With bitcoin’s recent surge to a five-month high, Zhao Dong, a bitcoin billionaire and one of China’s biggest over-the-counter (OTC) traders, recently claimed on Weibo that the sudden jump in bitcoin price does not mark the end of the bear market and that the original cryptocurrency will continue trading in a range likely between $4,000 and $6,000 for a few more months.
This article was originally published by 8btc and written by Olusegun Ogundeji.
Bitcoin has crossed the $5,000 price range again (after its first reach to that level in 2017) following a sudden breakout on April 2, 2019. This unfolding price scenario should not immediately be ruled out as a repeat of what happened in 2017.
Bitcoin and other crypto assets have found a new level of support at $3500 over the past month, but is this the bottom or is there still more pain to come?
Bitcoin has a finite amount of supply, which is capped at 21 million coins.
We are coming to the last stretch for 2018. For people in the United States there are less than 24 hours left before the New Year. At this point we can safely say that the $589 EOY prediction for XRP is not going to happen. At the time of writing XRP is holding support at $0.36 as crypto markets remain stagnant.
While the $589 prediction was fun to entertain a few months ago, Zerp_Hound seemed to have the right idea back in September saying that while possible, the prediction is highly unlikely.
Ever since Christmas eve, cryptocurrency markets have been changing directions every single day. After peaking at $0.44 earlier this week, XRP has been looking for support ever since. Currently XRP is trading at $0.36, down roughly 3% in the past 24 hours.
Other than a huge price spike of over 50% back in September, XRP has been following the overall cryptocurrency market trends throughout 2018.
After a day of no movement, cryptocurrency markets dropped another 5% come Thursday. Most coins are in the red at the time of writing including Ethereum which is down almost 10%. ETH price dropped sharply from $124 to the current $117 in a matter of an hour, not a pleasant sight to look at.
As everybody is anticipating the New Year, trading volume is declining after the short bull run on Christmas eve. Though markets dropped quite a few percent, they are still above early December levels.
With Christmas over, cryptocurrency markets at at a standstill. Traders are on the sidelines waiting for the next move. With New Year coming up, the sentiment is hopeful. However, as of right now there isn’t much momentum in either direction. XRP is staying above the $0.36 support but the real question is whether it will hold.
It has been a crazy few days for cryptocurrency and XRP especially. After seeing gains of over 20% on Christmas eve, the asset dropped back down on Christmas eve.
Cryptocurrency markets were blessed with bullish momentum on Christmas eve. Unfortunately, once Christmas day hit the tables have turned and the bears made their presence known. Luckily the market has somewhat stabilized since then and crypto stopped bleeding for the time being. Dogecoin lost roughly 8% in the past 24 hours currently looking to establish support at a new level.
Dogecoin is by far one of the most underrated cryptocurrencies. Many people dismiss it due to its humorous and meme nature, however what most people don’t realize is DOGE has one of the strongest communities out there.
After rising heavily earlier this week, XRP is now correcting, heading down. On Xmas, Dec 25, the coin is trading around $0.3903.
On H1, the ascending trend reached 61.80% Fibo, and may then continue rising to reach 76.00%, or $0.4936. However, the MACD is converging, meaning the price is likely to plunge, with the current ascending channel support as the primary target.
Ever since the bull run on December 17th various cryptocurrencies have been overtaking each other for their spots on the top 10 ladder. In the case of Stellar and EOS, the two have been fighting for the top position since last month. In mid November Stellar overtook EOS for the top 5 spot, then on December 17th EOS overtook Stellar for the top 4 spot.
Early Monday started off with a “Merry Christmas” and ended with a “Bah Humbug”. After sustaining significant bullish momentum earlier in the day and rising over 20% in price, the cryptocurrency market decided to pull back come Christmas. Most cryptocurrencies are seeing red, in fact, every single cryptocurrency in the top 25 is seeing pretty significant losses.
At the time of writing, XRP is down over 13% currently trading at $0.37. What is also interesting to look it is XRP only dropped 2% in relation to its BTC ratio.
What goes up must come down. The week started off on a good note, markets seemed to be recovering and most cryptocurrencies saw double digit gains. Unfortunately, it seems the Monday bull run is coming to an end as the market is correcting on Christmas eve, effectively erasing the gains sustained in the past 24 hours. Bitcoin Cash was hit exceptionally hard losing almost 20% in value, risking its top 4 position to EOS.
After seeing insane gains last week and passing EOS for the number 4 spot by market cap, it seems that Bitcoin Cash is on its way back down, currently trading at $165 and having a $500 million lead on EOS based on market cap.
Crypto markets have been extremely volatile in the past couple days. This has caused a disruption in the status quo of the top 10 cryptocurrencies. Many have traded places in their rankings including Bitcoin Cash (BCH) which is currently fighting for the top 4 spot based on market cap.
Bitcoin Cash VS EOS
It was only two days ago when EOS overtook Stellar Lumens based on market cap, earning it the top 4 spot.
After a bearish year of perennial price swings that culminated in months of tightly wound sideways movement, the (former) bottom has dropped out for bitcoin and the wider crypto market.
By all rights, it’s a complete reversal of fortune from the explosion of value the market enjoyed this time last year, and mainstream media has had a field day exploiting the irony of the peripeteia bitcoin’s price has suffered when we compare it to the investor euphoria of just a year ago.
Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.
BTC-USD, Daily Candles, Macro DowntrendUnfortunately, the consequence of a parabolic market is that, toward the tail end of the parabolic move, it doesn’t bother to retest or establish strong support.
It has become apparent the year 2018 may not necessarily end on a high for most cryptocurrencies. As Bitcoin and top altcoins continue to trend lower virtually every other day, the rest of this year will not be overly pleasant to watch either. The following three short-term EOS price prediction charts confirm things can easily swing in either direction in spectacular fashion.
The EOS Dead Cat Bounce
EOS – Dead Cat? by aliamey on TradingView.
When the history of Bitcoin and blockchains is written, 2017 will be the year tagged as the “turning point” when Bitcoin and “red hot” blockchain technology went mainstream. The steadily rising bitcoin price and market cap is a key, though not the only, indicator that a tipping point has been reached.
Tai Lopez, a prominent investor and analyst, has stated that if the world’s millionaires allocate merely 1 percent of their holdings into bitcoin, the bitcoin price could reach $60,000 in the mid-term.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...