Čvc 11

Ethereum Price Analysis – Plus NEO, EOS, ADA, XRP

As prominent economists sound the death knell for cryptocurrencies and technical analysts label the current events as part of the bottoming process, investors have one question in mind. Are cryptocurrencies nearly prepped for a turnaround or is this the next leg down in a 7-month bear market?


Market Overview

Cryptocurrencies continue to waver and fumble as a few prominent world economists forecast that governments will regulate bitcoin to death. Meanwhile, other experts predict that bitcoin will become a mainstream means of payment within the next decade. To date, droves of cryptocurrency investors are still wondering exactly where the much-hyped institutional investors are and, while positive weekly developments demonstrate that the platform for institutional investors is being constructed, these events appear to be having minimal impact on cryptocurrency prices.

In other news, the Bancor hack and failure of Bitcoin to stay above $6,750 appears to be dragging the entire cryptocurrency market to new lows, yet analysts and retail investors have spent the start of the week labeling the current technical setup as the bottoming for most cryptocurrencies.

Let’s have a look at the charts to see what’s happening.

ETH

Ethereum (ETH) price chart

After two days of trading outside the descending channel, ETH managed to pop above $500 for the first time in more than two weeks. Unfortunately, the Bancor hack and Bitcoin pullback appear to have directly impacted ETH’s momentum as it dropped below the 20 and 50-day MA and back into the descending channel.

At the time of this writing, ETH is down 10% and the daily chart shows the Stoch sharply descending from nearly overbought territory whereas the RSI dips into the bearish zone at 38. ETH now trades below the $450 support and could drop as low as the $400 – $420 area which was a June low. Below this point, ETH has support at $380 and $360.

NEO

NEO Price Chart

After pulling back from an impressive 20%+ rally last week, NEO now rests on the 20-day MA at $34.25 and the RSI on the 4hr chart shows the cryptocurrency attempting a turn around at 32 which has proven to be a zone where this particular altcoin stages a reversal.

Over the last few days, NEO has done the tango with the 50% Fib retracement level ($41 – $36.33) and the technical setup suggests a further decline in the near term. $33.66 serves as the most immediate support and at press time, NEO is holding above the 20-MA as interest in NEO appears to be increasing.

EOS

EOS price chart

EOS has taken quite a hit, down 13.18% at $7.39. EOS trades far below the 20 and 50-MA and currently rests on the $7.37 support followed by a softer support at $7. Failure to hold above $7 could see EOS drop as low as $4 where buyers are likely to show strong interest.

At the time of this writing, the RSI dips into the oversold region, and the Stoch had turned downwards with plenty of room to go which suggests further selling. In the event of a price reversal, EOS will encounter strong resistance at $9 where it previously struggled to overcome the descending trendline.

ADA

ADA price chart

Following the direction of other altcoins, Cardano (ADA) is also down 9.42% today and currently trades at $0.129 which is below the $0.1350 support. The closest support after this is $0.1253. The 4-hour chart shows both the Stoch and RSI beginning to reverse to possibly rise from oversold territory as ADA has aroused purchasing interest below $0.13. As Bitcoin continues to fall, ADA could drop as far as $0.11 which would be a good point to open a position as ADA should recover to the $0.15 resistance with ease once the current clouds clear up.

XRP

At the moment, XRP is suffering as it has finally fallen below the all-important $0.45 support and is down 5.90% for the day. Both the 20 and 50-day MA are below the 100 MA suggesting further decline as the most likely outcome. Yesterday’s drop from $0.48 pushed XRP below the 61.8% Fib retracement level, along with the $0.47 support and the cryptocurrency closed below the 100-day MA.

At the moment, both the RSI and Stoch are in bearish territory and for the time being, we do not see any entry points that provide an attractive risk-reward scenario as XRP has failed to attract buying interest even below $0.45.

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

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


Images courtesy of ShutterStock, Tradingview.com

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Úno 25

NEO vs. Bitcoin – Key Similarities & Differences

· February 25, 2018 · 9:00 am

NEO and bitcoin are two cryptocurrencies which have risen to prominence since their inceptions. These coins possess some similarities, however, they also possess a number of important differences. Here is a closer look at the key similarities and differences between NEO and bitcoin.


Similarities

Popularity – Both NEO and Bitcoin are extremely popular. That is why both coins are in the top ten coins by overall market cap as of February 12th, 2018. NEO and bitcoin are joined in the top ten coins by ethereum, ripple, bitcoin cash, cardano, litecoin, stellar, eos, and iota. All of the coins in the top ten have developed strong support from cryptocurrency users.

Exponential growth – NEO and bitcoin have both seen periods of exponential growth. 2017, in particular, was a year that was tremendous growth for both cryptocurrencies. In 2017, bitcoin rose from having a price of around $1,000 per coin to having a price of almost $20,000 per coin in December 2017. NEO rose from having a price of just a few cents in 2017 to having a price of over $100 by the start of 2018. 2017 was a very strong year for both coins, and in fact, both NEO and bitcoin were some of the best investments that anyone could have made in 2017.

Limited quantity – There are only a certain amount of coins for both the NEO and bitcoin cryptocurrencies. For NEO, the limit is 100 million coins. For bitcoin, the limit is 21 million coins. So, there is a finite amount of both coins. This means that if more people become interested in cryptocurrencies, this scarcity could drive up the price for both coins significantly higher than their prices already are in early 2018.

Differences

Age – Although the entire cryptocurrency industry is new, bitcoin is significantly older than NEO, relatively speaking. Bitcoin was created in 2009, whereas NEO was created in 2014. Because of the fact that bitcoin was created five years before NEO was, it had a five-year head start over NEO and many other cryptocurrencies. This helped it benefit from the first-mover advantage, and to gain market share before many competitors even existed.

Overall market cap size – Despite the fact that both cryptocurrencies are in the top 10 for overall market cap size, bitcoin’s market cap is much larger than NEO’s. As of February 12th, 2018, the market cap for bitcoin is $149,160,858,393. The market cap for NEO on the same date is $7,318,805,000. This is a difference of more than $140 billion.

Creators – The creators of NEO are known. NEO was created by two Chinese developers: DA Hongfei and Erik Zhang. The creator of bitcoin is a complete mystery. This is because the person (or group of people) who created bitcoin used an alias. This alias is Satoshi Nakamoto. There have been many guesses as to who Satoshi Nakamoto might be. Some people speculated that it was Elon Musk, founder of Tesla, PayPal, and other major corporations. However, Musk has denied these claims, and the mystery of bitcoin’s creator lives on.

Function – Since 2009, when it was created, bitcoin has slowly become positioned as a long-term store of value, and a type of “digital gold.” It is the king of cryptocurrencies and it is the mark by which many other cryptocurrencies are judged. NEO, on the other hand, is designed to be both a cryptocurrency and as a platform for facilitating smart contracts and decentralized apps, or DApps. Technically, smart contracts can be facilitated with bitcoin, however, bitcoin is not known as the go-to platform for such contracts. NEO and ethereum have taken this role primarily.

Conclusion

NEO and bitcoin are similar in that they are both popular, have experienced exponential growth at times, and have a limited quantity. They are different in terms of age, overall market cap size, creators, and function. However, despite their differences, both NEO and bitcoin saw tremendous gains in 2017, and could potentially see them again in 2018.

If you are interested in investing in or trading NEO, bitcoin, or other cryptocurrencies, you can do so on the eToro platform. Etoro is the world’s social trading network. With eToro, you can not only invest in and trade cryptocurrencies, but you can also copy the moves of top traders. This can be extremely beneficial.

What is your outlook for NEO vs. Bitcoin? Let us know in the comments below!


Images courtesy of eToro, Shutterstock

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Čvn 19

Blockchain as the Matrix: Are We Entering a Virtual Life?

Source: bitcoin

The Matrix

“This is your last chance. After this, there is no turning back. You take the blue pill — the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes.” –Morpheus, The Matrix

Also read: Symantec Report Indicates End of Locky Ransomware Threat

Recently, supreme technologist Elon Musk proclaimed his belief that “The odds that we’re in base reality is one in billions.” Skeptics worldwide broke down in grotesque inspection of this claim, as the possibility of living within a grandiose video game challenges society’s collective ability to cope with the deepest questions in life.

Technology today is accelerating towards altering our very existence. Artificial intelligence, deep space exploration, attempts to extend one’s consciousness onto a computer, and advanced robotics puts immense pressure on our economic systems, communities, and lifestyles to adjust to disruption accordingly.

What in the 1990’s simply looked like basic Nintendo video games, fine-grained TVs, and monolithic personal computers has morphed into a rather spooky postmodernist dental dam. Science fiction, quite simply, is finally coming to life.

Delving into our murky, robotic future, The Wachowskis renowned film “The Matrix” features a computer-simulated reality of the universe where agents, code creatures, and mere humans alike dwell. The world itself folded, and software had literally eaten the world in a twisted technological dystopia. Which year the film allegedly occurred in can be thought of as a technological arrival and conflict facing humanity more than a year arbitrarily placed on the calendar timeline humanity created. Within the movie, the participants of this network who awakened had to choose whether or not they wanted to believe a computer god had been their creator.

If the universe itself is really a computer simulation, as both “The Matrix” and Mr. Musk assert, then what is the end goal of our own technological advancement in 2016? Perhaps the most disruptive technologies today are hoarding people like sheep towards manifesting “The Matrix” into reality, our own reality or at least a never-ending attempt towards answering this question.

Blockchain, A Real-Life Matrix?

Among the leaders in the most impactful emerging technologies is the recent advent of blockchain technology, which some claim is the most influential innovation since the Gutenberg Press.

A culmination of 40+ years of research in computer science, blockchains enable strong encryption and independent transactions to exist on a fully decentralized, global network of independent nodes that are community owned and monitored. The blockchain is a perpetual stream pulling the world towards automation of all data tracking and securitization processes, an absurdist Hail Mary to get rid of paper files and paper cash.

Traditionally, every time you use services such as Facebook or Snapchat, they own all of your data that you generate on their platform. Blockchains represent a fundamental shift in the Internet’s paradigms for information stewardship. Now, as smart contracting, DAOs, and functional programmatic distributed storage and identity verification emerge, the technological breakthrough that is the blockchain is continues its ascent. What will blockchains have amounted to as they advance over the next 5, 10, 20, 50, or 100 years?

As traditional players such as Governments, banks, professional services firms, and healthcare providers enter the blockchain space, it is important to ask what the intentions of these groups are. Have incumbent institutions thought deeply through the implications of funding and spearheading advancement of cryptographically sound, distributed Internet protocols that can prove owners to prove digital ownership, enforce contract law, and facilitate trade between disparate parties? Recent hype and fear driven interest in blockchain technology signals that the aforementioned traditional institutions are, quite simply, taking the Blue Pill.

Like “The Matrix,” blockchains themselves have a logical end-point which is mirrored in the way that our perceptions of time and reality themselves function. It is not a coincidence that “Blockchain as reality confirmation” or “the universe is a blockchain” are phrases within the Bitcoin community. This parallelism can be thought of as follows:

Each morning, the sun rises. Events in your life happen, and then are forever frozen within time. There is no altering what has happened in the past and shall now sit as had occurred forever. Our memories of the past are abstractions, words to describe events that are immutable. No matter how hard we may have wanted something to turn out differently, it can’t change. The memories that are ours are ours, and our position within the network among other people is constant throughout our lives.

Blockchains are oddly similar, in that data written to a blockchain is also frozen its own chronology. Just as the entire universe can be perceived as an omnipresent recording of everything that has happened, scarce space on a blockchain (which is what Bitcoin represents) is fascinating because it too is simply data. Like our perceptions of reality itself, the “inherent value” of Bitcoin is based upon a social agreement that labels that piece of data as undertaking meaning, or being “real”. Moreover, just as the universe itself is a collection of matter, anti-matter, and a multitude of states of energy, the inherent value of space within a blockchain for people trying to simply live life day-to-day can be thought of as a form of ‘money as virtual energy’.

Virtual reality already gleefully tricks our brains into recursively thinking that the images behind that glass screen are real. Now, imagine what the world would look like if everyone was hypnotized in VR headset, while thousands of unique blokchchains automated the entire planet’s data tracking, data securitization, data transaction, and money transaction approval needs?

Our world is trending towards a Matrix-like state, and blockchains are acting as a lubricant fuel down an admittedly slippery slope. The internet of things, RFID tags, robotics, augmented reality gaming, and increasingly smooth integration into smart-phone applications will increase our collective reliance on blockchain technology as a backbone storage layer for the internet. Advancement here is accelerating, as projects such as Ethereum, TheDAO, Hyperledger, Ripple, Steemit, and Synereo all demonstrate the growing set of offerings in the blockchain buffet.

Through automating data storage and building within this programmatic infrastructure, we are creating a functional, immensely computationally powerful, decision making platform and digital toolkit for automating nearly any other traditional job function, decision or management procedure that required tracking data, from logistics to accounting to email and social media oversight. As blockchain is combined with artificial intelligence, machine learning, and potentially even quantum computing, it becomes gradually clear that Blockchain truly could be an ancient version of Skynet.

“Arguably we should hope that that’s true, because if civilization stops advancing, that may be due to some calamitous event that erases civilization,” Musk said. “So maybe we should be hopeful this is a simulation, because otherwise we are going to create simulations indistinguishable from reality or civilization ceases to exist. We’re unlikely to go into some multimillion-year stasis,” Mr. Musk remarked.

If blockchains really are this strong, secure, powerful, and even potentially scalable, as the lead blockchain developers have been promising since the release of Bitcoin, then we may be living in “The Matrix” already, without even knowing it.

Perhaps the rise of blockchain technology is a self-awakening towards this reality. Maybe it’s already too late, but that’s collectively up to us to decide.

What do you think of the Blockchain as “The Matrix” analogy? What are the long term technological end-point of this movement? Share your thoughts below!


Images courtesy of “The Matrix.”

The post Blockchain as the Matrix: Are We Entering a Virtual Life? appeared first on Bitcoinist.net.

Blockchain as the Matrix: Are We Entering a Virtual Life?

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