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venerdì 14 settembre 2018

Ethereum Gets $1 Billion Trade Influx; ETH Price Jumps 23%






Ethereum Gets $1 Billion Trade Influx; ETH Price Jumps 23%

Ethereum felt the boost of a $1 billion trade influx in the five days leading up to Thursday, September 13th, as the coin rebounded from a new fourteen month low of $170.58.

The majority of the trades came against Tether (USDT), as the un-tethering process begins following the coin's most recent bottom. The value of ETH consequently jumped 23% since yesterday and returns the coin to temporary safety above the $200 mark.

ETH Price Jumps 23%

After a week in which Ethereum was one of the worst hit, the coin felt the benefit of one of the strongest rebounds in the market cap top one-hundred. ETH rose from yesterday's price of $170.58 and climbed throughout last night and most of Thursday afternoon en route to a valuation of $210.01.

The peak came at around 17:00 UTC before levelling off between $203 and $205. Trade volumes remained following the peak, hovering around the $2.2 billion range. That's $1 billion more than this time five days ago, and a near 100% increase in less than a week. Predictably, the majority of Thursday's Ethereum trades came against USDT, with over 40% of the day's action coming in the form of ETH/USDT. Even if we exclude the trades with unknown fee types according to CoinMarketCap, USDT still finds itself as the most exchanged for Ethereum.

Notably, close to $350 million worth of trades came straight from good old fiat dollars. That's close to a third of Ethereum's daily trade volume from this time five days ago, and suggests that a significant number of people have faith that the recent low of $170 will prove to be the bottom for the immediate future.

Perspective

Not since BitConnect's short-lived rebound has 23% growth seemed so insignificant. Buyers who thought they were getting bottom prices at the $400 range are still nursing 50% losses in little over a month.

The knock-on effect of Ethereum's drop since August has been immense. Lots of businesses and websites in the crypto-sphere use Ethereum for all of their operating revenue. Imagine you're running a successful small business only to find that half of your operating funds disappeared in the past month.

This could end up being a strong case against every-day crypto adoption, after all, what self-respecting business owner can afford to check the crypto market 24/7 in case their standard currency suddenly plunges without a trace.

Or, to take a more level-headed approach, the time to set up your business using cryptocurrency alone is simply not now. Maybe more sophisticated methods will emerge in the future as the space develops. For now, Ethereum holders can take solace in Thursday's rebound.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Published

23 hours ago

on

September 13, 2018

The cryptocurrency segment is experiencing an explosive oversold rally today, with Ethereum registering the largest gains as expected after leading the way lower during the recent steep selloff. The second largest coin got back to the $200 price level after plunging below the key long-term $180 support during the latest leg lower.

ETH/USD, 4-Hour Chart Analysis

Aggressive traders could enter short-term positions here in both the most oversold and the relatively strongest coins, but the broader longer-term downtrends remain intact in the majors. Ethereum might be ready for a stronger short-term rally, up to the $235 or even the $260, even though a more protracted bottoming process is likely after the steep decline of the recent months. The total value of the market recovered to $200 billion thanks to the double-digit move, and given the deeply bearish sentiment, a more durable bottom might finally be in.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is testing the $6500 level, following the broader market higher, and even as percentage-wise the move is relatively small, the rally is a positive sign for bulls after the extended period of relative strength.

BTC is still not on a buy signal from a long-term perspective but traders could play the bounce that could reach up to the $7000 level in the coming days. Support levels are found at $6275, $6000, and $5850, while further resistance is ahead between $7200 and $7300.

Short-Term Picture Mixed for Altcoins amid Bounce

While several coins got upgraded in our trend model thanks to today's move, and the momentum of the rally, EOS, IOTA, NEO, and ETC are still on sell signals even from a short-term perspective. Correlations also remain elevated, but on a positive note, there are signs that a bullish leadership could be developing, with Monero retaining its relative strength together with Bitcoin.

XMR/USDT, 4-Hour Chart Analysis

XMR remained one of the strongest of the top coins and managed to climb back above $100 yesterday, while pushing above the $108 resistance level today in early trading, triggering a short-term buy signal. While a broader trend change is not confirmed, today's move also triggered an upgrade to neutral in our long-term trend model after more than 3-month. Resistance is now ahead between $120 and $125, and above that near the $150 level.

XRP/USDT, 4-Hour Chart Analysis

Ripple is still among the weaker coins from a longer-term perspective, but the fact that it managed to stay above the August low is a plus, and a more durable bottom could be in. A rally above $0.30 would be a great sign for bulls, but for now, the coin is only neutral short-term in our trend model. Further resistance is ahead at $0.313 and $0.32 while strong support is found at $0.26 and $0.23.


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Altcoins

Published

1 day ago

on

September 13, 2018

Major cryptocurrencies were in recovery mode on Thursday, led by Ethereum's double-digit gain, as investors swept in to buy the market at yearly lows. However, the latest recovery has all the signs of a dead cat bounce, which means the bulls aren't out of the woods yet.

Market Update

Digital currency values rebounded sharply on Thursday, with the overall market recovering $10 billion in lost market cap. The combined value of all cryptos in circulation reached $186 billion on Wednesday, a new low for the year, but has since recovered to around $196.4 billion.

In terms of percentage gains, Ethereum, Litecoin and Monero were the stand-out performers. Ether surged 12.2% to $193 after hitting 16-month lows on Wednesday. Litecoin jumped 11.7% to trade just below $54. Monero added 15% to $113.

Altcoins and tokens saw their share of the overall cryptocurrency market rise slightly to 43.4%, according to CoinMarketCap. Bitcoin, meanwhile, rose 3% to $6,463.

The market rose even as trade volumes leveled off somewhat. Total market turnover on exchanges edged down to $11.9 billion from an earlier high of around $13 billion.

The rally was largely driven by oversold conditions across most major assets. As such, the market remains in a firm downtrend.

Ethereum Co-Founders Clash

While there are many factors behind ether's rapid depreciation – ICO cash-out, scalability concerns and a bearish market outlook – bearish comments from one of its co-founders has also aided in the drop. On Sunday, Vitalik Buterin told Bloomberg News that "the blockchain space is getting to the point where there's a ceiling in sight," adding that the days of 1,000% price growth are over.

As one might expect, Buterin's comments prompted a tidal wave of response (and speculation) from the cryptocurrency community. And it didn't take long for Joseph Lubin, one of Ethereum's co-founders, to issue a retort. In an interview with CNN, he said the following:

"Vitalik is brilliant, but I would have to disagree with him on that. This is a technology that's going to impact how economic, social and political systems are built over the next few decades. So we're really just at the start of this."

Buterin later clarified via Twitter that he "never said there is "no room for growth" in the crypto ecosystem," only that "there is no room for 100x price increases."

As the debate continues, short bets on Ethereum continue to grow. As Hacked reported five days ago, bearish bets on Ethereum have reached an all-time high on Bitfinex, one of the world's largest cryptocurrency exchanges. This has since been corroborated by data provider CoinFi, which showed bets against ether have reached record levels.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Ethereum

Published

2 days ago

on

September 12, 2018

The pressure on the Ethereum (ETH) price, which is currently hovering at a startling $174, has spilled over into the developer community, with two blockchain pioneers disagreeing about the potential of the crypto space. Ethereum Co-Founder Joseph Lubin quashed the suggestion by fellow Ethereum Co-Founder Vitalik Buterin that the days of "1,000 times growth" in the crypto space have come to a crashing halt and a "ceiling" was within grasp.

Not so fast, says Lubin, who told CNN: "Vitalik is brilliant, but I would have to disagree with him on that. This is a technology that's going to impact how economic, social and political systems are built over the next few decades. So we're really just at the start of this." Lubin went on to make his point on Twitter, saying that "everything that is an asset right now could have representation as a crypto asset at some point in the future."

"There will be so much evolution in this space. Everything that is an asset right now could have representation as a crypto asset at some point in the future." Rewatch my @CNN segment from this morning: https://t.co/8c2GALbSvI

— Joseph Lubin (@ethereumJoseph) September 11, 2018

Vitalik, who is never one to hold back, clarified his statement –

To be clear, I never said that there is "no room for growth" in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto.

— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018

Damage Control

The fact that varying opinions about the inning in which cryptocurrencies are in and the future growth potential of the space are emerging is actually a sign of a maturing market, one that time will tell who is right. Lubin's remarks were likely an attempt at damage control after the value of the second biggest cryptocurrency fell to July 2017 lows. After all, Lubin himself admitted that if the price of ETH were to fall to $1, it would signal that "something is wrong with the Ethereum ecosystem." Given the pace of declines this year from a high of approximately $1,400, it's probably gotten a little too close for comfort.

After the clarification, Buterin went on to make another statement that stirred further controversy, urging the crypto community to be "realistic" because "the entire world wealth isn't going to turn into cryptocurrencies. Tron Foundation Founder Justin Sun disagreed this time, predicting "cryptocurrency will hit $10 trillion market cap before Apple and Amazon do."

Meanwhile, Buterin believes that the next phase of growth in cryptocurrencies will be a function of adoption, not attention. On this, Buterin and Lubin don't seem to be too far apart, with Lubin pointing to a very busy software developer community working on "accessible applications" like "crypto baseball" as well as card games, all of which are "driving  adoption/real interest but also driving the technology itself."

Gaming projects, meanwhile, are delivering their own "scalability technologies" via layer two technology enabling "hundreds of thousands of TPS" that are "linked into the Ethereum network for the security of the network," all of which is attracting outside investment into the industry despite the market downdraft.

On that note, Lubin pointed to a project that is likely to be even bigger than the Gemini dollar coin that was launched on the Ethereum network that's "coming out very soon." Circle's Centre project, which is a "governed network" fueled by stablecoins, will similarly launch on Ethereum.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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