Čvn 07

Binance Invests in Malta-based Blockchain Esports Company

· June 6, 2018 · 10:00 pm

Binance, the cryptocurrency exchange behemoth has invested in Malta-based chiliZ, a blockchain esports company. ChiliZ revealed the news via a blog post on May 5. This move represents Binance’s first significant investment in Malta since announcing its intention to transfer its operations to the Mediterranean Island country.


Binance Teams up with chiliZ

According to the blog post, both Binance and chiliZ recognize the immense opportunities in the $110 billion video game industry. The cryptocurrency exchange wants to team up with the eSports company to bring blockchain technology to the gaming industry. With cryptocurrency and gaming appealing largely to the same user demographic, a melding of interests and strategies between the two companies could facilitate faster blockchain and cryptocurrency adoption within the gaming industry.

The monetary value of Binance’s investment in chiliZ is unknown, but the eSports company has already raised more than $27 million in a private funding round. Commenting on the investment deal, chiliZ CEO, Alexandre Dreyfus said:

Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision.

Apart from the monetary investment, Binance also plans to partner with chiliZ to tokenize the eSports ecosystem. Trading of virtual assets is already a mainstay of the video gaming world. By leveraging cryptocurrency and blockchain technology, stakeholders can monetize the industry. Commenting on the benefits of such a partnership, Binance CEO, Changpeng Zhao said:

chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.

BNB Continues its 2018 Streak

Binance Coin (BNB) remains the best performing token of 2018. BNB prices are up almost 100 percent since the start of the year. At press time, BNB tokens were trading at $16.33 which represents a nine percent gain over the last 24-hour period. The weekly and monthly gains posted by BNB so far stand at 32 percent and 17 percent respectively. The 17th ranked cryptocurrency according to market capitalization figures reached its highest price valuation of $24 in mid-January 2018.

Binance Coin Charts

Malta Set to Pass Ground-breaking Cryptocurrency Laws

In a related development, the Maltese government has drafted a set of laws to guide the operations of cryptocurrency companies in the country. Announcing the news, Silvio Schembri, the Digital Economy Parliamentary Secretary said Malta was setting a precedent for the rest of the world to follow.

According to Schembri, the provisions in the draft provide the necessary framework for the monitoring and regulation of the country’s burgeoning cryptocurrency industry. He dismissed claims of the government tacitly trying to encourage money laundering under the guise of cryptocurrency commerce. Schembri said the requirements in Malta’s cryptocurrency laws were even stricter than the EU’s anti-money laundering regulations.

The law isn’t without its critics as opposition MP Kristy Debono found fault with the composition of the Malta Digital Innovation Agency (MDIA) board. The MDIA is the body responsible for overseeing the country’s emerging cryptocurrency industry. According to Debono, the MDIA should have cryptocurrency operators as members rather than nominees exclusively handpicked by the Prime Minister. Debono believes that without adequate representation from the cryptocurrency community in the running of the MDIA, the Maltese cryptocurrency economy will suffer the same disrepute as other sectors.

What are your thoughts about Binance teaming up with chiliZ? Will the new government regulations in Malta attract more cryptocurrency and blockchain investment into the country? Keep the conversation going in the comment section below.


Images courtesy of chiliZ.io, CoinMarketCap

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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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Kvě 26

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 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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Kvě 08

3Commas Continues to Impress with Automated Trading Bots, More Crypto Exchanges

· May 8, 2018 · 6:00 pm

Back in December, I reviewed a suite of ‘smart tools’ designed to help cryptocurrency traders minimize risks and maximize profits. Five months later I decided to revisit the platform to see if they had anything new to offer…


If You’re Not Innovating, You’re Stagnating

When it comes to crypto, few things are as disappointing to me as when a really promising project launches and comes out of the gate really strong, only to fizzle out a few months or a year down the road.

3Commas, which launched in September 2017, has managed to avoid that pitfall and just continues to get better and better. The platform boasts more than 22,000 active crypto traders and a daily trade volume of more than $6 million.

Speaking about the platform’s spectacular growth, 3Commas CMO Mike Goryunov said:

We continue to build win-win collaboration with our customers and as I can see it’s the main reason of our success.

The reason for the platform’s growing popularity, of course, is the wealth of tools and features it offers that has resulted in active traders making an average monthly profit of more than 15%.

More Exchanges Than Ever Before

More Exchanges Than Ever Before

When I previously reviewed 3Commas, the platform integrated with Poloniex, Bittrex, Bitfinex, Binance, and any Ethereum wallet. Since then, the developers have added integration with:

  • Bitstamp
  • CEX
  • Kucoin
  • YoBit

The team is in the process of adding support for Huobi as well, and a little bird told me that support for HitBTC and Bitmex will be coming online soon after.

Automated Trading Bots

Automated Trading Bots

The best trading tools are the ones you don’t have to babysit 24/7 and 3Commas has rolled out a new tool that makes my little guppy-sized crypto trader heart sing with joy. After much anticipation, the team has released its Automated Trading Bot tool and the reaction from the community has been overwhelmingly positive.

For those who are unfamiliar with the concept, a trading bot is a piece of computer software that executes trades over and over again based on pre-determined parameters that the trader configures.

The problem with most trading bots is that they are either difficult to use – especially for new traders – or they just plain don’t work the way we expect them to. 3Commas has solved both problems with a trading bot that is both easy to use and reliable in its performance. Results may vary, of course, but on average the trading bot generates a daily profit of around 1.5%. Detailed analytics on the bots’ performance are available on the 3Commas website.

Moomin Papa has created a terrific video explaining how 3Commas’ Automated Trading Bot works, but here it is in a nutshell:

3Commas Automated Trading Bot Step 1

3Commas Automated Trading Bot Steps 2-4

Step 1: Choose which type of bot you are creating

3Commas supports two types of trading bots – simple and complex. A simple trading bot only involves one trading pair while a complex trading bot involves multiple trading pairs. For the purposes of this article, I am only focusing on simple trading bot creation.

Step 2: Name your bot

Naming your trading bot will help you remember which bot is trading which pairs. This is especially useful if you will be creating and running several trading bots.

Step 3: Choose your exchange

Tell your trading bot which exchange it will be trading on. It can be any exchange that you have added to your My Exchanges dashboard.

Step 4: Choose your trading pair

Select the trading pair you want your bot to buy and sell from the drop-down menu.

3Commas Automated Trading Bot Steps 5-8

Step 5: Set your base trade size

This is where you tell your trading bot how much BTC, ETH, etc… you will be using in your initial trade.

Step 6: Set your safety trade size

This step is completely optional, but it lets traders ‘buy the dip’ in a safer, more controlled way. For example, let’s say my trading pair is XRP/BTC and I buy Ripple for $0.82 per token. If the price drops below my original purchase price, safety trades will let me buy more XRP with whatever amount of BTC I have my safety trade size set for.

Step 7: Set your target profit

This tells the trading bot when to sell and is set in percentages. Let’s say I set my target profit for 2%. If my trading bot initially purchased Ripple at $0.82 per token, when the price hits $0.8364, the bot will automatically execute a sell order.

Step 8: Choose your Take Profit Type

The trading bots support two Take Profit types – percentage from base trade and percentage from total volume.

 3Commas Automated Trading Bot Steps 9-11

Step 9: Max safety trades count

This step is optional (unless you have set a safety trade size) and tells the trading bot how many safety trades it is allowed to make before stopping.

Step 10: Max active safety trades count

Similar to Step 9, this step tells the trading bot how many active safety trades it can have in progress at any given time.

Step 11: Price deviation to open safety trades

Set as a percentage, this step tells the trading bot when it can start executing safety trades. For example, if I set it to 2, then when the price of Ripple drops 2% below my initial trade price the trading bot will begin executing safety trades.

3Commas Automated Trading Bot Step 12

Step 12: Trade Start Conditions

This step tells the trading bot when to make that initial trade. You can choose from TradingView Signal Buy or Strong Buy, TradingView Signal Strong Buy, Manually, or Open New Trade ASAP.

That’s all there is to it. Twelve steps may seem like a lot, but in reality, you can configure your first trading bot in just a few minutes – even if you’ve never set one up before. That’s the beauty of this tool – it’s easy enough for beginning traders but still robust enough to satisfy more experienced traders as well.

Are you ready to test drive 3Commas’ Automated Trading Bots for yourself? Visit 3commas.io and sign up today.

Are you a 3Commas user? Have you checked out their Automated Trading Bot? How does it compare to other trading bots? Let us know in the comments below.


Images courtesy of 3Commas

Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.

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Kvě 05

3 Altcoins to Outperform Bitcoin For The Week of May 5

· May 5, 2018 · 5:00 pm

To title this week dramatic in the cryptocurrency space would be an understatement. BTC has seen a price surge with renewed interest from big names like Goldman Sachs while altcoins have major events on the horizon. This is a very exciting period for altcoins like BTC, ZCL, ENJ, and DGB.


What a Week It Has Been, What a Week It Will Be 

The cryptocurrency markets have finally broken out of a multi-month bear slump in brute force. BTC is up more than 50% from recent lows with altcoins trading significantly higher. With positive momentum in the cryptocurrency markets, teams from across the world are announcing major cryptocurrency projects, deadlines are being hit, and milestones are being reached.

Bitcoin price

The bearish markets in the past week have begun to seem increasingly bullish with a major forking announcement from ZClassic; a security break-through for DigiByte, and the Unite world tour for Enjin.

BTC- Goldman Sachs Futures Trading and Possible Trading Desk

The most important name in cryptocurrency trading at $9,952 per coin with a market cap of $170 billion is Bitcoin. This week has been exciting and the near future should also be exuberant as Bitcoin bulls have retaken the reigns and it once again is pressing the $10,000 mark. BTC was trading as low as $6,000 during this recent bear raid and looks to have built significant momentum heading into May.

There are a few main reasons BTC has once again accelerated forward in value: renewed interest from the world’s wealthiest via OTC (over the counter deals) and trading platforms/operations opening up to institutional investors such as Goldman Sachs.

So Long, All-Time Highs? Goldman Sachs Says Crypto Peaks Have Been And Gone

Goldman Sachs announced earlier this week they would begin futures trading of BTC and also were considering a trading desk. This was confirmed on Thursday, May 3, 2018, with the likely pursuit of similar operations by other Wall Street Banks. As more money pours into the cryptocurrency space BTC will obviously be the first big winner with institutional money likely trickling off to other altcoins as well.

A recent announcement by the Anonymous Bitcoin team revealed that BTC and ZCL will both be receiving a forked coin on September 10, 2018. Allowing those that enjoy the BTC bull run to have a nice ‘dividend’ at the end of summer.

ZCL – A Real Forking Announcement (FUD, Upcoming Announcements)

ZClassic (ZCL) is trading at $21.50 with a market cap of $83.6 million. This past week a new dev team announced on CNBC they would be forking ZCL with BTC, creating Anonymous Bitcoin. This was the first televised fork announcement by a major broadcaster like CNBC. The technology behind Anonymous Bitcoin WILL include zkSNARKs anonymity features plus masternode staking ability.

ZCL – A Big Forking Announcement (Anonymous Bitcoin)

This would allow individuals to be incentivized to hold their Anonymous Bitcoin vs actively trade it. This fork was officially announced April 28, 2018. ZCL quickly rose to over $40 before conflicting news was announced by prior ZCL dev teams regarding the inauthenticity of the fork.

The Anonymous Bitcoin team has defended their position and remained completely transparent regarding their methods for forking ZCL while being present and doing interviews at the last two cryptocurrency conventions in Miami and Los Angeles.

The Anonymous Bitcoin lead developer, Sam Abbassi, proudly has a speaking engagement coming up at MIT (Massachusetts Institute of Technology). The Founder of the project, Jake Greenbaum, will be going to Consensus to continue to network, interview, and share the philosophy behind why forks create better technology at little to no cost to the crypto community. The Anonymous Bitcoin team is not hiding behind the veil of a fork but instead attempting to create a new cryptocurrency with a vibrant community behind it.

In the months leading up to ZCL’s prior fork, ZCL was trading as high as $220 per coin with a market cap of almost $700 million. Currently, ZCL is trading under $22 with new advisors to be announced in the near future, the executive summary to be released in the next week, and the white paper to be released by June 1st. At a bare minimum, the next few weeks will be exciting to watch the charts of ZCL.

Enjin Unite Tokyo: May 7-9; Unite Beijing May 11-13 

Enjin (“ENJ”) is currently on the “conference tour” at Unity events. For those that are not big gamers or developers “Unity” may not be a familiar term. Unity is a cross-platform game engine that is used to develop video games for all consoles and mobile devices. The unity platform now includes over 15 platforms and hosts major conferences regarding gaming, app development, and technology all over the world.

This week is important for ENJ because they are speaking and having booths at Unity’s event in Tokyo and next week’s event in Beijing. ENJ is attempting to integrate its currency into multiple gaming platforms and where better to demonstrate their capabilities than at Unite Tokyo and Unite Beijing?

ENJ currently is trading at $.17 with a market cap of $127 million. If ENJ’s presentations and exposure in Asia is viewed positively this numbers should trend upward. As an altcoin ENJ is well suited to enter the gaming market as they are already partnered with Unity for “True in Game Ownership of Digital Assets.” Having a partner like Unity while being on their conference tour should provide ENJ the perfect amount of momentum to build their user base and continue to excel as a cryptocurrency. 

DigiByte (DGB) – Blockchain Based Open Authentication Protocol Service May 11

One of the biggest concerns of individuals actively participating in the cryptocurrency space is the possibility of being hacked. Managing a handful of passwords that conceal what could amount to thousands of dollars is a frightening prospect. May 11, 2018, maybe a revolutionary day for passwords and that irritating 2FA authentication.

A highly secure, DigiByte blockchain-base open authentication protocol service is claiming it can be used to replace usernames, passwords, and even 2FA. If this is correct this will relieve much of the irritation associated with logging into an exchange or accessing a wallet. However, if a hack occurs their entire platform could come crumbling down.

DGB is trading at $0.048 with a market cap of $492 million. DGB was trading over $0.12 January 7, 2018. With one of their biggest developments to date being released May 11, this should be a very exciting week for DGB. The price of DGB will gauge the market’s reaction. DGB’s focus is their security, “by putting security first, our decisions help make sure that transactions, mining, and the blockchain distribution are as decentralized as possible.

DGB blocks occur on the network every 15 seconds making DGB the fastest UTXO blockchain in the world.” DGB has focused on security and speed and this week releases their authentication protocol that very well may revolutionize how passwords and usernames are used as a means of verification.

Bulls Retaking the Reigns 

This has been an exciting week for many as their portfolios have risen nicely and major projects have started back up in the crypto space. Summer should be a period where enthusiasm is rebuilt and the BTC train begins to build major momentum again. With such excitement on the horizon, it is important to look at coins this week like BTC, ZCL, DGB, and ENJ.

[Full disclosure: Jakethecryptoking has a stake in and is the founder of Anonymous Bitcoin. To get in contact directly with the Crypto King, you can on Twitter (@JbtheCryptoKing) or Reddit (ICO updates and Daily Reports)]

Do you agree with this week’s picks? Share your thoughts below.


Images courtesy of Shutterstock

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Kvě 03

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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Dub 27

Crypto Arbitrage Trading – The Pursuit of Happiness

· April 27, 2018 · 5:00 pm

Arbitrage exists as a result of market inefficiencies and would therefore not exist if all markets were perfectly efficient. How does one capitalize on this market phenomenon?


A trader who, in 1970, pioneered a computerized trading system once said:

The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.

This is, of course, Ed Seykota, a former commodities trader. A lot has changed since he first introduced this system, with the onset of blackbox and algorithmic and high-frequency trading, it is harder than ever for point and click traders to make money.

The market has evolved and the inefficiencies that it suffered from in the 70s are unlikely to return. However, while the capital and debt markets are now highly efficient and, for the most part, very liquid, the same cannot be said for cryptocurrency markets. For one, the dissemination of information to the trading community is highly inefficient. The systems that aggregate volume and other data from various exchanges are still in their infancy and most importantly, the size of the trading community is growing every day.

Trading

Nobody Knows If a Stock Is Going to Go Up, Down, Sideways or in Circles

Those that have seen the film “Wolf Of Wall Street” will remember the scene with Matthew McConaughey and Leonardo DiCaprio, where Matthew McConaughey goes on to say “Nobody knows if a stock is going to go up, down, sideways or in circles.”

Is trading an art, a science, or is it no different than gambling and simply requires a degree of luck? Whatever camp you side on, crypto markets provide a unique opportunity to make very good returns on your investment. You don’t always have to be a trend follower or a contrarian, the smart way to approach crypto trading is by applying arbitrage models. The problem, of course, is standardizing the API data from the exchanges. While it is not an impossible task, it can be very laborious and requires a great amount of checking to ensure consistency between the different data feeds.

Despite the fact that the cryptocurrency markets are trading with extremely high-volume levels, they are not nearly as liquid as we might think. This market is still highly fragmented in a web of exchanges under very different jurisdictions. The liquidity is spread through various more or less trustworthy exchanges all over the world. The emergence of more trustworthy regulated exchanges has boosted the overall liquidity but has not yet delivered the desired effect of lowering spreads and slippage costs. Furthermore, increasing liquidity would definitely encourage significant institutional investments and promote mainstream adoption.

Arbitrage

Trading Edge

Volatility is something that has discouraged this much sought after mainstream adoption. This measure is related to uncertainty with regard to the extent of price changes. High volatility is evidenced in sharp and unpredictable price swings, while assets with low volatility will see little or minimal fluctuation in prices over a short-term horizon.

There are various strategies one can follow to capitalize on the potential arbitrage opportunities that currently exist across crypto markets. No one can tell for sure how long these opportunities will remain available, as the broader adoption of these assets by the general public will invariably reduce bid/ask spreads and increase trading volumes. However, for now, one can simply make comparisons between different exchanges to understand the magnitude of potential returns on capital.

The following numbers should be taken as an indication, these are not fixed levels and are subject to change. The price of Bitcoin on HitBTC is 2.55% higher than the price of the same asset on Exmo. Nowhere in capital markets can such discrepancy occur with what is said to be a leading asset in the digital economy and the spread on altcoins can sometimes be even greater.

There are different ways to trade the same markets, directional, technical, contrarian, fundamental – or you can utilize a combination of the above and create a strategy that works for you.

What do you think of market structure and is regulatory uncertainty to blame for such fragmented markets? Let us know in the comments below.


Images courtesy of Pxhere and Shutterstock.

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Dub 22

Home Run or Swing and a Miss? Cryptocurrency Winners and Losers for the Week Ending April 22, 2018

· April 22, 2018 · 5:15 pm

As John F. Kennedy was wont to say, “a rising tide lifts all boats.” Essentially, what benefits one, benefits all. When Kennedy first uttered those words, it was in 1963 and he was talking about the economy. Flash forward 55 years and – as the cryptocurrency market appears to be recovering from a depressing Q1 2018 bear run – the same sentiment is applicable once again.


This past week has been extremely gratifying for crypto community members who weathered Q1 2018’s bear market and made the choice to ‘hodl’ when others were panic-selling. At press time, the total cryptocurrency market cap was just over $394.9 billion – a more than 18% increase from the same time last week.

With the total crypto market cap on the rise, how have Bitcoin and its altcoin brethren fared over the past week? Well, Bitcoin is up roughly 8% – landing at a respectable $8957.95, up from its 7-day low of $8286.88. As to the altcoins? Let’s take a look…

Top 3 Cryptocurrency Winners…

Top 3 Cryptocurrency Winners…

These are the top three best performing cryptocurrencies based on 7-day market activity and with a 24-hour volume of at least $750,000.

Game.com (GTC)

24-Hour Volume: $252,617,000
Gain: 592.80%

Game.com is an ambitious project that combines several elements into a total blockchain-based gaming environment. A combination gaming platform, digital asset wallet, crowdfunding platform, and instant messenger, Game.com is riding high on a rising swell of popularity.

This time last week, GTC was trading at around $0.05 and has climbed to just under $0.35 per token. The sudden spike in value is no doubt due in large part to their partnership with Tron and this week’s announcement that Game.com would be running for a super delegate position in Tron’s upcoming Super Representative vote. A win in this election could not only push GTC prices even higher, but it would give Game.com a seat at the table and a voice in deciding Tron’s future.

Pundi X (NPXS)

Volume: $7,257,560
Gain: 234.72%

Pundi X is a project that aims to make every day crypto usage “as easy as getting bottled water.” It is a POS (point of sale) solution for retail businesses that will make it easy for brick-and-mortar businesses to accept cryptocurrencies in-store.

Earlier in the week, Pundi X’s token (NPXS) was trading at just over $0.0014. On Friday it peaked at an all-time high of $0.0054 before settling down to around $0.0048.

So why the sudden rise in price?

First, the token was recently added to Korea’s Coinrail exchange, which currently accounts for more than 25% of the token’s trade volume. Next was a favorable review of Pundi X’s new POS terminal in this month’s issue of The Nilson Report. Finally – and probably most significantly of all – Pundi X executed its first NPXS token buyback of roughly 200 ETH worth of tokens at a price more than triple that of the then-current market value.

Prices continued to climb in the wake of the buyback but are slowly starting to settle back down. Whether it settles in at a price higher than that of its 7-day low remains to be seen.

XinFin Network (XDCE)

Volume: $899.141
Gain: 201.51%

XinFin is a hybrid blockchain network that combines the power and transparency of public blockchains with the security and speed of private networks. Designed primarily to serve the global trade and finance industries, XinFin has been met with enthusiastic response and successfully concluded their ICO last month.

Since being listed on CoinMarketCap in mid-April, XDCE has been holding steady at around $0.003 per token. Last week, however, things started looking moonish for the cryptocurrency. Trading at $0.0034 this time last week, XDCE reached an all-time high of $0.0168 on Saturday before settling down to around $0.0115 at press time.

The sudden spike in price is most likely largely attributed to XDCE’s upcoming listing on Singapore’s largest crypto exchange – COSS – as well as a 12.5 million XDCE trading promotion. That, coupled with growing interest in XinFin as well as project team that is absolutely doing everything right, could spell continued gains in XDCE’s future.

…and the Top 3 Cryptocurrency Losers

…and the Top 3 Cryptocurrency Losers

Unfortunately, not all altcoins were watching the crypto market through green-tinted glasses this week. These are three worst performing cryptocurrencies based on 7-day market activity and with a 24-hour volume of at least $750,000.

Octoin Coin (OCC)

Volume: $878,826
Loss: -28.96%

Octoin combines crypto trading, mining, p2p exchange, and multi-cryptocurrency wallet functionality into one easy to use platform. The platform’s token, OCC, has been steadily declining ever since peaking at an all-time high of $19.02 in mid-March, however, this past week saw a bit sharper of a decline than in previous weeks. Trading at $3.21 just one week ago, the price has dropped by nearly a third to $2.26 at press time.

As far as what factors could be influencing the price drop, there isn’t much out there that is concrete. The Octoin team are hyping the hell out their platform through a series of mini-conferences and meetups, but there is also a lot of speculation as to the legitimacy of the project. A quick search on Google turns up numerous ‘Octoin: Legit or Scam?’ type articles and their BitcoinTalk thread is rife with investor complaints as well.

Mind you, none of this has been proven, but if I were a betting woman, I’d bet against a recovery for Octoin.

Ormeus Coin (ORME)

Volume: $8,212,730
Loss: -27.56%

Ormeus Coin is a digital money system that is backed by a $250 million crypto mining operation that – according to a February press release – is one of the largest industrial crypto mining operations in the world.

Prices for ORME have been all over the map, ranging from a low of $0.56 in September of 2017 to an all-time high of $3.62 in December that same year. Presently, however, things look quite different. Last Sunday saw ORME trading at $2.58, followed by a blink-and-you’ll-miss-it spike to $3.38 ahead of Ormeus’ global launch party and subsequent Ormeus Cash airdrop. Since then, however, ORME has resumed its downward slide and currently sits at $1.90.

Considering that Ormeus’ crypto operation is reported to be pulling in $6.7 million per month, what gives with the poor token performance?

The decline could be FUD-related. There were allegations on Reddit about market manipulation, but nothing was proven. The more likely scenario, however, is that we’re looking at a selloff in the wake of last week’s airdrop.

Will it recover? Given the team’s active participation within the community and that the mining operation does appear to be legit, I can see this one going back up.

Dragon Coins (DRG)

Volume: $8,404,190
Loss: -26.80%

Dragon Coin (DRG) is the native cryptocurrency of the Dragon Platform, which connects VIP gamer with “junkets”, casino VIP rooms across the globe that host private games and have a system of transferring funds via junket agents.

DRG has slowly been declining since it first started trading in late March of this year and that downward trend appears to be continuing. At this time last week, DRG was trading at $0.975 and it just kept meandering downward to a price of around $0.704.

I honestly can’t pinpoint any one single reason for the decline. The Dragon Coin team seems to be doing everything right, so perhaps it is just post-launch malaise and/or whales dumping.

One of Dragon’s milestones is to launch their own branded junket in Macau. If that happens, I can absolutely see prices going back up to previous highs – and higher.

Do you think that these tokens will continue their current price trends? Let us know in the comments below!


Images courtesy of AdobeStock, iStockPhoto

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect those of Bitcoinist.com. Claims made in this article do not constitute investment advice and should not be taken as such.

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Úno 22

Bitcoin Price Under $10k As Big Resistance Triggers ‘A Few Days Of Bears’

· February 22, 2018 · 10:30 am

Bitcoin price dropped below $10,000 again Thursday as analysis warns traders to prepare for “FUD” from detractors.


$11,700 The Target To Beat

Data from Bitstamp showed a sudden $500 dip over three hours, taking Bitcoin from around $10,300 to current lows of $9677.

Having traded as high as $11,762 this week, markets appeared to encounter a lack of support closer to $12,000 Wednesday, creating a rapid drop and reversing gains which began around February 17.

“We’re seeing some weakness; this is not good,” analyst Tone Vays told viewers during a Bitcoin weekly chart performance analysis Thursday.

Others mirrored the sentiment behind a temporary fresh downturn, with the altcoin trader known on Twitter as Squeeze forecasting that “bears are likely to take over for a few days.”

Bitcoin’s turbulence continues to have a more profound effect on altcoin markets. A glance at the top 50 assets tracked by Coinmarketcap shows declines in line with Bitcoin but around 30% steeper in the past 24 hours.

Ripple, Bitcoin Cash, Litecoin and others in the top ten all lost around 13%.

Sore Losers Wait For Cashout

“This rebound took a lot of pressure off of BTC owners, but we will start running into overhead resistance,” Jani Ziedins of Cracked.Market meanwhile said in a research note quoted by MarketWatch.

“Many premature dip-buyers jumped in between $12k and $15k and we should expect many of those regretful owners to sell when they can get their money back. Their selling will slow the assent over the near-term.”

The lackluster performance of Bitcoin so far in 2018 has also served to temper the outlook for some of the community’s most ardent proponents.

Ronnie Moas, who led the charge of the bulls during the all-time highs in December 2017, most recently stated the likely finishing point for BTC/USD at the end of this year would now be around $28,000 – nonetheless a record high in itself.

What do you think about Bitcoin’s price dip? Let us know in the comments section below!


Images courtesy of Shutterstock, Twitter

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