Srp 19

Bitcoin Price Analysis: Welcome to ‘Bitcoin Purgatory’

Bitcoin seemed on the verge of a breakout above $6,650 but a failed third attempt, followed by a lack of buying interest has given bears an opportunity to snatch back control and it looks like BTC has dropped a shelf for a bit of sideways trading in the $6,200 – $6,400 range.


Bitcoin Price Market Overview

Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as ‘Bitcoin Purgatory”. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said “Bitcoin is in show me mode” as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies.

Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin.

It seems the entire market is contingent on the SEC’s approval or denial of exchange-traded funds (ETFs) but there are a select few who advise caution against placing all one’s hopes in the approval of such an ETF for a variety of reasons.

Meanwhile, the world, or at least Americans, were introduced to a new Bitcoin Exchange Traded Note (ETN) from Coinshares subsidiary, Tracker One. This provides US investors with a listed (regulated) vehicle to invest in bitcoin via their US brokerages without carrying the burden of needing to secure coins, register on various cryptocurrency exchanges, pay the premium that Greyscale adds or worry about exchange hacks and re-compensation.

4-Hour Chart

BTC 00 completed the inverse head and shoulders formation but a decline in volume followed by a few failed attempts to cross the daily high set at $6,644 lead to BTC eventually collapsing below the bullish trendline and the 55-EMA and 20-day moving average.

At the time of writing, the RSI has worked its way down from bullish territory and BTC appears to have dropped down a leg to last week’s trading range from $6,200 – $6,400.

A pattern of lower lows and lower highs has begun and BTC’s drop below the 55-EMA and 20-MA could resurrect the pattern of rejection at overhead moving averages that has plagued BTC since the drop from $8,500.

A positive note is BTC rides right along the 50-MA and the Stoch has already entered oversold territory, but the RSI continues to slide down below 50 and continued descent could take BTC along with it.

The 55-EMA and 20-MA have been flat since August 16 and the constricting bollinger band indicator could be indicative of further range bound trading even though BTC has dropped back to last weekend’s trading range.

The bollinger band on the 4-hr chart is really starting to tighten up but simply waiting for further constriction may not be sufficient enough proof of an upside move as the Stoch, RSI and bull volume are descending. Currently, BTC trades in the lower band below the 20 simple moving average so traders may be forced to hold tight for an oversold bounce if or when the RSI slips to the twenties.  

A glance at the weekly chart shows BTC 00 in the process of setting a lower low on the daily chart and the RSI is fairly close to dropping below the ascending trendline of this week’s earlier divergence.

Below the 50-MA at $6,313, BTC has soft support at $6,230, $6,137 and $6,000. In the event of a drop below $6,300 to $6,200, BTC has a relatively strong support at $6,100.

Looking Ahead

A drop below the inverse head and shoulders neckline could prove problematic, as would a drop below the $6,300 support but BTC has shown relatively consistent support at $6,300 and $6,100.

Multiple low volume bounces off the $6,350 support point to declining interest from buyers and BTC could drop to $6,200 and below if the RSI continues to descend as bulls weakly defend the $6,300 support.

A move above the inverted head and shoulders neckline ($6,500) followed by a pop above $6,650 (100-MA) would be encouraging.

A move to the key resistance at $6,800 would place BTC above the 38.2% Fib retracement level and back above the descending trend line.

Depending on technical indicators, $6,100 – $6,200 could be an attractive entry point for range traders.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think the price of Bitcoin this weekend? Let us know in the comments below!


Images courtesy of Tradingview.com, Shutterstock

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Čvc 31

Vitalik Buterin: ‘There’s Too Much Emphasis on Bitcoin ETF’

Vitalik Buterin, co-founder of the world’s second largest cryptocurrency by means of market capitalization, Ethereum, noted that the community is placing too much attention towards Bitcoin ETFs. Instead, he reiterated on the importance of creating ways of facilitating smaller, retail investments into the market.


Following the recent Bitcoin ETF saga, the co-founder of Ethereum outlined that the public is placing too much emphasis on cryptocurrency exchange-traded-funds (ETFs), when, instead, the focus should be on making means for smaller investments.

Why Not Both?

Buterin makes the case that Bitcoin ETFs are better for “pumping price,” while offering tools for small-time investments in the cryptocurrency market would streamline quicker actual adoption.

However, it’s also worth noting that by drawing a line of the kind, Buterin is also tapping into the two use cases of the world’s first and foremost cryptocurrency. As some users have pointed out, both BTC and ETH can function as investments and mediums of exchange. As such, a potential ETF would play an important role reinforcing the former, while the means for small-time cryptocurrency purchases would facilitate the latter.

Needless to say, Buterin’s tweet has received a fair amount of attention. The overwhelming majority of people, though, are seemingly sharing the belief that both are equally necessary for the success of the industry, in general.

The Race for Bitcoin ETFs Heats Up

ETFs: a Hot Topic

Bitcoin ETFs have become a widely discussed topic in the past few days. CBOE Global Markets filed an application for a VanEck/SolidX commodity-backed Bitcoin ETF on June 2. As Bitcoinist reported, it has fairly high chances of getting approved. Unfortunately, according to legal expert Jake Chervinsky, the SEC is likely to take its time and come up with a formal decision in early March 2019.

In the meantime, a Winklevoss-proposed rule change was met with swift disapproval from the SEC. The Commission refused to allow the listing of the Winklevoss Bitcoin Trust on the Bats BZX Exchange.

Bitcoin (BTC) 00 has also been quite dynamic. Over the past week, the world’s first and foremost cryptocurrency rallied to a two-month high upwards of $8,300. Following the announcement of the SEC regarding the disapproval of the Winklevoss-backed Bitcoin ETF, the price took a substantial dive, losing over $400 in a matter of minutes. The price has since recovered.

What do you think of Buterin’s opinion on Bitcoin ETFs? Don’t hesitate to let us know in the comments below!


Images courtesy of the Bitcoinist Archives.

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Čvc 26

Bitcoin Price Surge Due to Increased Trading Volume in Asia, Says Experts

A couple of experts have recently provided compelling evidence that shows that the Asian market had a prominent role to play in the recent Bitcoin price surge. Also, the current economic standoff between the United States and China is positively enhancing Bitcoin’s pedigree as a hedge against economic uncertainties.


The Return of the Far East Bitcoin Bulls

In the wake of the recent Bitcoin price surge, many analysts have tried to come up with a reasonable explanation to explain the price movement. Some experts lean towards a short squeeze. Others believe that rumors of an impending positive BTC ETF decision from the SEC drove the market hype.

However, two analysts; Mati Greenspan of eToro and Clem Chambers of ADVFN, believe that a trading volume spike in the Asian market caused the BTC price rally. In a series of tweets, Greenspan, a senior analyst at eToro highlighted an increase in volume in both Japanese and Korean markets at the time of Bitcoin price surge above $8,000.

Perhaps even more profound is the fact that the trading volume in the American for that same volume remained reasonably constant. The effect of rising market enthusiasm in the Asian market also played a prominent role in the bull rally of late 2017 which saw Bitcoin almost eclipse the $20,000 mark.

Trade War and Currency Devaluation

For Clem Chambers, the CEO of ADVFN, the July 19 price BTC price surge was occasioned by wealthy Chinese scrambling to secure their money in Bitcoin in preparation for the impending currency devaluation. China’s continuing trade standoff with the United States and the decision to devalue its currency might enable the current price surge to hold.

Commenting on such a possibility, Chambers said:

If the trade wars go into meltdown, then bitcoin will ‘moon’ because huge amounts of Chinese currency will be swapped for BTC as the yuan-denominated super-rich move to be hedged from the wealth privations of devaluation. Bitcoin, not gold, is and will be the asset they will run to first.

The situation in China throws up another interesting angle for the emerging Bitcoin narrative. Many experts have likened top-ranked cryptocurrency to gold. The present apparent willingness of affluent Chinese to save their wealth in the BTC might be a testament to BTC’s status as ‘digital gold.’

Do you think rising trading volume in Asia caused the recent Bitcoin price spike? Is BTC better than gold as a hedge against uncertain market economic conditions? Keep the conversation going in the comment section below.


Images courtesy of Twitter (@MatiGreenspan), Coinmarketcap, Shutterstock

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Factors That Will Push Bitcoin’s Price Higher Are Gathering Steam

· June 12, 2018 · 10:30 pm

The hacking of exchanges and relentless attacks from financial powers have, in the short run, adversely affected the price of Bitcoin. However, once the news about these adverse effects fades, investors will be able to turn their focus to several bright ongoing developments.


What Doesn’t Kill Bitcoin Makes It Stronger

The recent spate of crypto exchange hacks, ongoing regulatory issues, and reports of an investigation into possible price manipulation have sent the price of Bitcoin – and nearly every other cryptocurrency – tumbling. Despite these setbacks, the growing consensus is that, given Bitcoin’s inherent resiliency, developments taking place in both technical and financial arenas will enable Bitcoin’s value to retake its ascending trajectory with even greater intensity.

For example, frequent exposure to hacking will eventually make Bitcoin and other cryptocurrencies immune to such attacks. As Forbes put it, hacking may be adversely affecting Bitcoin in the short term, but in the future, the cryptocurrency will rise stronger as a result. In this regard, Christian Ferri, President and CEO of BlockStar, declared:

As in every technology, hacking will be painful for some in the short term; but it will be a major driver in strengthening the crypto ecosystem, making it more secure, which is key for mass adoption.

Moreover, giant financial actors, including exchanges and big banks, are investing heavily and hiring talent to build Bitcoin trading capabilities.

For example, NASDAQ is planning to launch a futures market for cryptocurrencies. In fact, the stock exchange has already joined forces with Gemini, a digital asset exchange, to improve market surveillance to detect market manipulation and fraudulent trades. Additionally, a NASDAQ-powered cryptocurrency exchange platform – DX.Exchange – will be launched sometime this month.

In parallel, The New York Times reports that ICE, the parent company of the New York Stock Exchange (NYSE), is working on its own online trading platform that will allow large Wall Street investors to trade cryptocurrencies.

Goldman Sachs is already ahead of the curve, having begun offering clients the ability to trade Bitcoin futures via one of its New York desks last month. According to The New York Times:

Goldman will begin using its own money to trade Bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.

Bitcoin Transactions Becoming Cheaper and Faster

Bitcoin Transactions Becoming Cheaper and Faster

On the technical side, Bitcoin has already advanced significantly in solving a key issue – scalability. Technological improvements that include SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning, and now Bitcoin Core 0.16.0, are already solving the issue of scalability and transaction fees costs.

Recently, Bitcoin enthusiasts celebrated the launch of Bitcoin Core 0.16.0, which among novel features, introduced full support for SegWit. Prominent Bitcoin exchanges, such as Coinbase and Bitfinex immediately started to implement SegWit and, as a result, transaction fees are now lower and faster, thus facilitating near-instantaneous low-value Bitcoin payments. At the present time, nearly 40% of all Bitcoin transactions are processed using SegWit.

In addition to SegWit, many exchanges are using a new technique to increase efficiency – batching transactions. Batching further increases the efficiency of Bitcoin transactions by over 75 percent by clustering multiple outputs into a single transaction.

For a digital currency that has “died” 300 times and counting, Bitcoin’s future is looking pretty bright, indeed. Innovative techniques are making Bitcoin transactions more efficient, and its exposure to hacking attempts will make it stronger. Lastly, major financial institutions are becoming increasingly interested in trading Bitcoin. These are crucial factors that are amalgamating to drive Bitcoin’s value to new highs.

What do you think are the main factors that will eventually drive Bitcoin’s value higher? Let us know in the comments below.


Images courtesy of Shutterstock

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Kvě 27

Boom or Bust: There is no Middle Ground for Bitcoin, Says Crypto Asset Manager

· May 26, 2018 · 9:00 pm

On the subject of Bitcoin’s viability, there seem to only two conclusions. Either the number one crypto is either here to stay or it is just a fad. Thus, whether you support the “bubble” argument, the “currency of the future” notion or any other position, it all inevitably leads to the “boom or bust” conclusion or at least, so says Grayscale Investments managing director Michael Sonnenshein.


Two Mutually Exclusive Bitcoin Future Outcomes

According to Sonnenshein, there is no middle ground as far as Bitcoin is concerned. Speaking during a recent interview with Fortune, the cryptoanalyst said:

As we begin to look at assets like Bitcoin and the unbelievable adversity it’s faced over the last ten years, every day that Bitcoin doesn’t go away, every day that Bitcoin overcomes a new challenge, for me that makes me feel that Bitcoin will do either one of two things.

It will either survive and become all these amazing things that we think it can be, which will cause its price to be a lot higher. Or it is possible something else may come along that will displace it and Bitcoin goes to zero. It likely will have a binary outcome.

Two Mutually Exclusive Bitcoin Future Outcomes

To emphasize the point, consider the image above. Those were the top ten cryptocurrencies exactly five years ago as cataloged by CoinMarketCap. How many of them do you recognize? Now compare with the image below and see that only Bitcoin and Litecoin are still in the top ten. Where did the others go? Well, Freicoin isn’t even in the top 1,000 coins. Namecoin and Peercoin have also fallen spectacularly over the years as have the others on the list.

Bitcoin Should Be Able to Adapt

Bitcoin Should Be Able to Adapt

The critical question is where does Bitcoin’s destiny lie? Sonnenshein believes there is hope for the digital currency as long as there are continued improvements upon the technology. The managing director of Grayscale investments said that Bitcoin’s future is tied to its ability to remain relevant in the emerging digital currency landscape which it has historically dominated right from the outset.

Bitcoin does have one crucial advantage – it is an open source protocol. Thus, if a paradigm-shifting technological breakthrough emerges, it should be easy to incorporate at least some aspects of it into the network.

Where do you stand on the boom/bust debate? Do you think Bitcoin can adapt to changes in the crypto ecosystem? Let us know your thoughts in the comment section below.


Image courtesy of CoinMarketCap, AdobeStock

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Bitcoin as a Store of Value Could be Worth $40K Within the Next Decade, Says Matt Hougan

· May 25, 2018 · 9:00 pm

Matt Hougan of Bitwise Asset Management believes that the price of Bitcoin could increase by 500 percent in the next ten years. Hougan hinges his prediction on the cryptocurrency becoming an actual store of value and the blockchain permeating several facets of human life.


Is Bitcoin a Store of Value?

Finding a consensus on any argument related to Bitcoin is almost a futile effort at this point. There’s the bubble argument, the economic definition argument, and of course, the store of value argument. Matt Hougan, in a recent op-ed for Forbes, examines the store of value debate for Bitcoin, drawing some interesting parallels with gold.

Right from inception, the virtual currency has been compared with gold. Some proponents are even in the habit of calling the crypto “digital gold.” Critics, however, dispute this idea, saying that the cryptocurrency cannot be compared to gold because it is highly volatile and, as such, cannot be a store of value.

Matt Hougan

One of the most basic definitions of a store of value is an asset that is both tradable and can be stored for future use. By this definition, a store of value must maintain some stability over a reasonable period. Bitcoin is a volatile asset, no arguments there. However, is the volatility exhibited by the number one crypto a misnomer in the finance world? It turns out the answer is no, and Hougan provides hard evidence.

A Little Bit of History Featuring the Post-1971 Gold Market

Today, gold is not only solid based on its physical form, but as an asset, it maintains some level of price rigidity. However, it wasn’t always so. In 1971, U.S. President Richard Nixon dropped the gold standard for the USD. The price of gold and the value of the dollar was no longer tethered together. What happened next? Well, the table below gives an idea of the wild volatility in prices of gold in the decade following 1971.

Gold pricesToday’s crypto critics would be bellowing that gold isn’t a store of value if they examined these figures. However, today, it is universally accepted that the precious metal is indeed a store of value. So, what has changed? The answer isn’t utility as some might point out. Gold has some industrial application use cases but that it is not enough to justify its current price. According to Hougan:

[Gold] is worth $1,300 per ounce because people are willing to pay $1300 per ounce for it as a store of wealth.

Bitcoin price chart

Bitcoin Mirrors Post-1971 Gold

Bitcoin is less than a decade old, which means it isn’t yet a fully formed asset. Hougan believes that expecting the cryptocurrency to behave like a fully matured asset is an argument that lacks economic merit. According to the cryptoanalyst, Bitcoin is passing through the two-stage process of rapid appreciation and declining volatility over time.

2017 saw a parabolic rise in prices that seem to have plateaued in 2018. The Bitcoin volatility, while still considerably high, is declining over time. This pattern exhibited by the number one crypto bears striking similarities to gold after 1971.

Bitcoin volatility chart

Speculative Investment Will Give Way to Real World Use

If Bitcoin follows the pattern set by gold, then it is well on its way to establishing itself as a store of value. Right now, the crypto is held as a speculative investment, but within the next decade, as blockchain utility increases, Bitcoin will become an even more significant part of global finance. The current market capitalization for the virtual currency is $130 billion, which is approximately two percent of the $7.5 trillion gold market cap.

In ten years, Bitcoin could comfortably hold 10 percent of the value of gold, which would mean a conservative price estimate of $40,000. A lot of this depends on how quickly real-world utility applications can be implemented for the cryptocurrency and the assumption that it continues on a similar trajectory to gold.

Do you agree with the argument that Bitcoin is like gold, and as such, a store of value? Will an increase in real-world utility drive the price of Bitcoin higher? Let us know your thoughts in the comments below.


Images courtesy of MarketsMuse, Forbes, Macrotrends, Shutterstock, and Buy Bitcoin Worldwide.

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Kvě 23

John McAfee Says the Cryptocurrency Bull Rally is Near

· May 22, 2018 · 9:00 pm

John McAfee believes the march of the cryptocurrency bulls is at hand. The renowned tech activist and internet security expert has added his voice to the growing crypto institutional investment narrative.


Prices Will Go Through the Roof

In a tweet on Monday, McAfee urged traders to gear up for the next crypto price rally. He based his assertions on the influx of cash from institutional investors trooping into the market.

He also said that with the money flowing into cryptocurrencies, prices of the top ten coins will increase dramatically. McAfee also believes that other altcoins will experience growth as investors diversify their cryptocurrency trading portfolios.

When challenged on Twitter as to the veracity of his claims, McAfee gave no basis for his declaration. Instead, the controversial crypto proponent told responders to “use their heads,” “check recent news on institutional investors,” and “apply reason.” Safe to say, this is another one of McAfee’s bold assertions, much like his famous 2017 prediction that “Bitcoin will be 500k in the year 2020.”

The Emerging Trend of Institutional Cryptocurrency Investment

While McAfee did not provide any backing for his claims, there is some merit to his position regarding the flurry of institutional interest in cryptos that have made the news in recent times. A few days ago, Coinbase launched four new products targeted at institutional cryptocurrency investors. Goldman Sachs is also making plans to open Bitcoin trading to large investors as well.

Bitcoin

The overarching consensus is that the crypto market is maturing after a parabolic growth spurt in 2017 which saw prices hit record highs. Since the start of 2018, the market has declined in value, dropping 50 percent of its market cap in February. According to an April survey conducted by Fundstrat, 82 percent of institutional investor believe Bitcoin bottomed out when it fell below $6,000 in April.

The entry of hedge funds into the crypto market should increase the perceived level of legitimacy of cryptocurrencies. One important part of the emerging trend of institutional investment in digital currency is the establishment of trusted custodial services. In the past few months, there has been some progress on this front with a significant announcement by Nomura during the recently concluded Consensus conference in New York.

Do you agree with John McAfee’s assertions of an impending crypto price boom? Which altcoins do you think will dominate the market? Let us know your thoughts in the comment section below.


Images courtesy of Twitter/@officialmcafee, Flickr, and Shutterstock.

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Kvě 20

There’s no ‘Consensus’ Concerning the Direction of Bitcoin Price

· May 19, 2018 · 8:00 pm

Thomas Lee’s predicted post Consensus Bitcoin pop never happened. In fact, the market reversed and is now trading at a monthly low! As usual, investors are wondering where the market will go from here.


Market Overview

Contrary to popular expectation, Bitcoin failed to rally 69 – 130% after the Consensus conference in New York ended this week. In fact, it pulled back nearly 5% as the cryptocurrency market capitalization sank to $389 billion and it appears that the downtrend is set to continue for the short term.

Fortunately, things still bode well for crypto as:

  • Goldman Sachs is developing a dollar pegged cryptocurrency (USDCoin) through Circle which will finally provide an alternative stablecoin to Tether.
  • As Consensus wrapped up, the CFTC and SEC directors shared their view that they have no desire to stand in the path of blockchain development.
  • A platform for institutional investment in cryptocurrencies is gradually concretizing which further supports claims that institutional investors will boost cryptocurrency prices in the future.

Keeping this in mind, at present there is still more tangibly good news than bad news in the crypto-hemisphere and volatility is nothing new to cryptocurrency investors… though all of the moonshot valuations and promises of tripling market caps may have led us to forget this.  

Daily Chart

Bitcoin Daily Chart

After a nearly 5% drop, BTC briefly touched a monthly low at $7,925 on Bitfinex. As shown on the daily chart, this is a nearly 50% retracement of the pre-April rally low of $6,425.

On 18th May BTC had continued a pattern of lower highs and lower lows and the daily chart shows BTC below the 100 and 200-day MA and at the time of writing the RSI sits below the 50 indicating that bears have the advantage.

4HR Chart

Bitcoin 4HR Chart

There is a smidgen of positive news for the short term as around midday Saturday the 5 and 10-day MA changed direction and BTC is close to exiting the recently developed downward channel. On the other hand, both the 20 and 50-day MA are sloping downwards and BTC needs to cross the 50-day MA at $8,400. At the time of writing BTC still trades below the 50-day MA suggesting short term continuance of the bearish trend.

If BTC is unable to recover or hold above $8,000, there are long term supports at $7,800 and $7,600 but how likely these are to hold is questionable as $7,784 is at the 61.8 percent Fibonacci retracement. A close below $8,000 means that a reversal favorable to the bears is in place and the ensuing sell off could drop prices to $7,000 or lower.

Vision

  • BTC is close to crossing the 50-day MA at $8,400 and a close above the 50 would set BTC outside the recently developed downward trendline.
  • Failure to recover could lead BTC to touch the $7,784 support at the 61.8 percent retracement.
  • Traders are advised to watch from the sidelines as most technical indicators show bears having the advantage.

Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.

Where do you think Bitcoin price will go this week? Let us know in the comments below!


Images courtesy of Shutterstock, Tradingview.com

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Bitcoin to Reach $64,000 in 2019, Based on Mining Economy, Says Fundstrat

· May 11, 2018 · 7:00 pm

Based on analysis of the bitcoin mining economy, the world’s most well-known cryptocurrency could reach as high as $64,000 USD by the end of next year.


Bitcoin Miners Do the Selling

According to independent research boutique Fundstrat, which provides market strategy and sector research, the bitcoin mining boom could potentially send the dominant cryptocurrency by market capitalization to upwards of $64,000 USD by the end of 2019. States the company’s head of research, Sam Doctor, in a report:

We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range.

Bitcoin is infamously volatile, creating FOMOers and naysayers on what feels like a weekly basis. Nevertheless, Fundstrat believes the economics behind bitcoin mining create key support levels — since bitcoin miners are less likely to sell their rewards during market downturns, and more likely to cash out during bull runs. Explained Doctor in a conference call to CNBC on Thursday:

The primary net sellers, in our view, are bitcoin miners, and the rest are transactions between investors.

Fundstrat has estimated that the current cash break-even price Antminer S7 models is $6,003 USD per bitcoin. The newer and more powerful Antminer S9, however, features a much lower break-even point at $2,368 USD. Both popular pieces of bitcoin mining hardware are manufactured by Bitmain, which boasted an operating profit between 3 billion USD to 4 billion USD in 2017. Doctor said:

The release of the next generation of rig hardware should trigger a new round of capex as well as hash power growth, which could accelerate if BTC price appreciates.

According to CBNC, Fundstrat co-founder Tom Lee is the only major Wall Street strategist to cover Bitcoin.

Lee previously predicted last July that Bitcoin may reach $20,000 to $55,000 by 2022. At the time of that prediction, bitcoin was trading at $2,540. Lee also noted that bitcoin could become a viable substitute for gold.

Do you think bitcoin can reach upwards of 64,000 USD by the end of next year? Do you think the miners’ break-even point is indeed a key support level? Be sure to let us know what you think in the comments below!


Images courtesy of Bitcoinist archives, Twitter/@fundstratQuant, Twitter/@@fundstrat.

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Coinmarketcap Launches iOS Mobile App

· May 2, 2018 · 7:00 pm

Coinmarketcap (CMC) has released its first-ever mobile app. The cryptocurrency price and market capitalization website announced the release of the app on April 30. The launch of the app is part of CMC’s five-year anniversary celebration.


The Coinmarketcap App for iPhones

The new CMC mobile app is compatible with the iOS smartphone platform. It enables users to view crypto price, market cap and 24-hour price changes on the go. App users can select from a variety of filter options to see all tokens, the top 100 tokens or their watchlist tokens.

Watchlist tokens are specific cryptos that the users have selected. To include a cryptocurrency in the watchlist, users have to push the star-shaped icon on the token page. The app also uses tokens so people can record save and sync their watchlist between different devices.

The new app doesn’t appear to bring any novel feature. Many crypto traders already use different platforms to monitor price movements in the market.

Commenting on this observation, a spokesperson for CMC told TechCrunch that:

Are there other places where people can get the data and do we have copycats? Sure. However, we are the only site that you can guarantee is sourcing, gathering, and verifying the data itself, and we pride ourselves on being the first and best regarded within the industry.

Five Years in the Business

May 1, 2018, made it five years of CMC being in the business. The platform has grown tremendously to become the 175th most visited website in the world, according to Alexa rankings. Also, more than 60 million people have visited the site so far in 2018. The CMC Twitter account currently has 425,000 followers.

When CMC began, it was reportedly tracking seven cryptos and a few exchange platforms that amounted to about $1.6 billion in market cap. Presently, the website monitors over 1,600 cryptocurrencies and 200 exchange platforms that amount to more than $400 billion in market capitalization. In January 2018, a decision by the site to delist South Korean cryptocurrency exchange platforms caused a wave of massive panic selloffs.

Rebranding the Coinmarketcap Platform

The website has also made some changes to its brand image with a new logo, color scheme, and font. The new Coinmarketcap logo contains the CMC initials and a wavy design that depicts the volatile nature of the crypto market. CMC has also made changes to the website API. The website still plans to release a new commercial API that includes historical data.

A statement by CMC commenting on these latest developments said that:

We pay close attention to the needs of our users and always encourage people to leave us feedback. We are hard at work to bring you more features that will give you more control over your experience while exploring our data.

Do you think the Coinmarketcap mobile app will be as popular as the website? Please share your views in the comment section below.


Images courtesy of Coinmarketcap and Twitter.

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