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Tron continues its rodeo as market excitedly calls for new updates

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Over the past couple of days, the cryptocurrency market has seen a divisive shift in the sentiments with a lot of users jumping on the digital asset bandwagon. It is not just Bitcoin that was on a bull tear as altcoins such as Ethereum, XRP and Tron also enjoyed their time in the sun. 

Justin Sun’s Tron, having been in the shadows for some time, has begun to wave in the digital asset industry. The price of Tron was not the only factor that emerged, as a number of personalities also started their buzz around the popular cryptocurrency.

The new year began with a number of positive updates from across the industry, with major players doubling down the wave. Justin Sun had also recently talked to Bloomberg about the age of memecoins and how it could act as a stepping stone to further developments.Tron also changed their energy and bandwidth spectrum from 40SUN to 140SUN. This came after the Tron Foundation approved the No.51 request to vote for the blockchain.

At press time, Tron traded for $0.056 after a 62.93 per cent increase in value over the previous week. The 20th-ranked cryptocurrency held a market cap of $3.9 billion and a 24-hour trading volume of $4.47 billion. Cryptocurrency fans expect BSV to overtake in terms of a market cap of $4.13 billion.

The hype around Tron has reached such a crescendo that even mainstream stars like Lindsey Lohan have begun to talk about it. On February 11, Lindsey Lohan tweeted about Tron and its features, betting on a bright future. The Hollywood star said the following:

“Exploring #DeFi and already liking $JST, $SUN on $TRX. Super fast and 0 fee. Good job @justinsuntron”

Tron has positioned itself as a competitor of Ethereum with the sole aim of improving the trading ecosystem. The first major resistance level of Tron broke at $0.052 at an intraday low of $0.04112. Right now, analysts expect Tron to test the resistance at $0.055 before any price drawdown occurs. Only time will tell if the price swing is still going the bull’s way.

Cryptocurrency Trading Volume Numbers Enroute All-Time High Records as Bull Continues to Run

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The cryptocurrency market has seen an upturn of fortune over the past few months with bull markets elevating the industry to new heights. Bitcoin remained the spearhead for the green run with market caps and volumes hitting all-time records.

In the midst of this market upheaval, users have made sure that they are wholly involved in ushering in a new decentralized age. Latest research recently showed that the trading activity on cryptocurrency exchanges had climbed to uncharted territories, even surpassing the 2017 bull run.

A cumulative assessment of trading volumes on cryptocurrency exchanges laid out the fact that November 2020 was one of the most successful months in the industry’s history. The data was compiled from a melange of exchanges that included CEX, BTSE, ItBit, Luno, Binance, Gemini, and Kraken. November witnessed the total cryptocurrency trading volume almost hit the coveted $300 million mark. The previous month, October 2020, barely clocked in $130 million in terms of crypto transactions.

Binance held the top spot in terms of volume as the Changpeng Zhao founded exchange dealt with almost $180 million in transactions. Coinbase came next in line with users trading close to $30 million on the platform. In October, Binance only dealt with $70 million in transactions as the entire ecosystem shrunk to a 3-month low. If you compare the November volume with that of January’s, you will notice that there is a staggering 4x increase. The exchange that exceeded expectations in this market was LMAX Digital with a relatively smaller exchange capturing the third-largest market share.

Despite the current march, the market still has some way to go before breaching the main record. The ATH was created in November 2017 when the ecosystem’s trading volume hit $330 million. Fans of the industry were positive that a new number would be established in the coming weeks. The rise in positive sentiment was due to the fact that Bitcoin was still above the $25k mark for more than a week.

At press time, Bitcoin was trading for $26,936 with a total market cap of $401.54 billion. A 2.7 percent dip in trading price had lowered the daily BTC volume to $67.402 million. Ethereum, on the other, had climbed by more than 13 percent over the previous 24-hour timeframe.

The 3 Reasons Behind Bitcoin’s 2020 Bull Run: What Was Behind It?

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What’s behind Bitcoin’s 2020 bull run?

Bitcoin has been on a real rollercoaster ride in 2020 – after the uncertainty surrounding the global pandemic sent the cryptocurrency crashing below $5,000 in March, the world’s largest cryptocurrency has produced an almost miraculous recovery towards the all-time high $20,000 level.

Looking at the Bitcoin price chart on CoinMarketCap, we can see a strong upwards trend emerging in the second half of 2020. Bitcoin surpassed the $10,000 milestone in late July, and hasn’t returned below that key price level since.

As Bitcoin fans, let’s take a break from constantly checking live crypto prices in the hopes of finally seeing BTC break above $20,000, and take a look at some of the most important factors that have contributed to Bitcoin’s amazing performance in 2020.

Growing institutional presence in Bitcoin

The 2017 cryptocurrency rally was in large part driven by retail investors, i.e. everyday people who decided to invest some of their money in cryptocurrency as the asset class started showing a strong performance.

The cryptocurrency landscape is quite different in 2020, as we’re seeing a much stronger presence of institutional investors – these are companies and wealthy investors that have the means of single-handedly moving millions and potentially billions of dollars into the cryptocurrency market.

One of the clearest examples of the involvement of institutions in the cryptocurrency market is Grayscale, a company that creates products for investing in cryptocurrency that can be bought in a similar way to buying a stock.

In each consecutive quarter of 2020 so far, Grayscale has broken its own previous records in terms of the amount of money that flowed into its cryptocurrency investment products. In Q3 2020, quarterly inflows broke the magical barrier of $1 billion for the first time in Grayscale’s history, with the company revealing that 84% of the inflows originated from institutional players (primarily hedge funds). The company’s Grayscale Bitcoin Trust, which provides investors with exposure to Bitcoin, recorded $719 million in inflows during the quarter.

Established players in the financial markets are also becoming involved in cryptocurrency. Major banks like BBVA and Standard Chartered are reportedly working on cryptocurrency custody and trading solutions, while DBS Bank, the largest bank in Singapore, is working on a trading platform for digital assets. With these major names entering the picture, it will become easier than ever for more institutional players to allocate a part of their capital to the emerging cryptocurrency asset class.

The Bitcoin as a store of value narrative is strengthening

In the early days of the project, Bitcoin was being presented as a form of digital cash with the potential to displace the fiat currencies that we use today on an everyday basis. However, as Bitcoin’s scalability limitations became apparent, the narrative has largely shifted towards Bitcoin being a store of value.

And to be fair, Bitcoin does have many properties that make it very appealing as a store of value – it has a hard cap on its supply (only 21 million BTC can ever exist), new BTC coins are mined at predictable and constant rates, and the network is extremely resistant to censorship and outside interference. In comparison with gold, the most well-established store of value asset, Bitcoin also has the advantage of being almost infinitely divisible and BTC can be cheaply transferred anywhere in the world on a 24/7 basis.

As Bitcoin increasingly becomes perceived as a legitimate store of value, we’re now seeing some companies opting to purchase BTC to protect the value of their holdings against inflation and aggressive money printing. The most prominent examples of this include MicroStrategy, which has purchased over $450 million worth of Bitcoin (with plans to buy more), and Square, which has bought $50 million worth of BTC.

Legendary investors like Paul Tudor Jones and Stanley Druckenmiller have also expressed bullish views on Bitcoin, and have both compared the world’s leading cryptocurrency to gold.

The Bitcoin halving

2020 was the year of the third Bitcoin halving, which happened on May 11. The halving decreased the Bitcoin block reward from 12.5 BTC to 6.25 BTC, constricting the flow of newly mined BTC. The Bitcoin protocol is designed so that miners gradually receive fewer rewards over time until the total supply of BTC is mined. Don’t worry, this won’t happen very soon – according to estimates, the last Bitcoin will be mined in 2140.

While there were fears that the Bitcoin mining industry could suffer heavily because of the halving, the reality is that the Bitcoin network’s hashrate is now significantly larger than it was before the halving in May. Bitcoin halvings happen every 4 years and are generally accompanied by very strong bullish sentiment. As far as fundamental factors are concerned, it’s tough to find something that draws more attention to Bitcoin than its halvings.

Conclusion

The best part about the trends outlined above is that their influence on the Bitcoin market will likely only continue to strengthen in 2021 and beyond. Bitcoin is currently in a very strong position, and we can’t wait to see what the next year brings to the table. While it’s impossible to predict the future exactly, Bitcoin HODLers have plenty of great reasons to be bullish right now.

Ethereum and XRP Set to Make it Worthwhile for Users During Current Market Price Fluctuations

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Cryptocurrencies across the board saw massive fluctuations in their prices recently with the bull taking over the market. This price surge was also joined by market cap bumps which at one point elevated Bitcoin’s cap to record levels.

Although a majority of the story was about Bitcoin’s surge, it is imperative to not forget the performance put forth by the altcoin market. Cryptocurrencies like Ethereum and XRP rocketed up the charts to reach zeniths unseen for more than two years. It was now time to see what lay in store for these coins over the next couple of weeks.

At the moment, Ethereum was sitting pretty at the number two position while holding a value of $505.5. The largest altcoin had broken the $600 threshold during the bull run which occurred alongside the launch of Ethereum 2.0. Currently, Ethereum’s market cap clocked in at $57.43 billion while the daily trading volume had increased to $24.1 billion. The price had fallen to $505, with critics pointing to another ‘bubble bust’.

Ethereum supporters chimed in by claiming that the network had witnessed steady growth over the past couple of years, citing it as one of the reasons for the launch of ETH 2.0. Some popular crypto twitteratis added that the Ethereum team must be appreciated because launching v2.0 was like “launching a rocket mid-air”. As an added trivia, Status tweeted:

The Ethereum team was confident that they understood the needs of the market and that price hikes were not the be-all and end-all of the industry. Another altcoin that rode the bull wave was XRP, as Ripple’s native cryptocurrency shredded through long-held price resistances. In the space of 2 days between November 20 and November 22, the value of XRP shot up from $0.299 to $071. This spike further allowed XRP to reclaim the third position from Tether.

As it climbed to its yearly high, the value of XRP fell again to near to the 50 cent mark. At press time, XRP was trading for $0.53 with a total market cap of $24.26 billion. The XRP ecosystem was also privy to large scale day trading with the 24-hour trade amounting to $21.569 billion. Despite talks of XRP being considered as a security, the third-largest cryptocurrency has managed to stave off opposing forces.

Ripple CEO Brad Garlinghouse pointed out that a majority of XRP customers were international customers and not just US-centric. With more than 90 percent of users from around the globe, XRP will do well to focus on functionalities rather than just price.

Bitcoin [BTC/USD] Enjoys Greener Pastures as Bulls Lift the Price; $12k Break Seen as Start for Something Bigger

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Bitcoin’s price volatility has been the talk of the town with the world’s largest cryptocurrency crossing the $12,000 this week. The massive increase and the green lit 7-day moving average was also a positive sign for investors to jump on the bandwagon and watch for price plateaus that may occur soon.

At press time, Bitcoin was trading for $11,313 with a total market cap of $208.75 billion. This price hike has generated a lot of buzz in the cryptocurrency industry with several people claiming that the next bull run was upon us. Bitcoin’s 24-hour trading volume also enjoyed a bump, clocking in at $21.37 billion.

The $12,000 climb triggered rapid buy-ins into the Bitcoin market with new members joining the ecosystem. The price mark was also one of the highest in over a year which added to the joy in the Bitcoin market. Some people claim that the hike was a correction with the upside potential limited over the next week or two.

bitcoin market
(Source:coinbase)

Craig Erlam, a senior market analyst at Oanda touched on the ramifications of the climb and how it would change the Bitcoin ecosystem for future trades. Mr. Erlam said:

“The volatility we’ve seen the last couple of weeks is just a reminder of what this asset class is capable of. It’s still a relatively immature instrument and flash moves shouldn’t surprise us. The important thing, however, is that it has broken above $10,000 and a weaker dollar could be aiding it. This could leave it open to further gains and surges in volatility in the months ahead.”

A technical analysis of Bitcoin reveals a volatile price action that may be beneficial to long time customers. The MACD indicator was on the upside with the signal line and the MACD lines moving parallel to each other. According to the charts, the MACD histogram was lit up green which meant that the bull could be here to stay for a couple more days.

Bitcoin’s Relative Strength Index had broken the overbought barrier and settled into the graph a few days later. The hold near the top of the graph showed a clear indication of more people buying into the Bitcoin ecosystem because of a sentiment change. If the RSI continues to stay this healthy, Bitcoin could enjoy a decent run all through August.

Monero Cryptocurrency, Tron Create Waves on Cryptocurrency Charts as Bitcoin Begins to Lose sheen

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The past week has been quite tumultuous for the cryptocurrency market with the focus shifting onto the industry from the mainstream spectrum. After a massive Twitter security breach asked users to donate Bitcoin to see their funds double, all eyes have been on the cryptocurrency’s price.

While the  Bitcoin’s price actually dipped, other altcoins witnessed significant changes in their price points, with Tron and Monero cryptocurrency acting as prime examples. Over the last 24 hours, the altcoins have undergone some bearish changes that would set the tone for growth next week.

 Monero cryptocurrency

Monero cryptocurrency, the privacy-oriented cryptocurrency had dropped a couple of positions on the charts and traded from the 15th place. At the time of writing, Monero cryptocurrency was worth $67.91 with a total market cap of $1.197 billion. A 3.38 percent price fall in the last 24-hours caused the daily trading volume to clock in at $81.984 million.

While the  Bitcoin's price actually dipped, other altcoins witnessed significant changes in their price points, with Tron and Monero acting as prime examples. Over the last 24 hours, the altcoins have undergone some bearish changes that would set the tone for growth next week.

The Parabolic SAR for Monero cryptocurrency was below the price candles which meant that the cryptocurrency was heading into a bullish realm. This was a complete trend reversal from June when the PSAR markers stayed above the candles. The Chaikin Money Flow indicator had climbed above the zero line, a sign that the capital coming into the Monero cryptocurrency market was much higher than that leaving it.

Tron

Next on the list of influential altcoin performers was Tron, as the Jcryptocurrencys struggled to bear the backlash from founder Justin Sun’s Twitter account hack. Despite the negative news, Tron had only lost 0.56 percent over the previous day to trade at $0.017. Tron’s market cap was $1.143 billion while the 24-hour market volume maintained a healthy $391.53 million.

trxusd 1

Just like Monero cryptocurrency, Tron’s CMF had also risen above the zero line., As the company announces more and more developments, the capital coming into the Tron market is only going to increase. The Parabolic SAR for TRX also sided with the bull as the markers stayed below the price candles. It is quite heartening to see a change in the way people perceive altcoins as evidenced by the growing interest around the field.

Chainlink [LINK] and Cardano [ADA] Enjoy Greener Pastures as altcoins show how its done

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July has been a consistent week for the cryptocurrency industry as several of the major tokens maintained their price support. Even though users expected resurgent movements, they were forced to be content with a minute increase in market cap and volume.

On Monday, users expected bigwigs like Bitcoin, Ethereum and XRP to gain but it was the altcoin gang that stood the test of the bear. An analysis of the cryptocurrency charts showed that IOHK’s Cardano and LINK were one of the best performers at the start of the new week.

As the altcoins resurgence began, Cardano led the charge as the sixth-ranked cryptocurrency saw a 6.6 percent value increase over the previous 24-hours. This spike was an added boost to the cryptocurrency’s surge, which had gained by a mammoth 34 percent in the last week. At press time, ADA was trading for $0.13 with a total market cap of $3.43 billion. The bull run also lifted the daily trading volume to $473.76 million.

ADA

Cardano’s Relative Strength Index had broken above the overbought zone, making it a profitable buy-in sector for investors. This was also a sign that there was a reversal in the negative sentiment associated with purchasing ADA tokens. The Chaikin Money Flow indicator was also positive for Cardano as the graph was much higher than the zero line.

Despite its reputation of being low-lying, Chainlink was the best performer in the top 10 club. The tenth-placed cryptocurrency was well above the pack with a daily growth rate of $24.5 percent. Chainlink was also the biggest weekly grainer with a stellar 62 percent spike in the last seven days. At the time of writing, LINK was trading for an increased $7.75 while holding a market cap of $2.7 billion. The daily volume had clinched a better spot with a value of $1.612 billion.

Chainlink

Chainlink’s CMF was well above the zero line as the capital coming into the market overtook the capital leaving the market. At the same time, the Relative Strength Index followed a similar path to that of Cardano’s, breaking above the overbought threshold zone. The week has started off well for the altcoins giants and it is safe to assume that there will be a slight flattening soon.

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

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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.

Bitcoin, Ethereum and XRP Wrap up May with Bullish Gains as June Opens Up New Price Possibilities

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The cryptocurrency market has been on the uptrend over the past few weeks as prices began to ease in the bullish realm. The first day of June also saw a decent hold on Bitcoin prices, which in turn ensured that the altcoin market did not suffer any damage.

Surprisingly, out of the top three cryptocurrencies, Bitcoin was the only asset that witnessed a dip in the 24-hour spectrum. Ethereum and XRP enjoyed decent price hikes, which reassured their supporters that immediate support would not be broken soon.

Bitcoin has recently enjoyed a particularly good spell on the charts as the value price has recently crossed the $10,000 threshold. This price stability comes as a result of traditional stocks still struggling to climb the top of the bearish trenches.

At press time, Bitcoin was trading for $9560 with a total market cap of $175.833 billion. An 8.75 percent weekly gain lifted the 24-hour market volume to $28.989 billion. This was a good sign for the world’s largest digital asset as the previous weeks carried with it a lot of economic problems, mostly associated with the spread of the coronavirus.

Bitcoin:

On the daily chart, Bitcoin’s immediate support was at $4820 while the immediate resistance clocked in at $10,022. The Chaikin Money Flow indicator was above the zero line after dipping below the main marker during the previous day. The climb signified that the capital coming into the Bitcoin market was much more than the capital leaving the ecosystem.

The Relative Strength Index maintained its stronghold near the overbought zone. Bitcoin’s RSI has had first spiked in the middle of March after which it has only faced slight turbulences. The analysis showed that as more people begin investing in Bitcoin, the graph would only climb up more.

The Bollinger Bands began moving in a parallel fashion as the prices stagnated between the $9400 and $10,000 range. The previous price outbreak occurred towards the end of April when the Bollinger bands diverged from each other.

Ethereum:

The second-largest cryptocurrency enjoyed the last week of May as the price stabilized above the $200 mark. At the time of writing, Ethereum’s traded for $236.66 while the market cap jumped to $26.53 billion. The Vitalik Buterin cop-founded cryptocurrency was the biggest weekly gainer with a 17 6 percent hike between May 24 and May 31.

Ethereum’s immediate support was at $110. 2 while the immediate resistance had surged to $238. The price hike further caused the Relative Strength to shoot up, which meant that more people were buying ETH tokens than those who were selling it.

The Bollinger bands associated with Ethereum had diverged a bit as the green candles continued their climb. Looking at the graph, it was pretty evident that Ethereum was heading towards the 2020 peak it had set in the beginning of February.

The Chaikin Money Flow for Ethereum rivaled that of the February performance. Investors were reinvigorated after the latest price increase.

XRP:

 

Although 2020 did not provide the best start to Ripple’s native cryptocurrency, it was still determined to compete with its closest rival on the charts. On June 1, XRP was worth $0.2 while its market cap was well off Ethereum’s at $9.026 billion. A 5 percent weekly gain allowed XRP’s 24-hour market volume to rise to $1.705 billion.

XRP’s Bollinger bands had converged after the price movements stagnated during the previous week. This was still considered a positive sign as the trading volume had increased over the same time period.

The Chaikin Money Flow indicator for XRP had risen significantly after an increase in market activity. The XRP army was confident that as more people enter the ecosystem, the trading volume would increase proportionately.

The XRP RSI was nearer to the overbought zone than the oversold zone. Although the price hike has not been great, the influx of new investors had lifted the immediate support to $0.13 while the immediate support held at $0.225.