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Crypto market cap breaks $1 trillion following jaw-dropping rally

The combined value of all cryptocurrencies just hit $1 trillion as Bitcoin and Ether continue to surge.

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The total cryptocurrency market capitalization — a major bellwether for the overall health of the digital asset class — broke $1 trillion for the first time ever at 19:00 ET on Tuesday January 6th. Bitcoin briefly topped $37,000 around the same time, marking a new record high.

Measured by market cap, the crypto asset class has virtually doubled over the past month as Bitcoin (BTC) broke out to new all-time highs and Ether (ETH) cleared $1,100 for the first time in three years. Combined, both assets account for roughly two-thirds of the overall market.

BTC and Ether’s gravitational pull on the market has seen dozens, if not hundreds, of cryptocurrencies, report double-digit percentage returns this past week.

The trillion-dollar capitalization was reached mere days after the market exceeded the highs from the 2017-18 bull market. During the last cycle top in early 2018, the combined market cap hit roughly $830 billion, according to CoinMarketCap.

The top of the last crypto bull market in early 2018 by CoinMarketCap

At the time, altcoins peaked near $547 billion after Bitcoin retreated from its Dec 2017 high. The altcoin market is currently worth less than half of that total, underscoring Bitcoin’s sheer dominance so far in the current cycle.

Altseason peaked in early 2018 during the last cycle, according to CoinMaketCap

Typically, Bitcoin’s bull cycles pave the way for a subsequent altcoin rally, which is often larger than the initial BTC mark-up. Dubbed ‘altseason’ by the crypto community, the parabolic rise in altcoins can happen quickly, leaving investors with little time to prepare. 

Many crypto observers are forecasting a bullish 2021 for Bitcoin and altcoins. They cite growing institutional demand for BTC, the ubiquity of crypto on-ramps and the natural ebb and flow of four-year market cycles for their optimism. 

Source: https://cointelegraph.com/news/crypto-market-cap-breaks-1-trillion-following-jaw-dropping-rally

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Binance Coin, Dash, Synthetix Price Analysis: 17 January

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Binance Coin looked to revisit $38.72 as the price failed to hold up above its present resistance. Dash formed a symmetrical triangle on the charts and presented the possibility of a breakout above $135.69 resistance while SNX reversed course and fell by over 12% after hitting record levels.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin retested $41.8 and moved lower as the bulls failed to lift prices towards $44.82 resistance. Prices could revisit the $38.72 support if the fall continues over the next few trading sessions. If the price rises, that would present an upside of $44.82. However, indicators favored the bears and suggested that a move towards immediate support could be a likely outcome.

The MACD was on the verge of a bearish crossover as the signal line eyed a move above the fast-moving line.

The Awesome Oscillator agreed with the MACD and indicated that momentum was shifting towards the bears.

Dash [DASH]

Source: DASH/USD, TradingView

Dash flashed red at press time, as prices traded at $121.84, down by 3.87% in the past 24 hours. A look at the 4hr chart showed that the price had formed a symmetrical triangle, and a breakout could be witnessed over the next few trading sessions. A bullish outcome could see the coin’s trading price rise above its immediate resistance and target a move above the next resistance at $135.69. On the flip side, a downward breakout could see the coin move below support $113.1.

The Stochastic RSI moved in the oversold territory and signaled a potential pullback if the index reverses direction.

The Parabolic SAR’s dotted markers were below the candlesticks and indicated that the price action was in an uptrend.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix hit an all-time high of $17.24 but immediately dropped by over 12% in the last few trading sessions. For now, losses were cut short at $14.63 support, but a fall below the present defense would confirm a bearish pullback.

The Relative Strength Index pointed downwards from the neutral zone. If the index moves into the oversold region, the price could follow suit and drop towards $13.41 support.

The MACD witnessed a bearish crossover as the price fell from record levels. The red bars on the histogram suggested the likelihood of a further pullback in prices.

Source: https://ambcrypto.com/binance-coin-dash-synthetix-price-analysis-17-january

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Former Ripple CTO may have lost much more than $220M in Bitcoin

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David Schwartz, current chief technical officer at Ripple, is responding to reports his predecessor had lost access to hundreds of millions of dollars in Bitcoin. 

In a Quora post on Thursday, Schwartz said recent reports about former Ripple CTO Stefan Thomas forgetting the password to an encrypted hard drive containing thousands of Bitcoin (BTC) were true, but added Thomas had also lost access to hundreds of coins when the crypto asset was young.

The Ripple CTO said his predecessor used to test the development of a Javascript library for Bitcoin by using real coins when the price was well under a dollar.

“He would create unspent outputs with ‘1.0’ Bitcoin because that was the fastest and easiest number to type,” said Schwartz. “He likely created hundreds of such accounts, none of which he retained the keys for because they were just for quick experiments. Each of those accounts is worth $38,000 or so today.”

Even just one hundred of these accounts at 100 BTC would mean the coins within are worth more than $3 million. The price of Bitcoin has fluctuated between $30,000 and $40,000 since reaching an all-time of more than $42,000 on Jan. 8.

Last week, a New York Times profile on Thomas said that the German-born programmer has used eight out of ten attempts to guess the password to access an encrypted hard drive containing 7,002 BTC. He has only two guesses left on the IronKey hard drive before the data — and funds — are seemingly lost.

Schwartz confirmed the story on Quora, saying Thomas had put aside the coins, which were part of a payment for creating a video. However, he questioned the $200+ million figure cited by major news outlets:

“I believe today [Thomas’ Bitcoin is] worth about $114 million. I’m not sure where the $240 million number is coming from — maybe I’m remembering wrong.”

There are many similar stories of long lost Bitcoin from early in the coin’s development. Last week, Cointelegraph reported that a student had found private keys to access more than $4 million worth of Bitcoin at his grandfather’s house over the holidays.

Source: https://cointelegraph.com/news/former-ripple-cto-may-have-lost-much-more-than-220m-in-bitcoin

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Monero Price Analysis: 17 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The Monero market has been descending over the past couple of days. The overall trend in the market has not been actively bullish, and for Monero the trend has turned to a bearish one. As the price climbed down the price ladder, the market may witness more bearishness.

At the time of writing the price of Monero was $152.24.

Monero daily chart

Source: XMRUSD on TradingView

The Monero chart has been showing that the price has been dropping after it hit the resistance at $170.89. This retracement has been currently testing the support at $151, and the price has been witnessing a strong downward pressure.

As the value of the digital asset continued to see a push and pull at the level, it may force the price to sink further down to the second support at $146. This would be an opportunity for traders to make a profit.

Reasoning

The 50 moving average has already been spiking above the candlesticks highlighting the downtrend of the coin. The RSI has moved closer to the overbought zone from the equilibrium zone, which suggested that the sellers in the market were growing.

Meanwhile, the MACD indicator was noting a rise in bearishness in the market. The strong red bars were growing and have continued in the market for a few days now. Whereas, the MACD line although under the signal line for a couple of days now, was witnessing its gap grow.

Crucial levels

Entry: $151.02
Stop-Loss: $156.78
Take-Profit: $145.10
Risk-to-Reward: 1.03

Conclusion

The current market conditions indicated an increased bearishness in Monero’s price action. As the digital asset trades close to the support, and if it ends up breaching it, the coin’s price is likely to drop to the next level of support at $146 which will, in turn, provide only a minimal profit to the short traders.

Source: https://ambcrypto.com/monero-price-analysis-17-january

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