XRP Climbs to 24-Month High with Monster Green Candle; Now Everyone Wants a Piece of It

Finally!

This is what a bull market looks like… when everything explodes without reason but because it is a wild bull season.

Today, in a violent move, XRP moved and posted a giant green candle. Such a big move was last seen in mid-September 2018 when the digital asset went from about $0.26 to $0.78 before continuing its descent into the darkness.

Such giant monster candles were previously seen only during December at the peak of the 2017 bull market.

At the time, the first green candle took it from about $0.22 to $0.90, another one was seen from $0.9 to $0.245, and the last one took it to an all-time high of $3.3.

It just might be the time for the fourth-largest digital currency to make some moves.

Amidst all this also came the reports of Ripple officially adding Bank of America. It has a long history of partnership that was never confirmed but has been finally included in its official website.

Going to nearly $0.440 over the weekend, XRP recorded gains of 40% in just one day. Continuing this uptrend, XRP went up further as high as $0.554 — a last seen level in November 2018.

At the time of writing, XRP has been trading at $0.533 with $2.59 billion in volume, the fourth largest volume after BTC ($3.52 billion), ETH ($4.06 billion), and USDT ($9.45 billion).

The digital asset first started trending up on Thursday when trading was at $0.283, and in just four days, XRP price has surged more than 95%. This strong breakout means everyone wants a bite of XRP, with analyst Mati Greenspan saying,

“When I sold 1000 XRP in 2017 for $1.08 a piece, I never thought that I’d be buying back in at 52 cents in 2020.”

Altcoins have started to pop out because Bitcoin has been taking a breather around $18,000, just inches away from its all-time high of $20,000.

Besides XRP, other notable movers on the first day of the week included DXT (424%), ZEN (67%), OXT (23%), and VeChain (14%). In this month alone, the total market has added $143 billion.

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Author: AnTy

Capital Flowing Is Into Small-Caps and DeFi Space as Bitcoin Consolidates

The price of bitcoin consolidated in a narrow range last week but without any catalyst. Today, the leading cryptocurrency is recording some gains of 1.20% while trading above $9,450.

Volume is also extremely low across the board, while bitcoin futures having its slowest session since January, ‘real’ spot volume also dropped below $1 billion.

While the price has been relatively stable for some time now, altcoins are posting gains alongside DeFi tokens that have doubled their market capitalization.

This growth was led by Compound who was listed on Coinbase Pro last week and today the trading will go live.

COMP’s stellar performance had people chasing other DeFi tokens that resulted in Aave (LEN) surging 85% in the past week, Melon Protocol 78%, and Hydro Protocol 48%.

Today, the DeFi market cap has jumped past $6 billion, despite many of the tokens recording losses.

Interestingly, the total value locked in the decentralized finance sector has made a new all-time high today at $1.51 billion.

About this growth, analyst Wolf said, “ETH/BTC ready to drive BTC.dominance off a cliff.”

The amount of ETH locked in space has also reached 3 million, however, the peak was 3.2 million ETH on February 2, 2020. The amount of BTC locked in DeFi was at its ATH at 6.79k last week is currently around 5.8k BTC, as per DeFi Pulse.

Small Cap Coins Outperforming Large Caps

When it comes to altcoins, among the top 10 cryptos, ETH is recording the highest gains of just over 3%. Etherem’s popularity in 2020 is the result of not only the growing focus on DeFi but also Tether which is growing exponentially on the Ethereum network and there is much anticipation and accelerated efforts towards the transition from proof of work (PoW) to proof of stake (PoS). Skew noted,

“Stable coins and DeFi seems like a more sustainable product/market fit for Ethereum compared to ICOs in 2017 but the market doesn’t see it (yet?) necessarily as adding as much $ value for ether.”

Other altcoins generating profits are DigiByte (24.91%), Ontology (10.92%), OMG Network (10.14%), VeChain (10%), Chainlink (5%), and NEO (4.43%).

Small caps are, however, the ones shining, Acute Angle Cloud is up a whopping 3875%, as per Messari. Thrive Token (65%), Elysian (60%), Open Platform (43%), Martyx (34%), and others are among the small-cap coins recording substantial greens.

In 2020 so far, the small-cap index is up 42% while the large-cap index is up 28%. However, the challenge with small-cap coins is they are a lot less liquid and a lot more volatile. This means transactions costs are higher here.

Given that they have extremely low volume, they are easy to manipulate as well. While small caps outperform large cap coins, they also crash harder when markets fall.

“In traditional markets, such a dynamic would be most welcomed by the bulls, largely because it shows growing risk appetite,” said Denis Vinokourov of Bequant about small-cap assets outperform large cap ones. But small cap assets tend to be more volatile and less liquid. “As such, capital flow into such assets are seen as a sign of market confidence,” he said.

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Author: AnTy

Bitcoin’s in A Consolidation Period, History Says the Next Top Won’t be Before March 2021

The US economy could face 18 months of rolling shutdowns without an effective vaccine for the novel coronavirus as the outbreak flares up again, said Federal Reserve Bank of Minneapolis President Neel Kashkari. He said,

“We’re looking around the world. As they relax the economic controls, the virus flares back up again.”

As we have seen, shutdowns in an attempt to curb the spread of coronavirus have led unemployment to skyrocket in the US and markets and economies are taking a massive hit.

Kashkari warned that “this could be a long hard road that we have ahead of us,” and it’s hard “to see a V-shaped recovery under that scenario.”

The Federal Reserve has responded aggressively to mitigate the effect of the pandemic on the US economy by launching several unprecedented emergency programs including slashing interest rates to zero and $2.3 trillion in the stimulus. And more is expected to come.

With Fed printing money like crazy, experts are advising to jump out of cash and invest in hard money like gold and bitcoin.

Last week, Cleveland Fed chief Loretta Mester said the central bank was “likely not done” to keep credit flowing in the economy. She said,

“We’re always looking for things where if we have a tool to be able to do it, and if we think it’s needed, we’re going to do it.”

We are in consolidation

The world’s leading digital currency, Bitcoin, is a hard asset with a limited supply of 21 million, unlike the money which the Fed keeps on printing. Last month, in the market-wide sell-off, bitcoin crashed hard and is now trading around $6,780.

Industry commentators are emphasizing the need to invest in bitcoin during this economic turmoil because this is why the crypto asset was created in the first place and it is BTC’s biggest opportunity.

Currently, the flagship cryptocurrency is in a consolidation period while investors are accumulating the dip.

According to trader MoonOverlord this consolidation period will last longer as the higher we go the longer the period. But there is no need to be concerned because we have been at this point before and bitcoin was built exactly for this.

“The bigger the gain, the more money added to the market cap, the higher the blow off top. = The longer the consolidation,” explained the trader.

If we take a look at Bitcoin price historically, in 2011, BTC’s top led to a 92% drawdown and it took 622 days to return to its all-time high, noted analyst Ceteris Paribus.

In 2013, the drawdown was 85% from the top and this time it took 1,181 days to make a new high.

In 2017, we had an 84% drawdown and it’s been 848 days since ATH. In order to match the 2013-2017 cycle, we need 333 days more to reach ATH which puts the top of the cycle in March 2021.

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Author: AnTy

Bitcoin Contributor Predicts Taproot, Privacy Feature Coming to BTC In 2020

  • “Taproot will be activated without much controversy” – Jimmy Song
  • Bitcoin dominance to be more than 75% at the end of the year
  • Altcoins to face the danger of fall in prices, delisting, and get 51% attacked in 2020

Before 2019 even ended, the predictions for 2020 started flowing in for the world’s largest cryptocurrency.

The latest crypto commentator to join in is Bitcoin educator and developer, Jimmy Song who projects, “Bitcoin price will have a bottom to top difference of at least 100%.”

Like many others, Song is also expecting Bitcoin dominance to be more than 75% at the end of the year.

Currently, BTC dominance is 69.7%, as per TradingView. The highest it has been this year was in Sept. at just above 72%. Since Feb. 2017, when the dominance of the flagship cryptocurrency was at 95%, it has been constantly falling, bottoming at 36% in January 2018.

Altcoins to Face Danger

The rise in the dominance of BTC means altcoins aren’t expected to fare well this year. But the price won’t be the only detriment for altcoins, as Song predicts 2020 will see lots of altcoins get delisted.

Song is also predicting some coin to be 51% attacked and “cause an exchange to lose lots of money.” This will result in the value of coin dropping by less than 20%.

And “More coins will change to be merge mined with Bitcoin.”

As for IEOs, Initial Exchange Offering that replaces the ICO fever in 2019 according to Song “will lose steam.”

Privacy Feature Coming next year

The much-awaited Bitcoin reward halving is now less than five months away. Unlike many others that expected it to be a non-event, Song believes this will be “the big narrative” still.

On the development side, “Taproot will be activated without much controversy,” predicted Song. The fact that the developer is expecting the feature to come within 12 months is a big deal in itself.

First proposed by Bitcoin Core contributor Gregory Maxwell, Taproot would bring privacy to the Bitcoin network. Even the most complex smart contracts would be indistinguishable from regular transactions on the blockchain.

Several Bitcoin Core contributors including Pieter Wuille, Jonas Nick, Rusty Russell, Tim Ruffing, Andrew Poelstra, Johnson Lau, and Anthony Towns are working on the Schnorr signature proposal that would include Taproot.

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Author: AnTy

40% Of Hedera Hashgraph Council Nodes Drops Offline, HBAR Price Down 54% In Last 30 Days

  • 4 of Hedera Hashgraph’s nodes have gone offline without any warning, indicating the network is perhaps more centralized than it was believed to be.

The closing of 4 nodes out of a total of 10 allows Sybill attacks to happen in an open network. Hedera Hashgraph is known to run public nodes, yet the Council Nodes are the ones that decide resources and software updates for the network. Hedera Hashgraph’s nodes should be run by the project’s largest platforms, like Boeing, IBM, Deutsche Telekom, and others.

Hedera Hashgraph Was the Big Sensation of 2019

Since it was a sensation in 2019, Hedera Hashgraph got immediately listed on Binance. Its CEO and co-founder, Mance Harmon, presented the project’s traditional business structure and organized a token sale that gained a lot of hype and many important buyers in the pre-sale periods.

The HBAR Token Failed

Soon after the exchange’s launch, the HBAR token began to unravel itself. The news on the node shutdown has caused the asset to go down by 9% once more, reaching the $0.011 value, after the initial $0.40 trading levels. HBAR has been made available for early buyers, last time on December 31, making retail token holders become reluctant bagholders.

Hedera Hashgraph had an attempt to manage the price slide of the token by offering ICO buyers who haven’t invested too much in HBAR future rewards if they held onto their pre-launch tokens and gave up on getting active HBAR. This is how the HBAR price is expected to change in 2020, according to distribution:

Every distribution almost coincides with immediate selling and causes the price to go down without any hope of stopping. Binance is the main liquidity source as it liquidates HBAR:

hedera-hashgraph hbar charts

hedera-hashgraph hbar charts

hedera-hashgraph hbar charts

Hedera Hashgraph Among the Biggest ICO’s in 2019

Hedera Hashgraph is a project that became one of the biggest ICOs in 2019. It has raised an impressive sum of $100 million in spite of having its token sales mostly frozen. However, its community soon discovered the technology behind it is not enough, also that misleading tokenomics were presented to insider buyers, which lead to crypto players who were enthusiastic about the project to suffer losses.

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Author: Oana Ularu

JPMorgan’s Jamie Dimon Dismisses Libra as ‘Neat Idea’ That’ll Never Happen

Nowadays, you can’t go on any reliable source of blockchain news without stumbling into something new about Libra. Sadly, this remains the case.

Libra has taken large amounts of scrutiny, a fair amount of praise, and now a fair amount of pure dismissal. Jamie Dimon, JPMorgan Chase’s Chief Executive Officer, described Libra as something that’s a neat idea, but will never happen.

Dimon delivered this comment during his speech at the Institute of International Finance conference that happened on Friday. Bloomberg reported the comment on the 18th of October. Dimon stressed the fact that the ideas behind Libra’s construction aren’t unique. Dimon then rather cleverly turned the conversation to his company’s stablecoin: JPM Coin. He revealed that JPMorgan is investing over $11 billion on technological development this year.

JPM Coin, XRP and Libra

Dimon had reiterated his opinion about Facebook’s coin when he had commented in July this year that Libra has no short term threat for JPMorgan. At the time, he tried to argue that people have been talking about blockchain technology for more than seven years. In those seven years, according to Dimon, very little new things have happened. He stated that they’re going to talk about Libra like that within three years.

JPMorgan’s native coin is selling itself to have three early applications. Umar Farooq, Head of JPMorgan’s Blockchain Products, had stated that fact. The first application would be to help facilitate cross-border payments for large corporate businesses. These businesses currently rely on wire transfer networks, such as SWIFT.

The second application is Securities Transactions, with the last being Treasury Services to help replace funds a firm holds in various subsidiaries across the globe.

A Mudslinging Warning

Dimon, before JPMorgan announced its own stablecoin, has been incredibly vocal with his low opinion of Bitcoin. Now that the US Bank has stepped into the blockchain ring, all they have is praise for this new form of technology. They also hold condemnation for other types of cryptocurrency due to those being inadequate compared to theirs.

In an objective opinion, Dimon’s statement that Libra will never work out could easily be considered a mudsling. Something that was thrown out there to ruin Libra’s reputation. This could be further reinforced by the fact that directly after that comment, he moved to his company’s coin and sang its praises.

Whatever you, the readers, think about Libra, please do not let blatant political moves like this skew your view. Libra has made enough mistakes to warrant apprehension, and they have made enough promises to warrant praise. It is not Dimon’s job, as a direct competitor, to comment on anything about the prospective stablecoin.

Libra has already fallen on tough times due to regulators cracking down on the stablecoin. Countries across the EU and groups within the US consider Libra a threat to the world’s economy, due to its potential in destabilizing a country’s currency.

Times will inevitably change, and an international currency will happen. It may not be Libra, and it may not be now. However, it should definitely not be because a rival CEO commented about it.

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Author: Ali Raza