December 14, 2017
By Chris Morris - December 14, 2017 (www.bitcointalkradio.com)
Forget Bitcoin. So long Litecoin. There’s a new cryptocurrency on the rise.
Ripple, which was designed for banks and global money transfers, has seen the value of its XRP digital currency skyrocket in the past three days. On Dec. 10, the company had a market capitalization of just over $9 billion. As of Wednesday morning, that market cap had more than doubled to $18.1 billion.
Prices for an individual Ripple XRP are considerably more affordable than its alternatives, making it even more attractive to cryptocurrency speculators. As of late Wednesday morning, a single XRP cost just 47 cents, a 66% jump from yesterday’s close, according to CoinMarketCap.
This surge has pushed Litecoin down to the fifth most valuable cryptocurrency. Both Ripple and Litecoin are still far below Bitcoin and Ethereum, however.
While it wasn’t released until 2012, Ripple is actually older than Bitcoin. The original version of the company was created in 2004, according to Bitcoin Magazine. It never really went anywhere, though, until it put a professional management team in place, which included E-Loan co-founder Chris Larsen and Jed McCaleb, founder of MtGox.
Ripple’s cryptocurrency has been adopted by banks and other financial institutions. Those companies believe Ripple’s system offers both better prices and is more secure than other digital currencies, including Bitcoin. It allows users to send, receive, and hold any currency in a decentralized way via the Ripple network. The company is cash-flow positive and holds a vast store of XRP, which it periodically releases into the market.
But the real appeal of Ripple’s XRP for banks is its liquidity.
“The liquidity needs of banks today is managed with literally ten trillion of float that sits in these nostro and vostro accounts. We believe very strong this is an inefficient model. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalize on that. Bitcoin takes four hours to settle a transaction. XRP takes 3.6 seconds,” Ripple CEO Brad Garlinghouse told Fortune earlier this year.
Ripple’s rise seems to be a (pardon the pun) ripple effect from the surge of interest in Bitcoin. Investors who believe cryptocurrency may be reaching a peak are looking for others that could provide a greater return in the long term. The company has hit some notable milestones in recent months, though.
As of October, Ripple had licensed its blockchain technology to over 100 banks. Last month, American Express came on board. And Michael Arrington’s $100 million cryptocurrency hedge fund will be valued in Ripple’s XRP.
Year to date, Ripple’s XRP has seen its value jump more than 7,000% and its market cap increase by nearly 7,700%.
November 27, 2017
By Christine Masters - November 27, 2017 (cryptovest.com)
As Bitcoin nears $10,000 with certainty, altcoins are also inviting back investors, doubling in the past weeks and continuing to gain ground lost in September and October.
For cryptocurrency investors, an event likened to a "super moon" is rising right now, a joint bull market in Bitcoin and altcoins. While before the expected SegWit2X hard fork altcoins were sold to acquire Bitcoin, now, other digital assets are once again having their moment to shine and invite new buyers.
And the rise of all digital assets has been happening for several days now, with only temporary corrections.
The events of the last days, when a pump was expected for Bitcoin Cash, led Bitcoin to a height at $9,769.50, while the total market cap of all cryptocurrencies spiked to more than $304 billion. At the same time, Bitcoin's dominance is going down again, to 53.5% of the market cap.
The data spans more than 1300 cryptocurrencies of various ages, traded across more than 7,000 platforms.
The market dominance of assets has been mixed, with Ethereum's influence sliding, while Bitcoin Cash seems to pick up strength. But the climb of the price of altcoins taken as a whole mimics that of Bitcoin, showing that Bitcoin is not going to destroy the hundreds of other digital assets, but perhaps give them a boost.
Among the strong growers was EOS, at around $0.50 a month ago, now pushing to the $3 levels. EOS rose by more than 40% in the past day, to $2.76.
Litecoin has headed for the $100 projected for the year-end, adding 7% in the last day to top the $90 levels and settle there. Ethereum is within the $500 range, to be easily reached within hours. DASH has slowed its climb at $634, almost without change in the past 24 hours.
The top 50 coins on CoinMarketCap have grown in the past week by leaps of between 30 and 140%, with very rare losers. As the year of records approaches an end, and new investors are accelerating the adoption of cryptocurrencies, the price rally may continue- or come to an abrupt end, as the assets are still extremely volatile and prone to deep corrections and selling.
October 29, 2017
By Rakesh Upadhyay - October 29, 2017 (cointelegraph.com)
The number of hedge funds which exclusively trade digital currencies has grown to 120, with about $2.3 bln in total assets under management, according to the financial research firm Autonomous Next.
While it sounds like a large number, it pales in comparison to the $3.15 tln managed by the hedge fund industry in the third quarter.
Cryptocurrencies have attracted only a small number of institutional investors because most still remain skeptical. The latest criticism comes from legendary investor Warren Buffet, who has said that Bitcoin is in bubble territory.
Well, a correction after such a stupendous rally is certainly possible. Therefore, we always recommend a stop loss to our readers. Even if the digital currencies correct sharply, our losses will be limited and our capital will be preserved. We can again reinvest at lower levels.
We had recommended long positions in Bitcoin in our previous analysis, with our target objective being $6000. On Oct. 27, the digital currency hit a high of $5986, where hopefully traders would have booked partial profits as suggested. Where is Bitcoin headed next?
Bitcoin is currently correcting towards the trendline support at $5600. Just below this support is the 20-day exponential moving average (EMA) at $5513. We expect buying to emerge at these levels, however, we are not certain that this level will hold this time.
Our stops at $5650 have been hit. We would like to sit back and wait, because if the support zone of $5513 to $5600 breaks, the digital currency will slide to $4975 levels.
On the other hand, if the support zone holds then Bitcoin is likely to remain range-bound between $5600 to $6000. However, the next buy on the virtual currency will only be triggered if it breaks out to new highs and crosses the resistance line of the ascending channel.
Presently, we don’t find any buy setups, therefore, we don’t not recommend any fresh trade on Bitcoin.
We don’t have any existing positions or recommendations on Ethereum. The bulls and the bears are taking a break after the hugely volatile day on Oct. 22.
Ethereum has a slew of resistances from $300 to $315 levels. Therefore we recommend a long position only on a breakout, and close above $315 with a close stop loss. The first target is $353.
On the downside, it has support from the trendline at $280, below which it is likely to fall to $272 and thereafter to $252 levels.
At current levels we don’t find any buy setups on Ethereum, hence we do not suggest to trade on it.
We had observed some buying in Bitcoin Cash but we did not recommend any trade because the risk to reward ratio was not favorable. Do we see a trade on it now?
The cryptocurrency is currently returning from the upper end of the range at $400. The 50-day simple moving average is also at $398. Therefore, we expect a stiff resistance at $400 levels.
However, if the digital currency breaks out of this overhead resistance, it has a pattern target of $518.
Hence, we can buy on a breakout and close above $400. We shall limit our risk by keeping a stop loss of $350. We don’t want to hang on to the trade if it falls back into the range.
However, if Bitcoin Cash fails to breakout and close above $400, it is likely to remain range bound for a few more days.
Both the buyers and the sellers seem to have deserted the digital currency in the past three days, as a result of which, the volatility has shrunk. However, this period of low volatility is unlikely to sustain for a long time. We should soon see an expansion in volatility.
If Ripple breaks out of the moving averages, it should attempt a pullback to at least $0.23955 levels, which is the 50 percent Fibonacci retracement of the fall from $0.29699 to $0.18211. If the virtual currency breaks out of this level, then a rally to $0.25311 and $0.27241 is also possible.
Therefore, we recommend a long position at $0.22 with a stop loss of $0.19650. As this is a risky trade, we suggest using only about 30 percent of the usual allocation.
However, if the cryptocurrency fails to breakout on the upside, it can drift down to $1.8211 levels.
Litecoin has not been able to breakout of the range of $44 to $57.7. Therefore, our buy levels were not triggered.
The 50-day SMA is situated at $55.59, while the 20-day EMA is at $56.57. Just above the moving averages is the upper end of the range at $57.729. If the digital currency breaks out of all these resistances, chances are that it will start a new uptrend.
Therefore, we retain our buy recommendation provided in our previous analysis. Please buy on a breakout and close above $57.7. The stop loss is $51, whereas the target objective is $71.
If Litecoin fails to breakout of the overhead resistance, it will fall back towards the $52 levels.
October 21, 2017
By Rakesh Upadhyay - October 21, 2017 (cointelegraph.com)
Only a few months back, the market capitalization of the whole cryptocurrency universe crossed the $100 bln mark. Now Bitcoin alone has crossed the $100 bln mark.
In doing so, it has increased its dominance to 58.5 percent, a level last seen in May this year. This shows that money is pouring into Bitcoin, whereas altcoins are getting hammered.
At some point in the near future, once the leader tires out, other popular coins are likely to offer an excellent buying opportunity.
Is Bitcoin nearing a top? Are altcoins ready to follow the leader? Let’s find out.
Bitcoin is on fire. It has been consistently rising for the past two days. Can this rally continue? We don’t have any existing positions in Bitcoin, should we establish one at the current levels?
Bitcoin has reached a critical resistance level from the channel line. It has not been able to breakout of this channel since June of this year. A breakout of the ascending channel gives it a target of $8000, equal to the depth of the channel. However, this level is unlikely to be reached in the short-term. Therefore, we have to work with intermediate targets.
The breakout from the range of $5391.4 to $5875 gives the cryptocurrency a minimum target objective of $6359. If this level is crossed, then the next possible level is $6845.
Our higher targets will be invalidated if the virtual currency turns down from the current levels.
As the risk to reward ratio is not attractive, we don’t recommend any fresh trade. However, investors carrying positions from lower levels should keep a stop loss of $5600.
Once Bitcoin breaks out and sustains above the channel, the stops can be raised to about $5800 levels and then trailed higher.
On the downside, $5875, the earlier resistance, will act as a strong support.
Ethereum has been falling for the past six days. However, we expect it to hold the $275 to $286 zone, which has served as a strong support for the past month and a half.
We don’t recommend buying on the way down. We should wait for the next day or two to confirm that the support zone is holding, because a break of this support can sink Ethereum to $252 levels.
If, however, the support holds, the digital currency is likely to trade in a range for a few days, then attempt to start a new uptrend.
Presently, we don’t find any buy setup, therefore we don’t suggest any trade on Ethereum at the moment.
While Bitcoin is roaring ahead to new highs, Bitcoin Cash has not found any buying support from the bulls. However, selling has subsided, which has resulted in small range days.
Presently, the digital currency is attempting to hold the $282 to $300 support zone. If Bitcoin Cash breaks this level, it will sink towards lows of $190.
On the other hand, a breakout of $400 will signal a change in trend. Therefore, we recommend a long position only at $410, with a stop loss of $350. The target objective is $530.
We don’t hold any positions in Ripple. The digital currency is currently attempting to hold the $0.20 levels. However, buying interest has declined following the sharp reversal from $0.3 levels.
If Ripple breaks below $0.2, it’s likely to fall towards $0.15 levels, where we recommend to initiate long positions because it has not broken down of $0.145 on a closing basis since June this year. However, this trade should be taken on the way up, after Ripple confirms a bottom. Please don’t try to catch a falling knife and enter when the cryptocurrency is falling. The stop loss can be kept $0.126.
On the other hand, if the virtual currency holds the $0.2 levels, it will again attempt to rally towards $0.3. But, we don’t find a reliable set up to trade this. Hence we don’t recommend a long position until Ripple falls to $0.15 levels and holds it.
On Oct. 18, though Litecoin fell to $53 levels, it quickly climbed back higher and closed above $57.7. It has since then managed to stay above this support level. However, presently the cryptocurrency is threatening to fall into the range once again.
If Litecoin breaks below $57 and is unable to climb back quickly, it will invalidate the current bullish setup.
However, if the cryptocurrency finds support at the current levels and turns up, a long position can be initiated at $63. The stop loss for the trade can be kept at $55 and the profit objective is $71.
The views and opinions expressed here are solely those of authors/contributors and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
* BTC/USD, ETH/USD and LTC/USD market data is provided by the HitBTC exchange.