Bitcoin (BTC) has been trading sideways for the better part of the day and continues to circle around the $9,100 price mark. The coin bounced off a local low of $8,960 earlier today before moving to its current trading price at $9,149, showing a small loss of 0.74% on the day.
Bitcoin is fighting hard to hold on to its current trading levels, but traders apparently are starting to wonder whether or not last week’s so-called “Xi pump” to $10,540 was a fluke driven by Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology.
Bitcoin analyst and guest contributor at Forbes and CNBC, Jacob Canfield, just took to Twitter to point out that the “order books on Coinbase glitched out to be non existent” and that Bitcoin exchange Deribit suffered a BTC flash crash to $7,700. “Investigating what happened, but it is still unclear,” he tweeted.
Ether (ETH), meanwhile, is currently sitting at $182.5 per coin. The number one altcoin saw a small dip in sync with BTC and is showing a loss of around 0.75% at publishing time.
Cointelegraph contributor Rakesh Upadhyay recently said that Ether is facing strong resistance at $196.483. If the Ether’s price dips below the 20-day EMA, it may remain range-bound between $161.056 and $196.483 for the next few days. If Ether can pick up momentum above $196.483, it will likely move up to $235.70.
XRP has been trading relatively flat for the better part of the day. The third-largest coin by market capitalization is currently trading at $0.295 per coin, down 0.47% at press time. The recent news that the daily XRP transactions are going through the roof, nearing an all-time high of 1.70 million, has had little to no effect on the price of XRP.
The number of daily XRP transactions is going through the roof today, nearing an all-time high of 1.70 million without a clear reason why.
The number of daily XRP transactions is going through the roof, nearing an all-time high of 1.70 million.
Daily transactions boom to 1.6 million
According to the crypto data tracker BitInfoCharts, XRP’s daily transactions now account for more than 50% of all the cryptocurrency transactions during the last 24 hours. Ether (ETH) comes in second, while Bitcoin (BTC) and Bitcoin SV (BSV) settle for a shared third place.
The last time XRP’s daily transactions were this high, the crypto markets were reveling in the middle of the famous bull run of December 2017.
On Oct. 21, XRP was processing around 730,000 daily transactions, while only eight days later, the third-most-popular crypto coin was recording 1.6 million daily transactions. This constitutes an increase of more than 100% in less than a week. Since then XRP has been eyeing a new all-time-high in daily transactions.
It is unclear what is causing the boost in daily transactions, but it is almost certain that speculation is about to run wild. One reason for this sudden boom, could be Ripple’s upcoming Swell event next month. Another possible reason is Ripple’s partnership with payment service Moneygram that is perhaps now exploring new ways on how to use XRP.
Regardless, most likely something significant is happening behind the scenes as the cryptocurrency is seemingly about to break its record of 1.7 million daily transactions.
XRP is currently trading at around $0.302 and has gained 1.6% in the last 24 hours. The altcoin saw its highest price point over the week on Oct. 26, with a weekly low of $0.262 on Oct. 23.
Ripple joins Blockchain Association
In October, the San Francisco-based blockchain startup Ripple announced that it was joining the Blockchain Association. Ripple’s membership in the Blockchain Association will put the company in contact with many of the regulators and lobbyists working in the space. The association is a non-profit organization that consists of blockchain advocates and promotes adoption of blockchain technology around the globe.
Digital currency markets are coasting along after an enormous move on Friday of more than 20-40%. The entire cryptoconomy is hovering around $249 billion as it gained a whopping $30 billion very quickly this week. Crypto prices corrected a touch since the spike, but are still well above the lows seen just a few days ago.
Digital Currency Market Prices Hold New Foundations
Over the last three days, digital currency prices have seen the biggest price jumps in over a month and cryptocurrency enthusiasts are far more optimistic toward the future. For instance, on Friday, October 25 the price of BTC increased from a low of $7,300 to a high of $10,295 during the afternoon trading sessions. Bitcoin cash (BCH) saw prices lift from $215 to a high of $277 per coin. Since then, prices retraced a hair southbound losing some value, but crypto prices are much higher than they were during last week’s bearish cycle. At the time of writing, the price per BTC is roughly $9,527 per coin and the digital asset is up 18% for the week. Behind BTC is ETH which has gained 5.4% during the course of the last seven days. One ETH is swapping for $183 a coin and there’s $10 billion in ETH trades worldwide.
Ripple (XRP) saw the least gains this week, only climbing 2% so far. Each XRP is trading for $0.29 and there’s around $2 billion in global trades this Sunday. Lastly, the fifth position is held by tether (USDT) after bitcoin cash (BCH) bumped tether out of fourth spot. According to Coinlib.io, tether is capturing just a little less than two thirds of every trade between nearly every top digital currency. Tether has around $36 billion of worldwide trades which is roughly $7 billion more than BTC.
Bitcoin cash (BCH) captures the fourth position in the top 10 market caps this Sunday as each BCH is swapping for $262 per coin. With $3.25 billion in global trades, BCH is the fifth most traded coin today below LTC and above EOS. BCH is up 2.8% on Sunday and the coin has gained 19.3% during the last seven days of trading sessions. The decentralized cryptocurrency has an overall market valuation of around $4.74 billion which is considerably higher than it was three days ago. The top trading pair with BCH today is USDT which is commanding roughly 62% of BCH swaps. This is followed by USD (17.7%), BTC (13.5%), ETH (2.58%), and KRW (2.38%). Right behind the top five pairs against bitcoin cash are the euro and honestcoin (USDH).
Chinese President Xi Jinping Embraces Blockchain Technology
In the last 48 hours, traders and speculators have been trying to guess why the price of BTC and many other coins spiked considerably on Friday. Some people have attributed the jump to the President of the People’s Republic of China Xi Jinping’s comments on blockchain technology. Xi Jinping’s comments follow the ban against trading cryptocurrencies in 2017 and the Chinese government has previously been negative towards the technology.
However, despite the angst against digital currencies and initial coin offerings (ICOs), the government has allowed blockchain projects to flourish. At the 18th Political Bureau of the Central Committee collective study in Beijing, Xi Jinping said that a “rule of law” should be applied to distributed ledger technology platforms.
“We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi Jinping emphasized at the event. The President added:
We must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.
John McAfee Doubles Down His Prediction
The infamous John McAfee doubled down on his forecast that the price of BTC will touch $1 million per coin at the end of 2020. McAfee says the price will reach $2 million by the end of 2020 as he’s changed his prediction three, times raising it every time. At first, McAfee said the price would be $500,000, but quickly upped the prediction and even told the public he would chop off his family jewels on live television if the price didn’t make it that high. “Run the f***ing numbers — If bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment,” McAfee explained.
Xi Jinping’s Comments Helped Bitcoin Skip the Death Cross
According to a few analysts, three days ago BTC was heading toward a death cross scenario where the 50-day moving average dropped below the 200-day moving average. However, many market pundits believe Xi Jinping’s statements were the driving force behind the BTC price push. “Leading up to Mark Zuckerberg’s Libra hearing, bitcoin had sold-off as many traders put on bearish positions,” John Todaro, director of digital currency research for Tradeblock, said after the spike. “The technical set up looked negative, but then President Xi Jinping’s commentary around blockchain technology was an unexpected positive catalyst that caught some bearish traders off guard in my view, leading to the upward movement which likely brought in more speculators as BTC traded above key thresholds.”
The managing director of crypto derivatives platform Amulet, Marouane Garcon, agrees that the Chinese President’s optimism toward blockchain is a breath of fresh air.
“There were quite a lot of liquidations but I think it’s still mostly about President Xi’s announcement because people know that his green light will cause a ripple effect across China,” Garcon explained to the media. “The space needs China’s involvement — If China would’ve never banned crypto trading and exchanges the space would be a lot bigger today — Having China onboard, in my opinion, is just as good if not better than having America onboard.”
2016 Crypto Market Revival
After the past few weeks of bearish sentiment and the sudden bullish upswing this week a few observers believe things are looking an awful lot like 2016. The CEO of Sibex, Daniel Haudenschild, detailed that the spike is due to the BTC halving that’s forthcoming. It is estimated that the BTC block reward will chop in half on May 14, 2020, depending on the hashrate processing power.
“We are coming into a time where the Bitcoin price is being affected by halving, with Bitcoin’s inflation rate recently dropping from 3.8% to 1.8%,” Haudenschild remarked. “Prices typically increase significantly leading up to the halving and have been followed both times by a 10x move just a few weeks later. The 2016 halving started a rally that brought BTC prices from $600 to $19,000 just one month after the halving.”
Overall the market prices of all 2,000+ digital assets have improved a great deal which has given enthusiasts and traders more hope. Today crypto bulls are trying to press past upper resistance as Sunday’s trading sessions have been feverish. Global trade volume has doubled and there’s now been $100 billion worth of cryptos traded in the last 24 hours.
Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 11:45 p.m. EST.
Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Coinlib.io, Wiki Commons, bitcoinblockhalf.com, and Pixabay.
Bitcoin was trading above the $8,200 price mark for the better part of the day, but has dipped below $8,100 in recent hours. The world’s largest cryptocurrency traded at an intraday high of nearly $8,300, before losing ground towards its current trading price of around $8,040. BTC is reporting a loss of almost 2% on the past 24 hours.
For the second time, Bitcoin attempted to break above the $8,300 price point only to endure swift rejection. As Cointelegraph previously reported, BTC did not show any impressive price movements since the start of the weekend, when it managed to exit the $7,000 range.
Ether (ETH), meanwhile, is currently sitting at $171.3 per coin. The number one altcoin saw a small dip in sync with BTC and is showing a loss of around 1.3% at publishing time.
Cointelegraph contributor Rakesh Upadhyay recently said that the bulls have been buying the dip close to $169 for the last few days. A positive sign, according to Upadhyay, because that means that buyers are not waiting for Ether to drop to the bottom of the range at $161.056. He added:
“If the bulls can push the price above the moving averages, a rally to the top of the range at $196.483 is possible. A break of this level can carry the price to $235.70 with minor resistance at $223.999.”
XRP has been trading relatively flat for the better part of the day. The third-largest coin by market capitalization is currently trading at $0.2902 per coin, down 0.54% at press time. The news of San Francisco-based blockchain startup Ripple, adding three new appointments to its global regulatory team and joining the Blockchain Association, did not have any effect on the price of XRP.
All of the top 20 coins are showing red candlesticks, with Bitcoin SV (BSV) taking the title of worst top-20 performer of the day, showing a 4.5% loss on the day. Cosmos (ATOM) and Tezos (XTZ) follow closely with losses of more than 3% each.
Although not in the top 20, the number 27 by market cap, Brave Browser’s Basic Attention Token (BAT), is showing impressive gains of more than 11% on the day, to trade at $0.24 per coin at press time.
The overall cryptocurrency market cap decreased from $223.3 billion to $218.5 billion, with Bitcoin making up 66.3% of the total.
Keep track of top crypto markets in real time here
Bitcoin has been trading below the $8,000 price mark for the better part of the day but is showing signs of recovery in recent hours. The world’s largest cryptocurrency traded at an intraday low of around $7,950, before grinding its way up to its current trading price of around $8,216. BTC is reporting gains of 3.73% in the past 24 hours.
Two days ago, the 18th million BTC was mined, leaving the world with only three million coins to mine, which was enough reason for crypto-sceptic Peter Schiff to claim that Bitcoin’s future “looks horrible” and that it is just a matter of time before the most popular cryptocurrency will experience a “rapid descent down to $4,000 or lower!”
Ether (ETH), meanwhile, is currently sitting at $174.80 per coin. The number one altcoin saw a small upward tick in sync with BTC and is showing a gain of 2.26% at press time.
All of the top-20 coins are showing green candlesticks, with some reporting small, modest gains, while others are taking impressive jumps forward. Cosmos (ATOM) and Chainlink (LINK) are both taking the lead in the top 20 with gains of 6.73% and 5.73% on the day, followed closely by Bitcoin Cash (BCH), which reports a 5.22% gain.
The overall cryptocurrency market cap increased from $217.5 billion to $222.5 billion, with Bitcoin making up 66.6% of the total.
Keep track of top crypto markets in real time here
A few of the top cryptocurrency performers of the past seven days are forming buy setups. What are the key levels to watch out for? Let’s analyze the charts.
While the fundamentals in the crypto space have been improving over the past few months, repeated opposition to popular projects like Libra has kept the sentiment subdued. Speaking at the International Monetary Fund and World Bank fall meeting, German Federal Minister of Finance Olaf Scholz vehemently opposed the idea of allowing Facebook to create Libra because, according to him, it is the “responsibility of democratic states.”
Similarly, the Financial Action Task Force also voiced its concern on Libra and other stablecoins when its president Xiangmin Liu said that successful creation of these stablecoins can lead to “new risks regarding money laundering and terrorist financing.”
The total market capitalization of cryptocurrencies has been stuck between $210 billion and $230 billion since Sept. 25. This consolidation is unlikely to continue for long. Traders should watch the key levels closely to benefit from the impending move. Let’s analyze the charts of the top five performers of the past seven days and see if find any buying opportunities.
Monero (XMR) has been the best performer of the past seven days. Does its rise from the recent lows indicate that the bulls are using the fall to buy? Is it ready to turn around? Let’s study its chart.
The XMR/USD pair continues to slide inside a falling wedge pattern. Though the bulls have held the support line of the wedge for the past three weeks, they have not been able to achieve a strong bounce off it. This shows that the bulls are not showing any urgency to buy even at these levels. A break below the wedge will be a negative sign that can sink the price to the yearly low of $38.83.
On the upside, a pullback from the current levels will face selling at the resistance line of the wedge. Both moving averages are also placed close to the resistance line of the wedge, hence, a breakout of it will signal that buyers are back in the game. Traders can wait for the price to sustain above the moving averages before initiating long positions. The first target on the upside is $97.9733 and above it $121.427.
After record sales of $251.51 million worth of XRP in Q2 2019, Ripple has drastically reduced the sales in Q3 2019 to $66.24 million, which is a drop of 73.66%. The company said that the XRP sale rate is similar to the inflation rate in Bitcoin (BTC) and lower than of Ether and Litecoin.
Ripple has tied up with Finastra, the third-largest financial services technology firm in the world. This partnership will benefit the existing customers of both companies. Will these positive developments boost XRP prices? Is it ready to start an up move? Let’s analyze the chart.
The XRP/USD pair broke above the 20-week EMA but is finding it difficult to sustain above it. However, it has been in the green for the last three weeks, which is a positive sign. The flattening 20-week EMA and the RSI just below the midpoint suggest that the sellers are losing their grip.
Above the 20-week EMA, a move to the downtrend line of the descending triangle is possible. This is an important level to watch out for because if the bulls can scale it, the bearish pattern will be invalidated. Failure of a bearish pattern is a bullish sign. Hence, if the pair can sustain above the downtrend line, a new uptrend is likely.
Long-term traders can buy on a close (UTC time) above the downtrend line and keep the stop loss just below the recent low. The target objective is a move to $0.76440 with intermediate resistances at $0.5050 and $0.5650.
Our view will be invalidated if the pair turns down from the current levels and plummets below $0.22. However, we give it a low probability of occurring.
Bitcoin SV (BSV) continues to be in the news due to statements by its backer Craig Wright. However, interest in the altcoin, measured by tweet volume, has dwindled down from its peak in May. Let’s look at its chart and see if we spot any bottoming formation.
The BSV/USD pair has been holding above the $80 support for the past three weeks. This is a positive sign as it shows buying closer to this support. On the upside, the relief rally can reach the previous support turned resistance of $107. We anticipate the bears to launch a strong defense at this level.
If the price turns down from $107, the bears will again attempt to sink it below $80. If successful, a drop to $66.666 is possible.
Conversely, if the bulls push the price above $107 and sustain it, the pair might extend its recovery to $138.950 and above it to $188.690. We will wait for the pair to sustain above $107 before proposing a trade in it.
UNUS SED LEO (LEO) has risen close to 2% in the past seven days. During the week, it cracked into the list of top 10 cryptocurrencies by market capitalization. How does its prospect look on the chart? Can it rise further? Let’s find out.
Though the LEO/USD pair made a new low recently, the bears have not been able to capitalize on the breakdown. Buying at lower levels has resulted in a pullback that might face resistance in the $1.0075 to $1.0467 zone.
If the bulls can scale above this zone, the pair can move up to $1.35. Though there is a minor resistance at $1.1217, we expect it to be crossed. Aggressive traders can wait for the price to close (UTC time) above $1.05 before buying. The stop loss can be kept at $0.94.
Contrary to our assumption, if the price turns down from the current levels and plummets below $0.9410, it can correct to $0.866 and below it to $0.8278.
Binance Coin (BNB) has retained its place among the top five performers for the second consecutive week. The week was packed with various positive news flow that kept the price buoyant. Prominent was the launch of a BNB Exchange-Traded Product on a Swiss Stock Exchange, in partnership with a local Swiss startup Amun.
Binance burned 2,061,888 BNB in the latest quarter, worth about $36.7 million. The exchange burns about 20% of the profits it earns. Using this data, the quarterly profit turns out to be about $185 million. The exchange said that Binance Futures — launched on Sept. 13 — was well received by its customers and it reached the number four spot by trading volume in BTC futures on Oct. 8.
Binance CEO Changpeng Zhao said that with institutional participation increasing in the futures platform, the exchange has decided to offer a maximum leverage of up to 125x on Bitcoin futures. Has the fundamental news flow improved the technical picture? Let’s study its chart.
The pullback from the recent lows of $14.2555 has hit a roadblock at the previous support turned resistance of $18.30. We anticipate the bears to defend the zone between $18.30 and the resistance line of the descending channel.
However, if the bulls can propel in the BNB/USD pair above the channel, it will be a positive sign and will point to a change in trend. Therefore, traders can initiate long positions as suggested in our previous analysis.
Contrary to our assumption, if the bulls fail to scale above the resistance zone, the bears will attempt to sink the pair below the critical support of $14.2555. If successful, a drop to the support line of the channel is possible.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
Bitcoin traded below the $8,000 price mark for most of the day. The world’s largest cryptocurrency traded at an intraday high of around $8,135, with a sudden dip toward $7,900, before settling down at its current trading price of $7,952. BTC shows a subtle loss of around 1.6% in the past 24 hours.
Cointelegraph contributor Rakesh Upadhyay said that any new asset class has to go through a difficult phase of adoption and that this will coincide with phases of utter disappointment in between, but in the long run, he said, a good innovation will find its due place.
Ether (ETH), meanwhile, is currently sitting at $173.43 per coin. The number one altcoin saw a small dip in sync with BTC and is showing a loss of 1.95% at press time. Upadhyay said Ether is likely to drop to the critical support zone of $161.056 to $151.829.
XRP failed to grind its way up to the $0.30 price point after yesterday’s 5% jump on the day. The third-largest coin by market capitalization is currently trading at $0.294 per coin, down 1.93% at press time.
Most of the top-20 coins are showing red candlesticks. Monero (XMR) and Chainlink (LINK) are showing losses of 2.24% and 3.26%, respectively, while Bitcoin SV (BSV) takes the title of best performer in the top 20 with gains of 1.3% on the day. The worst performer among the top-20 is Cosmos (ATOM), down 4.69% in the last 24 hours.
The overall cryptocurrency market cap decreased from $220.3 billion to $216.9 billion, with Bitcoin making up 66.1% of the total.
Keep track of top crypto markets in real time here
For most of the day, the world’s largest cryptocurrency has been trading within a tight range between $8,000 and $8,100. BTC traded from an intraday low of around $8,010 up to $8,135 before hitting its current trading price of $8,062, showing a subtle gain of around 1% in the past 24 hours.
Cointelegraph reported today that notorious crypto skeptic Nouriel Roubini had finally conceded to saying that Bitcoin is “a partial store of value.” However, his comment was swiftly followed by continued criticisms:
“Maybe Bitcoin is a partial store of value but it’s not a unit of account, it’s not a means of payment, it’s not scalable […] in spite of its rally earlier this year, it’s lost 60% in value since its peak, so I don’t see it going anywhere frankly.”
Ether (ETH), meanwhile, is currently sitting at $176 per coin. The number one altcoin has been trading fairly flat for most part of the day, while slowly crawling to its current trading price, up just over 1% at press time.
XRP, on the other hand, saw a 5% jump on the day. The third-largest coin by market cap is currently putting in a strong performance and is grinding its way up to the $0.30 price point. XRP is now trading at almost $0.30 per coin.
Ripple’s investment arm and tech incubator Xpring has invested in Swedish crypto self-custody startup Towo Labs to build hardware wallet firmware supporting XRP.
Ripple’s investment arm and tech incubator Xpring has invested in Swedish cryptocurrency self-custody startup Towo Labs to build hardware wallet firmware.
Xpring announced the news in a blog post on Oct. 16, stating that the startup plans to develop a new version of the XRP Toolkit and hardware wallet firmware supporting all XRP Ledger transaction types, as well as a noncustodial web interface.
In a parallel announcement, Towo Labs said that the firmware will support signing cross-currency payments, escrows, orders, and trust lines, among other things. It will also enable users to prepare transactions from untrusted devices prior to auditing and signing them in a hardware wallet.
Xpring widens support for XRP
Earlier in October, Xpring invested in cryptocurrency wallet BRD to enable users to hold, purchase, sell and spend XRP tokens through the wallet. The announcement suggested that this could result in new kinds of decentralized financial services, including banking, lending and peer-to-peer transactions that require no intermediaries.
Also this month, major cryptocurrency payment processor BitPay entered a partnership with Xpring to support payments with XRP. Xpring said that global companies are now able to accept XRP through BitPay without the need for integration and enhancements.
Ripple recently announced an expansion into Iceland with its acqui-hire of crypto trading firm Algrim. With the acquisition, Iceland will now serve as one of the company’s engineering hubs, joining London as another European base.
Bitcoin is trading at $10,407 at press time, representing a 0.82% price increase on the day. Bitcoin has ranged from just under $10,000 to over $12,000 this month and had most recently been on a downward streak. However, after bottoming out around $9,700 today, BTC has turned around to retake the $10,000 barrier and push beyond.
The number two cryptocurrency, ETH, has continued its gradual decline. Ether is currently trading at $188.32 and trending down by 1.99%. Bad news for investors in ETH and BTC alike broke earlier today, with a blockchain investment company founding partner telling the public on Twitter that a Chinese Ponzi scheme has robbed investors of $3 billion. This scam is apparently called PlusToken, and the aforementioned partner, Dovey Wan, called upon cybersecurity companies Chainalysis and PeckShield to investigate further.
XRP, the number two alt by market cap, is trading at $0.267 and trending down by 4.97% on the day at press time. As recently reported by Cointelegraph, trader Peter Brandt accused Ripple, the issuer of XRP, of price manipulation. Brandt wrote on Twitter:
“Will Ripple be able to manipulate the market to keep $XRP above .2400? A serious breakdown at this level, and .020725 is in the cards.”
Brandt does not appear to be speaking hyperbolically, as he further clarified that he does believe Ripple is quite literally manipulating XRP price. He wrote:
“I used ‘manipulate’ because it is exactly what Ripple has been doing since it introduced XRP […] The chart pattern for many, many months has shown the distribution of XRP by Ripple – it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way.”
The 10th top cryptocurrency Algorand (ALGO) is also falling in price at press time. ALGO is currently trading a little over $0.699 and is trending down by over 12%. Interestingly, ALGO was scheduled to begin its listing process on the professional trading platform Coinbase Pro yesterday, which correlated with a boost in price for other tokens such as Chainlink (LINK).
The total market capitalization of the top 100 cryptocurrencies had fallen to a little over $270 billion at press time, according to Coin360.
Keep track of top crypto markets in real time here