Cryptocurrency

United States-based cryptocurrency exchange Coinbase has revealed that Bitcoin (BTC) and other crypto assets have been a key component of its corporate treasury since the company's founding back in 2012.  In a new announcement addressed to other corporate actors, the exchange presented its own experience in managing its treasury position in cryptocurrencies as a solid foundation for advising other private and publicly-traded companies about how to deal with their own prospective investments.  In a newly-published, highly detailed Corporate Treasury FAQ, the exchange provides a thorough overview of the kinds of investment, accounting, and tax policies that companies would need to consider and adopt if they wish to diversify their treasuries into crypto.  The FAQ is both a general resource that covers all manner of regulatory, auditory, technical and investment questions about crypto from a corporate investment perspective and a pitch for companies to choose Coinbase in particular as a trade execution, consultant and professional custody partner. The document also provides overviews of Bitcoin's performance in recent years from a macro perspective, revealing its favorable comparison to other financial assets such as gold and the S&P 500. "Bitcoin’s strong absolute performance compensated investors for its volatility," the exchange notes. Risk-adjusted, the asset had a rolling annualized Sharpe Ratio of 1.52 over the past five years, taking into account the 2018 bear market. Corporate investment in cryptocurrencies, notably Bitcoin, has made headlines in recent weeks due to Tesla's $1.5 billion investment in the asset, which resulted in rumored profits of up to $1 billion. Notwithstanding this extraordinary windfall, analysts have said that while they expect a ripple effect among corporations following Tesla's move, less than 5% of publicly traded firms are likely to be confident enough to invest at present, until there is more regulatory clarity.
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Nvidia’s ongoing supply problems won’t stop the company from selling $50 million worth of its new CMP chip range in the first quarter of 2021, the company’s chief financial officer Colette Kress forecasted on Feb. 24. Nvidia failed to meet demand from its core gaming customer base in 2020, and the trend looks set to continue into 2021. Added demand from a horde of cryptocurrency enthusiasts keen to direct Nvidia’s new RTX 30 series GPU to Ether (ETH) mining initially appeared to pile pressure on the company. But the firm’s CFO expects the recently announced Cryptocurrency Mining Processor product line to hit $50 million in sales in the first quarter of the year. The CMP range is designed specifically for Ether mining, and its introduction was part of an attempt to allocate more units of its RTX 30 range to gamers. Despite supply problems, Nvidia hit record revenues of $5 billion in the last quarter of 2020, while its stock price soared to all-time highs. This is a near-exact repeat of the market conditions present in 2018, when increased demand amid supply shortages pushed the stock price to the highest level in its history up to that time. On Wednesday, United States President Joe Biden signed an executive order to address the shortage of semiconductors and microchips. A critical review will investigate the country’s failing supply lines, which have been shown to rely too much on Chinese manufacturing, highlighted by the COVID-19 pandemic. The chip shortage boosted the value of the PHLX Semiconductor Index, which tracks the value of chip-related stocks, with the index gaining 70% in the past 12 months. JPMorgan analyst Harlan Sur expects the pump to continue, even though the supply shortage won’t be corrected for some time.  Sur recently told MarketWatch, “We believe semi companies are shipping 10% to 30% BELOW current demand levels and it will take at least 3-4 quarters for supply to catch up with demand and then another 1-2 quarters for inventories at customers/distribution channels to be replenished back to normal levels."  Sur said the previous quarter was the first in which every chip maker JPMorgan tracked actually exceeded forecasted earnings.
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Micah Johnson, a former MLB player-turned artist, sold a whopping $1 million worth of tokenized art in just one minute on the Winklevoss-owned NFT marketplace Nifty Gateway. The auction, which launched on Feb. 21 and lasted for 28 hours, generated $2 million worth of sales in total. The auction sold NFTs representing a painted sculpture made from hand-casted resin dubbed AKU: The Moon God. The physical AKU sculpture was also sold during the auction, fetching $305,000. The sculpture will be deposited into a vault and is subject to a two-year lockup. The purchaser also receives exclusive access to view the sculpture — which is stored in a physical vault at the Art Angels gallery in Miami, and can resell the sculpture at any time by transferring their token. Speaking to Cointelegraph, Johnson expressed his intention to demonstrate how non-fungible tokens can create unique experiences and utilities that go beyond the virtual world. AKU depicts a young black child wearing an oversized space helmet and looking up to the sky. Johnson recounts finding inspiration for AKU from a heartbreaking question his sister was asked of her son, “Mom, can astronauts be black?” In response, Johnson began painting his nephew as an astronaut, which eventually lead to the creation of AKU — a character that Johnson describes as having limitless potential: “I wanted to give him life, bring that to light, and let the other kids or other people, adults, whoever felt like there was of their dreams to have a symbol to the whole world could relate to.” Johnson described AKU as a great personal achievement, noting the tokenized artwork’s success as offering inspiration to people from all walks of life: “To bring together such a diverse group of people. And let them see or be inspired by AKU, you never know how many people who collected that AKU, or sell that AKU, finally found the courage to go do something that they've thought about doing, dreamed about doing, and they're going to go do it and maybe just change the world.”  The auction received widespread support from across the crypto community, including Erikan Obotetukudo, the founder of PaperTrail media: We did it!!! $1.4M in 7 minutes!! @Micah_Johnson3 https://t.co/pbr9jIdzGu — Erikan (@heyerikan) February 21, 2021 Within 36 hours of the auction’s completion, the tokens had generated nearly $500,000 worth of trade on secondary markets.
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The cryptocurrency market is showing signs of progress following a multiday sell-off that saw the total market capitalization drop by more than $400 billion as Bitcoin's (BTC) price briefly fell below $46,000.  While the majority of altcoins have entered a consolidation phase that includes a retest of underlying support levels, several projects have started to regain lost ground after new developments reignited investors' optimism. ADA/USDT Cardano's ADA started the year with a bullish spark that saw its price increase 624% from $0.165 on Jan. 2 to a high of $1.20 on Feb. 20. This week's sharp correction pulled the price to a swing low at $0.80, but it is clear that traders bought the dip. ADA/USDT 4-hour chart. Source: TradingView Since hitting a swing low at $0.80, ADA's price rallied 30% to $1.05 following the news that community members at Venus Protocol had approved a proposal to bring ADA to the Venus mainnet.  VIP-9 has passed and will be executed soon! @Cardano will become an available digital asset on #Venus!Get started: https://t.co/cAsPHdzOlQ https://t.co/KCgHWRPlfB — Venus (@VenusProtocol) February 23, 2021 VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ADA on Feb. 14, prior to the recent price rise. The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. Cointelegraph Markets Pro - VORTECS™ Score (green) vs. ADA price As the chart above shows, Binance introduced staking on Feb 10., and the VORTECS™ score for ADA rose to a high at 88 on Feb. 14 MATIC/USDT On Feb. 9 the Matic network rebranded to become "Polygon" as part of a strategic change to become a layer-two aggregator. The move was done in response to the growing momentum of Polkadot and a desire to build an interoperability protocol on top of Ethereum. High gas fees on the Ethereum network have increased the need for layer-two solutions, and Polygon has emerged as one of the top solutions with projects like Aavegochi and Golem already operating on the protocol. The rebrand helped lift the price of MATIC from $0.07 on Feb. 9 to an all-time high of $0.197 on Feb. 20 before the market downturn pushed it back down to $0.111 on Feb. 23. MATIC/USDT 4-hour chart. Source: TradingView Since that time the MATIC has recovered 62% to trade at $0.16 as the community and total value locked on Polygon continue to grow. STX/USDT Stacks (STX) was the breakout star on Feb. 24 as the layer-one blockchain solution designed to bring smart contracts and decentralized applications to Bitcoin saw a record $166 million in trading volume that elevated STX to a new all-time high of $1.17. STX/USDT 4-hour chart. Source: TradingView Excitement for the project comes after the Feb. 23 announcement that STX holders can now participate in delegated staking from the Stacks wallet, allowing them to earn BTC rewards. According to data from Cointelegraph Markets Pro, market conditions for STX have been favorable for some time. VORTECS™ Score (green) vs. STX price. Source: Cointelegraph Markets Pro As seen in the chart above, the VORTECS™ score for STX hit a high of 87 on Feb. 23, around 30 hours before the price increased 75% to its new high of $1.17. Interoperability, cross-bridge solutions and staking have emerged as drivers of growth that help incentivize investors to hold their tokens and also attract new participants to old and new blockchain projects. Following the recent market downturn, it's clear that projects that offer tokenholders multiple ways to earn a yield and operate across separate blockchain networks are beginning to stand out from the rest of the field.
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Over the past few weeks Golem (GLM) price saw a strong rally which pushed the token to a 3-year high at $0.65.  The altcoin also underwent a strong pump on Feb. 19, but most of the gains evaporated as Bitcoin (BTC) corrected below $45,000 over the past three days. Nevertheless, GLM still holds a 230% gain in February alone. Golem is an Ethereum decentralized application that enables users to rent out computing-power resources. Since November 2020 the project has been migrating from GNT to GLM token after deploying a new ERC-20 contract. Although most exchanges supported the move, it is still possible to find GNT activity and listings. Golem provides an open-source cloud processing framework for both application registries and transactions. Thus, anyone can share and aggregate computing resources, as well as create applications using the network. Ultimately, the solution aims to compete with traditional centralized cloud services like Amazon AWS. Golem (GLM) token / USD at Binance. Source: TradingView Golem’s ICO took place in November 2016, raising $8.6 million for 820 million GMT tokens. 180 million tokens were retained by the project’s ‘Golem Factory’ foundation, along with early contributors and team members. The network allows personal computers and large data centers to share resources and contributors are paid in GMT tokens. According to Golem, a transaction system settles payments between providers, requesters, and software developers. To protect the host device, all computations take place in a sandbox environment. According to the Golem Project blog, its batched transaction approach protects users from Ethereum network congestion and excessive gas prices. Layer-2 scalability is already being offered on the mainnet using Matter Labs' zkSync which is a zero-knowledge technology for the payment API. Partnerships and protocol testnets back Golem’s uptrend The results of the Golem Gitcoin Hackaton 2020 included a smart contract called the GLM-stake-pool. The contract allows GLM token holders to obtain yield by staking Uniswap LP tokens. On Feb. 17 Golem also revealed a new testnet release, called Alpha IV. The update allows users to set up long-running tasks instead of the regular per-use payments. The platform also enables users to receive funds without initializing an account. On Feb. 23, Polygon (MATIC), formerly known as the Matic Network, announced that it would be joining forces with Golem to produce an off-chain payment driver. This partnership aims to provide a long-term solution to avoid costly Layer-1 transactions. On-chain data registers a sharp spike in active addresses and transfers According to the Golem migration website, 44% of the total supply has been converted to GLM. On-chain data shows that activity spiked on Feb. 19, reaching 1,839 daily active addresses. Curiously, that was the same day that GLM price traded at $0.65, the highest level in three years. GLM daily transfers and unique addresses. Source: etherscan.io Although the network displays potential, there are only a few applications available and they are not very active. The current applications are video transcoders, bulk image editors, a Sudoku game and a few data analysis and optimization tools. While there appears to be potential in the project’s product, the team may need to secure an enterprise-level partnership in order for GLM to gain sustainable traction. It is nearly impossible for the average cryptocurrency trader to evaluate how Golem's solution compares to Amazon AWS and the other top-level cloud services providers that it aims to compete against. Thus, the GLM token upside seems limited until such confirmation happens through real-world use cases. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Ether (ETH) price has gained 88% since November, astonishing even the most bullish investors as the top altcoin secured a 2020 high at $750. Aside from the upcoming CME ETH futures launch scheduled for Feb. 8, the phenomenal growth of the total value locked in decentralized finance protocols also played a major part. Total Value Locked, USD. Source: DeFi Pulse As the above data indicates, investors are even more confident that Eth2 has been a success, despite the real potential of delays and implementation hurdles. Another possible bullish factor in the background is the recent two-year low in ETH miner balances. This certainly eases potential selling pressure and opens room for further bullish continuation. Over the past three months, the open interest on Ether options grew by 150% to a total of $880 million. This incredible build-up occurred as the cryptocurrency broke the $700 resistance and reached its highest price since May 2018. Ether options open interest. Source: Crytorank.io The put-call ratio flipped bullish By measuring whether more activity is going through call (buy) options or put (sell) options, one can gauge the overall market sentiment. Generally speaking, call options are used for bullish strategies, whereas put options for neutral to bearish ones. Ether options open interest put/call ratio. Source: Cryptorank.io Despite the recent price rally, the put/call ratio has gone down considerably. This move indicates that the more bullish call options have been dominating volumes. One should expect precisely the opposite whenever traders lock in profits or prepare for a potential downside. That's a striking contrast to the 0.94 level two weeks ago, which indicated that put options were well-balanced with the neutral to bullish call options. Options data shows traders expect another 20% hike to $880 The odds of the current option trades are calculated according to the Black and Scholes model. Deribit exchange presents this information as "delta." In short, these are the percent-based odds for each strike. Ether Jan. 29 call options delta. Source: Deribit According to the above data, the $880 strike for Jan. 25 has a 34% chance of occurring, while the most traded $960 strike holds a 25% odd according to the options pricing model. Take notice that the statistical model tends to be overly conservative, as even the $720 strike holds a mere 59% odd. The March expiry is also extremely bullish With 86 days left until March 2021 expiry, the odds of Ether price topping $880 is even more likely. Ether Sept. 25 call options delta. Source: Deribit The same $880 strike now has a 49% odd according to the Black and Scholes pricing model, whereas the staggering $1,120 expiry holds 33%. As shown above, the options for March 2021 are trading a relevant amount of volume and cost $114 apiece. This data is indisputable evidence of traders' bullish sentiment. Futures market data reflects bullish sentiment An even better way to gauge professional investors' sentiment toward the market is to analyze the futures markets premium. This is measured by the difference between longer-term future contracts and the current Ether spot price. March 2021 Ether futures premium. Source: Digital Assets Data The chart above shows that the indicator peaked at 5.8% on Dec. 19 and it reached the same level again on Dec. 28 as Ether price made a multi-year high. A sustained futures premium above 3.5% reflects optimism, although it is far from excessive. The current 4.3% rate is equal to an 18% annualized premium and is significantly higher than the levels seen in previous months. This shows that despite reaching a swing high at $750 levels, professional traders remain confident in Ether's future potential. It might be too soon to determine whether the derivatives market will reduce its optimism, but for the moment, bulls seem to be fully in control. While there is always the possibility of a correction in Ether price, it is unlikely to be strong enough to cause havoc as the market is not showing any signs of excessive optimism. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Raidenbo, a fast-growing exchange, has emerged as one the most promising places to trade and earn. Raidenbo offers modern technology, hot markets, and short-term trading opportunities around the clock. With Raidenbo, you can experience the thrill of moving markets on an innovative exchange, with fixed levels of risk. We empower you to trade your way. With expertise in technology and trading, the Raidenbo team builds the trading platform with the ultimate goal of seeking solutions that deliver optimum results for all clients. Its progressive approach coupled with the innovation offers adaptable multiple trading and technology solutions has led to the rapid growth of the exchange recently. As far as traders are concerned, it focuses on their secure trading requirements so that clients across the globe will be able to benefit from an enhanced level of security and always be assured that they are dealing with a highly reliable exchange. The technology behind is what really helps Raidenbo stand out from the typical trading platforms. Apart from the highly secured trading system, Raidenbo’s team always strives to innovate and create new features that help traders make better trading decisions. Raidenbo is proud to be one of the first trading platforms to develop and implement its own indicators, which are calculated from highly sophisticated algorithms but are still simple enough for traders to use. Raidenbo is also famous for being transparent by utilizing real-time price data provided by leading exchanges in the cryptocurrency world. Trading on Raidenbo is easy to start. With a Demo account, users can practice and test their trading strategies before putting in the real money. Regardless of trading skills and backgrounds, everyone can develop a profitable trading strategy and earn sustainable income on Raidenbo. With a customer-centric approach, Raidenbo’s team always wants to help clients earn more trading on the platform, and the recent affiliate program has helped thousands of traders create a second stream of income apart from trading. With Raidenbo’s affiliate program, traders can earn unlimited passive income just by introducing and helping other new traders start their own trading journey on Raidenbo. Moreover, the exchange is introducing many tournaments for traders to participate in and receive amazing prizes by actively trading on Raidenbo. There will be weekly and monthly tournaments that reward participants based on their trading volume. The more they trade, the better chance that they will be in the top traders that receive rewards during the tournament period. This would ultimately benefit all clients - both affiliate participants and traders will earn more due to the increase in their trading volume. As the needs of the retail traders continue to evolve, Raidenbo is committed to offering new products and features to meet these demands and become one of the best places for traders of all skill sets to trade and earn. By constantly integrating new technologies into the trading platform, such as AI-powered order matching engine, smart authentication and asset management, unlimited copy trading, and social trading, Raidenbo is expected to attract more and more traders and secure its leading position in this fast-growing industry. Featured image: Raidenbo Please See Disclaimer Previous The TAO: A New Framework to Power the Web (Sponsored)
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Bitcoin’s (BTC) current rally has largely been led by investments from institutional investors and publicly listed companies. Data from Bitcointreasuries shows that companies hold about 4.54% of the current Bitcoin supply. A survey of 700 high-net-worth individuals chosen from across the globe shows that about 73% of respondents either own or want to own cryptocurrencies before the end of 2022. The proposed influx of money from large investors could boost demand and drive crypto prices higher. Daily cryptocurrency market performance. Source: Coin360 Bloomberg Intelligence strategist Mike McGlone believes that if history repeats itself, Bitcoin could rally to $170,000 over the next two years. McGlone pointed out that Bitcoin’s volatility versus gold was the lowest on record, and while volatility in risky assets across the globe has been increasing, Bitcoin’s volatility has been in decline. However, in the short term, McGlone expects Bitcoin to consolidate before zooming higher. In an interview with Cointelegraph, Nugget’s News CEO Alex Saunders said that Bitcoin’s price could rally to “$100,000 in the next five years,” and if it becomes the global reserve currency, then it could reach $1 million by 2035. When markets are bullish, it is easy to get sucked into the rally due to greed. However, every bull phase witnesses periodic corrections; hence, traders should be careful and protect their paper profits with a suitable stop loss. Let’s analyze the top 10 cryptocurrencies to spot the critical resistance and support levels to watch over the coming days. BTC/USD Bitcoin’s correction from $18,466.14 was short-lived, as the bulls defended the $17,200 support and have currently pushed the price to a new 52-week high. This suggests that the uptrend is strong and the bulls are firmly in control. BTC/USD daily chart. Source: TradingView The next resistance on the upside is the all-time high at $19,531.90, then the psychological level at $20,000. If the bulls can propel the price above $20,000 in the current leg of the uptrend, the momentum could further pick up and make a blow-off top. Usually, vertical rallies are followed by waterfall declines. The first support in an uptrend is the 20-day exponential moving average ($16,019), but if this support cracks, the correction could reach $14,000. The relative strength index (RSI) has risen deep into overbought territory, suggesting a pullback may occur anytime. However, when the momentum is strong, the price can stay overbought for an extended period; hence, investors should not try to call a top but protect their position with a suitable trailing stop-loss according to their trading strategy. ETH/USD As Bitcoin rallied to a multiyear high, Ether (ETH) broke out of the $488.134 resistance and cleared the psychological level at $500 for the first time since July 2018. This shows aggressive buying at higher levels. ETH/USD daily chart. Source: TradingView The upsloping moving averages and the RSI close to the overbought territory suggest that bulls are in control. If the bulls can flip $488.134 to support during the next pullback, the ETH/USD pair may start its journey to $550 and then to $625. Contrary to this assumption, if the bears can pull the price below $488.134 during the next correction, it will indicate profit-booking at higher levels. A break below the 20-day EMA ($451) may suggest that the short-term bullish momentum has ended. XRP/USD The long tails on the Nov. 18 and 19 candlesticks suggest that bulls are buying on dips. So far, they have managed to push XRP above the $0.303746 resistance, and next, they will try to drive the price above the overhead resistance at $0.326113. XRP/USD daily chart. Source: TradingView If they succeed, the XRP/USD pair could rally to $0.40. The upsloping moving averages and the RSI in the overbought zone suggest that the path of least resistance is to the upside. Contrary to this assumption, if the bears defend the overhead resistance, the pair may consolidate between $0.303746 and $0.326113 for a few days. A break below the $0.303746 support could suggest a lack of buyers at higher levels. The bears will then try to sink the pair below the 20-day EMA ($0.272) and gain the upper hand. LINK/USD Chainlink's LINK broke out and closed above the $13.28 resistance on Nov. 18, which completed a bullish inverse head-and-shoulders setup. This new uptrend has a pattern target of $19.2731. LINK/USD daily chart. Source: TradingView However, the bears will try to stall the up-move close to $16 and pull the price back below the breakout level of $13.28. If they can sink the price below $11.80, it will suggest that the current breakout was a bull trap. In an uptrend, the sentiment is to buy the dips. The rising moving averages and the RSI above 66 suggest that the bulls are in command. Hence, they are likely to buy the dip to the breakout level of $13.28 and flip it to support. If that happens, the uptrend could resume. LTC/USD Litecoin (LTC) has hit a new 52-week high today, above the overhead resistance at $84.3374. The strong rebound off the $68.9008 support on Nov. 18 shows that the bulls aggressively purchased the dip to the breakout level. LTC/USD daily chart. Source: TradingView Both moving averages are sloping up and the RSI has risen into the overbought zone, indicating that the bulls are in control. If the price sustains above $85, the rally may extend to $100. This level may act as a hurdle, but if crossed, the rally could reach $140. However, during the previous two instances, a reading of close to 80 on the RSI resulted in a correction. Hence, traders should look out for the possibility of a minor correction in the next few days. The trend in the LTC/USD pair could turn negative if the bears pull the price back below the breakout level of $68.9008. BCH/USD Bitcoin Cash (BCH) has held the $242 support for the past two days, which shows that bulls are buying at lower levels. If the buyers can push the price above $260, the altcoin may start its journey to the $272 and $280 resistance zone. BCH/USD daily chart. Source: TradingView The overhead zone may act as a stiff hurdle, but if the bulls can push the price above it, the BCH/USD pair could rally to $326.30, then to $337.90. However, the flat 20-day EMA ($254) and the RSI near the midpoint suggest that the range-bound action between $242 and $272 may continue for a few more days. The advantage will shift in favor of the bears if the pair turns down from the current levels and slips below the $231 support. DOT/USD Polkadot's DOT took support at the 20-day EMA ($4.54) over the past two days and has broken above the overhead resistance at $4.95 today. The upsloping 20-day EMA and the RSI in the overbought zone suggest that bulls are in command. DOT/USD daily chart. Source: TradingView If the buyers can propel the price above $5.5899, the DOT/USD pair may rally to $6.25, then to the highs at $6.8619. However, the bears are unlikely to throw in the towel easily. They will try to stall the current rally at $5.5899. If they manage to do that, the pair could consolidate between $4.95 and $5.5899 for a few days. This bullish view will be invalidated if the bears drag the price back below the breakout level of $4.95 and the 20-day EMA. BNB/USD Binance Coin (BNB) has broken out of the $27.30–$28.97 range it had been stuck in for the past few days, but the bulls are struggling to sustain the higher levels. This suggests that bears are attempting to keep the price inside the range. BNB/USD daily chart. Source: TradingView However, if the bulls can sustain the breakout, a new up-move to the $32–$33.3888 zone is possible. If the price turns down from this zone, the BNB/USD pair may extend its stay inside a large range. On the other hand, if the bulls can thrust the price above the resistance zone, the pair could retest the all-time highs at $39.5941. This positive view will be invalidated if the bulls fail to sustain the current breakout. In that case, the bears will try to pull the price below the $27.30 support, and if they succeed, the pair could drop to $25.6652. ADA/USD The bulls did not allow Cardano's ADA to slip below the moving averages and the downtrend line in the past two days. This is a positive sign as it shows buying at lower levels. The altcoin has resumed its journey to the top of the range at $0.114241. ADA/USD daily chart. Source: TradingView If the bulls can drive the price above $0.1142241, the ADA/USD pair could start a new uptrend that can rally to $0.1280, then to $0.1445. The upsloping moving averages and the RSI in the positive zone suggest that bulls have the upper hand. Traders can watch the RSI because a break above 60 could suggest that the rally may pick up momentum. However, if the pair once again turns down from the overhead resistance, the range-bound action could continue for a few more days. BSV/USD The bears could not sustain Bitcoin SV (BSV) below the downtrend line over the past two days. This shows that the bulls are accumulating at lower levels, and they have pushed the price back above the moving averages today. BSV/USD daily chart. Source: TradingView The BSV/USD pair could now move up to $181. If the bears defend this resistance aggressively, the pair may extend its stay inside the range for a few more days. The flat moving averages and the RSI close to 54 suggest a balance between supply and demand. However, if the bulls can drive the price above $181, the pair could start a new uptrend that has a target objective of $216. This positive view will be invalidated if the price turns down and plummets below the moving averages. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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Since topping out at $18,476 on Nov. 17, Bitcoin price has been flirting with the $18,000 level as bulls fight to flip the level to support and chase after the all-time high at $19,789.  While this battle takes place and the bulk of crypto and mainstream finance outlets focus on Bitcoin price, a number of less-loved crypto assets are producing generous returns for investors. DeFi Assets Index. Source: Messari As shown by Messari’s DeFi assets index, many of the top tokens are providing hefty double-digit gains. Within the last 7 days, AAVE ricocheted off its double bottom to rally 214% and currently trades slightly above $80. Day traders are likely playing the support / resistance checks within the ascending channel pattern. At the time of writing, AAVE’s trading volume, MACD and RSI still reflect a healthy amount of interest from bulls. AAVE/USDT. Source: TradingView Even Curve finance’s CRV governance token, one which many crypto investors have described as a complete laggard, pulled off a clean double bottom reversal and rallied 176% to $0.84. CRV/USDT. Source: TradingView After nearly being shorted to death by the likes of Sam Bankman-Fried and other savvy professional traders, Yearn Finance’s (YFI) token is also making waves with an 83.5% gain in the past week. YFI/USDT. Source: TradingView On Nov. 18 YFI price was at the 50% Fibonacci retracement level ($25,500) and bulls were attempting to flip the level to support. Within the last few hours, this was accomplished and the price sliced through a gap in the volume profile visible range (VPVR) to make a new daily high at $29,850. Unsuprsingly, YFI clones like DFI. Money (YFII) and YF Link (YFL) also followed suit and each has rallied 58% and 49% respectively. SushiSwap switches spots with Uniswap SushiSwap’s (SUSHI) governance token has also attracted the attention of investors after losing more than 95% of its value back in September when Chef Nomi, the lead developer dumped approximately $13 million worth of SUSHI on the open market. SUSHI/USDT. Source: TradingView As reported by Cointelegraph, this week marked the end of Uniswap’s liquidity pool rewards and rival exchanges like SushiSwap, 1inch, and Bancor have upped the APY rewards offered on their listed assets to attract former Uniswap liquidity providers. Total value locked (USD) in SushiSwap. Source: DeFi Pulse In fact, this week Uniswap saw a $1.3 billion dollar (57.5%) drop in in its total value locked as users sought more fertile pastures at other DeFi platforms. As this occurred SushiSwap saw a more than 300% increase and in the past week the token has rallied by 127% to trade at $1.63. Across the board, the majority of DeFi tokens are currently in the black and data from Digital Assets Data and DeFi Pulse shows an increase in daily active users, TVL across platforms and daily transaction volumes. Total value locked in DeFi platforms. Source: Digital Assets Data Similar price action can also be seen across many altcoins, suggesting that while Bitcoin consolidates and attempts to flip $18,000 to support, traders have again embraced DeFi and altcoins. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Ether (ETH) price is currently ranging between $440 and $470, which is similar to the price action seen in December 2017. Back then, the scenario ended up being incredibly bullish, and the altcoin quickly rocketed toward $1,400.  Fast forward to 2020, and some investors believe a similar outcome may occur as a few key on-chain and technical indicators are mirroring the levels seen in the previous bull run. On Dec. 10 Ether price was $450, and it took only 34 days for Ether to reach its all-time high. Before this price explosion, the altcoin traded sideways for over two weeks. If something similar were to happen, on-chain metrics and historical data suggest it could happen over the next ten days. Ether in Dec 2017 (left) vs Nov 2020 (right). Source: TradingView Take notice of how the recent price movements raised investors' hope that the next crypto-bull market will mirror the one seen in late-2017. Although the price is an important metric, it does not provide granularity for network usage and volume. To assess the size and amount of daily transactions, Coinmetrics provides adjusted transactions and transfers data. Ether daily average transactions (left) vs ETH price. Source: Digital Assets Data The above chart shows $1.9 billion of the most recent transfers and transactions, a 46% increase from the previous month. Although Ether’s price increase undoubtedly helped, the same effect happened in late-2017. Daily average transactions and transfers notional. Source: CoinMetrics The daily average notional transacted and transferred on the Ethereum network in November 2017 stood at $830 million. This all changed by the end of the month, as the indicator broke the $2 billion mark. This same indicator has strong ties to the current scenario. To better gauge network activity, one should also analyze the daily number of active addresses. Although it should not be interpreted as the number of active users, it provides a reliable network usage gauge. Ether daily active addresses (right) and Ether price (left). Source: Digital Assets Data November data seems to be repeating the previous month's peak at 550,000 daily active addresses. This time around, activity appears to be at a much higher level than the late-2017 era. Of course, one might need to adjust to the growing use of decentralized finance (DeFi) and stablecoins. Yield pools and decentralized exchanges are responsible for tens of thousands of daily transactions involving multiple addresses. Ether daily active addresses. Source: CoinMetrics As one should expect, the number of daily active addresses back in November 2017 stood at 200,000, significatively below the current number. Nevertheless, they managed to catch up to 500,000 network addresses per day by the end of the year. On-chain analytics might have been close enough to the current state, but price action relies heavily on volume. After all, trading activity doesn't necessarily hold a direct relation to the network use. Ether average daily volume. Source: Messari The current $1.3 billion in daily average volume represents a 50% increase from the previous month. This data is a remarkable fact as it does not include decentralized exchanges. Ether daily transparent volume. Source: Messari Oddly enough, the current Ether volume stands out at the same level seen in Dec. 2017. Therefore one might conclude that this is too much of a coincidence to be disregarded. The current daily active addresses, transactions/transfers notional, and traded volume are aligned with the 2017 year-end period when Ether traded near the $450 mark. For this reason, analysts have solid reasons to believe that a $1,400 bull run is within the realm of possibility within the next few weeks. Will a renewed decentralized finance (DeFi) frenzy be enough to generate an inflow similar to the one seen during the 2017 ICO era? Or will it be institutional and larger-sized investors who sustain a powerful 300% rally? Remember, as the saying goes, 'history doesn't repeat, but it often rhymes.' The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Data shows that Bitcoin’s (BTC) current rally is supported by greater participation from retail and institutional investors. The CME Bitcoin futures open interest has moved closer to the previous all-time high, a sign that institutional investors are becoming more interested in cryptocurrencies. Similarly, Bitcoin’s spot volume has hit a new 52-week high, according to data from Arcane research.  However, during strong uptrends, traders tend to get greedy and take on excessive leverage. Hence, large open interest on derivatives could act as a double-edged sword because even a small decline in Bitcoin could force the highly leveraged traders to close their positions. Such a move could have a cascading effect that could lead to long liquidation. Daily cryptocurrency market performance. Source: Coin360 While traders should be cautious, there is no need to panic as yet because the current up-move in Bitcoin has happened without any euphoria or frenzy, especially among retail traders. Moreover, several analysts have been skeptical of the rally, which is another positive sign. The top usually forms when the last bear in the market turns bullish and there is no one left to buy. This does not mean that there will be no corrections along the way. Pullbacks are necessary to periodically shake out the weak hands and this generally improves the longevity of the trend. Let’s analyze the top-10 cryptocurrencies to ascertain whether the uptrend will continue or is a correction around the corner. BTC/USD The bulls pushed Bitcoin (BTC) above the $16,000 overhead resistance on Nov. 12. This breakout started the next leg of the uptrend that may carry the price to the critical overhead resistance at $17,200. BTC/USD daily chart. Source: TradingView The upsloping moving averages and the relative strength index in the overbought territory suggest that the bulls are in command. If the momentum can carry the price above $17,200, then the bulls will have a clear shot at the all-time highs. However, traders can get cautious if the pair turns down from the current levels and drops below $16,000 once again. This will suggest that the market participants have rejected higher levels. If the price sustains below $16,000, the bears will try to sink the BTC/USD pair below the 20-day exponential moving average ($14,596). Such a move will indicate that bulls are not buying the dips as the sentiment has turned negative. ETH/USD The bulls are finding it difficult to propel Ether (ETH) above the resistance line of the rising wedge pattern. However, the positive thing is that the bulls have not given up much ground. ETH/USD daily chart. Source: TradingView The bulls will again attempt to thrust the price above the wedge. If they can do that, the ETH/USD pair may rise to $488.134. The bears may again try to stall the up-move at this resistance. If they succeed, a drop to the 20-day EMA ($426) is possible. Conversely, if the bulls can push the price above $488.134, the next leg of the uptrend is likely to begin. The first target on the upside is $520 and then $550. The upsloping moving averages and the RSI above 67 suggest that bears are in command. The first sign of weakness will be a break below the 20-day EMA. Such a move could result in a drop to the support line of the wedge. XRP/USD XRP has been consolidating near the $0.26 overhead resistance for the past two days. This suggests that the bulls are not closing their positions in a hurry as they expect the price to break above the range. XRP/USD daily chart. Source: TradingView The rising moving averages and the RSI above 59 suggest that bulls are in control. A breakout and close above $0.26 could start the journey to $0.30. Above this level, the up-move may reach $0.326113. Contrary to this assumption, if the bulls again fail to sustain the price above $0.26, then the bears will try to pull the price back below the moving averages. If they succeed, the XRP/USD pair may drop to $0.2295. LINK/USD The bulls failed to push and sustain Chainlink (LINK) above $13.28 on Nov. 11. This shows that the bears are aggressively defending this resistance. However, the positive thing is that the bulls have not given up much ground in the past two days. LINK/USD daily chart. Source: TradingView The bulls are currently attempting to drive the price above $13.28. If they manage to do that, the LINK/USD pair will complete an inverse head and shoulders pattern that has a target objective of $19.2731. Both moving averages are sloping up and the RSI has risen above 58. This suggests a minor advantage to the bulls. Contrary to this assumption, if the pair turns down from $13.28 once again, the bears will try to pull the price down to $9.7665. A break below this support will invalidate the bullish pattern. BCH/USD The bulls purchased the dip below the 20-day EMA ($257) on Nov. 12 but could not sustain the higher levels. This has attracted selling by the bears and Bitcoin Cash (BCH) has broken below the 20-day EMA. BCH/USD daily chart. Source: TradingView If the bears sink the price below the 50-day simple moving average ($247), the BCH/USD pair could drop to the next support at $231. The bulls have defended this support on two previous occasions, hence, a break below it may intensify selling and drag the price to $200. However, the 20-day EMA is flat and the RSI is close to the midpoint, which suggests a few more days of range-bound action. The momentum could pick up if the bulls push the price above $280 or the bears sink the price below $231. LTC/USD Litecoin (LTC) has surged above the $64 resistance today, which shows that the bulls have overpowered the bears. The buyers will now try to sustain the momentum and drive the price above $68.9008. LTC/USD daily chart. Source: TradingView If they succeed, the next leg of the uptrend could begin. The next target is $80 and then a rally to $100 is possible. The upsloping moving averages and the RSI above 67 suggest bulls are in charge. Contrary to this assumption, if the price again turns down from the current levels and plummets below $64, it will suggest a lack of buyers at higher levels. Such a move could attract profit booking that may result in a drop to the 20-day EMA ($57.86). BNB/USD Binance Coin (BNB) is currently stuck in a tight range between $28.97 and $27.30. The altcoin bounced off the support of this range on Nov. 12 and the bulls will now try to push the price above the moving averages. BNB/USD daily chart. Source: TradingView If they succeed, the BNB/USD pair could rise to $30 and a break above this resistance may open the gates for a rally to $32. However, the downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears. If the price turns down from the current levels and breaks below $27.30, the pair may drop to $25.6652. A break below this support will signal weakness. DOT/USD Polkadot (DOT) turned down from $4.63 on Nov. 11 and the bears attempted to sink the price below the 20-day EMA ($4.31) on Nov. 12 but failed. This shows that bulls are defending the moving averages. DOT/USD daily chart. Source: TradingView The 20-day EMA is rising gradually and the RSI is above 55, which suggests that bulls have the upper hand. However, the buyers will have to sustain the price above the immediate resistance at $4.50 to increase the possibility of a move to $4.95. Contrary to this assumption, if the DOT/USD pair again turns down from $4.50 or $4.63, the bears will try to sink the price below the moving averages. If they succeed, the pair could drop to the $3.80 support. ADA/USD After the bulls failed to push Cardano (ADA) higher on Nov. 10 and 11, the bears tried to sink the price below the moving averages on Nov. 12 but could not. The altcoin has currently rebounded off the 20-day EMA ($0.102) and the bulls are attempting to push the price to $0.1142241. ADA/USD daily chart. Source: TradingView The moving averages are rising and the RSI is in the positive zone, suggesting an advantage to the bulls. The ADA/USD pair could pick up momentum after the bulls push the price above $0.1142241. However, if the pair turns down from the current levels and plunges below the moving averages, the bears will try to pull the price down to the $0.0893 support. The next trending move may start after the bulls push the price above $0.1142241 or the bears sink the price below $0.0893. BSV/USD The bulls have failed to propel Bitcoin SV (BSV) above the 20-day EMA ($162) in the past three days. This suggests a lack of urgency among the bulls to buy at the current levels. BSV/USD daily chart. Source: TradingView The 20-day EMA has started to turn down and the RSI is just below the midpoint, which suggests a minor advantage to the bears. If the sellers can sink the price below the immediate support at $154.66, the BSV/USD pair could drop to the $146 support. This negative view will be invalidated if the bulls can push the price above the moving averages and the downtrend line. Such a move will increase the possibility of a rally to $181. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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Professional traders are often perceived to be the smartest, as they weigh the risks before investing in an asset class. Opposite to that, most retail traders only keep an eye on the possible profits and disregard the risk before investing. Therefore, the increase in the number of Bitcoin (BTC) addresses holding more than 100 Bitcoin to a seven-month high, at 16,271, could be considered as a bullish sign. Furthermore, the low search volume for the keyword “Bitcoin” suggests that the current rally lacks the frenzied retail buying seen during the previous bull market in 2017. Daily cryptocurrency market performance. Source: Coin360 PlanB, the creator of the stock-to-flow model, has maintained his bullish stance on Bitcoin, as he expects the price to at least rally to $100,000 by December 2021. If that happens, Bitcoin would command a market capitalization of about $2 trillion. While crypto analysts are voicing bullish forecasts for Bitcoin, noted economist and Bitcoin skeptic Nouriel Roubini remains bearish, as he anticipates central bank digital currencies to start a big revolution in about three years. Thereafter, “Not only you don’t need crypto, you don’t even need Venmo,” said Roubini in a recent interview. In other news, U.S. equity markets surged higher on the positive news that Pfizer is recording success in its COVID-19 vaccine trials. As the news broke, gold and Bitcoin prices corrected sharply, but it appears that crypto investors are viewing the dips as buying opportunities. Let’s take a look at the top crypto assets to see how they are performing today. BTC/USD Bitcoin (BTC) is in an uptrend but is currently facing stiff resistance near $16,000. The failure to rise above the overhead resistance could attract profit-booking from the short-term traders and shorting by the aggressive bears. BTC/USD daily chart. Source: TradingView If the BTC/USD pair breaks below $15,650, it could drop to the critical support at $14,000. The 20-day exponential moving average ($13,935) is placed just below this support; hence, the bulls are likely to defend this level aggressively. A strong bounce off the 20-day EMA will indicate accumulation by the bulls at lower levels. The price could remain stuck between $14,000 and $16,000 for a few days before starting the next trending move. If the bulls can push the price above $16,000, a rally to $17,200 and then to all-time highs is possible. Conversely, a break below the 20-day EMA could result in a fall to the 50-day simple moving average ($12,137). ETH/USD The bulls are struggling to push the price above the resistance line of the rising wedge pattern. Ether (ETH) formed an inside day candlestick pattern on Nov. 8 and is currently trading in a tight range. This suggests indecision among the bulls and the bears. ETH/USD daily chart. Source: TradingView If the bears sink the price below $432, the possibility of a drop to the 20-day EMA ($409) increases. A break below the support line of the wedge will indicate an advantage to the bears. However, the upsloping 20-day EMA and the relative strength index in the positive zone suggest an advantage to the bulls. If they can push the price above the wedge, the ETH/USD pair could rally to $488.134. A breakout of this resistance could resume the uptrend with the next target at $520 and then $550. XRP/USD XRP attempted to break out of the range on Nov. 7 but the bears pushed the price right back in. The bulls are currently attempting to defend the moving averages. If they succeed, another attempt to push the price above $0.26 is likely. XRP/USD daily chart. Source: TradingView If the price sustains above $0.26 for a day, the XRP/USD pair could start a new uptrend with the first target objective at $0.30. However, the flat moving averages and the RSI near the midpoint suggest a balance between supply and demand. If the price slips below the moving averages, the pair could remain range-bound between $0.26 and $0.2295 for the next few days. A break below the $0.2295 to $0.219712 support zone will tilt the advantage in favor of the bears. BCH/USD Bitcoin Cash (BCH) broke above $272 for the past two days but could not sustain the higher levels. The repeated price rejection shows that the bears are aggressively defending the $272–$280 resistance zone. BCH/USD daily chart. Source: TradingView If the bears sink the price below the 20-day EMA ($257), the BCH/USD pair could drop to $242 and then to $231. Such a move will indicate the possibility of a range-bound action between $231 and $280 for a few days. However, the upsloping moving averages and the RSI in the positive zone suggest a minor advantage to the bulls. If the bulls can push the price above the overhead resistance zone, a rally to $300 and then to $326.30 is possible. LINK/USD The bulls tried to propel Chainlink's LINK above the $13.28 resistance on Nov. 7 but failed. However, the positive thing is that the altcoin bounced off the 20-day EMA ($11.46) and the bulls are again trying to push the price above the overhead resistance. LINK/USD daily chart. Source: TradingView If they succeed, it will complete a bullish inverse head-and-shoulders pattern that has a target objective of $19.2731. The 20-day EMA ($11.46) has started to turn up gradually, and the RSI is in the positive territory, which suggests a minor advantage to the bulls. However, if the price again turns down from the overhead resistance, the bears will try to sink the LINK/USD pair below the moving averages. If they succeed, a drop to $9.7665 is possible. BNB/USD Binance Coin (BNB) has been stuck between $32 and $25.6652 for the past few days. The bulls attempted to push the price above the moving averages on Nov. 7, but they failed. BNB/USD daily chart. Source: TradingView The downsloping 20-day EMA ($28) and the RSI in negative territory suggest that bears have the upper hand. If the price sustains below the moving averages, a drop to $25.6652 is possible. A bounce off this support could extend the stay inside the range for a few more days, while a break below it could start a new downtrend. This negative view will be invalidated if the BNB/USD pair turns up from the current levels and breaks above $30. Such a move could result in a rally to $32. LTC/USD Litecoin (LTC) once again turned down from the stiff overhead resistance of $64 on Nov. 7. Barring the breakout on Aug. 17, the price has turned down from this resistance on three occasions. LTC/USD daily chart. Source: TradingView The RSI is forming a bearish divergence, which suggests that the momentum may be weakening. If the LTC/USD pair turns down from the current levels or the overhead resistance and plummets below the 20-day EMA ($56), it will increase the possibility of a drop to the 50-day SMA ($50). On the other hand, if the pair rebounds off the 20-day EMA, the bulls will make one more attempt to push the price above $64. If they succeed, a rally to $68.9008 is possible. DOT/USD Polkadot's DOT is currently trading inside a small range that has resistance at $4.95 and support at $3.80. The price turned down from $4.8586 on Nov. 7, which shows that the bears are aggressively defending this level. DOT/USD daily chart. Source: TradingView However, the bulls are trying to keep the price above the moving averages, and the RSI has also taken support at the 50 level. If the RSI can break out of the downtrend line, it will indicate an advantage to the bulls. If buyers can push the price above $4.95, a rally to $5.5899 is likely. The bears may again defend this level aggressively, but if the bulls can thrust the price above it, a new uptrend could begin. ADA/USD Cardano's ADA turned down from the $0.1142241 resistance on Nov. 7, which shows that the bears are aggressively defending this level. However, the positive thing is that the bulls have not allowed the price to dip below the moving averages. ADA/USD daily chart. Source: TradingView The strong rebound off the moving averages on Nov. 8 shows that the sentiment is to buy the dips. The bulls will again attempt to push the price above the overhead resistance. If they can pull it off, the ADA/USD pair could rally to $0.128 and then to $0.1445. On the contrary, if the price again turns down from $0.1142241, then the range-bound action may continue for a few more days. A break below the moving averages will signal weakness, and the bears will then try to sink the pair below $0.0893. BSV/USD Bitcoin SV (BSV) continues to trade inside the broad range of $146 to $181. The price has been oscillating above and below the moving averages for the past three days, which shows that traders are undecided about the next move. BSV/USD daily chart. Source: TradingView The flat moving averages and the RSI close to the halfway mark suggest a balance between supply and demand. If the price sustains below the moving averages, the bears will try to sink the BSV/USD pair to the critical support at $146. A rebound off this level could extend the range-bound action for a few more days. The trend will shift in favor of the bulls if they can push the price above the overhead resistance at $181. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by exchange HitBTC.
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Today Bitcoin (BTC) price briefly pushed through the $14,100 resistance to achieve a new 2020 high at $14,259 before pulling back to retest $14,100 as support.  Although this level represents a critical resistance, data suggests that Bitcoin whales are not closing their positions in a hurry as they expect the current rally to continue. This strong show of confidence is occurring even as there is heightened uncertainty over the result of the U.S. presidential election shows that market participants expect Bitcoin price to move higher regardless of who wins the election. Another bullish sign for Bitcoin is the record inflow of $215 million into Grayscale Bitcoin Trust last week. This shows that along with the whales, institutional investors are also bullish on the prospects of Bitcoin. If investors continue to pour money into Grayscale at the current rate, the fund may hold about 2.7% of Bitcoin’s circulating supply in approximately three weeks. Daily cryptocurrency market performance. Source: Coin360 During the 2017 bull market, the main driver of Bitcoin price action was the spot market. However, since then, crypto derivatives volumes have surged, according to Kraken’s November report. The spot volumes hit a high of $570 billion in Q1 2018 but dropped off “to a low of $104 billion nearly two years later,” but “derivatives notional volume exploded from below $6B in Q2 2017 to over $1.7T by Q3 2020," the report added. While data suggest greater participation by the professional traders and institutional investors, do the technicals project further upside for Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out. BTC/USD The bears could not even sink Bitcoin (BTC) to the 20-day exponential moving average ($13,057) in the past few days, which showed that the bulls were in no hurry to book profits. This could have attracted another round of buying that has pushed the price to a new 2020 high at $14,259 levels today. BTC/USD daily chart. Source: TradingView The upsloping moving averages and the relative strength index in the overbought zone suggest that the bulls are in control. If they can sustain the price above $14,102, the next leg of the up-move is likely to begin. The next major resistance is close to $16,200. However, the RSI is still showing signs of negative divergence, which usually acts as a reliable warning sign that the momentum may be weakening. But in a strong uptrend, the divergence may turn out to be a fake signal unless the price turns lower. This bullish view will be invalidated if the price turns down from the current levels and the BTC/USD pair plummets below the 20-day EMA. Such a move will suggest that the bears are attempting a comeback and they are likely to gain strength if the pair dips below the $12,460 support. ETH/USD The bulls bought the dip to the uptrend line on Nov. 3 and have followed it up with a breakout of the downtrend line and the $395 resistance today. This suggests that the short-term correction in Ether (ETH) could be over. ETH/USD daily chart. Source: TradingView The 20-day EMA ($388) has started to turn up and the RSI has jumped into positive territory, which suggests that bulls have the upper hand. If they can push the ETH/USD pair above $420, the rally may extend to $450 and then to $488.134. This bullish view will be invalidated if the pair turns down from the current levels or the overhead resistance and drops below the 50-day simple moving average ($372). XRP/USD The bulls again purchased the dip to the $0.2295 support on Nov. 3 but they could not propel XRP above the moving averages. This suggests that the bears are aggressively defending this resistance. XRP/USD daily chart. Source: TradingView The downsloping 20-day EMA ($0.244) and the RSI in the negative territory suggest that the bears are in control. If they can sink the price below $0.2295, the XRP/USD pair could drop to $0.219712. A break below this support may resume the downtrend, with the next support at $0.19. Contrary to this assumption, if the pair rebounds off the current levels and rises above the moving averages, then a few more days of range-bound action is likely. BCH/USD Bitcoin Cash (BCH) plunged to $231.93 on Nov. 3 but the bulls purchased this dip as seen from the long tail on the candlestick. Today again, the buyers stepped in and bought the decline to $230.90. BCH/USD daily chart. Source: TradingView This strong rebound suggests that the bulls are attempting to defend the $231.93 support aggressively. However, the downsloping 20-day EMA ($255) and the RSI below 42 suggest that bears are in command. Hence, the bears are likely to sell on rallies to the 20-day EMA. If the BCH/USD pair turns down from the current levels or the overhead resistance and plummets below $231.93, the decline could extend to $210 and then to $200. This negative view will be invalidated if the pair picks up momentum and rises above the 20-day EMA. If that happens, the pair could again rally to the $272 to $280 resistance zone. LINK/USD Chainlink (LINK) broke below the uptrend line today but the bulls purchased the dip to the $9.7665 support. However, the bears will try to stall the pullback at the 20-day EMA ($11) and then at $11.199. LINK/USD daily chart. Source: TradingView Both moving averages are sloping down and the RSI has slipped below 44, which suggests that bears have the upper hand. If the bears can sink the price below $9.7665, the LINK/USD pair could drop to $8.3817 and then to $6.90. This bearish view will be invalidated if the bulls build upon the current bounce and push the price above $11.199. Such a move will increase the possibility of a rally to $13.28. BNB/USD Binance Coin (BNB) closed below $28.43 on Nov. 2, which completed a double top pattern. This setup has a target objective of $24.86 but the bulls are currently attempting to defend the support at $25.6652. BNB/USD daily chart. Source: TradingView However, the downsloping 20-day EMA ($28) and the RSI below 37, suggest that the path of least resistance is to the downside. If the bears sink the price below $25.6652, the down-move could resume, with the next major support at $22. This bearish view will be invalidated if the bulls buy the current dip and push the BNB/USD pair back above $28.43. Such a move will open up the possibility of a rally to $32. LTC/USD The bulls aggressively purchased Litecoin (LTC) on dips to $51.2027 on Nov. 3 and have again bought the dip to $51.6109 today, as seen from the long tails on the candlesticks. This suggests that the bulls are defending the $52.36 to $51 support zone. LTC/USD daily chart. Source: TradingView If the buyers can sustain the price above the 20-day EMA ($53), a rally to $56.50 is possible. However, the flat 20-day EMA and the RSI just above the midpoint suggest a balance between supply and demand. If the LTC/USD pair turns down from the current levels, the bears will again try to sink the price below the support zone. If they succeed, the selling may intensify and the pair could drop to the next support at $46. DOT/USD The bears are attempting to sink Polkadot (DOT) below $3.80. If they can do that, the altcoin could drop to the critical support at $3.5321. A break below this support could start a new downtrend. DOT/USD daily chart. Source: TradingView Both moving averages are sloping down and the RSI continues to trade in the negative zone, which suggests that the bears are in control. On a break below $3.5321, the decline could extend to $2.60 and then to $2.00. This bearish view will be invalidated if the bulls defend the $3.80 to $3.5321 support zone and push the price above the moving averages. Such a move could keep the DOT/USD pair range-bound for a few more days. ADA/USD The long tail on the Nov. 3 candlestick shows that the bulls are buying Cardano (ADA) on dips to $0.0893, but today’s price action suggests that they are not able to sustain the momentum at higher levels. ADA/USD daily chart. Source: TradingView The downsloping 20-day EMA ($0.0990) and the RSI in the negative zone suggest that the bears have the upper hand. Hence, they may attempt to sell the pullback to the 20-day EMA. If the ADA/USD pair breaks below $0.0893, it could drop to $0.0755701. This negative view will be invalidated if the bulls can push the price above the moving averages. In such a case, a move to $0.104044 and then to $0.1142241 is possible. BSV/USD Bitcoin SV (BSV) bounced off $145.20 on Nov. 3 and the bulls are again attempting a rebound off the $146.12 level today. This suggests that the bulls are accumulating on dips to the $146.20 to $135 support zone. BSV/USD daily chart. Source: TradingView However, unless the bulls push the price back above the uptrend line and the moving averages within the next few days, the bears will again try to sink the BSV/USD pair below the support zone. If they succeed, the pair could start a new downtrend that could result in a decline to $100. The downsloping 20-day EMA ($164) and the RSI in the negative territory suggest that the path of least resistance is to the downside. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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In the past week, altcoins prices received a significant haircut, and investors who were light on Bitcoin (BTC) saw their portfolio value take a hit.  Initially, Ether (ETH) price followed Bitcoin higher as the top-ranked digital asset rallied through the $12,000 resistance but as BTC continues to slowly push higher Ether struggled to flip $400 to support. Crypto market weekly price chart. Source: Coin360 Ether’s loss of momentum and the correction in altcoins has led to a number of crypto traders tweeting that altcoin season is done and many are citing the bearish price action in the ETH/BTC pair as evidence for this point of view. ETH/BTC 1-week chart. Source: TradingView Looking at the ETH/BTC weekly chart, traders will notice that the pair is on the verge of dropping below the ascending trendline and high volume VPVR node at 0.027294 sats. Losing this level opens the door for a further decline to 0.024519 sats and below this Ether is approaching yearly lows near 0.0160 sats. ETH/BTC daily chart. Source: TradingView On the daily timeframe, we can see that losing the 0.032385 sats support thrust Ether price into the VPVR gap from 0.032385 sats to 0.029536 sats. The bleeding looks set to continue until the price reaches the 0.029536 sats level, but the current daily candle is beginning to form what looks like a double bottom and there appears to be an oversold bounce taking place as the RSI is rising from 28 on the daily timeframe. The signal line and MACD of the moving average convergence divergence indicator are still in steep decline and the absence of strong buy volume decreases the chance that short-term trend-reversal is in the making. Perhaps if Bitcoin price entered a period of consolidation for the next few days the ETH/BTC pair could recover some lost ground but this seems unlikely at the moment. There’s hope in the ETH/USDT pair ETH/USDT daily chart. Source: TradingView The ETH/USDT pair paints something of a different picture as the pair continues to make daily higher lows and the price action is following the support and resistance trendlines of the ascending channel. The channel support rides alongside the 100-day moving average and once Ether is able to hold $400 as support $405 and $417 are the next hurdles the altcoin must overcome. The price action within ascending channels is pretty easy to track and the 4-hour chart shows the MACD converging with the signal line as the selling tapers off and the RSI is rising toward 45. Over the short-term, a move to the ascending channel midline at $400 seems probable but traders still expect this level to be stiff resistance. A bullish breakout from the ascending channel ($430) could enable Ether to chase after the $468. If Ether price drops below the 100-MA and falls from the ascending channel there is support at $353, $330, and $315. Losing these levels means traders can look for a sharper drop to $248. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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As the weekend approaches, Bitcoin (BTC) price appears set to close out the month with a remarkably strong performance which has many bulls calling for a new all-time high above $20,000 in the near future.  Traders attribute these lofty estimates to the fact that BTC appears to have flipped $12,000 to $12,500 to support and barring some unexpected price implosion, Bitcoin is on the path to painting a beautiful monthly candle. Crypto market weekly price chart. Source: Coin360 Further ‘bullish’ evidence comes from today’s options and futures expiry which saw $450 million of futures open interest expiring as of Oct.28. According to Cointelegraph contributor Marcel Pechman: “The most recent options expiry for BTC and Ether really provided nothing surprising. Deribit is back to 137K BTC options versus the 150K open yesterday. Meanwhile, CME has $215 million futures open interest expiring on Oct. 30, but this appears to have had a very minimal impact on price, if any at all. Once again, the phenomenon of the pre and post BTC price drop on the occurrence of CME futures expiries no longer exists. This reaffirms the bull case for the recent run, despite the negative news from Asian exchanges and Tether.” Currently, BTC is trading above $13.5K, and the 4-hour chart shows the digital asset making higher lows and lower highs as the price pulls into a tighter range. BTC/USDT 4-hr chart. Source: TradingView Even as the price holds above the 20-day moving average, it wouldn’t be unexpected to see it range between $13,500 to $12,900 through the weekend and into early next week. If Bitcoin price is able to push above the pennant trendline at $13,620 and secure a 4-hour close above it, then a renewed push for a new 2020-high above $13,859 is possible. Currently, as trading volume increases, the moving average convergence divergence indicator shows the MACD has crossed above the signal line (orange) and the histogram shows an increase in momentum. The RSI is also above the midline, just reaching 60, but for the last few days, BTC has met resistance at $13,660. In the event that BTC loses its current momentum and drops from the pennant below $13,100, there is support at $12,800. Failure to hold at this level opens the door for a retest of the next support at $12,000 and below this $11,500. Bitcoin daily price chart. Source: Coin360 From a bird’s-eye-view, Bitcoin’s current price action is encouraging and the digital asset is clearly in a strong uptrend with room to run higher. The same cannot be said for altcoins which have taken an absolute pummeling throughout this week. At the time of writing Ether (ETH) price is down by 5.8% as the top altcoin struggles to reclaim $400 as support. Chainlink (LINK) has dropped 6.74% and Binance Coin (BNB has lost 6.10%. According to CoinMarketCap, the overall cryptocurrency market cap now stands at $396.6 billion and Bitcoin’s dominance rate is 63.5%.
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Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range. While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the result because the next President will continue to print more dollars. Daily cryptocurrency market performance. Source: Coin360 Using data from CoinMetrics, Twitter user Julio Moreno recently highlighted that if Bitcoin could sustain above $10,000 for four more days, it would complete 100 days above this critical level. History suggests that Bitcoin rallies vertically after it completes 100 days above a psychologically significant level. Bitcoin’s rally from $10 to $100, a 10-fold rise, took only 122 days after it had spent 100 days above $10. Similarly, a move from $100 to $1000 happened in two days, and the rally from $1,000 to $10,000 was completed in 150 days. Therefore, investors are watching to see whether Bitcoin will continue following its precedence or will it chalk a new course. Let’s study the charts of the top-10 cryptocurrencies to find out the path of least resistance. BTC/USD The long tail on the candlesticks of the past two days shows that the bulls are accumulating on dips. However, the failure to sustain Bitcoin (BTC) above $13,600 suggests that the bears are attempting to defend the overhead resistance. After the large range day on Oct. 28, the price action could be subdued for a few days as both the bulls and the bears try to gain an upper hand. However, the upsloping moving averages and the relative strength index still in the overbought zone suggests that the path of least resistance is to the upside. The bulls will again try to push the BTC/USD pair above $13,973.50 and if they succeed, the uptrend could resume. Contrary to this assumption, if the index turns down from the current levels and slips below the 20-day exponential moving average ($12,518), the trend could turn in favor of the bears. ETH/USD Ether (ETH) has broken below the 20-day EMA ($385) today but the bulls are attempting to defend the support at the 50-day simple moving average ($370). The uptrend line is also just below this level, hence, a bounce is likely. ETH/USD daily chart. Source: TradingView If the bulls can push the price above the downtrend line, the ETH/USD pair may rise to the $420.50 overhead resistance. A break above this level could increase the possibility of a rally to $450 and then to $488.134. On the other hand, if the bears sink the ETH/USD pair below the uptrend line, a drop to $333 and then to $308.392 is possible. The flat moving averages and the RSI near the midpoint do not indicate an advantage to either the bulls or the bears. Hence, the pair could remain range-bound for a few days. XRP/USD After failing to sustain above the $0.26–$0.2295 range on Oct. 22, XRP has dropped to the support of the range. However, the long tail on the candlestick today suggests that bulls are using this dip to buy. XRP/USD daily chart. Source: TradingView It is difficult to predict the direction of the breakout from the range, hence, it is better to wait for the price to break above or below the range before taking a large bet. In a consolidation phase, the signals from the moving averages are choppy. The oversold levels on the RSI are considered as a buying opportunity and overbought levels are used to book profits because the expectation is that the range-bound action will continue. A trending move could be expected if the bears sink the XRP/USD pair below the $0.2295–$0.219712 support zone, while a break above $0.26 will suggest that the bulls are in command. BCH/USD The long wick on the candlestick on Oct. 28 shows that bulls booked profits when Bitcoin Cash (BCH) failed to rise above $280. Although the bulls purchased the dip to the 20-day EMA ($256) on Oct. 29, the price has again slipped today. BCH/USD daily chart. Source: TradingView The RSI has broken down from the symmetrical triangle, which suggests that the bears are attempting to make a comeback. If the bears can sink the price below the 20-day EMA, a drop to $242 is possible. This support could attract buying as the 50-day SMA ($238) is just below it. If the BCH/USD pair rebounds off this support, it could remain range-bound between $280–$242 for a few days. Contrary to this assumption, if the bears sink the pair below the 50-day SMA, a drop to $210 could be on the cards. LINK/USD Chainlink (LINK) has broken below the 20-day EMA ($11.21) support and the bears are now attempting to sink the price below the 50-day SMA ($10.58). If the bears succeed, the altcoin could dip to the uptrend line. LINK/USD daily chart. Source: TradingView A break below the uptrend line could signal an advantage to the bears and open the gates for a possible decline to $8.38 and then $6.90. Conversely, if the rebound off the current levels or the uptrend line sustains above the 20-day EMA, the bulls will again try to propel the LINK/USD pair above $13.28. However, the flat moving averages and the RSI near the midpoint indicate a balance between supply and demand. This could result in a range-bound action in the short-term. BNB/USD The bears are currently attempting to sink and sustain Binance Coin (BNB) below the $28.43 support. If they succeed, the altcoin will complete a double top pattern that could drag the price down to the target objective of $24.86. BNB/USD daily chart. Source: TradingView The 20-day EMA ($29.81) has started to turn down and the RSI has plunged into negative territory, which suggests the bears have the upper hand. However, if the bulls buy the current dip and push the price back above $28.43, the BNB/USD pair could rise to the 20-day EMA where it may face resistance. If the price turns down from this resistance, it will suggest that the sentiment has turned bearish and traders are looking to sell on rallies. Contrary to this assumption, if the bulls can push the price above $32, it will suggest that the bulls are back in control. DOT/USD Polkadot (DOT) plummeted back below the neckline of the inverse head and shoulders pattern on Oct. 29. This drop has invalidated the bullish reversal pattern. DOT/USD daily chart. Source: TradingView The bulls are currently trying to find support close to $3.80. If this support cracks, the bears will try to break the $3.5321 support and if they succeed, the DOT/USD pair could start a downtrend that may reach $2.60. On the contrary, if the pair rebounds off the current levels, the pair may again attempt to rise above the moving averages and $4.6112. If that happens, it will suggest that the bulls are accumulating at lower levels. LTC/USD The reversal on Oct. 28 attracted further follow up selling on Oct. 29 and Litecoin (LTC) broke the 38.2% Fibonacci retracement level of $54.9361. Currently, the bulls are attempting to defend the $52.36 support. LTC/USD daily chart. Source: TradingView If they succeed, the LTC/USD pair could consolidate between $52 and $60 for a few days. The flattening 20-day EMA ($53) and the RSI just above the halfway mark also suggest a few days of range-bound action. This assumption will be invalidated if the bears sink the pair below the $52.36–$51 support. If this happens, the pair could drop to the 50-day SMA ($49) and below that to $46. BSV/USD Bitcoin SV (BSV) broke below the 20-day EMA ($167) on Oct. 29 and that has been followed by further selling today. Currently, the altcoin has dropped to the uptrend line of the symmetrical triangle. BSV/USD daily chart. Source: TradingView A break below the uptrend line could drag the price down to the $146.20 support where the bulls are likely to step in and buy. A bounce off $146.20 could keep the BSV/USD pair stuck inside the range for a few more days. The flat moving averages and the RSI in the negative territory also suggest a balance between supply and demand. This view of a range formation will be invalidated if the bulls push the price above $180.63 or the bears sink the pair below $146.20. ADA/USD Cardano (ADA) broke below the 50-day SMA ($0.092) on Oct. 29 and the bears are currently attempting to sink the price below the $0.0893 support. If they succeed, the altcoin may drop to $0.0755701. ADA/USD daily chart. Source: TradingView The downsloping 20-day EMA ($0.102) and the RSI below 38 indicate that bears are in command. Even if the ADA/USD pair rises from the current levels, the bears will try to sell the bounce to the 20-day EMA. If the pair turns down from this resistance, it will increase the possibility of a break below $0.0893. This bearish view will be invalidated if the bulls can push the pair above $0.1040440. Such a move will suggest accumulation at lower levels. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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In the last few days Bitcoin (BTC) price rallied within a hair of the $14,000 level and Ether (ETH) followed with a similarly strong performance but the altcoin failed to hold above the $400 physiological support.  Bitcoin and Ethereum year-to-date performance. Source: Digital Assets Data Although Ether price is below $400, data show traders are not worried about Friday’s options expiry. Investor optimism has been kept intact despite the recent decentralized finance (DeFi) lackluster performances. $80 million worth of Ether options are set to expire this Friday, but there has never been a strong argument for October. For starters, this number pales in comparison with the figures for December and March $282 million. ETH options open interest. Source: Cointelegraph Even when taking a more granular view, October options are somehow balanced between calls and puts. This data is a sign of an undecided market, which is neither bullish nor bearish when viewed in isolation. October ETH options. Source: Deribit As the data above shows, there is roughly the same amount of call (buy) options betting on prices up to $410, as there are put (sell) options eager for lower prices. The scenario gets even more balanced after including OKEx numbers, which favors put (sell) options by 2.5K ETH. The main reason behind the interest in October options is Ethereum's upcoming ETH 2.0 upcoming staking launch. For investors willing to open leveraged bets for this event, the odds favor December to March 2021 for an outcome. This rationale is valid both for bulls and bears, therefore greatly diminishing investors appetite for short-term options. December ETH options. Source: Deribit By analyzing December’s $200 million in open interest, one will obtain a better sense of how investors are positioning themselves for the upcoming Ethereum network upgrade. Bullish strategies are using this ‘event’ around 62% of these options. Options pricing have been signaling bullishness For those unfamiliar with the "delta" mentioned on those charts, this indicator comes from the options Black & Scholes pricing model. It represents the mathematical probability of Ether being above that price on the expiry date according to its volatility. For example, the current options pricing display 33% odds of the price being above $460 on December 25. Investors then compare calls and put options with similar probabilities. On a balanced market, traders should be demanding roughly the same premium for both options, with a 25% delta (odds). Whenever the market is unwilling to take downside risk, the indicator shifts negatively. On the other hand, a positive 10% delta skew indicates traders are demanding less premium (risk) for upside protection. 3-month options 25% delta skew. Source: Skew The above chart shows a relatively steady optimism as the 25% delta skew has been hovering around -11% past two months. Although not excessive, it certainly shows how sentiment has not changed despite the recent failure to sustain a $400 support level. Top traders are currently net long To further confirm whether this optimism reflects investors positions, one should analyze the Ether top traders' long-to-short exchange provided data. By reviewing the top client positions on spot, perpetual and futures contracts, exchanges can obtain a clearer view of whether traders are leaning bullish or bearish. There are occasional discrepancies in the methodologies used by different exchanges, so viewers should monitor changes instead of absolute figures. ETH top traders long/short ratio. Source: Huobi and OKEx As shown by the chart above, there hasn't been any relevant changes to the exchange's top trading Ether positions. The decrease seen in Huobi is more than compensated by OKEx’s increasing long exposure. Binance figures were not included as they barely moved from 1.06 earlier this month to the current 1.01 level. Ultimately, despite the 7% downturn in Ether price since last week and a relatively clear lack of appetite for short-term options, there are no bearishness signals. This is because the 25% skew options pricing indicator and crypto exchange top traders long-to-short ratios are slightly favoring bulls. Nevertheless, investors are concentrating their bets on December and March expiries, which seems to make sense as the Ethereum network faces its most massive upgrade ever. At least, for now, these traders are confident that $400 will act as a support level going forward.bRegardless of what happens during tomorrow's expiry, one should closely monitor the options 25% delta skew indicator and top traders long-to-short ratio. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Available now with Crypto Cars Online Dallas/Fort Worth, Texas— October 26, 2020 — Crypto Cars Online announced immediate availability of purchasing vehicles with crypto currency, after partnering with top rated auto dealers in the Dallas Fort Worth area. “Our system is simple when you buy a car with Crypto Currency,” said Spokesman Roger Lee, Managing Partner of dr2marketing and head of media relations for Crypto Cars Online. How It Works Purchase your vehicle online with multiple crypto currency options including, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin. Crypto Cars Online recently committed to deploying a single payment processor, enabling customers to shop all makes and models of vehicles with crypto currency. “Once you find your car, you will be able to proceed to checkout and complete your purchase via our payment processor. We will handle the payment at the car dealer and clarify all needed paperwork for you,” said Spokesman Roger Lee, head of media relations for Crypto Cars Online. Availability Crypto Cars Online, is a service driven by customer feedback and is part of Crypto Cars Online’s commitment to deliver the latest vehicle options with one convenient payment processor.  Purchase is available immediately at www.cryptocarsonline.com and Crypto Cars Online can assist with vehicle delivery anywhere in the world. Founded in 2020, Crypto Cars Online is the first Crypto Currency Auto Finance company in the United States. The company offers a wide range of vehicles and services designed to make purchasing vehicles with crypto currency simple. ### Crypto Cars Online is a registered trademarks or trademarks of Crypto Cars Online in the United States and/or other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. For more information: info@cryptocarsonline.com For more information on inventory: Please visit www.cryptocarsonline.com Featured image: DepositPhotos © VitalikRadko Please See Disclaimer Previous MPWR Crypto Summit Confirms Millennials Will be Enhancing The Digital Space
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Mythos Capital founder Ryan Sean Adams called Ethereum killers “toothless” based on initial token allocation schemes that often prioritize insiders: Source: Twitter. Adams was referring to a recent Messari report, which summarized the token distribution for some of the most popular Ethereum (ETH) alternatives launched in the last couple of years. There are four main distribution categories: public presale, community allocations, insiders, and each project's respective foundations. Source: Messari. The report's authors suggest that the proportion of tokens allocated to insiders (which includes team, company and VCs) is crucial when assessing projects, “projects that distribute tokens to insiders (team, founders, and VCs) at the expense of the community put themselves at a disadvantage.” They also contrast these distributions unfavorably with Ethereum: “Ethereum found success because it made early investors wealthy. But it thrived because the pool of early contributors was considerably large.” Moreover, the authors say that all of these blockchains (with the exception of Kadena and Nervos Network) employ proof-of-stake consensus — which they believe only exacerbates the problem: “Rebalancing the ratio of insider to community network ownership post-launch is an uphill battle, one that can be more difficult for Proof-of-Stake (PoS) networks since early stakeholders have a perpetual claim on seigniorage” The report states that for instance, Placeholder Capital prefers projects where 20 to 30% of the token supply goes to a project's insiders. The average for the twelve aforementioned platforms is 43%, however, with only Kadena and Edgeware meeting the specified criteria. Ways of ensuring that new crypto projects have a fair launch have been contentiously discussed for a long time. Though Messari and Adams appear to praise Ethereum’s launch, a Bitcoin maximalist will be quick to point out that a significant portion of Ether were premined. Others could argue that Satoshi Nakamoto managed to mine a Bitcoin fortune in an environment virtually devoid of competition. The issue in this case is more about determining what type of distribution provides the best possible outcomes for a project. A substantial allocation to insiders has an opportunity cost. These coins could be used instead to incentivize the community. In addition, insiders typically get their tokens either for free or at substantial discounts, which allows them to sell early, driving prices down. The entire subject of tokenomics is rather new and provides little empirical data or academic research. This makes drawing meaningful conclusions difficult, and open to subjective interpretation.
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Bitcoin (BTC) may be down less from its all-time highs than any other cryptocurrency, but 2020 has so far been the year of Chainlink (LINK). In the latest edition of its Weekly Insights report on Oct. 26, The TIE noted that Chainlink has outperformed every other cryptocurrency with year-to-date returns of over 600%. Bitcoin down least vs. all-time highs Comparing altcoin performance, the report also highlighted Cardano (ADA) with 224% returns, Ether (ETH) on 217% and Monero (XMR) on 182%. The numbers provide a timely counterpoint for cryptocurrency spectators as attention remains broadly focused on Bitcoin and its recent gains, which topped out at $13,370 over the weekend. Enthusiasm around a rerun of the so-called “altseasons” from previous years has also waned, with Cointelegraph Markets analyst Michaël van de Poppe warning that Ether may not be set to copy Bitcoin’s successes this time around. Zooming out, Bitcoin remains the cryptocurrency down the least versus its historic all-time highs, at press time circling 36% against its $20,000 peak from late 2017. By contrast, Chainlink is down 41%, Ether 73% and Cardano 92%. The worst performers out of the major market cap tokens are Ripple (XRP) and Bitcoin Cash (BCH), both down 94%. “Among the major cryptocurrencies, Binance Coin, Bitcoin and Chainlink are closest to their all-time high prices. While the median asset is down -79% from its ATH, BTC is down -36%,” The TIE summarized. “That means that Bitcoin’s price would need to increase by +55% (roughly $7,000) to reach its ATH price. It has been almost 3 years since BTC was at $20,000.” Major cryptocurrency 2020 returns comparison. Source: The TIE “Where’d all the LINK Marines go?” The TIE meanwhile noted that despite its 2020 rally, Chainlink is noticeably absent from social media. “Like many assets, Chainlink recently set it’s all time high during the summer’s altcoin craze and has fallen a considerable amount since then. This has caused LINK related conversations on Twitter to decrease by -60%,” the report stated. “This decrease in conversations has continued on, despite the fact that LINK has rebounded 70% from its low. So, this brings me to my question of where’d all the LINK marines go?” Google search data for Bitcoin meanwhile has trended slightly up over the course of recent price rises, but remains lower than in August when it returned to $12,000.
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The crypto-powered Spotify competitor Audius has retroactively distributed 50 million of its native AUDIO tokens to artists and listeners using the platform. The distribution came alongside the launch of the AUDIO governance token on the Audius mainnet, with 5% of the token’s initial one billion supply distributed to its “top 10,000 artists & fans.” Audius seeks to reward content creators and listeners using its governance token, affording them voting rights over how the protocol will evolve in future. The project plans to use blockchain technology to increase transparency and reduce middle-men across the musical supply chain. However its native token currently only has two uses. It allows AUDIO holders to access an exclusive Discord channel and the token can be staked, with 1.4 million AUDIO currently locked up. The team is celebrating its mainnet launch with a Twitch stream featuring deadmau5 and RAC. The algorithm determining token distribution heavily favored artists over listeners, with 75% of the issued tokens allocated to creators based on the number of streams they generated. Follower counts were used to allocate another 10% of tokens, while favorited playlists, number of songs reposted, and number of songs favorited, were used to determine 5% each. A rather large 40.6% of the token’s supply has been allocated for the Audius team and advisors, including popular artists deadmau5 and RAC, with 36% set for distribution among the platform’s investors, and 17.8% of supply allocated to a community-governed treasury. The token’s supply is set to inflate by 7% each year for future distributions to users. With AUDIO currently trading for $0.16, the airdrop was valued at roughly $8 million. The token has a 24-hour volume of $6.6 million, nearly 86% of which changed hands on Binance. AUDIO/USD: CoinGecko In its whitepaper, Audius criticizes the existing dominant structures in the music industry, and claims it seeks to leverage blockchain technology to pay rewards to content creators and to increase transparency regarding payouts to artists, structures of publishing rights, and other licensing issues prevalent in the sector. Since launching in September last year, Audius has attracted more than 750,000 monthly active users and generated more than one million streams each month. The platform intends to support third-party stablecoins in future. Audius also plans to facilitate content creators minting “artist tokens” on Ethereum (ETH) to offer unique utilities for fans.
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Morgan Creek Digital co-founder Anthony Pompliano highlighted data from Santiment, which showed that the 30-day rolling correlation between Bitcoin (BTC) and the S&P 500 is 0. Pomp stressed that the lack of correlation shows that Bitcoin is a store of value.  Along with that, Bitcoin has also outperformed most traditional asset classes such as gold, the S&P 500, crude oil, and the U.S. dollar since the sector wide crash that took place in March when coronavirus fears reached a peak. Daily cryptocurrency market performance. Source: Coin360 Abra Co-founder and CEO Bill Barhydt recently said that “Bitcoin is the single best investment opportunity in the world right now” and he has substantially increased his Bitcoin holdings in the past few days. After the recent purchase, about 50% of Barhydt’s total investment portfolio is now held in Bitcoin. Is Bitcoin likely to resume its uptrend or will it take a pause and consolidate for a few days before starting the next trending move? Let’s analyze the charts of the top-10 cryptocurrencies to find out. BTC/USD The bulls are struggling to propel Bitcoin (BTC) above the $13,200–$13,343.66 resistance zone. This suggests that after the initial frenzy, buying has dried up at higher levels. BTC/USD daily chart. Source: TradingView The failure to sustain above $13,200 could attract profit booking by the short-term traders that may result in a pullback to the $12,460–$12,050 support zone. However, the upsloping moving averages and the relative strength index in the overbought territory, shows that the bulls are in command. Therefore, the bulls might buy the dip to the 20-day exponential moving average ($12,034). If the BTC/USD pair rebounds sharply from the 20-day EMA, the bulls will make one more attempt to resume the uptrend. If they succeed, a rally to $14,000 is likely. Conversely, if the bears can sink the pair below the 20-day EMA, a fall to the 50-day simple moving average ($11,109) is possible. ETH/USD The tight range consolidation of the past three days has resolved the downside. The bears have dragged Ether (ETH) back below $395 but the bulls are attempting to keep the price above the 20-day EMA ($383). ETH/USD daily chart. Source: TradingView If the ETH/USD pair rebounds off the 20-day EMA and rises above $400, it will suggest strong accumulation at lower levels. A breakout of $420 will signal the possible resumption of the uptrend. However, the 20-day EMA is flattening out and the RSI is just above the midpoint, which suggests a balance between supply and demand. If the bears sink the price below the 20-day EMA, it will suggest that the momentum has weakened. A break below the uptrend line may intensify the selling. XRP/USD The failure of the bulls to push XRP above the $0.26 resistance in the past few days may have attracted profit booking by the short-term traders. The altcoin has broken below the 20-day EMA ($0.249) and is currently attempting to stay above the 50-day SMA ($0.244). XRP/USD daily chart. Source: TradingView If the XRP/USD pair rebounds off the 50-day SMA, the bulls will make one more attempt to push the price above $0.26. If they can pull it off, the pair is likely to pick up momentum and rally to $0.30. On the other hand, if the bears sink the price below the 50-day SMA, the pair could extend its stay inside the $0.2295–$0.26 range for a few more days. The flattening moving averages and the RSI just below 50 also point to a possible range-bound action in the short-term. BCH/USD The failure of the bulls to propel Bitcoin Cash (BCH) above the $280 resistance attracted profit booking by the short-term traders. This selling has dragged the price down to the 20-day EMA ($252). BCH/USD daily chart. Source: TradingView If the BCH/USD pair rebounds sharply from the 20-day EMA, it will suggest accumulation at lower levels. The bulls will then again try to push the price above the overhead resistance at $280. If they succeed, the rally may extend to $300 and above it to $326.30. Conversely, if bears sink the price below the 20-day EMA, the BCH/USD pair could drop to $242. Such a move will suggest that the pair could remain range-bound for a few more days. The RSI has formed a negative divergence, which suggests that the bullish momentum may be weakening. LINK/USD Chainlink (LINK) has turned down from close to $13 levels and the bears will now attempt to pull the price back below the $11.8028–$11.1990 support zone. If they succeed, it will suggest that the recent breakout of $11.8028 was a bull trap. LINK/USD daily chart. Source: TradingView A break below the moving averages could signal further weakness and the trend will turn in favor of the bears if the uptrend line also fails to provide support. On the other hand, if the LINK/USD pair rebounds off the $11.8028-$11.1990 support, it will suggest that the bulls are buying the dips. The bulls will then make one more attempt to propel the pair above $13.28. If they succeed, the uptrend is likely to pick up momentum with a rally to $15 and then to $17. BNB/USD Binance Coin (BNB) remains in an uptrend and the bulls have held the support at $29.5646 for the past four days. The upsloping moving averages and the RSI above 57 signals that bulls are in command. BNB/USD daily chart. Source: TradingView If the bulls can thrust the BNB/USD pair above the $32–$33.3888 resistance zone, the uptrend may pick up momentum. A breakout of the resistance zone increases the possibility of a retest of the all-time highs. Contrary to this assumption, the first sign of weakness will be a break below the 20-day EMA ($29.68) and the pair could signal a deeper correction if it sustains below the 50-day SMA ($27.91). DOT/USD Polkadot (DOT) broke above the neckline of the inverse head and shoulders pattern on Oct. 24. This bullish setup has a target objective of $5.40. The bulls are currently attempting to push and sustain the price above the overhead resistance at $4.6112. DOT/USD daily chart. Source: TradingView If the buyers can manage to sustain the price above $4.6112, the momentum is likely to pick up. The 20-day EMA ($4.22) has flattened out and the RSI has risen above 59, which suggests that the selling pressure has reduced. This positive view will be invalidated if the DOT/USD pair turns around from the current levels and plummets below the moving averages. Such a move will suggest that the break above the neckline was a bull trap. LTC/USD Litecoin (LTC) turned around from the $60 mark as traders booked profits following the sharp gains of the past few days. The upsloping moving averages and the RSI above 62 suggest that bulls have the upper hand. LTC/USD daily chart. Source: TradingView The LTC/USD pair has corrected to the 38.2% Fibonacci retracement level of $54.9361 and if this support cracks, a drop to the 50% retracement level of $53.3915 is likely. If the pair bounces from either level, it will suggest buying on dips. In such a case, the bulls will again try to resume the up-move by driving the price above $60. If they succeed, the pair could rally to $64 and then to $68.9008. This bullish view will be invalidated if the bears sink the pair below the breakout zone of $51–$52.36. BSV/USD Bitcoin SV (BSV) broke above the symmetrical triangle on Oct. 24 but the bulls could not build up on the strength and push the price above the overhead resistance at $180.63. BSV/USD daily chart. Source: TradingView This has resulted in profit booking that has dragged the price close to the 20-day EMA ($167). A break below the moving averages could pull the price down to the uptrend line of the triangle. On the contrary, if the BSV/USD pair rebounds off the 20-day EMA, the bulls will make one more attempt to push the price above $180.63. If they are successful, a rally to $208 and then to $227 is possible. ADA/USD Cardano (ADA) has broken down of the support line of the rising wedge pattern and the 20-day EMA ($0.10). The bulls are currently attempting to defend the support at the 50-day SMA ($0.099). ADA/USD daily chart. Source: TradingView If the ADA/USD pair rebounds off the current levels, the bulls will make one more attempt to drive the price above $0.1142241. Conversely, if the bears sink the price below the 50-day SMA, a drop to $0.90 and then to $0.755701 is possible. The flat moving averages and the RSI just below 45 suggest that bears have a minor advantage. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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