there’s an upward trend, it’s still exceedingly slow (less than 10% in more than two weeks) to think that this is the run that will finally solve the protracted crypto winter. Be prudent.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.