As Bitcoin holds above US$8,000, altcoins are seeing increasing support and continual growth. The past week has shown the first sustained period of growth in recent months, as the global cryptocurrency market cap has seen more than 25% growth since last Tuesday. Bitcoin (BTC) has seen a modest increase of 1% in the past 24 hours, and is currently trading at US$8,075. While this is by no means an exciting growth, the relative growth of altcoins versus Bitcoin is exciting. Of the top 100 currencies on Coinmarketcap (excluding BTC and Tether), only 15 have failed to outperform Bitcoin in thePowered by WPeMatico
Pantera Capital Management, a leading investor in the cryptocurrency sector, has predicted with “strong conviction” that bitcoin has established a local bottom. The fund anticipates that $6,500 will comprise the low of the current bear market, anticipating that the markets are likely to break into new all-time highs within 12 months. Also Read: These Countries Won’t […]
Just hours after short positions on Bitcoin eclipsed longs, and as BTC shorts volume reached an all-time high, Bitcoin saw an explosion, appreciating over US$900 in under an hour, a growth of 13%. Since the pump, global cryptocurrency markets have risen over 10%, to just under US$300 billion. Speculators overwhelmingly agree that the cause for such a price movement was a textbook short squeeze. A short squeeze occurs when a sharp price movement forces the liquidation of short contracts, causing each losing trade to market buy their position. As a result, these market buys further push the price upwards, causing
While it may be premature, many are suggesting that a true reversal is finally taking place. As Bitcoin establishes higher lows, and more and more altcoins are seeing huge appreciations, there seems to be evidence to suggest the bears are being driven out. Coupled with abundant, positive news recently, it’s possible that the extended red will soon turn green. Last week, Bitcoin (BTC) held support at US$6,600. More recently, floors were established at $6,700, and days later $6,800. Today, Bitcoin is holding above the $6,900 mark, and is gradually pushing towards a renewed support at $7,000. This growth has been
With every green candle in the past two months, cryptocurrency supporters hope the bear trend has ended. However, after each extended period of appreciation, it seems as if an even longer and steeper sea of red is experienced after. Yesterday, technical analysts and spectators alike scratched their heads at Bitcoin’s inexplicable chart. Although the unexpected is the norm throughout cryptocurrency, Monday’s Bitcoin chart sparked a slew of attention on Twitter and throughout relevant communities. On six separate instances in the past day, Bitcoin saw red or green half hour candles of $100 or more. Most prominently, a pump of over $300 was
In the global downtrend that has extended for a majority of 2018, ICON (ICX) is among the coins that have taken the biggest hit, seeing a loss in value of more than 80% from January highs to recent lows. In the past week, however, ICX has more than doubled, and in the past day alone, has seen a price increase of over 40%. In the eyes of many speculators and supporters, ICON is a sleeping giant. While this is a large project, with a market cap of close to US$1.3 billion, many suggest the true value of the project seeking
As global cryptocurrency markets continue to slide from elusive January highs, it’s becoming increasingly evident that the next “boom” may be further away than many had anticipated. Bitcoin’s price is down nearly 50% from its local January 7 high of US$17,000, and other altcoins have seen average losses of about 60% in that same time frame. While these numbers are not encouraging indicators, what may be even more significant is the change in trading volume between then and now. Days before the January 7 high, the global trading volume of all cryptocurrencies reached a record US$71.6 billion. In the past few days, 24-hour volume has fluctuated
After a general upwards trend from Bitcoin following its February 6 low of US$6,000, today marks the first major downtrend from the cryptocurrency. After nearing $12,000, the coin has dropped significantly, and is currently trading close to $10,700. As is usually the case, the significant drop has caused widespread losses among a majority of altcoins. Of the 1,516 cryptocurrencies listed on Coinmarketcap.com, only 28 have seen USD gains of 1% or more. While a majority of these coins consist of undocumented market caps, as well as coins with negligible volume and market cap, a top performing member of this group is
While it is widely agreed that past trends cannot predict future markets, today’s cryptocurrency market movements suggest a similar trend to what has been observed multiple times throughout 2017. Today, we see money flowing away from altcoins, back to Bitcoin, as sentiments towards the grandfather coin continue to turn bullish. Bitcoin (BTC) has climbed close to 6% in the past 24 hours, growing from a price of roughly US$11,200 to its current price of $11,870. This growth translates to a market cap appreciation of US$10 billion. Unfortunately, these gains have not entirely translated to the global cryptocurrency market cap, which has
Doomsdayers out in force; Paul Krugman being Paul Krugman; Tether upto its usual tricks and the usual gamut of scams, schemes, and shakedowns. It’s been emotional. It’s been nerve-wracking. But it’s also been a total riot. Welcome to This Week in Bitcoin. Also read: Trading Tip `The Wall´ – I Was Wrong We’re All Gonna Make […]