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Stellar, Chainlink, Tezos Technical Analysis on 23rd August 2020

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The cryptocurrency market has formed a bearish divergence as the positive momentum has weakened. Nevertheless, several altcoins, closely mimicking Bitcoin’s price movements, have resumed an uptrend over the last 24 hours.

Stellar Lumens [XLM]

XLM e1598156260124

XLM saw strong gains over the past week and was trading just beneath its immediate resistance which also happens to be its 2020-high. However, the near-term technicals painted a bearish picture.

At the time of writing, XLM was priced at $0.101 after a rise of 1.61% over the last 24-hours. In addition, the 14th-largest cryptocurrency recorded a market cap of $2.082 billion and a 24-hour trading volume of $188 million.

However, the signal line dominated in both Klinger Oscillator as well as MACD after a bearish crossover. This indicated that the coin’s price could perch close to its key support of $0.094. A failure to hold this level could prompt a drop to $0.86.

Chainlink [LINK]

link 4 e1598155586302

Chainlink’s price has dramatically increased over the past eight months. While it hasn’t been able to surpass the recently seen all-time high yet, however, the LINK token regained its momentum.

Over the past day, LINK was up by 8.55% which drove its price to $15.41 as it registered a market cap of $5.39 billion and a 24-hour trading volume of $1.89 billion.

Despite the overall positive performance, the bears were aggressively defending the resistance at $19.19. This essentially signaled a potential dip close to its support at $110.28. Besides, the red closing bars of Awesome Oscillator aligned with the bears. The Chaikin Money Flow also indicated an outflow of capital from the LINK market.

Tezos [XTZ]

xtz e1598157142410

Tezos witnessed a rather sluggish price action over the seven days. After withdrawing from its resistance of $4.3, XTZ was observed to be following a downtrend.

The token appreciated by 3.04% over the last 24-hours which propelled its price to $3.49 at the time of writing. The 13th-largest cryptocurrency’s market cap stood at $2,58 billion and a 24-hour trading volume was observed to be at $208 million.

Despite a miniature uptrend, the dotted markers of the Parabolic SAR hovering above the XTZ price candles depicted a bearish trend for the coin. The RSI was also below the 50-median line indicating a rising sentiment of selling pressure in the market. If the coin’s value sinks to $2.4 support level, this could provide an opportunity for the buyers, subsequently leading to a trend reversal.

Ripple SVP Reveals XRP’s New ODL Milestone as Token Puts Use Case on Display

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Ripple and its native cryptocurrency XRP have had a rollercoaster year with the bearish dips at the beginning of the year followed by a resurgence in the second quarter. Despite the ups and downs, XRP seems to have made a real impact on the industry according to Ripple SVP of product Asheesh Birla.

Birla, who is quite popular on Twitter, recently posted a thread where he touched on how the third-largest cryptocurrency had displayed strength and resolve over the course of the past few months. The Ripple official also touched on the benefits of the On-Demand Liquidity [ODL] system along with the vision for XRP’s future.

In his series of tweets, Birla claimed that XRP was the major bridge currency that was used on the ODL system. A deeper analysis showed XRP’s actual influence on the ODL market: a fifth of all currency transactions on it were XRP based. This was evidence that the cryptocurrency was still holding onto its utility factor despite the fall in price. 

The Ripple SVP touched on how the past few weeks also saw several developments in the cryptocurrency industry. The Office of the Comptroller of the Currency had recently allowed banks to play a part in the crypto world while Bitcoin enjoyed a massive bull run that saw it break the $12,000 resistance. One of Birla’s tweets read:

“What’s one common denominator here? Likely global uncertainty with fiat currencies, and many in the crypto industry focusing on utility, beyond just speculation. Examples like Dodgecoin aside, there’s a new, growing focus on an asset’s use case, its tangibility. We’re seeing a melding of the old world and new. It’s only a matter of time before banks offer custody services, acquire companies with those capabilities, and potentially even offer crypto lending as they see consumer interest in DeFi.”

Asheesh Birla’s predictions may come true sooner than expected as a lot of banks are already toying with the idea of cryptocurrency lending. This may even enable the industry to achieve mainstream status as the link with a traditional bank is seen as a good step towards acceptance. The Ripple SVP was also confident that stablecoins will have a massive impact in the virtual asset space as already shown by Tether. One of Tether’s biggest success was giving people the option to access USD without a bank account and only by holding USDT.cl

OmiseGo (OMG) Token Surges by 156% Following USDT Integration to Hit $8.79

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OMG tokens might be the hottest crypto asset in the market right now. On August 20, Tether announced the integration of its stablecoin, USDT, on the OmiseGo (OMG) Network. Following the announcement, the price of OmiseGo’s native token, OMG, skyrocketed by almost 160 percent to reach $8.79.

Back in June, after the first partnership with Tether, the price of OMG tokens shot up again; but then it was 20 per cent to a much lesser extent. OMG tokens were struggling to hit the $1 price level in early 2020.

OMG token price bullish

Its price rested around $0.50 following the market meltdown back in March, until major U.S. cryptocurrency exchange, Coinbase, listed the token. The news propelled OmiseGo tokens past the $1 resistance to $2 level before correcting.

OMG tokens price action fluctuations this year are primarily owed to rumours of its partnership with Tether, which are now authentic. Currently, USDT occupies the number three spot, as the third-largest cryptocurrency by market capitalization after usurping Ripple’s XRP yesterday. Furthermore, USDT is also the most traded stablecoin and the most predominant ERC20 token.

The rumours of the partnership were verified back in June, pushing OmiseGo price by 20 percent within hours, hitting the $2 level. Last weekend, OmiseGo tokens were trading just under $2. Following Tether’s announcement yesterday, the price of OMG tokens rallied by a massive 156 percent in 24 hours to reach a multi-week high of $8.79, according to Coinmarket cap.

OMG token

OmiseGo USDT integration ease Ethereum Network congestion

At the time of writing, the market value of OMG tokens is $8. The current price comes after a slight receding from highs of $8.79. Tethers integration with OmiseGo has arrived at a perfect time when the DeFi market is hot; and Ethereum is struggling to handle the pressure, as transaction fees on the Ethereum network skyrocket.

After BTC, USDT is the most popular trading pair and handles most transactions on the Ethereum network. OmiseGo’s capacity to multi-trades into a single trade can help unclog the Ethereum Network, relieving the entire ecosystem from high network fees and delays.

USDT Surpasses Ripple (XRP) to Recoup Top 3 Cryptocurrency Spot

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Tether (USDT), the most popular stablecoin in the world, is yet again battling Ripple’s XRP for the top three spots. Can USDT maintain the number 3 spot? 

Earlier today, the world’s largest stablecoin, Tether, became the third largest cryptocurrency by market capitalization, forcing XRP to the fourth spot, according to blockchain analytics firms Messari and Coin Metrics.

USDT

Tether overtakes XRP once again

As recently reported, USDT’s market capitalization surged by $1 billion in 7 days, pushing the total to $12 billion. However, according to a tweet by Coin Metric analyst Lucas Nuzzi, the total market capitalization of USDT exceeded $13 billion, surpassing Ripple’s XRP in the process.

Notably, market capitalization refers to the number of tokens multiplied by the price of each coin. However, since Tether is a stablecoin, its price is not likely to fluctuate and the price of a USDT token will always remain $1. The only manner to raise USDT’s market cap is by mintage of new tokens.

This is not the first time for USDT to surpass XRP in market capitalization ranking. Earlier this year, during the March market collapse, Tether concisely took over as the third largest cryptocurrency in the world after exceeding $5 billion in market capitalization.

USDT still growing despite damaging lawsuits

The growth of Tether comes amid a string of lawsuits facing its parent firm, iFinex. Ifinex is also the parent company to popular cryptocurrency exchange platform Bitfinex. Bitfinex is facing charges against fraud for supposedly hiding a loss of $850 million dollars of the commingled client and corporate funds from investors. The lawsuit is led by New York Attorney General Letitia James.

Furthermore, Tether is also facing allegations of printing billions of dollars in crypto, and for manipulating the price of BTC back in 2017. Nevertheless, USDT is still growing and is currently occupying the third spot among cryptocurrencies.

Here’s How Blockchain-Based ICONLOOP is Helping in Secure COVID-19 Tracing

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COVID-19 has affected all sorts of countries, communities as well as businesses in countless ways. Over the last few months, several initiatives have come up in aid and help deal with the global health crisis. One of the many industries that have been able to master new opportunities to help amid the pandemic is the blockchain technology.

In a bid to revitalize the stagnant economy and help tourism, South Korea-based leading blockchain technology firm, ICONLOOP.Inc announced that it is all set to help in providing private, secure COVID-19 contact tracing. The company will be mainly targeting the country’s most popular domestic tourist destination, Jeju Island, which has nearly 15 million visitors every year.

In the first of its kind initiative, ICONLOOP and the island’s Special Self-Governing Province have signed a cooperation agreement to introduce the COVID-19 disease prevention system.

As per the official document, the visitors will use a mobile app called ‘Zzeung’ and verify their identity using a Korean telecom service which can also be used to check into tourist destinations and businesses on Jeju Island using QR codes in the app. All the data will be kept private unless a COVID-19 case is discovered, in the event of which the island’s crisis response team will conduct “rapid epidemiological investigation” and tracing.

Talking about the latest development, Jong-hyup, Kim, CEO of ICONLOOP stated,

“This cooperation with Jeju Island is opening new possibilities for real-life application of blockchain DID authentication in the post-COVID-19 era. As more users directly experience safe and convenient DID service at scale, we will realize many more new ways that blockchain technology can be applied to their daily lives.”

Blockchain to the rescue

Blockchain can not only help in tracking public health data surveillance for infectious disease outbreaks by helping the agencies to keep track of the virus activity, of patients, suspected new cases, and more, it can also solve major issues pertaining to donation at a grim time such as current one.

Blockchain can further help in assisting global organizations such as WHO and other health organizations to come together and update each other about the current situation, tackling methodologies, breakthroughs and work towards a common goal to prevent it from worsening further.

The World Health Organization was reportedly working on blockchain and other tech companies on a program to help forward data about the ongoing pandemic, named MiPasa. Built on top of Hyperledger Fabric in partnership with IBM, computer firm Oracle, MiPasa is expected to help with early detection of the virus as well as identify carriers and hotspots.

Even cryptocurrency firms were not far behind. Binance was the first crypto-exchange to respond to the global outbreak. The CZ-led platform launched the “Binance for Wuhan” project and committed to a donation of medical supplies worth $1.4 million.

Following its suit was BitMEX’s operator HDR Global Trading Limited, which announced a grant of $2.5 million to help fight the virus. The grant was reportedly directed towards Gates Philanthropy Partners, Nuclear Threat Initiative, OpenMined, and Our World in Data.

The Stellar Foundation, as well as its rival Ripple Labs, announced donations worth millions for the cause.

Additionally, a decentralized AI hackathon launched by the Decentralized Artificial Intelligence Alliance [DAIA] in a bid to support the medical community in providing solutions and brought together global AI and blockchain projects and developers to create intelligent decentralized tools to combat the pandemic and reduce risks from future infectious outbreaks.

Crypto Bull John McAfee Leaves the Ghost, the Privacy Centric Crypto Project.

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Cybersecurity veteran and cryptocurrency advocate John McAfee has revealed through Twitter that he will not be affiliated with the privacy Ghost Token project that he launched in April. According to him, the ineptitude of the management team forced him to abandon the project.

https://twitter.com/officialmcafee/status/1296172479308869635

John McAfee leaves Ghost token project

McAfee’s move to abandon the project seems surprising, as cybersecurity entrepreneur commended the project on twitter just a week ago. Last week on Aug.13, McAfee wrote on his Twitter account that:

“I have labored my entire life to reach the point where I could produce an Ecosystem as powerful and groundbreaking as the Ghost Exchange, the Ghost coin and the Ghost phone[…] $GHOST is the future.”

In his recent announcement on Twitter, john condemned the project and suggested that it was bound to fail. He also apologized to all that he had misled to join the Ghost token project. However, the veteran tech expert did not leave the project in a very pleasant situation. The firm labeled him as a “loose cannon,” and he retaliated by marking one of the members as an “idiot.”

According to John, his decision to leave the project was triggered by his deep frustration with the project management team. To reflect McAfee’s disappointment at the project, he said he would take off his Ghost tattoo, which he received two months ago in honor of Ghost Token.

Ghost project to run even after McAfee’s departure

McAfee ‘s move to abandon his Ghost project may seem catastrophic in the short term, according to a member of the project, the project is still going to run. He suggested that the departure of the McAfee would not affect the Ghost blockchain in any way.
On the contrary, after McAfee ‘s departure announcement, the price of Ghost tokens declined by about 50 percent. The price of the token fell down from $0.61 to $0.31 within 24 hours.

Bitcoin Price Analysis: Bears Push BTC/USD Pair Below $12,000, What Next?

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The price of bitcoin is struggling to settle at higher support within the $11,000 price range after being rejected at its new 2020 high of $12,492. The bitcoin price decline was triggered by falling below the most hesitant of supports at $12, 200. The subsequent support zone, $12,000 failed to step up to the task, allowing bitcoin to plummet to lows of $11,800.

At press time, buyers are still struggling to build a support zone at the $11,800 price level, in anticipation for the BTC/USD pair to break past $12,000. Bitcoin price is currently revolving around $11.935. The pair is being held in place by the  100 Simple Moving Average (SMA) in the 1-hour range, preventing further sharp declines.

Bitcoin Price

Bitcoin price forecast

As far as the current technical point of view is concerned, there are two likely possibilities for the BTC / USD pair. For the most part, if the price breaks past $12,000 once again, new buyers are likely to enter the market, pushing the price of bitcoin past the bear at a price level of $12,000. The great confidence of the bulls would certainly have pushed BTC close to $12,500.

Second, if bears keep pushing, BTC price action could result in a decline of $11,800 below the temporary support zone. In the event of such a scenario, the BTC / USD pair would drop to $11,750 in the search for a lower level of support. Deficits could be further extended to $11,500 and $11,250 respectively.

In the meantime, the MACD and RSI indicate the existence of bears in the market as of Wednesday’s Asian session. The MACD is trapped below the mean line -37.63, signaling a bear run. However, the low volume and volatility depict that losses will be short in the near future.

Moreover, the RSI is somewhat pointing upwards, signaling the presence of bulls in the market, only that they are not strong enough to push the price further up.

Bitcoin’s Dominance Slides to 14-Month Low as Altcoins Renew Strength

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Bitcoin, the largest digital asset by market cap, has lost significant dominance over the last year. More recently, it failed to retain its value over $12,000. Following the latest downside correction, the King coin dropped back to $11,740.

coinmarketcap

At the of writing, BTC dominance was a little over 58%. The coin recently breached the dominance support level and was now in the final leg of the structure. This was stated by the crypto analytic firm Santiment’s latest data which further revealed that the next support for a weekly dominance stood at around 56%.

Besides, another support point stood at 54%. Despite the probability of a further drop, Bitcoin could potentially bounce back. Along the same line, Santiment noted

“Bitcoin will reclaim dominance, we just don’t know when. You still can enjoy 2-3x in many alts. It’s much easier to pump alts. But Bitcoin. We see more and more confirmation we could get to 15K.”

But it could be a while before Bitcoin gets some ground and climbs to $15k, something that hasn’t been witnessed in more than two years. The Altcoin pump is here to stay at least until the Bitcoin reaches the level mentioned above.

Meanwhile, the market dominance of the altcoins rose to a stunning $159 billion market cap, a level unseen in more than two years. Bitcoin entered the 5-digit values in the last week of July and brought in spectacular returns for investors. Despite a really good run by the premier cryptocurrency, the altcoins’ market cap jumped significantly high.

This was also noted in the July edition of Binance’s Trading Report which stated that in addition to the spot markets, traders in derivatives space were also bullish on altcoin contracts.

Binance

Altcoins continued to dominate the headlines. Especially in the first two weeks of July, altcoins gained traction as volume increased from 32% to 60%. According to Binance’s report, during this period, altcoin contracts such as LINK, ADA, and VET experienced high volatility and volume.

Additionally, in the derivatives market, it was the altcoins’ contracts that significantly drove most of the open interest growth. This essentially implied that the traders were “positioning long-term directional bets on altcoins”.

Meanwhile, Ethereum and the DeFi craze are two crucial factors that appeared promising to the alt market. August saw the total valued locked in DeFi soar to $6.38 billion.

The growing interest of institutional investors in DeFi is yet another plus point. Industry giants such as TD Ameritrade, CMT Digital as well as Arca Labs, have all invested in DeFi space. The expectations surrounding the much-anticipated launch of Ethereum 2.0 was also another driver of the collective altcoin pump.

Tron’s New DeFi Instrument JustSwap Breaks 6M in Total Volume in Less Than 24 Hours

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Justin Sun formally launched JustSwap on August 18th at a live stream event introduced JustSwap to JUST (JST) and Tron ecosystem users. JustSwap, the first exchange token protocol on Tron (TRX), is expected to open the Tron blockchain users to the DeFi world, a space that has seen a splendid rise over the past year. Released in testnet beta, the new protocol will be powered by Tron-based oracle AlphaLink.

A quick primer: JustSwap essentially enables its users to make exchanges instantaneously between any TRC-20 token, thus, making system pricing as well as several other operations seamless.

Meanwhile, it will act as a decentralized cryptocurrency exchange protocol for the purpose of attracting users through low latency, fast transactions, and periodic liquidity rewards. In addition, the new instrument will be part of the JUST lending/borrowing system built around USDJ stablecoin.

In another update, JustSwap’s official Twitter handle revealed that the total volume broke 6 million in less than 24-hours after the launch. In an open letter, Tron Foundation CEO, Justin Sun stated,

“TRON and Just team are going All-In on the DeFi ecosystem. We will not back down until we see the decentralized financial revolution end in triumph.” He further added

“I have faith that as long as we race against time and keep upgrading our products, JustSwap will one day become the powerhouse of 100x cryptos and TRON will build a DeFi protocol that parallels Ethereum’s.”

DeFi has swept across the cryptocurrency industry, and Tron’s exploration of space is crucial, given that it is one of the largest blockchain networks in the industry.

JustSwap will give users the opportunity to earn transaction fees by becoming a liquidity provider and ensure that they receive trading costs and mining rewards. This, in turn, will encourage more holders of TRX and TRC20 to use JustSwap instead of regular crypto-exchanges charged for trading fees.

It is no secret that Ethereum has been facing inflation issues with its rising Gas fees as a result of severe conjestion in the blockchain. This could prove an opportune time for Tron’s JustSwap to enable its users to participate in the open financial market place as the DeFi craze continued to brew in the backdrop.

JustSwap is said to have flooded with the fake tokens of the popular projects following the launch. The fake token filtering feature has yet to be integrated into the platform. Justin Sun has assured in the open letter that this feature will be added soon, he said in the open letter

“JustSwap team will crack down on fake tokens by reviewing each and every token in the dropdown list, making sure those which get on to the list are fully legit., In parallel, a report channel for fake tokens will be opened (report@JustSwap.org) and any identified fake token will be immediately delisted”

Grayscale Report Shows Evidence That Investors Were Regaining Trust in Crypto Market; GBTC Holdings Surge

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The cryptocurrency market’s resurgence over the past few weeks has kick-started significant asset movements on major exchanges. As the world comes to terms with dealing with life in quarantine, the market fluctuations represent the growing investor’s interest across the board.

Grayscale Investments, one of the largest and most popular cryptocurrency investment companies recently announced that over the past few weeks, the amount of holdings had increased steadily.  A calculation by the company showed that the total Assets Under Management had increased to a whopping $6.1 billion. 

According to Grayscale, a majority of the investments had flow into the Grayscale Bitcoin Trust. Bitcoin’s bullish performance over the past few had instilled confidence among its holders, who have brought into the market once again. The Bitcoin aspect of the trust amounted to $5037 million with a 3.2 percent increase on the daily. . The market price per share was calculated to be $14.75 percent while the holdings per share came to $11.6.

https://twitter.com/barrysilbert/status/1295472040389029888?s=19

After Bitcoin, Bitcoin Cash held the major Grayscale repository with a $30.7 million hold in the trust. The BCH holdings per share were $2.94 percent with a 6.91 percent change every day. Bitcoin Cash’s volatility was one of the largest when compared to Bitcoin and Ethereum. Ethereum made up the the podium in Grayscale’s investment fund. The world’s largest altcoin had a total holding of $876. 6 million with a daily change of $1.61 percent. Ethereum’s market share held a healthy $83.9, which was the largest among its compatriots.

Grayscale’s Litecoin holdings were lesser than that of Ethereum Classic’s, Ethereum’s hard fork that has surprisingly made a positive impact in some areas. ETCG had a holdings per-share value of $6.64 while the daily change was 6.58 percent. At the same time, Litecoin’s Grayscale AUM amounted to $19.8 million at a daily rate change of 13.91 percent.

The Trusts by Grayscale are open-ended and sponsored by the company. Their main intention is to enable exposure to the price of movement of each trust’s underlying assets. This process avoids the challenges of storing, buying and safekeeping any of the aforementioned digital assets.