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You are here: Home / Archives for Analysis

Analysis

Bitcoin [BTC/USD] Price Analysis: Cryptocurrency Continues its Sideways Hold as $10k Mark Remains Elusive

June 17, 2020 by Akash Anand

The past few weeks have been a rollercoaster ride for Bitcoin and the cryptocurrency market, as prices have constantly shifted between bearish and bullish states. Investors have now begun looking at different opportunities to establish the Bitcoin ecosystem, and the price action seems to reflect the same.

Bitcoin’s price action over the past week has been on the safe side, with immediate support and resistance holding steady. Although the largest cryptocurrency in the world has yet to break the $10,000 mark over a long period of time, supporters were still hopeful.

At press time, Bitcoin was trading for $9497.29 with a total market cap of $174.815 billion. A slight 0.2 percent price fall over the previous 24-hours caused the daily market volume to clock at $20.077 billion. Bitcoin was not the only cryptocurrency stuck in a sideways movement as other altcoins followed suit.

A technical analysis showed that Bitcoin’s immediate support was at $8565 while the immediat3e resistance rose to a healthy $10,189. Some evangelists have predicted that if this pattern continues, Bitcoin would enjoy a decent hike in the coming future.

BTC 1-day TA:

btc 1

The Parabolic SAR for Bitcoin showed a price hike that was recently overturned by the bear. At the moment, the markers were above the price candles which meant that the cryptocurrency would be going through a bearish atmosphere soon.

Bitcoin’s Relative Strength Index displayed the story of sideways price movement very cleary. The RSI had earlier held near the overbought zone but the last week has seen the graph holding near the middle of the graph. This could indicate the buying pressure and selling pressure within the Bitcoin ecosystem had neutralized each other.

The Chaikin Money Flow indicator for Bitcoin showed positive signs of recovery. The graph had climbed since the start of June and has reached one of the highest points since the start of March. Bitcoin’s hold above the zero line was an indication that the capital coming into the market was more than the capital that was leaving the market.

Filed Under: Bitcoin News Tagged With: Analysis, Bitcoin (BTC), news, price

YouTube takes Tone Vays Off its Platform as Analyst Asks for Proper Explanation

April 16, 2020 by Ketaki Dixit

The cryptocurrency industry has seen backlash from various sectors of society, ranging from the financial world to the sentiments held by people. YouTube was the latest platform to come cracking down on the industry, a move that was halted by critics.

Despite YouTube promising not to tamper with content related to crypto, the video streaming channel has gone ahead and done exactly that with Tone Vays’ account. On April 16, the digital asset analyst informed users on Twitter that his account was suspended right after a warning.

Vays became popular for his trading calls on cryptocurrencies and Bitcoin price predictions. The former Bear Stearns and JP Morgan Chase employee claimed that YouTube did not give him any prior intimation that his account would be taken down. The video streaming platform had sent him just a warning which Vays appealed almost immediately.

The analyst was evidently angry at YouTube’s decision and admitted that he may have to consider a “career change” if his account was not restored. One of Vays’ latest tweets read:

“So that escalated quickly. From a single video warning to the ENTIRE CHANNEL Being taken down by YouTube. If @TeamYouTube can’t resolve this, might be a career change in the near future. Will just trade during the day and have a nutrition @ytcreators channels at night.”

YouTube’s latest move comes after the company assured the cryptocurrency community that it would not remove videos pertaining to the field as per a decision made in December 2019. All the videos that were taken down in that period was eventually restored with a YouTube spokesperson admitting that the company made a mistake.

Vays revealed in public that he was logged out of his YouTube mobile application, banning him from watching any form of content. YouTube seems to have even removed Vays’ curated playlists from other creators in the space. The cryptocurrency analyst is currently waiting for a reply from YouTube after he appealed the takedown.

Filed Under: Bitcoin News Tagged With: Analysis, Bitcoin (BTC)

Top 10 Cryptocurrencies With Real Life Use Case

January 26, 2020 by Richard M Adrian

Top 10 Cryptocurrencies: Experts believe it’s about time people began associating digital currencies with their utility, rather than the hype of blockchains. Bitcoins and other digital assets might be fading into proportionate loss of confidence in cryptos as a store of value. Meanwhile, this loss of interest may not necessarily affect the advancement and improvement of blockchain technology. But could impair the gradual process of adoption. Only an irrefutable proof of value to consumers and enterprises will drive the next phase of growth.
The short term wins of the crypto-verse are over. Cryptos with real-life use cases will drive crypto growth in 2020. If we look more carefully into the market we can definitely find a few blockchain projects, the ones created to be useful in real life. In this article, we will tell you about the top10 cryptos, the ones you can use in your real life.

Bitcoin

Bitcoin

A factual study was going round that Bitcoin can outweigh digital gold. However, this is only possible if Bitcoin could spawn a barrel of real-life use cases. ARK, a prominent investment research firm noted three feasible Bitcoin user cases that could drive Bitcoin to a trillion-dollar capitalization. One such example is the use of bitcoin as a form of non-seizable offshore wealth asset. The aggregate net worth of High Net Worth Individual (HNWI) purportedly neighbors $50 trillion figures. Would Bitcoin secure a small percentage of this aggregate, then the asset could attain a trillion-dollar valuation.

Ethereum (ETH)

Ethereum

Ethereum’s utility goes beyond the financial world. While it is simple to categorize both Bitcoin and Ethereum as one, Bitcoin lacks an actual use case besides being a digital currency. However, the main agenda of Ethereum was to create a programmable layer of smart contracts for deploying decentralized applications.

The utility aspects of the ethereum blockchain range from organizations and enterprises intending to deploy their ethereum blockchains.

Ripple

Ripple

Ripple’s entry into the crypto market was to solve the challenges of blockchain scalability. This aspect would form the basis of the Ripple Network’s major selling point. The platform has a throughput capacity of at least 50,000 transactions per second. Additionally, XRP coins were meant to facilitate real-time transactions with negligible transaction fees. Ripple’s target market are institutions such as banks. The network would help increase its efficiencies. Furthermore, the network describes its native network – XRP as the world’s fastest and reliable digital currency for making payments.

Apollo

Apollo

The Apollo Currency (APL) is a privacy coin dubbed as the all in one decentralized token. APL boasts of being the only cryptocurrency that combines almost all the features of existing altcoins into one platform. Noteworthy, APL is built upon proof of stake consensus mechanism and also allows holders to forge new tokens through its wallet software. The total supply of APL altcoins is 21 billion and there at least 15 billion coins in circulation.

Tron

Tron
TRON

Myriads of scalability issues plagued Ethereum since inception. Tron benefits from the disadvantages of Ethereum. Note that the creators behind Tron wanted to inspire all Ethereum features but a level of boosted scalability. Tron does not charge any costs for executing smart contract transactions, unlike Ethereum. However, the Tron network promises a remarkable throughput of 2,000 transactions per second. Striking similarities with Ethereum include the ability to create smart contracts by implementing Solidity. Tron founders recently outlined plans of providing additional privacy layers to transform the currency into a privacy coin.

Monero

Monero

A privacy coin at the center of all financial transactions, Is what comes to mind at the mention of Monero. Privacy makes monero such a valuable asset for cryptocurrency enthusiasts. Financial analysts believe that monero would be such a favorable store of value for people during oppressive regimes. While Bitcoin’s first impression was providing anonymity in a world of centralized data systems, Bitcoin’s blockchain would still store a record of transactions. Hence failing to achieve anonymity. Monero solved this problem by coming up with multiple stealth addresses, ring signatures, and permanent IP obfuscation.

Dash

Dash

Dash came into existence as an altcoin for making cryptocurrency easier and paved the way for mainstream adoption. Instant confirmations and ability to solve the problem of double-spending positioned Dash among the most revolutionary projects. Take the instance of a cafeteria vending machine accepting bitcoin payments. Would it not take forever given Bitcoins long confirmation times. Not forgetting high transaction fees.

Factom

Factom

 

Factom came to birth in 2014 as the undisputable record keeper of immutable and trustable data. Once a record is placed on Factom, changes are impossible to make. Therefore, an essential record would act as trust against which future verifications can be executed. Peter Kirby, the founder of the platform, had noted significant constraints on the bitcoin blockchain, barred the scope for innovation and prominent solutions. Meanwhile, the Factom ecosystem implements both its blockchain and Bitcoin to achieve the following:

  • Proof of Audit
  • Proof of Existence
  • Proof of Process

Gollem

Gollem

Gollem is an open-source, decentralized supercomputer built on the Ethereum blockchain. The native cryptocurrency of the Golem network is called Golem Network Tokens or GNT. Supply of these coins is fixed, and the price would likely increase with further adoption of the platform. It is easy to liken Golem to the AirBnB in computing. A place where technologies can power their websites, execute CGI rendering, conduct energy-intensive calculations and execute long lines of code. Golem’s computation resources could also enable you to mine other cryptocurrencies.

IOTA

IOTA

IOTA is the first of its kind cryptocurrency that does not use a blockchain. The coin implements what it calls the Tangle technology. These projects will power the next generation of the internet of things. Transactions are entirely free. An aspect that is impossible with other altcoins. On the low side of things, the adoption rate for IOTA is quite low. However, the coin has great potential to go mainstream.

Bottom line

The utility is the most important question one would ask when it comes to technology. It is fair and reasonable that technology goes mainstream because its impacts could touch lives. Therefore, this aspect of use case is a core concern while assessing the future of any innovation.

 

Filed Under: Altcoin News, Bitcoin News, Industry Tagged With: Altcoin Revolution, Analysis, Ethereum (ETH), Monero (XMR), TRON (TRX)

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