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Top-10 Altcoin Performer Showcase for May 2021

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The month of May has been especially bearish for the cryptocurrency market. While a few altcoins have increased, Bitcoin (BTC) decreased by a full 31%. The dip was accentuated by one of the sharpest ever falls on May 19.

The ten altcoins that increased the most in May are:

  • TEL: 241%
  • MATIC: 137%
  • ETC: 96%
  • RLC: 67%
  • ATM: 54%
  • EOS: 16%
  • CEL: 14%
  • CTSI: 13%
  • DOGE: 1%
  • ETH: 1%

Telcoin (TEL)

TEL is a decentralized cryptocurrency based on the Ethereum (ETH) blockchain. It aims to connect the cryptocurrency and telecommunication industries. Its goal is to be able to send mobile money instantaneously at a very low cost.

Considering its focus on the remittance markets, it’s targeting an average cost of 2% per transaction.

TEL had been following a descending resistance line (dashed) since May 4 when it reached an all-time high price of $0.0649. It broke out above this line on May 25.

It’s now returned to validate an ascending support line in place since May 19 when TEL created a bullish hammer candlestick.

Polygon (MATIC)

MATIC is a platform designed for scaling and building on Ethereum (ETH). With the ongoing success of decentralized applications (dApps), the current ecosystem is having difficulties in keeping up with the scaling demand. This has led to high gas fees and slow block confirmations.

MATIC combines features of the Ethereum blockchain in order to create a multi-chain system. Therefore, it can tackle the issues of slow speeds and gas fees without relinquishing security.

The system is similar to other multi-chain systems such as Cosmos (ATOM), Avalanche (AVAX), and Polkadot (DOT), but also benefits from the Ethereum network.

MATIC reached a low of $0.74 on May 23 and began an upward movement, which looks to be the beginning of a new bullish impulse. In addition to this, MATIC has broken out from a descending resistance line.

Currently, it’s very close to the $1.59 support level which is created by:

  • The 0.5 Fib retracement
  • Horizontal support area
  • Previous descending resistance line

Ethereum Classic (ETC)

ETC is the original Ethereum chain that was first launched in 2016. After a hack on the network, there were different opinions on how to handle the response — whether the blockchain should be reverted or not was the main reason for the disagreement.

It’s also one of the investment funds used by Grayscale.

ETC has been falling since May 6. At the time, it reached an all-time high price of $176. The decrease validated the previous all-time high resistance area of $44.50 as support. 

After this validation, ETC began to move upwards again.

iExec RLC (RLC)

iExec is a provider of decentralized computing. It uses blockchain technology in order to create a market for the monetization of computing power. In addition, it supports applications in various fields, such as artificial intelligence, healthcare, and big data. Furthermore, it provides dApps with easy and secure access to servers.

The network is made up of computing resource providers. These providers receive the native token, RLC, as a reward for their contributions.

RLC has potentially created a triple bottom pattern at the $4.50 support area. The first two touches had long lower wicks — a sign of buying pressure.

A breakout from the descending resistance line would likely confirm the bullish pattern.

Atletico De Madrid Fan Token (ATM)

Fan tokens are used on the Socios fan engagement platform. They allow holders to influence their favorite clubs’ decisions, by providing access to a ledger with voting rights. ATM is the official fan token for Atletico Madrid.

The token has been consolidating in a range between $15-$21 since May 23. In addition, there is a potential symmetrical triangle in place.

EOS (EOS)

EOS is a platform that enables developers to create dApps, created in 2018.

The native token is EOS, which allows holders to vote in a number of situations, such as protocol upgrades.

EOS increased during the period of May 23-27, reaching a local high of $7.67. It’s currently retracing, approaching the main support area between $5.12-$5.60.

Celsius (CEL)

Celsius is a financial services and banking platform designed for cryptocurrency users. It was created in June 2018. The native token for the platform is CEL.

In comparison to traditional financial institutions, Celsius offers much higher rates of return on both deposits and savings. Furthermore, it has more lenient requirements for loans.

CEL is trading inside a symmetrical triangle. It has been doing so since April 9 and has validated both the resistance and support lines. The symmetrical triangle is considered a neutral pattern. 

Technical indicators are also neutral. The RSI is crossing above and below 50 while the MACD is at the 0 line.

Cartesi (CTSI)

Cartesi is a platform that improves smart contracts for cryptocurrency users. It does this through the implementation of various roll-ups in order to tackle scalability issues.

Moreover, the platform allows developers to code their own dApps and smart contracts through the use of mainstream software. As a result, this could lead to mainstream programmability, opening the doors for mass adoption by non-blockchain programmers.

The native token is CTSI and has a use case in both dApps and staking.

CTSI has been following a descendingsupport line since Feb. 21. It touched this line for the fifth time on May 19 and initiated the current bounce.

On May 20, it created a bullish engulfing candlestick.

Dogecoin (DOGE)

DOGE is a cryptocurrency based on the “doge” meme. While it began as a joke, it started to gain popularity with celebrities, such as Elon Musk leading to a significant increase. However, its main use case so far has been for rewarding helpful posts in online communities such as Reddit.

DOGE began to decrease alongside a descending resistance line on May 7. This led to a local low of $0.211 on May 19. 

However, an upward movement followed and DOGE managed to break out on May 26. Currently, it’s attempting to initiate a rally above the $0.30 support area.

Ethereum (ETH)

Ethereum is a decentralized, open-source blockchain. It’s used as a platform for numerous different cryptocurrencies which use the ERC-20 compatibility standard. Some popular tokens built on the ETH blockchain are Chainlink (LINK), Aave (AAVE), and Yearn.Finance (YFI).

Additionally, ETH allows for the construction of dApps and the execution of smart contracts.

ETH has been falling since reaching an all-time high just below $4,400 on May 12. However, the decrease came to an end on May 23. 

Currently, ETH is attempting to create a higher low after being rejected by the 0.5 Fib retracement resistance level.

For the top-10 altcoins in April, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/top-10-altcoin-performer-showcase-for-may-2021/

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Bitcoin proponent Max Keiser announces the F*ck Elon Tour

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Bitcoin maximalist Max Keiser has announced the F*ck Elon Tour scheduled to take place on July 8 -9 in Austin, Texas.

Earlier this month, Keiser hit the headlines during the Bitcoin Conference in Miami for several reasons. But chief among them was his antics on stage with MicroStrategy CEO Michael Saylor, in which he repeated the words, “we’re not selling,” and “f*ck Elon.”

This was in reaction to the Elon Musk energy-FUD, which many believe was responsible for Bitcoin’s 45% slump from its all-time high of $65,000.

“F*ck Elon” has now become something of a tagline for Bitcoin maximalism. But with tribalism responsible for toxicity in the cryptocurrency space, is the F*ck Elon Tour doing more harm than good?

What’s the F*ck Elon Tour about?

Despite this week’s bloodbath in the markets, as well as continuing uncertainty at the macroeconomic level, in linking tour information, Keiser confidently stated that Bitcoin can reach a new all-time high in the coming weeks.

The F*ck Elon Tour is introduced as a Bitcoin maximalist event that encourages more maximalism for the simple reason that maximalism is what “got us here.”

“We don’t need less toxicity from Bitcoin maximalists. We need MOAR!!! A LOT MOAR!!!! Toxicity and plebs got us here.”

Rather than a discussion of developments and educational content, the Tour is pitched as a party event featuring special guests. But more importantly, for Bitcoiners only with no mention of altcoins allowed, and most of all no Karens.

Ticket prices range from $50, for “Plebs” tier, to $200, for “JIMI” tier. The cheapest tiers, “Plebs,” “Buzzcocks,” and “Casbah” are already sold out.

Bitcoin maximalism accused of cultism

Keiser has always maintained a maximalist approach towards Bitcoin. But his stunts during the Bitcoin Conference have drawn fire on several fronts.

One such incident was an interview with CNBC Africa in which he launched into a tirade on political corruption. Although there is truth in what he said, it was his outburst and overzealous reaction to the questioning that drew condemnation.

“Do you know that with the Bitcoin I have I can buy any frickin senator or congressman I want? I make the laws. He who has the Bitcoin makes the laws Ran. We’re not just going to sit around and let the God damn government tell us what to do…”

However, the f*ck Elon rant is perhaps the most controversial. Social media responses to the video include comments about presenting a poor image, parallels with the cultism of Bitconnect, cringe, and so on.

There’s no doubt that Keiser is a passionate believer in Bitcoin, which shows through during his public engagements.

But at the same time, his showmanship is rubbing people the wrong way, which in turn does little to convince the undecided on the merits of the leading cryptocurrency.

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Source: https://cryptoslate.com/bitcoin-proponent-max-keiser-sets-up-the-fck-elon-tour/

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Billionaire Mark Cuban Says Bitcoin Is ‘Better Than Gold’

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Billionaire investor and entrepreneur Mark Cuban has revealed on social media he believes bitcoin is better than gold as the flagship cryptocurrency is easier to trade, transfer, and convert. Both bitcoin and gold are seen by many as inflation hedges, with some calling bitcoin “gold 2.0.”

In a tweet, Cuban said that bitcoin requires no intermediaries and can be factionalized. He also referenced “William Devane type commercials” that would sell the cryptocurrency as a hedge against inflation.

Devane, who starred in the popular soap opera Knots Landing, has for the past decade been promoting the precious metal for Rosland Capital, telling potential customers that gold is the only currency he trusts.

When TD Ameritrade’s Oliver Renick replied that bitcoin’s “relationship with real interest rates is as random as it was day 1 ten years ago,” implying the cryptocurrency does not work as an inflation hedge, Cuban said he never defended it as such.

Cuban added:

Gold is useless, pretty much across the board, but particularly as a hedge. BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both.

The billionaire investor noted that right now there is more demand for the precious metal than for the flagship cryptocurrency, although he believes this will change as “BTC is easier to transact,” and will in time be “better understood and marketed.”

The gold market, Cuban predicted, will shrink as a result. Cuban, as CryptoGlobe reported, invested last month in Ethereum layer-two scaling solution Polygon (MATIC) but has not disclosed the size of his position on the cryptocurrency. The investment has been disclosed on one of his websites.

Earlier this year, billionaire  investor Jeffrey Gundlach, CEO of DoubleLine Capital, revealed that while he is still a long-term dollar bear and gold bull, and that he sees bitcoin as a better bet after turning neutral on both the U.S. dollar and gold.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Featured image via Unsplash

Source: https://www.cryptoglobe.com/latest/2021/06/billionaire-mark-cuban-defends-bitcoin-is-better-than-gold/

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I’m Putting My Billion In Bitcoin, Billionaire Ricardo Salinas

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Billionaire Ricardo Salinas talked with the director of Blockchain Land about his investment in Bitcoin. Salinas has said that he has 10 percent of his assets in bitcoin. Salinas is a staunch believer in bitcoin. One of the high-profile advocates of the coin with the bitcoin hashtag on his Twitter profile.

He has always been an advocate for bitcoin. He posted on his Twitter profile that paper is worthless. And the best thing to put your money in is Bitcoin. The third richest man in Mexico has revealed that he is not afraid to put his money in bitcoin.

Bitcoin Is As Solid An Investment As Gold

Ricardo Salinas still believes strongly in bitcoin despite the recent price crash.

Enumerating the benefits of bitcoin, the billionaire compares it to gold. Saying that bitcoin with all its benefits qualifies it as a modern form of gold.

Related Reading | Senator Cynthia Lummis: I’m All In On Bitcoin

He made the argument that bitcoin is easy to carry. It enjoys extreme liquidity internationally. And most of all, bitcoin supply is limited. The limited supply of the coin is why Salinas has so much faith in the coin.

Bitcoin supply is hard-capped at 21 million. No one can create more bitcoins. This means that it cannot be manipulated by the government for their gain. The coin supply can also not be manipulated by any developer.

This imposed scarcity means that bitcoin is not subject to inflation. Which is a major concern for the billionaire.

Bitcoin chart

Bitcoin back in the green | Source: BTCUSD on TradingView.com

Salinas continued on to talk about inflation. He mentioned that when he first started working in 1981, a dollar was 20 pesos. Now 40 years later, a dollar is worth 20,000 pesos. Bitcoin’s limited supply is a way to avoid this. If you cannot make new coins, you cannot devalue them.

How About Altcoins?

While Ricardo Salinas is very bullish on bitcoin, he is not so much on altcoins. He attributes his reluctance with altcoins to their inflationary models. He gave Ethereum as an example.

Ethereum has an unlimited supply. This means, unlike bitcoin, an endless number of coins can be produced. Governments can create new coins when they want. An endless supply means that the value depreciates over time instead of appreciating. Due to the fact that there are so many coins in circulation.

Salinas stated that he does not believe that altcoins have the potential to outpace bitcoin. Bitcoin is a finite asset which makes it more valuable.

Related Reading | Is It Too Late To Buy Bitcoin?

Although he does have faith in some altcoins because they provide privacy.

A finite resource does not depreciate. Instead, due to its scarcity, it becomes even more valuable. This is because the number of people that want it increases, while the supply available remains the same. Hence there is a higher demand for it than there is supply.

Ricardo Salinas believes that every investor should have a part of their portfolio in bitcoin.

Featured image from Smart Liquidity Network, chart from TradingView.com

Source: https://bitcoinist.com/im-putting-my-billion-in-bitcoin-billionaire-ricardo-salinas/?utm_source=rss&utm_medium=rss&utm_campaign=im-putting-my-billion-in-bitcoin-billionaire-ricardo-salinas

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