Bitcoin, Ripple, Ethereum, Stellar, EOS, Bitcoin Cash, Bitcoin SV, Litecoin, TRON, Cardano: Price Analysis, Dec. 12

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.

When markets were rising, the novice traders believed they can never go down, and one must only have the courage and patience to HODL. However, after this year’s nerve-racking correction, most of those same traders now believe that the cryptocurrencies are going to zero. They were wrong on the way up, and they are wrong again on the way down. The fundamentals are getting better and are pointing to a better future.

Mike Novogratz, former hedge fund manager and Goldman Sachs Group Inc. partner said that the markets are sober now, as the speculative mania is gone. He remains bullish and believes that Bitcoin is not going to zero, it is just in a “methadone clinic.”

The most popular twins in the crypto space, Tyler and Cameron Winklevoss, are also undeterred by the current bear market. They have launched a new mobile crypto trading app with various investment features. Their crypto exchange, Gemini plans to enter the Asian crypto space in 2019.

But not everyone is bullish about the future. Harvard University Professor of Economics and Public Policy Kenneth Rogoff believes that the long-term value of Bitcoin is “more likely to be $100 than $100,000,” as reported by The Guardian.

We, however, believe that the current fall is a good buying opportunity, but the traders should not expect a vertical rally. The markets are likely to form a large base before starting a new uptrend.

BTC/USD

Bitcoin is currently trading inside a descending channel. The bulls have been attempting to defend the $3,500 mark for the past three days. A break of this first support will result in a retest of the Dec. 7 low of $3,329.05.

If the bulls hold $3,500, the BTC/USD pair might pull back to the resistance line of the channel, just below the 20-day EMA. We expect this level to act as a stiff resistance.

Though the moving averages continue to fall, the RSI has been forming a positive divergence for the past few days. This is a bullish sign. If the price climbs above the 20-day EMA, we can expect the pullback to reach the next overhead resistance of $5,000.

A failure to break out of the 20-day EMA, and a plunge below $3,329.05 will test the $3,000 threshold. If this support also breaks, the next support is way lower at $2416.52. However, we expect the leading digital currency to hold the $3,000–$3,500 zone, so we had recommended a buy in our previous analysis.

XRP/USD

Since breaking down of the support at $0.33108, the bulls have been attempting to keep Ripple above the Dec. 7 low of $0.28600.

XRP/USD

A break below $0.286 and the support line of the channel can result in a fall to the Aug. 14 low of $0.24508. If this support breaks, the next support is at $0.15.

If the bulls hold the support and break out of the 20-day EMA, we expect the XRP/USD pair to rally to the 50-day SMA. A sustained move above $0.4 will increase the probability of a rally to the top of the channel at $0.5. Therefore, we suggest traders hold on to their existing long positions.

ETH/USD

Ethereum has been trading in a tight range of $83–$102.5 since breaking down of the previous support of $102.2.

ETH/USD

The RSI has been forming a positive divergence, which increases the possibility of a pullback. On the upside, any recovery attempt will face resistance at $102.5, the 20-day EMA and at $130.5.

If the ETH/USD pair plummets below $83, the downtrend will resume. Its next lower target is $66. The traders can wait for a bullish pattern to develop before entering any positions.

XLM/USD

Stellar is trying to pull back from the lows. It has broken out of the downtrend line, which shows some respite from the incessant selling. The recovery will gain strength if the price breaks out of $0.13427050. On the upside, the 20-day EMA and $0.184 will act as major hurdles.

XLM/USD

On the other hand, if the XLM/USD pair turns down from the overhead resistance and breaks $0.10488320, the downtrend can extend to $0.08. The down sloping moving averages and the RSI in the oversold territory suggest that the downtrend remains. We shall wait for a new buy setup to form before proposing any trades in the pair.

EOS/USD

EOS has broken out of the downtrend line, which suggests that the intensity of the selling has reduced. But the trend remains headed downward, as both moving averages are still falling, and the RSI is in the oversold zone.

EOS/USD

If the bulls break out of the immediate resistance of $2.1733, the pullback can extend to the 20-day EMA, which is likely to act as a stiff resistance. A break above this can carry the EOS/USD pair to $3.8723.

If the next dip doesn’t break the low of $1.55, we can confirm that a bottom is in place. However, if the next dip breaks the Dec. 7 low, the digital currency can fall to $1.2. We suggest traders wait for a reversal pattern to form before entering any long positions.

BCH/USD

Bitcoin Cash dipped below the Dec. 7 low of $94 and made a new year-to-date low on Dec. 11 at $92.13. This indicates a lack of buying even at the current levels.

BCH/USD

Currently, the bulls are attempting to push the price back above $94. If successful, the BCH/USD pair will continue to trade in the range of $92.13–$115.61. Both moving averages are falling, and the RSI is deep in the oversold territory. This confirms that the trend is down with no signs of a reversal yet.

The first sign of buying will be when the bulls break out and close (UTC time frame) above $116. In such a case, the pullback can extend to the 20-day EMA. Though the digital currency has a history of vertical rallies, we suggest traders wait for buying to resume before attempting a trade in it.

BSV/USD

While the other cryptocurrencies are showing signs of bottoming out, Bitcoin SV is facing selling at higher levels.

BSV/USD

For the past five days, the BSV/USD pair has been falling gradually and has reached the bottom of the range. A break below the range can result in a retest of $38.528.

On the other hand, if the bulls bounce from the bottom of the range, we can expect the digital currency to reach the top of the range at $123.98. Trading inside a price range can be volatile, so we shall wait for a break out of the range before recommending a trade in it.

LTC/USD

Litecoin has been consolidating close to the lows for the past five days. Though the price has stayed above the low of $23.1, it has not been able to move up. This shows a lack of buying at higher levels. The trend remains in favor of the bears as long as the price is below the downtrend line.

LTC/USD

A return of buyers will be signaled when the LTC/USD pair sustains above the 20-day EMA. The RSI has formed a bullish divergence, which is a positive sign.

Aggressive traders can wait for the price to close above the 20-day EMA and establish long positions with a short-term target of $40. The stop loss can be placed at $23. The traders should keep the position size at only about 30 percent of usual because it is a countertrend move. If the digital currency slides below $23.1, it can reach $20.

TRX/USD

TRON has formed a symmetrical triangle, which is usually a continuation pattern. However, in some cases it acts as a reversal pattern as well.

TRX/USD

If the bears break below the triangle, the downtrend might resume. The pattern target of such a breakdown is $0.00554133. It has a minor support at $0.00844479, which can attract some buying.

Conversely, if the TRX/USD pair breaks out and closes (UTC time frame) above the triangle, it has a pattern target of $0.02055867. However, we believe $0.0183 will offer a stiff resistance. If the digital currency doesn’t break down or break out of the triangle within the next few days, the pattern will be invalidated.

ADA/USD

Cardano has been consolidating close to the lows. It is currently facing resistance at $0.35. Any recovery is likely to face resistance at the 20-day EMA. If the bulls break out of this resistance, a rally to $0.456 and thereafter to the 50-day SMA is probable.

The RSI is developing a positive divergence, which is a bullish sign. But still, in a downtrend, traders should wait for the price to show an uptick before jumping in to buy because positive divergences turn out to be bear traps.

ADA/USD

If the ADA/USD pair turns down from one of the overhead resistances and slides below $0.027237, the downtrend will resume. The next stop on the downside might be $0.025954. We can’t find any reliable buy setups yet, so we are not recommending a trade in it.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

The post Bitcoin, Ripple, Ethereum, Stellar, EOS, Bitcoin Cash, Bitcoin SV, Litecoin, TRON, Cardano: Price Analysis, Dec. 12 appeared first on Cryptocurrency Thrill.

First Look: HTC Demos Crypto Smartphone Exodus at Slush 2018

Advertisement

Ten years ago, consumer electronics manufacturer HTC made history when it released the HTC Dream, the first commercial device to utilize the Android operating system. A few months later, another monumental event took place, when Bitcoin creator Satoshi Nakamoto mined the BTC Genesis Block, birthing what Phil Chen — HTC’s “chief decentralized officer” — coined a “quiet revolution.”

Now, a decade later, HTC hopes to marry those two revolutions in the Exodus 1, the first “blockchain smartphone” produced by a mainstream electronics manufacturer. Chen unveiled more information about the much-anticipated device on Wednesday at Slush 2018 in Helsinki during a presentation that featured an appearance from Litecoin creator Charlie Lee.

Crypto Can Rescue Users from Digital ‘Feudal System’

charlie lee litecoin phil chen htc exodus 1
Charlie Lee (left) and Phil Chen (right)

Speaking at the event, Chen said that HTC believes in an “open internet,” and just as the Dream became the first commercial smartphone to feature an open-source operating system, the Exodus 1 will be an important first step to helping users reclaim their personal information and digital identities from the “tyranny” of technology.

“This whole movement has been hijacked,” Chen said, arguing that the world’s seven largest tech conglomerates had turned the digital world into a new “feudal system.”

“This thing that was open source became a railway to owning all of our digital identities, all of our digital personal data, and all of our digital assets.”

Chen said that, if made available to consumers through user-friendly devices, blockchain technology can change that by giving users control of their private keys.

HTC Exodus 1: First Look

htc exodus 1 slush 2018
HTC Exodus 1 | Slush 2018

Today’s HTC Exodus 1 demo comes less than a week after upstart smartphone manufacturer Sirin Labs — who says that it raised more than $157 million through an initial coin offering (ICO) — formally released the FINNEY, which it claims is the “world’s first blockchain smartphone.”

From a visual standpoint, the Exodus 1 is at first glance much sleeker than the FINNEY, though — unlike the Sirin Labs device — it does not appear to feature a true cold storage wallet. Instead, the Exodus 1 stores private keys in a secure enclave called Zion, which isolates them from the remainder of the operating system. While perhaps less secure than cold storage, it is a significant step up from the software wallets — whether custodial or non-custodial — where most mobile users currently store their cryptocurrency funds.

Both phones feature flagship specs, and — at least right now — both can be pre-ordered exclusively with cryptocurrency, with estimated ship dates by the end of the month. During his presentation, Chen formally announced that, in addition to bitcoin and ethereum, users can purchase the Exodus 1 with litecoin at a fixed rate of just under 20 LTC.

Images from Slush 2018/YouTube

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.


Advertisement

The post First Look: HTC Demos Crypto Smartphone Exodus at Slush 2018 appeared first on Cryptocurrency Thrill.

Crushing it: Stellar, Litecoin, Monero, & Zcash Post Major Gains as Crypto Market Rallies

Advertisement


CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.

A few of the top 15 cryptocurrencies saw notable increases over the past twenty-four hours. Stellar saw a gain of 15% against the US dollar, with 22% of its volume being against USD or USD-pegged cryptocurrencies themselves – meaning these gains are realistic, not just figurative. Litecoin gained over 13% against the dollar while Monero jumped nearly 16%, and Zcash was hot on its heels.

Stellar Price up 15%

Stellar (XLM) is up 15% against the dollar, with a 3% gain in Bitcoin valuation, over the last 24 hours. The cryptocurrency saw a 24-hour volume of almost $100 million in trading, with a gain in overall market capitalization roughly equal to that.

According to CoinMarketCap, trading against USDT accounted for roughly almost 22% across twelve markets. Notably, the most trading in a single pair happened at an exchange outside of Binance — namely, Exrates, — although overall trading did have a plurality at Binance with 18% between XLM/BTC and XLM/USDT.

Litecoin Price up 13%

Litecoin seems to have begun to pick up around 22:00 CST last night, with an initial sell-off worth about 20,000 Satoshis per token happening for the next couple of hours. A simultaneous price-rise in Bitcoin actually meant the market capitalization of the cryptocurrency rose during this same period. Then, around 1:45 AM CST, demand seems to have to picked up and the price was on the rise yet again with 13% increase on the LTC/USD pair.

Litecoin only recovered about half its BTC value in the rebound trading, but in terms of USD it saw a significant increase. Overall volume was about $500 million over the entire 24 hour period, with more than $150 million of that having been done against USDT. Trading against PAX and USDC combined was less than $100,000.

Monero Price up $8

Privacy coin Monero, which has a small infinite inflation and a current supply of about 16.6 million, gained roughly $8 in US dollars over the 24-hour period, with $20 million traded across all exchanges and pairs.

The vast majority of Monero trading – 94% – took place on Korea’s Bithumb against the Korean Won. XMR/KRW was the was the second most active market on the exchange over 24 hours, during which period it traded nearly $2 billion overall.

Zcash Price up 16%

The Zcash (ZEC) chart is perhaps the most interesting of the bunch, with a 24-hour simultaneous rise in both market capitalization and USD price, but a drop in actual BTC-per-token valuation.

zcash price
ZEC/USD | Binance

The price wound up around $11 higher than it was 24 hours previous to 8:00 AM CST, gaining around $64 million in overall market capitalization, with more than 30% of its trading happening in the Ether market at an exchange called Lbank, and another 8% of the total volume happening at the same exchange against BTC. Another 22% of the volume happened at the same exchange as the most Monero trading, Bithumb, also against KRW. Thus a total of 60% of the ZEC volume happened in three currencies on two markets.

USDT trading of ZEC accounted for just over $20 million of the total $198 million volume, with the majority of that also happening at Lbank – that single pair making up nearly 5% of the overall volume. Collectively, Lbank accounted for $118 million of the 24-hour volume on ZEC.

Featured Image from Shutterstock. Charts from TradingView.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.


Advertisement


The post Crushing it: Stellar, Litecoin, Monero, & Zcash Post Major Gains as Crypto Market Rallies appeared first on Cryptocurrency Thrill.

Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 21

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.

Market data is provided by the HitBTC exchange.

Bottoms are formed during market capitulations. After Bitcoin broke below the critical support of $5,900, investors dumped their holdings, fearing a complete loss on investment. For someone who does not believe in the future of cryptocurrencies and who was in it only for making a quick buck, it might be the right thing to do.

However, for the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers a great opportunity to invest for the long term. During bottom formations, the outlook is always very dire and every bit of news is viewed as negative.

One such news was the U.S. Justice Department investigating the probability of Bitcoin manipulation in 2017 using stablecoin Tether. Though we believe that any regulatory step to protect retail investors is a long-term positive, the markets did not view it in the same way.

After the fall, while naysayers are claiming victory and forecasting a further fall, the bulls see an opportunity to buy for the long term. It is difficult to predict a bottom when markets are gripped in fear. Hence, we believe it is better to wait for the markets to show signs of stabilization before attempting a buy.

The software companies did not vanish after the dotcom bubble. The world did not come to an end after the financial crisis of 2007–2008. In the same way, this bear market will also pass and the stronger cryptocurrencies will rise and reward investors. Therefore, be patient and let the markets offer us a relatively low-risk buying opportunity.

BTC/USD

Bitcoin nosedived to a low of $4,368.69 on Nov.20. The fall of the past two days gives the impression of panic selling by investors. Usually bottoms are formed after such a round of liquidation.  

Both moving averages have turned down, which is a negative sign. The RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely.

The bulls might attempt to carry the BTC/USD pair to the downtrend line, which can prove to be a roadblock. If the downtrend line is crossed, we expect the bears to offer strong resistance in the zone of $5,450–$5,700.

The next leg down will give us a better insight about the bottom. If the bears slice through $4,368.69, the fall can extend to $4,000 and below it to the major support zone of $3,500–$3,000.

On the other hand, if the bulls successfully defend $4,368.69, the probability of it being the bottom increases. It is difficult to pinpoint the bottom right away. We can confirm a bottom only in hindsight.

XRP/USD

Ripple has emerged as one of the outperformers during the recent fall. It has stretched its lead over Ethereum after becoming the second most valuable cryptocurrency in terms of market capitalization.

XRP/USD

The XRP/USD pair is currently finding support between the trendline and $0.40. Both the moving averages remain flat, which points to range bound action in the near term. On the upside, $0.519 and $0.565 will act as resistances.

On the downside, if the bears sink prices below $0.40, a fall to $0.37185 and below that to $0.26913 is probable. Though we are relatively bullish on the digital currency, we shall wait for a new buy setup to form before proposing any trade.

ETH/USD

Ethereum extended its fall on Nov. 20 and broke below the support of $136. The RSI has reached deeply oversold levels, which previously resulted in a pullback.

ETH/USD

Currently, the bulls are attempting to pullback from the $126.20 level, which is likely to face a stiff resistance at $167.32. The downtrending 20-day EMA will also be a difficult hurdle to cross.

If the next leg down breaks below $126.20, the ETH/USD pair can extend its decline to $110. As the trend is down, we shall wait for a new reliable setup to form before recommending a trade.

XLM/USD

Stellar broke down of the ascending channel on Nov. 19 and followed it up with another sharp fall the next day. However, the bulls have managed to hold the critical support at $0.184.

XLM/USD

The current pullback attempt is likely to face a stiff resistance at the support line of the channel and above it at the downtrend line.

If the bears sink the XLM/USD pair below the critical support at $0.184, it can slide to the next support at $0.13 and below that to $0.09.

EOS/USD

EOS broke below the critical support of $3.8723 and dived to a low of $3.4703 on Nov. 20. In doing so, the RSI dipped into deeply oversold territory that indicates that the selling has been overdone and a pullback is probable. Currently, the bulls are attempting to climb back above the overhead resistance at $3.8723. If successful, the pullback can extend to $4.493, which might again act as a stiff resistance.

EOS/USD

If the pullback stalls at $4.1778, the bears will again attempt to sink the EOS/USD pair below the support at $3.8723. If successful, the decline can extend to the next support at $3. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand.

LTC/USD

Litecoin dipped to an intraday low of $31.78 on Nov. 20, which was just below our suggested support of $32. The pattern target of a breakdown from the descending triangle is $29.653. We believe the zone between $32–$29.653 will act as a strong support.

LTC/USD

However, as the trend is down, any attempt to pullback will face a stiff resistance at the 20-day EMA that is sloping down. Above this, the next major resistance will be in the $47.246–$49.466 zone.

We believe that after such a sharp fall, the LTC/USD pair might attempt to form a bottom around current levels. However, the traders should wait for a confirmed bottom and a new buy setup to form before attempting to buy.

ADA/USD

Cardano fell in the past two days and overshot our suggested support of $0.043722 and made an intraday low of $0.041572. The RSI has declined deep into the oversold territory, which suggests a pullback is around the corner.

ADA/USD

The pullback can carry the ADA/USD pair to the overhead resistance at $0.060105. However, the trend is down, hence, any attempt to recover will face a hurdle at the previous support of $0.060105 and at the 20-day EMA, which is sloping down.

If the next leg down breaks below the support at $0.041572, the fall can stretch to the next lower support of $0.025954.

XMR/USD

Monero is trying to find support close to the $64.525 level. The RSI has entered deeply oversold levels, which shows that selling has been incessant. We believe that the bulls will attempt a pullback from the current levels that can carry the digital currency to the overhead resistance at $81.

XMR/USD

The bears are likely to attempt to turn down the XMR/USD pair from $81. If the next down leg breaks $64.525, the fall can extend to $60 and below that to $46 levels.

Our bearish view will be invalidated if the bulls scale $81 and sustain above it. Currently, there are no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines.

TRX/USD

In the past two days, TRON broke below the two critical supports of $0.0183 and $0.01587681. With the RSI dropping close to 15 on Nov. 20, it shows that the selling has been overdone and a relief rally is likely.

TRX/USD

In a down trending market, every previous support acts as a resistance after it is broken down. Hence, we anticipate a stiff resistance at $0.01587681 and $0.0183. If the TRX/USD pair turns down from one of these levels, the bears will attempt to sink the price to the next support at $0.00844479.

On the other hand, if the bulls scale $0.0183 within the next few days, it will confirm that the current fall was a fake breakdown. We shall wait for the trend reversal to happen before suggesting any trade in it.

DASH/USD

Dash is currently trading inside a descending channel. It broke below the critical support of $129.58 on Nov. 19 and made a new 52-week low at $98.01 on the next day. It is presently finding support at the bottom of the channel. The bulls might attempt to push prices back above the $129.58 resistance. If successful, the pullback can extend to the upper end of the channel, close to $160.  

DASH/USD

However, as the DASH/USD pair is in a downtrend, we anticipate a strong resistance at $129.58 and at the 20-day EMA. During the next down move, if the support at $98.01 breaks, the next support is at $75. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

The post Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 21 appeared first on Cryptocurrency Thrill.

Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, IOTA: Price Analysis, Nov. 19

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.

Market data is provided by the HitBTC exchange.

After a period of three days, the crypto markets have resumed their downtrend. Total market capitalization of the crypto universe has dipped below $170 billion, which is a new yearly low.

Following the increase in volatility and the renewed downtrend, some analysts have projected abysmally low prices for Bitcoin. When the sentiment is negative, such forecasts can scare new investors away, and also force the weaker hands to dump their holdings.

In its short trading history, is this the first time that Bitcoin has fallen about 74 percent from its peak? No! According to Charlie Bilello, director of research at Pension Partners, the digital currency has twice plunged by 94 percent from its highs and again risen from the ashes. The third worst fall was 85 percent from its then highs. This shows that the asset class has experienced massive falls before. It is just that this time, Bitcoin is more in the limelight than on previous occasions.

During bear markets and periods of panic, the fundamentals take a back seat and the markets are driven only by sentiment. Though such periods offer an opportunity to load up for the long term, it is better to wait for the decline to end before buying because prices can go abysmally low during panic selling.

What are the lower levels that can attract buyers? Let’s find out.

BTC/USD

After a three-day break, the bears are back with a vengeance. Bitcoin has plummeted below the support of $5,450 with ease. Failure of the bulls to pullback to the $5,900 level shows selling pressure on every small rise.

The 20-day EMA and the 50-day SMA have turned down and the RSI is deep in the oversold territory. This shows that the sellers continue to pound the BTC/USD pair without even waiting for a pullback.

If the bulls fail to provide support at the important psychological level of $5000, the fall can extend to $4700 and below that to $4100. However, the reading of about 15 on the RSI shows that the selling has been overdone and a pullback can happen anytime. The strength of the pullback will provide an insight on whether the decline has ended or if there is more to go.

When the price is correcting, it is difficult to predict where it will stop. Hence, we shall watch each support level closely. We will wait for the decline to end and a new buy setup to form before attempting a buy again. Until then, it is best to remain on the sidelines and avoid catching a falling knife.

XRP/USD

Ripple continues to be one of the stronger cryptocurrencies, as it is trading well above its recent lows.

XRP/USD

The moving averages are flat and the RSI is close to the midpoint. This points to a range bound action between $0.40–$0.565.

A breakdown of the uptrend line and $0.40 will be negative and can result in a fall to $0.37185 and below that to $0.26913. If the bulls breakout of $0.565, the XRP/USD pair can move up to $0.625 and above that to $0.76440. Traders should keep an eye on this, as it has been holding out well in this recent fall.

ETH/USD

Ethereum is taking it on the chin, seeing a new yearly low by breaking below the intraday low of $167.32 made on Sept. 12.

ETH/USD

If the price closes (UTC time frame) below $167.32, it will resume the downtrend that can drag the ETH/USD pair to the next support of $136 and $110. The declining 20-day EMA and the RSI in the oversold territory show that the path of least resistance is to the downside.

However, if the bulls support the digital currency at the lower levels and push prices back above $167.32, it can rise to the 20-day EMA. We shall wait for a trend reversal to be signaled before proposing a trade.

XLM/USD

Stellar has broken down of the ascending channel. If the price closes (UTC time frame) below the support line, the drop can extend to $0.21494424 and below that to $0.20400799.

XLM/USD

Failure of the bulls to capitalize on the breakout of the descending triangle pattern is a bearish sign. The XLM/USD pair will resume its downtrend if the bears sink it below the critical support at $0.184. The flat moving averages and the RSI just above the 41 levels point to a possible range formation. While the upper end of the range is at $0.30, the bottom of the range is yet to be established. A breakout above $0.305 is likely to signal a trend reversal.

EOS/USD

After struggling to stay above $4.493, EOS plunged below the support and also broke below the next level of $4.1778. The final support is at $3.8723, below which the digital currency will form a new year-to-date low.

EOS/USD

The 20-day EMA is sloping down and the RSI is in the oversold territory, which shows that the balance is tilted in favor of sellers. Below $3.8723, the next support is at $3. The EOS/USD pair will show its first signs of strength if it breaks out of the moving averages and the downtrend line. We suggest traders wait for the decline to end and a new buy setup to form before initiating any new long positions.

LTC/USD

Litecoin seems to be falling into a bottomless pit as it continues to make new lows. With today’s fall, it has broken down of the support at $40.

LTC/USD

Both the moving averages are trending down and the RSI is in the oversold territory, which shows that the bears are in command. Its next support is at $32. We anticipate an attempt to bounce off the support at $30–$32. With the recent fall, the technicals of the LTC/USD pair have been damaged. It will have to enter into a period of consolidation before a new uptrend can start.

ADA/USD

After holding $0.060105 for the past five days, Cardano broke down of the support, making new lows. Its next support is $0.043722.

ADA/USD

The RSI has entered deep into the oversold territory, which has previously resulted in a pullback. However, the ADA/USD pair will continue to face selling on every recovery. Traders should wait for the decline to end and buyers to return before attempting to buy it.

XMR/USD

The bounce from $81 levels on Nov. 15 was short lived as it did not find follow up buying. Today, Monero nosedived below the support at $81. If the bears succeed in closing (UTC time frame) the price below the support, it will be the lowest in more than a year.

XMR/USD

The breakdown can result in a fall to the next support at $61.50. We anticipate a strong support close to the $60–$61.5 level. However, with both moving averages sloping down and the RSI in oversold territory, every pullback will be met with strong selling. The XMR/USD pair will have to spend a long time in forming a bottom before a trend reversal is signaled.

TRX/USD

TRON has broken down of the range it had been trading in since Aug. 8, which is a negative sign. It has resumed its downtrend that can push prices to the next support at $0.00844479 if the support at $0.01587681 breaks down.

TRX/USD

The RSI is deep in the oversold territory, which can result in a pullback. But with the 20-day EMA sloping down, the TRX/USD pair will face stiff resistance at $0.0183 and above at the moving averages. Our bearish view will be negated if the bulls quickly reverse prices within the next couple of days and sustain above $0.0183.

IOTA/USD

IOTA is currently trading inside a descending channel. It has again dropped to close to $0.3501 from which it had bounced on Nov. 14.  

IOTA/USD

If the bulls succeed in achieving a bounce once again, the IOT/USD pair might rise above $0.4037. On the other hand, if the bears sink prices below the $0.3501 level, the slide can extend to the next support at $0.32 and below that to $0.23.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

The post Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, IOTA: Price Analysis, Nov. 19 appeared first on Cryptocurrency Thrill.

Major Venezuelan Department Store Chain Accepts Cryptocurrency

The people of Venezuela have been forced to cope with an increasingly difficult economic situation in recent years. This has led to a loss of trust in government-issued fiat by the population in a way that many believe exemplifies the need for cryptocurrency. This may account for why a major Venezuelan department store chain accepts cryptocurrency, something which is a rarity to see in more prospering economies.

Also Read: Coinbase Ventures Backs Home Crypto Mining Startup Coinmine

Traki Accepts Cryptocurrency Payments

Traki is a large chain of department stores operating in Venezuela for over 30 years. It encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware.

According to its public profiles on social media, the company has opened up to transactions with digital assets since at least October. Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).

Show of Support by Crypto Community

Major Venezuelan Department Store Chain Accepts CryptocurrencyDue largely to government policies, exacerbated by a fall in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are projected to rise by another ten million percent in 2019 according to recent data from the International Monetary Fund.

The situation in Venezuela has pushed many in the crypto community to try and promote digital assets as a solution to the problem unabated fiat printing has caused. A number of charities have also formed, such as the Eatbch initiative which we recently reported on.

On Friday, we received another example of cryptocurrency being used for good in Venezuela as a Reddit user spoke of buying over 800 items at Traki with donated BTC. She showed a video of herself buying clothing and school supplies with the funds that will be gifted to kids in need.

Is the economic situation in Venezuela likely to convince more people in the country to turn to cryptocurrency? Share your thoughts in the comments section below.

Litecoin’s Franklyn Richards Says Cryptocurrency Will Be Institutionalized — And That’s OK

Advertisement


Everyone’s heard of Litecoin. Not to mention its charismatic creator Charlie Lee who sold all his LTC at the end of last year. A surprise move. Yet one that was meant to remove any conflict of interest between his active social media presence and the price of the coin he created.

But did you know that Charlie Lee, as revered as he is in the crypto world, hasn’t actively developed code for Litecoin in years? Or that another man, Franklyn Richards, is working tirelessly behind the scenes to keep the Litecoin banner flying high?

Franklyn Richards
Franklyn Richards

As founding director of the Litecoin Foundation, operator of Litecoin.com, and COO of Zulu Republic, a blockchain company that develops a suite of products for Litecoin, you would think that Franklyn would be a little higher on the radar.

But a cursory search for information on the Litecoin pioneer brings up few results. He doesn’t use LinkedIn, he hasn’t appeared in many interviews, and you’d have a hard time trying to guess his Twitter handle.

So, who is Franklyn Richards? What’s his role with Litecoin? How did he meet Charlie Lee? What are his views on mass adoption, atomic swaps, and Bitcoin Cash? And where does he see the future of the “silver to bitcoin’s gold?” (an expression he vehemently hates by the way).

I caught up with the mysterious Litecoin.com COO (and his mom) at Web Summit in Lisbon last week to find out.

You’re a hard man to get information about. Is privacy important to you?

“Umm, maybe,” he ponders. “I’m very active. I’m just not necessarily interested [in social media]. If it’s business-related, I’ll be there, if it interests me.

But I’m generally not a big fan of wasting time on Twitter… I’m not interested in a lot of speculation. I’m much more interested in putting my head down and working on building the stuff that’s going to be big next time around.”

Why do you believe in cryptocurrency, and how did it all start for you?

“Honestly, I first got involved as most people did in just a “what’s the hype of this new thing?” Part of it is “I can make money from this,” but the more I looked into it beyond just the surface level of digital money, the more interested I became.

I saw it as the next big stepping stone in finance. And I believe that we’re just at the beginning of that. I’m looking forward to spending time building the future of money.”

Interesting. So, how does a newly-turned crypto enthusiast from Nottingham, UK (“the land of Robinhood,” he jokes) get involved with an ex-Google employee and Litecoin founder all the way over in Silicon Valley? The internet is a powerful tool for making the right connections, even back in 2013.

Franklyn didn’t rub shoulders with Charlie at some star-studded crypto event or even meet while working in person. He reached out to him on Reddit.

paddy_cosgrave_websummit
Web Summit Lisbon, Source: Web Summit

So, why Litecoin in particular?

“Really, Litecoin was just because Bitcoin was too expensive… It’s a bad thing to say, but it’s a psychological thing that affects most people, and I don’t think we should ignore that. People look at something like Bitcoin, and they say, “this is so much money.”

At the time, bitcoin was just breaking past $100, and I was sitting down with my mother in a pub [points to her at the other end of the interview table], and I said: “We should get one of these!”

The kindly lady accompanying Franklyn (whom I had wrongly assumed was his PR) smiles and lets out a chuckle. I turn to her and ask what her reaction was, knowing full well the kind of response I could expect from my own parents about buying something you can’t see (especially after a few pints).

But she calmly says, “I listened to his explanation of his understanding and belief of where this technology was going, and I put faith in him. I trusted him, and I actually invested some money,” she reveals, before pausing, “which we lost.” And then lets out a belly laugh, the kind that the British do so well when things aren’t going their way.

Franklyn looks at his mother without annoyance. It’s clear the strength of the dynamic this mother-son duo has going on. I get the suspicion that she would support him through thick and thin, even if crypto and Litecoin were to implode on themselves.

He strokes his beard briefly and says, “well, you didn’t really understand the technology, but you had the trust in me to join me and put some money into it. Price is a huge part of that, but I think we should try to move away from it.

I believe that in the future people will be using Bitcoin, and they won’t know they’re using it. Because, why do we use any of the fiat currencies? We don’t use it because we’re going to make money from it, we use it because it’s forced on us.”

He quickly counters, understanding the weight of his words:

“Not that Bitcoin will be forced on people! It’s just better for institutions to use the technology, so people will be using it without knowing it, and I think that is going to be a huge driver for the price. A lot of people won’t know they’re using it, but they will certainly reap the benefits from it. I think that’s basically the future of cryptocurrencies.”

So, cryptocurrencies will be taken over by centralized authorities in the end?

Franklyn nods his head and says, “We have to be realistic, I think centralized institutions have a great benefit to derive from it, and they will pass that benefit onto their users. It’s a race. It’s capitalism. If I can offer my users something better and cheaper, more users will come to me. We’re currently seeing an institutional race to accept this.

The New York Stock Exchange parent company Ice Markets recently launched Bakkt and another one–is it the CME?–is also launching institutional trading and security of these assets. Gemini is also getting into this. People realize that it doesn’t matter whether the customers know anything about this technology. We don’t know necessarily how cards or banks work, but we know that they provide us a service.

If businesses provide a better service using a decentralized currency like Litecoin or Bitcoin, then it’s just better for them [the customers], and I think that’s how it’s going to work…

Bitcoin and Litecoin on Lightning Network
Charlie Lee, Twitter

Most of the value will be derived from people invisibly using it without knowing. There’s only a certain section of us that are hardcore into it, like “I’m going to hold my private keys,” “it’s the future,” “down with the government!” His eyes light up.

“I like to distance myself from those people. I think we should be working together, instead of slapping down these things, we should be showing them there is a better way.”

Considering Franklyn’s strong stance on capitalism and institutions taking over cryptocurrency, presumably, he’s in favor of regulation?

I don’t think regulation is necessarily needed,” he states, catching me off guard. Since so many people point to lack of regulation as the single biggest barrier to institutional adoption of cryptocurrencies, Franklyn’s answer is unexpected. But he continues to justify his response in his delightfully British and articulate manner.

“You can’t regulate something without controlling it. All it will do is inhibit its growth. If states are very friendly and welcoming to it (which they should be) that would be better, but even if they put a ban on bitcoin, people will still use bitcoin.

There’s a saying which I don’t think is passed around enough anymore and that’s “You can take your country out of bitcoin, but you can’t take bitcoin out of your country.” And it’s very true.

What about those who believe that Litecoin will replace Bitcoin or see it is Bitcoin 2.0?

“I think Bitcoin will always have its place as number one, at least for the foreseeable future. Part of it is the provenance, being the first of its kind. The brand is very strong. That’s why I think people like Roger Ver and those who are big into Bitcoin Cash just say, “Bitcoin Cash, Bitcoin Cash,” and they push the word “Bitcoin” because they know how strong that association is.”

His face flushes with indignance as he states: “If they didn’t have that association in its name, Bitcoin Cash would not be worth anywhere near its value currently, even with Roger and his billions backing to push and promote this thing.

Bitcoin Cash is fine to exist, but I’m not too fond or welcoming of t   he social attacks. We should be more open. If you can’t stand on your own two feet without riding on the coattails of something else, then that’s a very weak asset I believe.”

He continues, clearly gaining momentum and fully in his stride:

“Litecoin doesn’t use the Bitcoin name. We never say it’s Bitcoin 2.0, a lot of these things that have come out use this kind of hype. We like to stay away from using that terminology because it shows how dependent you are on being linked to something so much stronger. Litecoin stands on its own. And it has for a long time.

You’ve heard the phrase ‘silver to bitcoin’s gold.’ I’m not a fan of it. People use it because it’s a fun, easy thing, but it’s died down a lot, and the community and Litecoin understand why you shouldn’t really use that.”

What are Litecoin’s main advantages then?

“We have lower fees and faster block times,” he says, and then pauses, “but let’s be honest with ourselves, we may do faster block times, but having faster block times means that those blocks are less secure because it takes 2.5 minutes to roll back a block rather than those 10 minutes…

But Litecoin is very strong and is very much a complement rather than a competitor. Bitcoin will be number 1 for a very long time, but these two things strengthen each other. We don’t compete, we benefit, especially with the Lightning Network and atomic swaps.”

Let’s talk a little about the Lightning Network and Atomic Swaps…

“With the Lightning Network coming out if you want to send money over it and atomic swaps I can send my litecoin, and I can pay you in bitcoin, and it’s just done all automatically and seamlessly.

It’s not completely there yet, but it will be. And I’m very excited about it. It will also mean that people who want to transact bitcoin to bitcoin on the Lightning Network could use litecoin as an intermediary which would lower their fees.

Litecoin has a huge amount of liquidity in the market which is very important; currently, no other coin really has that in the market. Ethereum is fine, but it’s not money; it’s an app platform, and it’s not really decentralized anymore because people are printing tokens on the network. Its blockchain’s gone from a few gigabytes to over a terabyte or something crazy like that.

Bitcoin and Litecoin do one thing very well, and that is money. And it’s money to complement one another, not beat each other up.”

Let’s talk about the Litecoin Foundation and Charlie Lee…

“The Litecoin foundation is a non-profit in Singapore set up to support the ecosystem of Litecoin. So, we are not connected to Litecoin, we do not develop Litecoin, we simply support business as well as people looking to learn more about the technology. If you were to get rid of the foundation, Litecoin would still exist by itself as a strong, secure form of money. As long as it’s separate and not baked into the thing, it’s OK.

litecoin foundation
Source: Litecoin-foundation.org

The problem with a lot of new stuff being started up is their companies are ICO or venture capital funded, they are accountable to people, and they have this token that has to generate money for investors… With the Litecoin Foundation, we’re just another organization that’s set up to say “this is cool, you should look at it.”

Franklyn has a convicted look on his face and earnest expression in his eyes. It’s clear that he doesn’t mince his words.

“I believe (and Charlie understood this when he stepped away from the project) that it should do just fine without him. Many people may not know this, but Charlie has not really developed code for Litecoin in ages, years I believe now.

We have another team of people who are separate from the Litecoin foundation. We sponsor them, we give them money, but we do not force them to do anything, it’s just a donation to say ‘keep up the good work.’

I believe he wants to go down as the creator of this new technology, Litecoin, and that’s where he will derive his value and appreciation. It’s like, “I have money, I got in early in this technology, it’s not about money for me.”

It’s like having a child. He wants to see that child succeed otherwise he may feel like he’s failed. But, he has stepped away from a lot of stuff, and he is basically now Litecoin’s main promoter and outward face of the project. He opens the door on many opportunities we would not otherwise have had, such as with HTC.

He’s held up as a figurehead. His role is as a father figure to us to be somewhat hands-off and let us get on more and more independently but steer the ship when needed.

charlie lee litecoin bitcoin cryptocurrency
Litecoin creator Charlie Lee | Source: SV Ethereum/YouTube

Myself, I run Litecoin.com by myself. The Foundation is its own thing, separate from Litecoin.com. We’re all separate. If anyone of us was to disappear the ecosystem would still remain very much intact

You said at the beginning that it was hard to find information on me. Part of that is down to me, but I am certainly a lot busier than a lot of people would realize.”

Indeed. It sounds as if Franklyn is very much a one-man show. But then again, we know that’s not the nature of crypto, and neither is it the truth. Litecoin is a community with no single person responsible for its rise or fall, failure or success. So with that in mind…

What are the main challenges for Litecoin moving forward?

“We will have the exact same scaling issues moving forward as Bitcoin,” Franklyn admits, although he counters, “They are not so prevalent now because fewer people transact on litecoin. We still have tens of thousands of transactions every day, and millions–if not hundreds of millions–moved over the Litecoin network…

We’re also working with Lightning Labs. It’s not “Bitcoin then Litecoin.” They’re doing them at the same time. Lightning Labs is implementing Litecoin in the network alongside Bitcoin at the same time.

I believe the future will be many assets connected to each other, but right now it’s Bitcoin and Litecoin leading that. It’s not Bitcoin and Ethereum, or Bitcoin and Ripple, or Bitcoin and Bitcoin Cash. It’s Bitcoin and Litecoin, the two things that focus on doing one thing very well and that’s money.

And my last question, then. Where do you see this whole thing in 10 years’ time?

“In 10 years’ time?” His eyes widen, “Much bigger than it is now. I believe it will take a huge step towards the institutional side, and it being trickled down into users without them necessarily realizing it.

I won’t speculate on the price of these assets [bummer], but I will say that if you talk to me in 10 years from now, we’ll look back and go “Wow, everyone was panicking that this thing was dying and was in the gutter!” He grins. His mom smiles. I return the gesture. We all share a common understanding and faith that crypto is, indeed, the future.

“Compared to assets like gold with a market cap of $7 trillion, we’re a fraction of that. We have a long way to go, and we’re just getting started.”

So buckle up and enjoy the ride.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.


Advertisement


The post Litecoin’s Franklyn Richards Says Cryptocurrency Will Be Institutionalized — And That’s OK appeared first on Cryptocurrency Thrill.

US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes

U.S. citizen Joseph Kim of Phoenix, Arizona has been fined $1.1 million and sentenced to 15 months in jail for misappropriating Bitcoin (BTC) and Litecoin (LTC) from several people, the U.S. Commodity Futures Trading Commission (CFTC) reports Friday, Nov. 9.

The CFTC found out that Kim defrauded his employer, a Chicago-based proprietary trading firm, transferring approximately $601,000 worth amount of BTC and LTC to his own accounts in 2017. When asked about missing cryptocurrencies, Kim falsely claimed that security issues made him transfer digital currencies to several accounts. Shortly after, the misappropriation was discovered and Kim was fired.

Kim reportedly then defrauded private investors in order to return funds to his employer. According to the CFTC, he lured around $545,000 worth of cryptocurrencies from five individuals, falsely stating that he had left the company voluntarily to start his own trading company. Kim later lost all the investors’ funds following a high-risk bet.

Given the circumstances of the case, the CFTC has ordered Kim to pay $1.1 million in restitution to his company and customers. Moreover, the commission has imposed a permanent trading and solicitation ban on him.

In a separate criminal action brought by the U.S. Attorney for the Northern District of Illinois, Kim pleaded guilty to defrauding his employer and misappropriating private investors’ funds, and has received a 15 month sentence.

The CFTC Director of Enforcement, James McDonald, says the commission will continue to cooperate with the U.S. Department of Justice (DoJ) and the FBI in order to prevent crypto-related crimes.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with operating an unregistered securities exchange. He agreed to pay up to $400,000 in fines for an 18 month operating period.

The post US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes appeared first on Cryptocurrency Thrill.

Crypto Markets Placid on 10th Anniversary of Bitcoin Whitepaper

Wednesday, Oct. 31: after a couple of days of mild losses, crypto markets have today stabilized, with most of the top twenty cryptocurrencies by market cap seeing slight fluctuations capped within a 2 percent range.

Market visualization by Coin360

On the 10th anniversary of the publication of its white paper on Oct. 31, 2008, Bitcoin (BTC) is today up under one percent, trading just above $6,300 at press time. Before sustaining mild losses Oct. 29-31, Bitcoin had been trading within a tightly range bound between $6,400-$6,500, prompting multiple crypto sphere commentators to remark on its new quasi stablecoin-like trading patterns.

Earlier this month, the top coin sealed a 17-month low volatility rate, recording its highest level of stability since mid-2017: the trend continued before this week’s minor stirrings.

Bitcoin’s first ever recorded trading price was March 17, 2010, on the now-defunct platform bitcoinmarket.com, at a value of $0.003: the crypto has sealed 209,999,900 percent growth since then to press time.

On the week, Bitcoin is around 1.8 percent in the red, with monthly losses at around 4.65 percent.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is also up just slightly, seeing 1.4 percent growth on the day to trade at $196, having correlated closely with Bitcoin’s trading patterns throughout the week. Until Oct. 29, the leading altcoin was holding close to the $200-$210 mark, before dropping to $192, then trading sideways at a lower price point this week.

On its weekly chart, Ethereum is around 2 percent in the red; monthly losses are at a stark 15 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

The coin’s price remains in the lower ranger after dropping Monday, despite big headlines for the Ethereum network since. On Oct. 30, “Big Four” auditor Ernst and Young launched the prototype of an enterprise-focused system that enables secure and private transactions to take place on the Ethereum public blockchain, using zero-knowledge proof (ZKP) technology.

During the Ethereum’s annual Devcon conference today, the co-author of the ERC-20 token standard introduced a new model for Initial Coin Offerings (ICO), dubbed a “reversible ICO” (RICO). The new fundraising model allows investors to return their tokens – and be reimbursed – at any stage of the project, via a special-purpose smart contract.

The remaining top ten coins on CoinMarketCap are mostly just inching into green, with the strongest growth sealed by anonymity-oriented alt Monero (XMR), up 2.42 percent to trade at $104.15. Stellar (XLM), down just 0.65 percent at $0.222, has been the hardest hit of any top-ten coin.

In the context of the top twenty coins, volatiltiy is also low, with coins seeing a mix of red and green, almost all bound under 2 percent. VeChain (VEC), ranked 20th, is seeing the most change over the past 24 hours, up 2.6 percent. With markedly little price momentum all round, 19th largest crypto Zcash (ZEC) has seen the largest losses on the day to press time, down 1.49 percent.

Total market capitalization of all cryptocurrencies is around $203.3 billion as of press time, down from around $210 billion – a mark it held for about two weeks prior – since the markets tipped downwards Oct. 29.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

In other major crypto news today, the chairman of South Korea’s Financial Services Commission (FSC) has affirmed that crypto exchanges should face no issues with banks issuing them so-called virtual accounts, as long as their anti-money-laundering (AML) know-your-customer (KYC) measures are adequate.

In the U.S., the president of major cryptocurrency exchange and wallet provider Coinbase has denied recent IPO rumors and indicated that the platform aims to support around 200-300 coins within the “next year or so,” though more likely to customers outside of the country.

The post Crypto Markets Placid on 10th Anniversary of Bitcoin Whitepaper appeared first on Cryptocurrency Thrill.

Crypto Markets See Minor Losses as Relative Calm Continues, Bitcoin Slips Below $6,500

Friday, Oct. 19: crypto markets are seeing minor losses across the board, as low volatility continues. The top 10 cryptocurrencies are seeing an equal amount of positive and negative fluctuations, but almost all very minor, capped within a 2 percent range, as Coin360 data shows.

Market visualization by Coin360

Bitcoin (BTC) is down a little under percent on the day, and is trading at $6,470 as of press time. With one notable exception Oct. 15 – a brief spike correlated with Tether’s slight untethering from its dollar peg – the top coin has been trading sideways between $6,500-$6,500 for the past few days, before slipping below the $6,500 today, still above where it started the week, close to $6,300.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

On the week, Bitcoin is 2.7 percent in the green, and is also up just about 2 percent on the month.

The market’s top altcoin Ethereum (ETH) is trading at a round $200 as of press time, seeing a negligible price change of just a fraction of a percent on the day. The second crypto by market cap saw a similarly sharp spike to Bitcoin on Oct. 15, reaching over $220, but has since corrected to trade range-bound between $205-210 over recent days, only just dipping to as low as $202 earlier today.

On the week, Ethereum is a solid 3.25 percent in the green; on the month the coin has lost about 2 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

Of the top ten coins on CoinMarketCap, Stellar (XLM) is seeing the most price change over the past 24 hours to press time, up a solid 3 percent.

Litecoin (LTC) meanwhile has edged into the green, and is also up an above-average 1.48 percent on the day to press time.

Controversial stablecoin Tether (USDT) continues to grow to reclaim its peg to the U.S. dollar, trading at around $0.98 and up about 1 percent on the day.

Tether’s 7-day price chart

Tether’s 7-day price chart. Source: CoinMarketCap

As controversy over the stalwart stablecoin continues to simmer, yesterday, crypto investor and entrepreneur Michael Novogratz said he thought Tether has not done “a great job in terms of creating transparency,” referring to the project’s offshore banking arrangements. By way of contrast, he favorably singled out the Winklevoss twins’ Gemini as an emerging stablecoin that has U.S.-based fiat reserves and New York regulators’ oversight.

In the context of the top twenty coins, the 11th-20th ranked coins are all in the red, with losses capped within a slightly higher 4 percent range, though most losses are also very minor. Zcash (ZEC), which yesterday saw soaring growth, atypical for the wider stable market, is today down 2 percent. It nonetheless retains its newly-won ranking as top 20 largest crypto by market cap, having dislodged Dogecoin (DOGE) from the spot yesterday.

NEO (NEO) down by a similar amount, losing 1.54 percent on the day to press time.

Tezos (XTZ) has taken the heftiest hit, losing around 4.44 percent on the day to trade at $1.30.

Total market capitalization of all cryptocurrencies remains below $210 million, currently at $208.4 billion as of press time – down from an intra-week spike to around $221.6 billion Oct. 15, but remaining higher than at the start of its weekly chart at around $203 billion.
7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Yet more stablecoin news continues to break as the week ends, with third largest cryptocurrency exchange Huobi announcing the creation of what it calls its own native “stablecoin solution,” HUSD, which has been designed to help manage the four other USD-backed stablecoins currently listed on the exchange – (Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD).

Meanwhile, as meagre market momentum holds, crypto and blockchain-related merger and acquisition (M&A) activity is reported to have surged by over 200 percent in 2018, with analysts suggesting that the so-called “crypto winter” is being viewed as an opportune moment for institutions to make “strategic” deals in the space.

The post Crypto Markets See Minor Losses as Relative Calm Continues, Bitcoin Slips Below $6,500 appeared first on Cryptocurrency Thrill.