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Crypto Price Tracker

Number of Large Bitcoin Cash Holders Slump as Price Rises by Almost 40%

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Bitcoin Cash holders with at least $ 3 million have declined since August 10, following a huge price spike to over $311. Several Bitcoin Cash whales have abandoned the network following a nearly 40 percent price surge, probably trading or selling their BCH worth millions of dollars.

Massive Bitcoin Cash holders clearing the bag

A recent tweet by crypto enthusiast Ali Martinez, claims that recent data shared by blockchain analysis firm Santiment reveals the number of Bitcoin Cash holders between 10,000-100,000 Bitcoin Cash (BCH), have slumped since August 10. The expensive exodus of BCH network followed a 37.8 percent rise in the price of the crypto, from $224.46 on July 17 to a three-month high of $311.34 on July 31.

Notably, Bitcoin Cash maintains its position as the fifth-largest cryptocurrency by market cap with $5.6 million, with LINK chasing at $4.6 billion. At press time, Bitcoin Cash is trading at $305.95. According to IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model, BCH poses above a significant supply barrier regardless of the increased selling pressure.

Will price support rescue BCH from slumping?

Based on this on-chain metric, approximately 150,000 addresses had earlier purchased more than bought more than 161,000 BCH between $283 and $290. In case of a correction, this support zone might have the capacity to hold prices from dropping further. Bitcoin Cash holders within this variety would possibly try remaining profitable. Furthermore, they might purchase even more BCH to avoid seeing negatives in their investment.

However, if the BCH whales continue selling their holdings, BCH’s price might fall below this support zone. If such a situation occurs, IOMAP suggests that the next significant crucial barrier rests between $256 and $266. At this point, roughly 119,000 addresses are holding about 420,000 BCH.

Moving forward, although there are several reasons to worried about the future of BCH, the entire crypto market sentiment worsens the situation. Cryptocurrency investors seem to be increasingly high spirited about what the future holds for the entire industry. Historically, this has proven to be an indication that prices of crypto are undergoing a boom-bust.

Tezos Extends Gain as Bitcoin and other Cryptocurrencies Struggle

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Moreover, Tezos (XTZ) has surged up by nearly 400% in the last 12 months. This huge rally has been driven by the firm’s numerous partnerships with financial institutions across the globe. Meanwhile, as Tezos price is becoming stronger; Bitcoin (BTC) has been straining to break back over the psychological $10,000 mark.

The world’s most popular cryptocurrency has risen only by almost three folds in the last 12 months. On the other hand, Tezos price has rallied up by over 400%; surging from just $0.40 per tezos token in February 2019 to over $2 today.

Over the past 24 hours, Tezos (XTZ) has surged by almost 24%. The bullish run has allowed the digital currency to finally turn the $1.80 resistance level into support. This significant price barrier was preventing XTZ from soaring higher since September 2018, when it was launched. This rise has taken Tezo’s market capitalization to around $1.4 billion. It currently seems to be preparing for a parabolic move.

TEOZ

Infact, an inverse head-and-shoulders pattern seems to have formed on XTZ’s 3-day chart. This technical formation estimates a momentum reversal to become bullish. This move above the $1.80 resistance level; known as the neckline, might be the fuel to a significant price increase.

XTZ Closing the Gap to Top Ten

Moreover, during the start of the year, Tezos was ranked as the 15th most valuable digital currency. At the moment, the token is ranked at the 11th most valuable cryptocurrency. It is within touching distance to make it to the top ten.

The token, which brands itself as a “self-amending cryptographic ledger” on top of using the proof of stake consensus model; has turned up to be the favored blockchain and cryptocurrency for tokenized real-estate and security tokens.

In addition, Tezos holders can “stake” their XTZ and get more tokens as a recompense for creating and verifying new blocks in the chain.

What has Pushed Tezos up?

The rally which commenced back in November last year has been fueled by the many partnerships in the financial industry; on top of Tezos Foundation’s Faucet, which awards users up to 0.01 XTZ every 12 hours.

Back in 2019, Brazil’s BTG Pactual bank and a Dubai-based asset manager; Dalma Capital announced a partnership with Tezos for blockchain for security tokens. Furthermore, Elevated Returns announced it will use Tezos to tokenize its real estate based in Aspen.

The XTZ tokens started trading back in  2017 during the global bitcoin and crypto-mania. The Switzerland-based Tezos Foundation raised $232 million during its initial coin offering (ICO). During its peak, Tezos was worth just a little bit over $10. However, during the so-called Crypto winter of 2018-2019, the token lost almost 95% of its value.

Overall Market Thought

Basing my argument on Crypto Fear and Greed Index, cryptocurrency traders seem to be immensely bullish over Bitcoin. In fact, this technical index has discerned huge greed among traders within the last few days. Greed is perceived to be a negative sign, which means that a selling opportunity might come soon. Warren Buffett at a time said, “be fearful when others are greedy and greedy when others are fearful.”

 

Cryptocurrency Price Tracker Application Wins Prestigious Award As India Awaits Supreme Court Decision

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India’s tryst with cryptocurrencies has been ongoing for quite some time with the Supreme Court standing firmly against the field. This has not stopped Indians from innovating in the sphere and creating new products.

On January 27, Harshita Arora, an 18-year-old app developer won the Bal Shakti Puraskar Award for inventing the Crypto Price Tracker. 

The budding entrepreneur created the application to help in portfolio management and cryptocurrency price tracking. Arora was given the award in recognition of her passion for science, technology, and human welfare. Indian PM Narendra Modi had tweeted in her recognition saying:

Arora’s application Crypto Price Tracker, analyzes and keeps records of price movements for more than a thousand cryptocurrencies. At the same time, the app will also track details of 18 cryptocurrency exchanges as well as 32 fiat currencies. The application was highly praised and well-received, leading to its acquisition by Redwood City Ventures.

The Bal Shakti award is usually given by the government to someone who has created tectonic shifts in a particular industry. In this case, Harshita Arora was given the award for her excellence in the field of innovation. A cryptocurrency application being in the positive limelight is expected to create a ripple effect across all sectors.

The recognition comes at a time when India is at a critical juncture with regards to cryptocurrency discussions. Just last week, the Indian Supreme Court started hearing arguments on the petitions of crypto businesses against the central bank ban on crypto again.

Asim Sood, the advocate representing crypto companies put forth the statement that cryptocurrencies are actually ‘currencies’. Sood also questioned the Reserve Bank of India’s decision to ban crypto as they resemble legal commodities. The defendants claimed that it was the ‘mode of exchange’ cryptocurrencies that was the main problem.

The ‘mode of exchange’ factor would mean that all digital assets fall under the purview of the monetary regulatory which was the RBI. Some other experts have also shared their opinion on the ongoing problems. Sumit Gupta, the co-founder of CoinDCX said that governments make decisions based on how they value a particular asset. This particular metric for judgement cannot be changed.

The earlier proceedings had not drawn out a complete solution for this predicament but the Court is expected to come to a consensus this week. The award mentioned earlier might just prove to be an indicator that reveals the Court’s final stance.