Connect with us

News

Analyst Who Called This Week’s XRP Rally Forecasts What’s Coming Next, Says Ethereum Poised To Outperform Bitcoin

An analyst who accurately predicted XRP’s recent bounce from a low of about $0.22 says he expects the third-largest cryptocurrency to continue moving to the upside. At time of publishing, XRP has bounced back to the $0.33 level. It remains well below its price of $0.57 on December 20th, before the SEC announced it had filed […]

The post Analyst Who Called This Week’s XRP Rally Forecasts What’s Coming Next, Says Ethereum Poised To Outperform Bitcoin appeared first on The Daily Hodl.

Republished by Plato

Published

on

An analyst who accurately predicted XRP’s recent bounce from a low of about $0.22 says he expects the third-largest cryptocurrency to continue moving to the upside.

At time of publishing, XRP has bounced back to the $0.33 level. It remains well below its price of $0.57 on December 20th, before the SEC announced it had filed a lawsuit against Ripple accusing the company of selling the digital asset as an unregistered security.

After calling this week’s bounce, analyst Credible Crypto says he believes XRP has more room to rise against Bitcoin (BTC).

“If you got excited seeing the last XRP pop, you’re gonna love this next one. The start of our major reversal against BTC. This is the BTC pairing, but it should correlate with a move to $0.40-$0.50 on the USD pairing that I have been talking about in my recent update videos.”

Source: Credible Crypto/Twitter

Fellow analyst Michaël van de Poppe is less bullish on XRP. He says the cryptocurrency is facing a major wall of resistance at the $0.34 level.

“XRP needs to crack this significant resistance zone to be able to continue the upward push. If that doesn’t occur, more consolidation is required.”

As for Bitcoin, both Van de Poppe and Credible Crypto believe a peak of $300,000 this cycle is possible.

Credible Crypto expects Ethereum and many altcoins to outperform BTC from this point forward.

“Will be selling a lot of spot BTC buys from $10,000 as we approach $50,000 to funnel more funds into altcoins. I have $300,000 as a MAX on BTC in this cycle. That is 6x from $50,000.

I fully expect most altcoins to outperform [BTC] from here. Even majors like ETH will easily eclipse 6x from current levels.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/IM_VISUALS

Source: https://dailyhodl.com/2021/01/10/analyst-who-called-this-weeks-xrp-rally-forecasts-whats-coming-next-says-ethereum-poised-to-outperform-bitcoin/

Blockchain

Just-in: CITI Extends Partnership With Ripple Powered Volante’s VolPay

Republished by Plato

Published

on

advertisement

Upland


Citi Treasury and Trade Solutions (Citi) has announced the extension of its long-standing partnership with key Ripple partner Volante Technologies, a global provider of payments and financial messaging solutions. The partnership would help CITI in the adoption of hugely popular ISO 20022 financial messaging standards across its global payments operations, as the new payment standard is fastly becoming the choice of payment messaging standard for major payment processors across the globe.

Advertisement

OKEx

The news also comes as a major boost for Ripple and the XRP community as Volante is a key Ripple partner that makes use of Ripplenet for its popular VOIPay payment processing solution. Before the SEC lawsuit, Ripple has made quite progress in terms of cross-border remittance solution provider with its RippleNet technology with over 200 banking partners across the globe including Japanese giants SBI Holdings.

Ripple Can Still Redeem Itself Outside US as Fintech Frenzy Soars

Ripple and XRP’s future looks uncertain in the United States, the crypto company could still manage to continue its remittance technology solution business outside the US.  Most of its key strategic partners outside the US have extended their support to Ripple suggesting that they need not worry as they would continue to use and their services. With a strong community standing behind the company and the recent push by countries for fintech technology incorporation

The raging coronavirus pandemic added with the crumbling financial infrastructure has raised the demand and need for incorporation of digital technology in the existing financial system. The United States has already green-lighted the use of blockchain and stablecoins by federal banks and the likes of Japan, South Korea, and many European countries would follow a similar suit.

Ripple despite its woes in the US could largely benefit from the world’s move towards fintech with its strong foothold in the Asian Pacific region, which also happens to be one of the key remittance corridors.

Advertisement


Cryptocoincoach

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

TradingView

Source: https://coingape.com/citi-extends-partnership-with-ripple-powered-volantes-volpay/

Continue Reading

Blockchain

First Mover: Ether Steals Limelight With New All-Time High Price as Bitcoiners HODL

Republished by Plato

Published

on

Bitcoin (BTC) was higher for a second day, staying in the past two week’s range between roughly $34,000 and $40,000.  

“This period of consolidation is building a solid base, giving those who wish to sell bitcoin plenty of time,” according to the cryptocurrency exchange firm Diginex. 

Ether (ETH), the second-biggest cryptocurrency, rose Tuesday to a new all-time high of $1,499.33, reaching price levels not seen since early 2018. The LINK token from Chainlink, which provides price feeds to decentralized trading and lending systems built atop blockchain networks, also set a record price.   

Read More: Ethereum’s Ether Cryptocurrency Sets New Price Record on Major Exchanges

With the bitcoin market trading sideways, some investors might be rotating into so-called alternative cryptocurrencies for faster returns, Edward Moya, a senior market analyst for the foreign-exchange broker Oanda, said in emailed comments.  

“The cryptoverse is growing again, and right now many cryptocurrency traders are diversifying into other coins,” Moya said. 

In traditional markets, Asian and European shares rose and U.S. stock futures pointed to a higher open ahead of Treasury Secretary nominee Janet Yellen’s confirmation hearing. The former Federal Reserve chair is expected to call for the government to “act big” on stimulus borrowing and spending, to aid the economic recovery. 

Gold strengthened 0.2% to $1,845 an ounce. 

Market Moves

With bitcoin prices up 26% so far in January after quadrupling in 2020 and doubling the year before that, a trader might be forgiven for looking to take some profits. 

But based on data extracted from the underlying blockchain network, investors appear content to sit tight, apparently betting a new rally could quickly take the cryptocurrency to fresh all-time highs. 

Delphi Digital, a cryptocurrency analysis firm, noted last week in a report that bitcoin balances on cryptocurrency exchanges had decreased to about 2.3 million from 2.4 million over the past month as prices rose. Often, when prices rise, the balances increase, as more investors transfer bitcoins to the exchange to be liquidated. 

“The net outflow this time around is potentially indicative of the long-term focused nature of recent investors,” according to the Delphi analysts, Yan Liberman and Kevin Kelly. 

Bitcoin balances on exchanges have declined even as prices for the cryptocurrency rose, indicating holders are in no hurry to take profits.
Source: Delphi Digital

The exchange outflows dovetail with other blockchain data showing more bitcoin being hoarded by investors for the long term, known in crypto-industry jargon as HODLing.  

Analysts for Glassnode, a blockchain-data firm, noted Monday that the number of bitcoins held in “accumulation addresses” has climbed by 17% over the past year to more than 2.7 million. These are addresses that have only ever received bitcoin and never spent them. 

“This increase highlights the massive supply restriction that is occurring in the BTC market, with almost 15% of the total supply held in these addresses,” according to the firm.

Some 14.6 million out of the 18.6 million bitcoins mined over the blockchain network’s 12-year history are “either lost or being HODLed long term,” Glassnode says. That means new buyers coming in, such as big investors or companies looking to use the cryptocurrency as a hedge against potential inflation, would have to compete for the remaining 4 million or so bitcoins still circulating. 

“When combined with the general decrease in bitcoin’s liquid supply and the number of lost coins, this leads to an even more limited supply, which is helping BTC maintain the highest prices it has ever seen,” the analysts wrote

– Bradley Keoun

Past episodes of a decreasing “liquid supply” of bitcoin have preceded price rallies.
Source: Glassnode

Bitcoin Watch

Bitcoin’s hourly chart, with bull-bear tug of war represented by “contracting triangle” price pattern.
Source: TradingView/CoinDesk

Bitcoin remains locked in a narrowing price range despite resurgent institutional demand.

The top cryptocurrency has charted a symmetrical triangle over the past few days, as seen on the hourly chart. It’s a sign both buyers and sellers are unwilling to lead the price action.

Grayscale Bitcoin Trust (GBTC), the biggest publicly traded crypto investment trust, purchased a total of 16,244 BTC ($607 million) on Monday, taking out 18 times more supply from the market than what miners added. This was after the trust reopened last week following a month-long pause and quickly accumulated another 4,700 BTC. (Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.)

Even so, the cryptocurrency is struggling to gather upside traction. The bulls look to be taking a hiatus, having engineered a rally of more than 200% over the past three months. 

Digital-asset traders appear to have shifted toward alternative cryptocurrencies such as ether, the second-largest cryptocurrency, which rose to a new record high early Tuesday.

The focus could move back to bitcoin if the largest cryptocurrency breaks out of its hourly chart triangle pattern. That would imply a resumption of the broader trend and put $50,000 on the map, as noted by Vinny Lingham, investor and founder of crypto wallet and identity verification firm Civic.

– Omkar Godbole

Read More: Bitcoin Becomes Most-Crowded Trade in Bank of America Survey After Passing ‘Long Tech’

Token Watch

Enjin (ENJ): Enjin Coin becomes first gaming cryptocurrency whitelisted for use in Japan (CoinDesk)  

Tether (USDT): Anonymous columnist questions whether Tether’s true peg is distorted by promotional awards (Medium

Celsius (CEL): Alex Mashinsky, CEO of crypto lender Celsius, says in interview that company filed SEC exemption form on CEL tokens “because the regulations are not clear” (CoinDesk

XRP (XRP): Kraken exchange becomes latest to halt XRP trading for U.S. residents after SEC suit against Ripple Labs (CoinDesk

What’s Hot

Goldman Sachs reportedly planning to enter crypto market soon with custody play (CoinDesk)  

Huobi Global connects to European banking system via UK’s BCB Group (CoinDesk)

Coinbase cryptocurrency exchange, hounded by snarky social-media comments about reliability, plans improvements to infrastructure (CoinDesk)

CoinShares starts exchange-traded bitcoin product (Bloomberg

MetLife’s investment arm predicts “true central bank digital-currency launch among Western countries seems unlikely to occur anytime soon” (CoinDesk

Bitcoin takes over as “most-crowded trade” in Bank of America survey after passing “long tech” (CoinDesk

“No, bitcoin is not in a bubble,” CoinDesk Research Director Noelle Acheson writes in Crypto Long & Short newsletter (CoinDesk

JPMorgan analysts see $40,000 as a key bitcoin price threshold before bullish uptrend continues, Bloomberg reports (CoinDesk

Former Canadian Prime Minister Stephen Harper, in interview, lists bitcoin among U.S. dollar alternatives that could make inroads as an international reserve asset (CoinDesk

Wall Street chief financial officers (CFO) are more wary of putting company funds into bitcoin after last week’s 30% price plunge (CoinDesk)

Bitcoin is “two bets in one: a sound, unimpeachable monetary protocol and the reserve asset for a rapidly expanding crypto-financial network,” Castle Island Ventures’ Nic Carter writes (New York Magazine

South Korea’s Dunamu launches its own bitcoin “fear and greed” index (CoinDesk):

Dunamu’s new index is pushing toward the red zone, indicating “extreme greed.”
Source: Dunamu

Analogs

The latest on the economy and traditional finance

Biden Treasury secretary nominee (and former Federal Reserve Chair Janet Yellen) says in prepared remarks for Tuesday’s confirmation hearing that “with interest rates at historic lows, the smartest thing we can do is act big” (FT

Jamie Dimon says JPMorgan Chase should absolutely be “scared s—less” about threat from fintech rivals, names PayPal, Square, Stripe, Ant Financial, Amazon, Apple, Google (CNBC

Beleaguered U.S. bank Wells Fargo targets $8B in cost savings over three years, including job cuts, and considers options for exiting asset-management and corporate-trust businesses (Pensions & Investments

Foreign investors expect U.S. dollar to remain weak under Biden (WSJ

U.S. corporate bond spreads shrink to 0.93 percentage point, narrowest since January 2020, at least partly reflecting investor confidence in ongoing economic stimulus and easy money from the Federal Reserve (WSJ)  

Reserve Bank of Australia could shut down quantitative easing program in April (Australian Financial Review)

China’s GDP grew 2.3% in 2020, lowest lowest in 44 years (Nikkei Asia Review)

Taiwanese chip maker startup Kneron eyes global expansion, aims for 8x growth in 2021 as U.S. blacklists hit Chinese rivals (Nikkei Asia Review)

Southeast Asian ride-hailing company Grab considers U.S. IPO estimated at $2B (Reuters)

Tweet of the Day

Sign up to receive First Mover in your inbox, every weekday.

Disclosure

Source: https://www.coindesk.com/first-mover-ether-all-time-high-price-as-bitcoiners-hodl

Continue Reading

Blockchain

Bitcoin At $400k: Guggenheim’s CIO Scott Minerd Still Stands By His Prediction

Republished by Plato

Published

on

Bitcoin At $400k: Guggenheim's CIO Scott Minerd Still Stands By His Prediction

Advertisement &  & 

The Bitcoin market has been generating quite some talk within the crypto space. That’s especially after the top coin mounted a fast bull run that put it at the highs of $42k before a brief correction that stabilized the price just a couple grand short of the $40k mark. Apparently, there are those who still think Bitcoin is headed way higher than its current all-time high price.

In an interview with CNBC, Guggenheim’s Chief Investment Officer Scott Minerd said that Bitcoin is headed for a $400k high. With that, Scott was affirming his earlier position where he had predicted the price.

“It’s A Bit Of A Frenzy”

This comes at a time when Bitcoin is getting a lot of attention due to its impressive price movement.

Ethereum Takes Spotlight Away From Bitcoin As It Finds All-Time High, But Can It Double That?
BTCUSD Chart By TradingView

In an attempt to deflect too much attention, Scott said that the BTC market was becoming “a bit of a frenzy,” and that there are people who still have capitalized on its current popularity even if he hadn’t touched on it. 

The Market Is Frothy

Scott Minerd made his first prediction about Bitcoin way back when the crypto was trading at around $23k. That was in December 2020. He drew a rather critical comparison between Bitcoin and Gold, noting that BTC shares a lot of qualities already present in Gold but wins in terms of its inherent transactional value. According to Scott, the Bitcoin market is currently a bit frothy due to high demand that even exchanges are struggling to meet. 

Advertisement &  & 

However, in a recent tweet, Scott attempted to play down the frenzy in the BTC market, saying that the price rally cannot be sustained in the short-term. He added that, due to this, the crypto is vulnerable to a price retraction. However, that assertion doesn’t invalidate his long-term price prediction.

Guggenheim Is Yet To Buy Bitcoin

Turns out, Guggenheim doesn’t own Bitcoin, something that has some people like economist Alex Krugger thinking that the CIO’s attempt to covertly discredit BTC in the short-term was a ploy to keep the price down in order for the firm to buy at lower prices. 

According to Krugger, Scott’s tweet attempts to lead people into thinking that the investment firm is making profits from its BTC investments, but the truth is that Guggenheim hasn’t bought Bitcoin yet. In fact, the firm filed an application with the SEC seeking approval to invest around $530 million in Bitcoin through the Grayscale Bitcoin Trust. This approval is expected to go into effect on the 30th of January.


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/bitcoin-at-400k-guggenheims-cio-scott-minerd-still-stands-by-his-prediction/

Continue Reading
Blockchain3 days ago

Will exchanges run out of Ethereum?

Blockchain4 days ago

Consob Blocks 6 New Illegal FX Websites

Blockchain2 days ago

Bitcoin Cash, Zcash, Decred Price Analysis: 17 January

Blockchain1 day ago

Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

Blockchain4 days ago

Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

Blockchain2 days ago

Decred co-founder explains the possible effects of a CBDC takeover

Blockchain4 days ago

Bitcoin Reserves Of Block.one Stands As Twice The Worth Of EOS

Blockchain4 days ago

Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

Blockchain2 days ago

Ethereum, Monero, Algorand Price Analysis: 17 January

Blockchain4 days ago

Six-Figure Bitcoin Price Predictions Back on The Table

Blockchain2 days ago

Cardano “Working On Something” That Could Solve Twitter’s Decentralization Dilemma

Blockchain2 days ago

Healthcare Jobs of the Future

Blockchain4 days ago

Fintech’s Hottest Trends in 2021? Privacy, Control, & Customization

Blockchain4 days ago

FinCEN Extends Comment Window on Proposed Crypto Regulations

Blockchain4 days ago

Exchanges See 27% Drop In ETH Supply In Just 48 Hours

Blockchain2 days ago

Will Bitcoin see another trend reversal in 2021?

Blockchain4 days ago

Federal Reserve’s Powell Says Stablecoins Risk “High-Level Focus”

Blockchain2 days ago

Top 5 cryptocurrencies to watch this week: BTC, LINK, UNI, XTZ, ATOM

Blockchain1 day ago

Analyst: Hodlers will be this year’s biggest Bitcoin gainers

Blockchain3 days ago

Michael Novogratz’s Galaxy Digital to Jump Into BTC Mining

Trending