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Thursday Thoughts: Back at $1 Trillion Market Cap

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Good morning. Lots to unpack today. But first let’s celebrate the first green candle in five days…..

Welcome to Thursday Thoughts, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of January 14, 2021:

Bitcoin $37,456 10.37%
Ethereum $1,132.02 8.33%
Tether $1.00 -0.99%
XRP $0.306500 4.4%
Polkadot $8.26 33.4%
SLP $0.013 1.0%

Bitcoin closed January 13, 2021, at $37,456 per BTC. We’re down 22.7% in the last 7 days and up 29% since the year began. This is 10% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $696,127,808,397 which is 68.54% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,023,435,647,191.

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

Bitcoins

Institutions buy while Bitcoin dipped this weekend

(By Frank Chapparo, The Block) Over the weekend, bitcoin financial-services provider NYDIG said that its clients were overwhelmingly skewed to the buy side — which indicated that the market could soon recover from its lows.

“Our institutional client base saw the drawdown as a buying opportunity. During the drawdown, a full 89% of our client orders were to buy. We see that our client base, made up of institutions with very long-term time horizons, such as insurance companies, see pullbacks as a time to add to their positions.”

Ripple Effect

Grayscale to dissolve XRP Trust due to U.S. SEC’s Ripple lawsuit

(By Jeff Benson, Decrypt) Grayscale’s announcement directly references the US Securities and Exchange Commission’s $1.3 billion lawsuit brought last month against Ripple Labs, the driving creative force behind the cryptocurrency, as well as CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The SEC has targeted the defendants for their role in selling XRP, which the agency has deemed an unregistered security.

EToro

EToro warns users it’s running out of crypto to trade due to ‘unprecedented demand’

(By Joshua Mapperson, CoinTelegraph) Quantum Economics founder Mati Greenspan — formerly a market analyst for eToro — told Cointelegraph that the warning notice was “a symptom of a potential upcoming liquidity crunch.” He advised users on Twitter against trying to move funds off the platform. It is only a matter of time before we see other exchanges start to hit liquidity issues Greenspan believes, saying it is “highly likely” that we will see this situation occurring on other platforms in the near future.

DeFi

$300M Whale Spotted in DeFi’s Turbulent Seas

(By Owen Fernau, The Defiant) The whale, whose ether address is 0xB1AdceddB2941033a090dD166a462fe1c2029484, has a net worth of ~$340M, with $482M in assets and $141M in debt, according to DeFi wallet tracker DeBank.

Only $8.5M sits unused while 97% of the capital is being supplied to DeFi, ranging from well-known protocols like Compound and Uniswap, to lesser-known projects like YFLink and Dodo. The wallet is earning between $200k-$400k daily, just through yield farming.

#CryptoPH 

Spotlight on KooKoo

KooKoo, who provided his expertise in our “How to Trade SLP/AXS to PHP” article, is one of the most popular Axie YouTubers and one of the leaders in Yield Guild Games  who has helped onboard many new players to Axie Infinity and to the “Play to Earn” ecosystem. KooKoo’s interview, now live on Axie Infinity’s “The Lunacian” talks about his life story, why education is important and the true benefit of play-to-earn. 

“It’s time for players to get rewarded by playing blockchain games that they can have ownership and enjoy the benefits of blockchain technology. Turning gamers into investors.” 

What else is happening

  • Bitcoin must be regulated globally, says European Central Bank President (Robert Stevens, Decrypt)
  • Japan’s top securities regulator says XRP is not a security (Yogita Khtari, The Block)
  • OCC to unveil bank charter for crypto financial services (Tanaya Mcheel, Blockworks)
  • Cloudflare unveils gateway to distributed web with ENS, IPFS integration (William Foxley, Coindesk)

This article is published on BitPinas: Thursday Thoughts: Back at $1 Trillion Market Cap

Please share and grow the BitPinas community.

Source: https://bitpinas.com/price-analysis/thursday-thoughts-back-at-1-trillion-market-cap/

Blockchain

XRP, Dogecoin, Cardano Price analysis: 08 May

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Volatility was shrinking in the XRP market and some rangebound movement was predicted moving forward. Buying resumed for Dogecoin as the price overturned $0.69 from resistance to support. Lastly, Cardano presented a few targets above $2 which could be toppled in the coming weeks.

XRP

Source: XRP/USD, TradingView

At the time of writing, the world’s fifth-largest cryptocurrency – XRP was trading within a range of $1.63-$1.53. Bollinger Bands contracted and a volatile market that saw XRP rise from $1.31 to $1.75 was now coming to an end. This suggested some short-term sideways movement. On the other hand, OBV has been on an uptrend since late April and buying pressure has been steadily building up in the market.

If the $1.75-ceiling is toppled, XRP could shoot north of $1.96 and register a new local high. If the market takes a bearish path, $1.31-support could be under the spotlight.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin jumped by 8% in the last 24-hours as the buying frenzy resumed after yesterday’s cooldown. According to the Awesome Oscillator, momentum was with the bulls and the bars switched to green once again. This was widely anticipated as Elon Musk’s Saturday Night Live appearance was now just a few hours away. RSI was also in bullish territory above 65. Even if the index moved in the overbought zone, it would be of little consequence as bullish sentiment alone could drive DOGE.

On the 4-hour timeframe, buyers flipped $0.69-resistance to a region of support. While volumes were yet to reach levels seen a few days ago, this could quickly change in the coming sessions. A bullish outcome could see DOGE rise above $0.80 before a pullback. Once a sell-off occurs, support lines to watch out for include $0.57 and $0.53.

Cardano [ADA]

Source: ADA/USD, TradingView

Since early March, Cardano largely oscillated between the channel $1.48-$1.01. While a breakout did occur a couple of days ago, volumes were distant from levels seen during February. The technicals still highlighted a bullish market and a few Fibonacci levels were plotted on the daily timeframe.

MACD line maintained above the Signal line and its histogram noted a series of green bars. Supertrend Indicator continued to flash a buy signal which would switch to sell at $1.20. A few targets lay at 138.2% ($2.13) and 161.8% ($2.37) Fibonacci levels and these could be toppled in the coming weeks. Meanwhile, volumes must be observed for sharp price movement within the market.


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Source: https://ambcrypto.com/xrp-dogecoin-cardano-price-analysis-08-may

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Blockchain

Theta, EOS, Tron Price Analysis: 08 May

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Theta projected dips at $12 and $11 and a fall below the latter level could lead to further losses in the market. EOS’ correction could see it drop all the way towards the 23.6% Fibonacci level at $6.4. Lastly, Tron’s breakout was restricted at $0.165 and $0.148 needed to be defended from some selling pressure.

Theta [THETA]

Source: THETA/USD, TradingView

The hourly timeframe captured Theta’s bearish movement after the price touched $13. This was within expectations as a previous analysis mentioned limited gains despite a break above $12. RSI even highlighted a bearish divergence and the recently turned $12-mark would be under the spotlight over the coming hours.

Relinquishing the $11-mark to the bears would even drop THETA below its 200-SMA and lead to an extended bear market. MACD line inched closer to the Signal line and presented the threat of a bearish crossover. For a bullish outcome, levels to overturn include $14 and $15.

EOS

Source: EOS/USD, TradingView

The last few days saw a sharp surge in EOS market as its value appreciated from a low of $4.4 to a high of $12.4. However, a correctional phase over the last 24 hours saw EOS fall below multiple support levels on the 4-hour timeframe. Using the Fibonacci tool, a few retracement levels were highlighted. Prominent areas of support rested at the 50% ($8.8), 38.2% ($7.7) and 23.6% ($6.4-$6.2) Fibonacci levels.

Awesome Oscillator noted a series of red bars as momentum grew stronger on the selling side. Supertrend Indicator would switch to sell below the $9-mark and a viable take-profit could be set at $7.8 for short trades.

Tron [TRX]

Source: TRX/USD, TradingView

While Tron did reclaim the $0.148 level from the bears, gains were restricted at $0.165 upper ceiling. In fact, the 4-hour timeframe showed an ascending triangle breakout and gains above the upper trendline amounted to nearly 17%. However, a bearish trend could see TRX head back towards $0.136. A 40% fall in the 24-hour trading volumes showed trading inactivity and the threat of a breakdown loomed large.

A dip below $0.129 (coincides with 200-SMA) could also lead to an extended sell-off. While Chaikin Money Flow has maintained above the half-line, lower highs suggested a weakening trend. Capital outflows would only accentuate losses in the market. The Parabolic SAR’s dotted markers moved above the candlesticks and highlighted a downtrend after TRX snapped $1.65.


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Source: https://ambcrypto.com/theta-eos-tron-price-analysis-08-may

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Blockchain

Chainlink, Monero, Ethereum Price Analysis: 08 May

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Chainlink was projected to dip towards $45.6 on the back of selling pressure. Monero needed to defend $440 to avoid a bearish U-turn. Ethereum flashed several red signals that indicated an incoming correction.

Chainlink [LINK]

Source: LINK/USD, TradingView

While Chainlink did break north from a down-channel as predicted in a previous analysis, gains were limited at the $50-mark and some selling was noted over the past few sessions. A dip towards $45.6 seemed likely in the coming sessions.

The technicals showed that LINK has maintained a bullish market since April-end. Awesome Oscillator maintained a positive reading for the past two weeks, while RSI traded above 50. However, these could also be interpreted as warning signs prior to an incoming correction. If the $45.6-level is flipped, an extended sell-off was possible all the way towards $38. For a favorable outcome, the bulls would need to claim the region above $50-52.

Monero [XMR]

Source: XMR/USD, TradingView

Monero defended the $380-388 from bearish pressure and this allowed for a surge above $440. XMR rose as high as $517 before a correction took place. Despite a pullback, Supertrend Indicator presented a buy signal at the current level, but this would switch to sell if XMR dropped below the newly flipped $440-mark.

Awesome Oscillator noted a series of red bars as some bearish momentum resided in the market. If XMR bounces back from the aforementioned support but is unable to break above $517-520, expect some rangebound movement over the coming days.

Ethereum [ETH]

Source: ETH/USD, TradingView

Several indications in the market suggested an incoming pullback for the world’s largest altcoin. The first was the formation of an up-channel on the 4-hour timeframe – a bearish pattern. The second was a downtrend seen on Awesome Oscillator. Not only did this show a bearish divergence with the price, but also depicted weakening buying pressure. A declining ADX also worked against a further price hike.

While a previous analysis did mention that ETH could maintain higher levels, the bulls must be wary of a southbound break from $3,200. This could lead to further losses towards the $2,800-region.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/chainlink-monero-ethereum-price-analysis-08-may

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