Bitcoin Shopping May be Closer than We Think

CoinSpeaker

Bitcoin Shopping May be Closer than We Think

Baran Giresunluoglu, professional investor and stock trader, shares his clues to Bitcoin shopping, which he thinks could be even closer than we think.

Bitcoin Shopping May be Closer than We Think

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Source: CoinSpeaker

Bitcoin Price Analysis: BTC/USD’s 2018 Decline Is Far From Over

Bitcoin price extended declines and traded to new lows below $4,550 against the US Dollar. BTC/USD is currently under pressure below $5,000 and the decrease in Bitcoin Hash Rate could ignite more losses.
Important Points:

Bitcoin price tumbled below the $5,060 and $4,860 support levels.
BTC/USD is currently following a major bearish trend line with resistance at $4,700 on the 2-hours chart.
Bitcoin’s Hash Rate dropped more than 12% recently, adding fuel to the fire.

Bitcoin Price Analysis
After a drop below the $5,060 support, bitcoin price found a decent buying interest near the $4,860 level against the US Dollar. BTC/USD corrected a few points, but it failed to hold gains and declined below the key $4,860 support.
The 2-hour chart indicates that the price dropped heavily below the $5,060 and $4,860 support levels. It even declined below the $4,550 support and traded to a new multi-month low around the $4,400 level.
Chart Source by TradingView
The RSI on the 2-hour chart has reached the 10 level, suggesting that the price is facing a solid selling interest below $4,860. However, there are chances of a short-term bounce from the recent low of $4,407.
An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $5,751 high to $4,407 low. Moreover, there is a major bearish trend line in place with resistance at $4,700 on the same chart to act as a barrier for buyers.
If there is a break above the trend line and $4,700, the price could test the previous support at $4,860, which is likely to act as a crucial resistance. Above $4,860, the main resistance is near $5,060 and the 50% Fib retracement level of the recent decline from the $5,751 high to $4,407 low.
Therefore, if there is an upside recovery, the price could face a lot of hurdles near $4,700, $4,860 and $5,060. On the downside, the recent low at $4,407 is a short-term support. If there is a break below $4,400, then bitcoin price will most likely nosedive towards the $4,000 handle in the near term.
Adding fuel to the fire, if Hash Rate continues to plunge, it could increase bearish pressure on bitcoin considering miners might be forced to turn off rigs or switch to a different network to avoid losses.
The post Bitcoin Price Analysis: BTC/USD’s 2018 Decline Is Far From Over appeared first on Coingape.
Source: CoinGape

EOS, Tron [TRX] cumulatively contribute 82% of all cryptocurrency transactions

Despite a bearish and sideways market, cryptocurrency transactions seem to be on the verge of reaching the previous all-time high. As per the data obtained from Blockchain center, the total on-chain transactions for all cryptocurrencies exceeded 522.119 million and the total number of active users for these transactions add up to 1.357 million.
Source: Blockchain Center
EOS has the most number of transactions as compared to any other cryptocurrencies, even exceeding that of Ethereum [ETH] and Tron [TRX]. The total transactions of EOS as of today is approximately 350.30 million. These transactions are coming from a total of 41,457 active addresses.
The transactions on EOS network peaked at 468.08 million in the second week of August 2018 and has since declined to 350 million. When compared to the big picture, EOS’ transactions are coming from a mere ~3% of the total active users.
Source: Blockchain Center
Tron follows EOS and has ~78.543 million transactions, which is the highest number of on-chain transactions that Tron blockchain has ever witnessed. As compared to EOS, the total number of active addresses for Tron are almost halved, i.e, 21,211.
Source: Blockchain Center
 
Bitcoin’s total transactions in the year 2018 peaked at 24.25 million in the second week of January 2018 and are currently hovering at 17.08 million, but Bitcoin’s total active addresses far exceed that of EOS’ or Tron’s, coming up to 681,779.
Source: Blockchain Center
Ethereum has a total of 33.27 million transactions as of November 11, which is contributed by a total of 247,671 active addresses. Ethereum’s on-chain transactions peaked at 71.48 million in the second week of January 2018 and have since declined.
Source: Blockchain Center
XRP’s transactions have come down to 17.99 million transactions, which are one-quarter of XRP’s peak number of transactions i.e., 72.05 million. The total active addresses as of today add up to 6,924.
Source: Blockchain Center
In conclusion, Tron and EOS together have about 4.5% of the total number of active addresses, while still contributing 82% of all the cryptocurrency transactions.
Bitcoin and Ethereum together contribute a mere ~9.5% of the total transactions but have a cumulative active address contribution of ~68%. EOS contributes up to 67% of the total number of transactions on the blockchain while Tron contributes to 15% of the total transactions. To sum it all up, EOS and TRX control 82% of all the transactions which come from only 4.5% active addresses.
A Reddit user tsMQ commented:
“If only 3% of active addresses is making that many transactions imagine when we hit 10% maybe 15% we will be blowing them out of the water for transactions per 24 hours and usage per user which is what we want, users using their coins/resources not just bag holding and watching the price drop.”
The post EOS, Tron [TRX] cumulatively contribute 82% of all cryptocurrency transactions appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Price Falls Further Hitting $5160, Next Range May be Even Less

CoinSpeaker

Bitcoin Price Falls Further Hitting $5160, Next Range May be Even Less

Bitcoin is continuing its way to the bottom having reached a new lowest mark since October 18, 2017. It is believed that it will fall further.

Bitcoin Price Falls Further Hitting $5160, Next Range May be Even Less

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Source: CoinSpeaker

Bitcoin Price Analysis: New Lows In BTC/USD After Support Break

Bitcoin price declined further below the $5,560 support level against the US Dollar. BTC/USD traded to a new yearly low at $5,254 and it remains at a risk of more declines.
Important Points:

Bitcoin price declined sharply below the $5,560 and $5,420 support levels.
BTC/USD failed to clear a connecting bearish trend line with resistance at $5,700 on the 2-hours chart.
BTC might correct a few points, but later it could decline below $5,250 in the short term.

Bitcoin Price Analysis
After a major drop towards the $5,550 level, bitcoin price started consolidating losses against the US Dollar. BTC/USD corrected a few points above the $5,650 level, but it failed to gain bullish momentum.
The 2-hour chart indicates that the price traded towards the $5,750 resistance where sellers emerged. There was no proper close above the $5,750 level and the price remained well below the 100 simple moving average (2-hours).
Chart sourced by TradingView, Bitstamp
More importantly, the price failed to clear a connecting bearish trend line with resistance at $5,700 on the same chart. As a result, there was a fresh decline below the $5,560 swing low and the $5,420 support area.
The decline was such that the price even broke the $5,300 support and traded close to the $5,250 support. A new yearly low was formed at $5,254 and the price is currently consolidating losses.
An initial resistance is the 23.6% Fib retracement level of the last decline from the $5,751 high to $5,251 low. However, the most important resistance for buyers is near the $5,560 level, which was a support earlier and now it could prevent gains.
Besides, the 50% Fib retracement level of the last decline from the $5,751 high to $5,251 low is near $5,502. Therefore, any major upside correction from the current levels will most likely face sellers near the $5,500 and $5,560 levels.
On the other hand, if the price continues to move down, it may soon break the $5,250 support. The next major support for bitcoin buyers is near the $5,120 level, below which the price could test $5,050.
The post Bitcoin Price Analysis: New Lows In BTC/USD After Support Break appeared first on Coingape.
Source: CoinGape

Sorry Bitcoin, but Ripple’s XRP Сan Become Number 1 by Market Capitalization

CoinSpeaker

Sorry Bitcoin, but Ripple’s XRP Сan Become Number 1 by Market Capitalization

After last week’s sell-off the bitcoin price found support at around $5,500 but that has now eroded, with bitcoin falling some 3% over the last 24 hours to under $5,340—its lowest price since October last year. Is it a turn for XRP to become the first now?

Sorry Bitcoin, but Ripple’s XRP Сan Become Number 1 by Market Capitalization

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Source: CoinSpeaker

Bitcoin Touches $5,280 as Crypto Market Loses another $10 Billion, Dollar & Stock Market Feeling Heat Too

Bitcoin has dropped by 4.45% to $5,342 and crypto market losses more than $10 billion as altcoins fall further. Meanwhile, the traditional market is in a precarious situation as 2018 proves to be a rough year for the global market as well.
Blood in the Crypto Street
At the time of writing, Bitcoin has been trading at $5,342 with a loss of 4.45 percent. The leading cryptocurrency with a market cap of $98 billion dropped down to $5,289 level. As Bitcoin took a hit, altcoins dropped further and total market cap slid down to $174 billion.

The top cryptocurrencies are down between 5 to 12 percent range. With over 17 percent losses, Maker (MKR) is losing the highest while Factom (FCT) is up by 32 percent.

The bear market is expected to spill even more blood as experts and technical indicators call for more losses. Meanwhile, Binance CEO, Changpeng Zhao shared an encouraging Tweet,

been through this many times already. Secret of success? Keep your head down and build.
— CZ Binance (@cz_binance) November 19, 2018

Mati Greenspan, senior analyst at eToro took to Twitter to share the positive sentiment as he said “Definitely a buyer’s market,” and further shared eToro’s clients’ position at this point,

Clients @etoro have used this crypto price drop to increase their BTC stacks.
The red circle shows a small yet clear uptick in client holdings since November 14th. pic.twitter.com/pw51UjZU2X
— Mati Greenspan (@MatiGreenspan) November 19, 2018

Global Markets & Dollar Wary as well
2018 hasn’t been a rough ride for the crypto market only, financial markets suffered just as bad. The global bond and equity market have shrunk about $5 trillion. And this has been the biggest shrinkage since 2008’s financial crisis. Additionally, the FTSE-All World stock market index lost 5 percent in 2018 resulting in the loss of $3.6 trillion market cap.
This has led to an increase in the interest rates resulting in losses by almost every major asset class this year. Vinay Pande, the global head of trading strategies at UBS Wealth Management says, “Markets will be nervous when we move from one environment to something new.”
The recent corrections going on in the markets according to Goldman Sachs’s chief global equity strategist Peter Oppenheimer:
“If we benchmark the way equities have moved against macro variables, we think they have now overshot the current slowdown and are implying a much further slowdown from here overshot on the downside.”
He further said, “We have low returns across all markets as we expect profit to slow and valuations no longer to rise. Most of our forecasts are implied by single digit earnings growth.”
However, after US President Donald Trump said further tariffs on Chinese goods won’t be imposed, Dow futures, S&P, and Nasdaq are showing positive openings.
When it comes to the dollar, after last week’s biggest weekly drop in about two months, the dollar was steady. Jane Foley, head of FX strategy at Rabobank based in London said, “Dovish Fed comments on Friday gave some encouragement to investors to take profits on dollar positions which have risen in recent weeks.”
While newly appointed chair of Fed, Richard Clarida cautions for a slowdown in global growth and Robert Kaplan, Federal Reserve Bank of Dallas President said he is seeing a slowdown in the growth in China and Europe as well.
As for gold, its prices edged lower after rising for four sessions consecutively and spot gold is also down by about 0.1 percent.
The post Bitcoin Touches $5,280 as Crypto Market Loses another $10 Billion, Dollar & Stock Market Feeling Heat Too appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: BTC/USD Trends of November 19–25, 2018

CoinSpeaker

Bitcoin Price Analysis: BTC/USD Trends of November 19–25, 2018

In case the bears were able to break down side the accumulation territory of $5,419 the Bitcoin price will have its low at $5,336. If the accumulation territory of $5,419 holds the bulls may take over the market.

Bitcoin Price Analysis: BTC/USD Trends of November 19–25, 2018

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Source: CoinSpeaker

Crypto Exchange Binance can Make Ripple’s XRP Its Base Currency

CoinSpeaker

Crypto Exchange Binance can Make Ripple’s XRP Its Base Currency

Binance CEO Changpeng “CZ” Zhao took to Twitter on Sunday to send out a message to the XRP community regarding their constant talking of XRP as a base currency for the leading crypto exchange.

Crypto Exchange Binance can Make Ripple’s XRP Its Base Currency

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Source: CoinSpeaker

Bitcoin Price Watch: BTC Targets Fresh Lows Below $5,200, Market Gloomy

Key Points

Bitcoin price is currently under pressure below the $5,500 resistance level against the US Dollar.
There was a break below a key bullish trend line with support at $5,530 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is declining and it seems like it could break the $5,230 and $5,200 support levels.

Bitcoin price is moving lower towards the last low against the US Dollar. BTC/USD could accelerate declines below if there is a break below the $5,200 support.
Bitcoin Price Analysis
The past few hours were pretty bearish because bitcoin price was rejected near $5,600 against the US Dollar. The BTC/USD pair started a fresh decline and traded below the $5,550 and $5,500 support levels. There was even a break below the $5,400 support and the 100 hourly simple moving average. It opened the doors for more losses towards the $5,230 and $5,200 levels.
During the slide, there was a break below a key bullish trend line with support at $5,530 on the hourly chart of the BTC/USD pair. Later, the price traded below the $5,350 support and the 1.236 Fib extension level of the recent wave from the $5,414 low to $5,700 swing high. The current price action is super bearish and it seems like the price could even break the $5,206 low. An immediate support is $5,230 and the 1.618 Fib extension level of the recent wave from the $5,414 low to $5,700 swing high. If there are more losses, the price could even trade below the $5,200 support.

Looking at the chart, bitcoin price is at a risk of a downside break below the $5,200 and $5,150 levels. There are even chances of a test of the $5,000 handle in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is well below the 30 level.
Major Support Level – $5,200
Major Resistance Level – $5,500
The post Bitcoin Price Watch: BTC Targets Fresh Lows Below $5,200, Market Gloomy appeared first on NewsBTC.
Source: New feedNewsBTC.com

Ripple Remains Strong Up 10% on The Month, Can it Decouple and Catch Bitcoin?

There have been few survivors from last week’s crypto rout which saw almost $30 billion wiped off the markets in a couple of days. Bitcoin for one has taken a beating this time and has settled at a new price range indicating that a recovery could be a long way off. XRP on the other hand has weathered the digital storm and emerged on top, well on top of Ethereum at least.
Solid Performance Over The Past Month
Ripple constantly claims that XRP has nothing to do with the company but the simple fact is that it does. What happens to Ripple will affect XRP, and with over half the supply locked away by the company, it is still holding all of the strings. Positive developments for both the firm and its token have made XRP one of the few cryptocurrencies to make a gain over the past month. It has made over 10% in the last thirty days while Bitcoin and Ethereum have nosedived 14 and 16 percent respectively.
These gains have pushed XRP above $20 billion market capitalization and into second place as Ethereum continues to slide. The crypto twitter-sphere is awash with talk of a ‘flippening’ today as the notion of XRP catching Bitcoin becomes more valid. It still has a long way to go however with a market cap gap of over $75 billion and many observers are commenting in jest.

The higher $XRP climbs the more I am certain it will flip $BTC in 2019.
Very obvious this will be our new crypto standard.
Hard to accept for many but so was bitcoin back in 2010
— 𝕭𝖎𝖙𝖑𝖔𝖗𝖉 55 (@Crypto_Bitlord) November 18, 2018

CNBC’s crypto-trader host Ran NeuNer highlighted that the recent hash wars between Bitcoin Cash clans has done nothing to bolster the crypto ecosystem or its communities;

These hash wars highlight why everyone should dump BTC and BCH and just put all their money into XRP!
— Ran NeuNer (@cryptomanran) November 17, 2018

Other memes have included pictures of the Grim Reaper coming for Bitcoin. Even Craig Wright of the ‘faketoshi’ tribe chimed in tweeting “For XRP not to be a security, it will need to be a real utility offer. IF something is exchanged with expectations of profit, it is not a utility token. XRP is a tradable good that is sold under the expectation of profit. That in itself makes it a security.” If the US SEC agrees with this, XRP hodlers could be dumped en masse.
Decoupling In Motion?
For XRP to truly be propelled though, it needs to be decoupled from Bitcoin which has driven the state of crypto markets since they began. The only way to do this would be for more exchanges to offer trading pairs in XRP in addition to BTC, ETH and stablecoins. Weiss Ratings tweeted that BTC should not dictate the outcome of every single project in the industry;

What's it gonna take for #XRP to decouple from #BTC? Simple: XRP-based trading pairs. The sooner we add more diversity to the crypto space, the safer we'll all be. #Bitcoin shouldn't dictate the outcome of every single project in this industry. #Binance, are you listening?
— Weiss Ratings (@WeissRatings) November 16, 2018

Binance boss, CZ, meanwhile has also responded, talking about the growing requests for XRP base pairs;

The xrp base shill is strong. Let's get it out of your system, and put all your shills under this one tweet, and let's see how much we get. https://t.co/usiISCtuSj
— CZ Binance (@cz_binance) November 18, 2018

At the time of writing during the Asian trading session XRP was trading at $0.50, down less than a percent on the day, but more significantly Bitcoin and Ethereum were dropping even further.
 
Image from Shutterstock
The post Ripple Remains Strong Up 10% on The Month, Can it Decouple and Catch Bitcoin? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Lightning Network Growth Exploding, Fast Reaching $2 Million BTC Capacity

While Bitcoin prices are down about 72 percent from its peak, Lightning Network is making records as its capacity increases by nearly 200% coming really close to touching $2 Million BTC (333.50 BTC).
Lightning Network Capacity Rises about 200%
Lightning Network is growing at a solid pace as it sees a rise of 197 percent in its capacity close to reaching $2 million BTC at $1,808,407. With a network capacity of 333.50 BTC (at the time of writing) it has grown exponentially in just a month.
As per the data available on 1ML, the number of nodes is registering at 4,100 seeing a boost of about 8 percent. Whereas, the number of channels currently running is 11,416. However, due to the decentralized nature of the Lightning Network, the statistics covered are approximations.

Introduced about a year and a half ago, Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. It started to see a substantial surge in its nodes and capacity only about four months back.
Working on the scalability aspect of the bitcoin, this second layer off chain scalability creates a secure network of participants which are able to transact at high volume and high speed through bidirectional payment channels and having blockchain as arbiter.
This has the crypto community excited to see the development going on in the space despite Bitcoin prices taking a hit and dropping 72 percent from its peak at $5,445 (at press time).
One Bitcoin enthusiast shared,

The #LightningNetwork is exploding. Transfer #bitcoin instantly and anonymously for 1 satoshi per tx. 🤔
Pay less attention to the price and more attention to development. 👍🚀⚡
Channels: 15,300+
Capacity: 338 BTC ( $1.9M USD )
PS: Buy Bitcoin! pic.twitter.com/lEfzYQHjnG
— Conan O’Bitcoin (@ConanOBitcoin) November 18, 2018

Recently, Alex Bosworth, Lightning Infrastructure Lead at lightning and CEO of yalls.org shared Lightning Network upgrades in the works on Twitter,

Tons of great Lightning Network upgrades in the works:
– Active cross-hop route pinging to improve wallet sending success rates
– Dual-funding options and liquidity markets to solve inbound capacity limits
– Hidden channel transactions using ECDSA signature aggregation
Lots more
— Alex Bosworth ☇ (@alexbosworth) November 12, 2018

There is a lot of work and development going on Lightning Network as a Bitcoin supporter and software developer, Francisco Calderón shared a script to rebalance your own Lightning Network channel,

I’ve been working on a simple script to rebalance your own #LightningNetwork channels, spoiler alert: it works!
this is not for mainnet yet, but you can use it, create issues, PRs, take a look on my github https://t.co/KukRUu7V1k pic.twitter.com/w0CEmij1FX
— Francisco Calderón ⚡ (@negrunch) November 16, 2018

The post Lightning Network Growth Exploding, Fast Reaching $2 Million BTC Capacity appeared first on Coingape.
Source: CoinGape

Bitcoin Cash ABC’s hash burst was rented from Bitcoin [BTC] network, says nChain’s CEO

Jimmy Nguyen, the CEO of nChain, recently spoke about the truth and consequences of Bitcoin Cash [BCH] hash war between the miners voting between Bitcoin Cash SV and Bitcoin Cash ABC. He began the talk by stating that the hash burst which took place in the network from Bitcoin Cash ABC’s side was rented or subsidized from the BTC network.
This, according to him, was done ‘in order to artificially boost the support for Bitcoin Cash ABC far higher than it had ever been in the days and weeks leading up to the hard fork’.
Jimmy further explained why nChain did not bring more hash to support Bitcoin Cash SV. Though the team had access to thousands of petahash worth of support for Bitcoin Cash SV, they decided not to go with it to avoid the consequences it would have in the future for the Bitcoin Cash community.
According to him, it is hypocrisy to move hash for a day or two from the rival network that most of the community do not like, and use that to claim victory. Jimmy said:
“The whole reason that such hash was available on the BTC network to move onto BCH is because the people who should have fought Bitcoin Core did not, and splintered off to create the Bitcoin Cash network, and allowed BTC to continue on. That’s perfectly fine. But now they’re borrowing hash, renting it, subsidizing it from the very network they so vehemently oppose many of them to try and claim a victory on the BCH network.”
It is important to think about the governing model when there are disagreements. When the Nakamoto Consensus was written in the Bitcoin whitepaper, there was supposed to be only one Bitcoin network. Bitcoin Network has its magic in its economic incentives. Currently, the Nakamoto Consensus is being tested for the first time, he added.
Jimmy said:
“Satoshi Nakamoto could not have envisioned, at the time the white paper was written, that there was going to be some splintered-off network using the same hash algorithm. And with the idea of one CPU equals one vote, or miner hash power equals the vote, it was designed.”
He also said:
“I’m sure most logical people can agree with it to recognize that the people who have an ongoing continuous invested interest in the network are the ones that should vote on a rule set.”
The ABC supporters have been very quick to declare that they are the winners in this hash was by moving BTC hash by Bitmain and other sources. However, nChain’s Craig Wright and Coingeek’s Calvin Ayre is taking an alternate path to achieve genuine and legitimate sustained hash that supports the network, said Jimmy Nguyen.
He added:
“And that is why, if you notice, over the days leading up to the hard fork., the CoinGeek, SVPool, and BMG pools started gradually increasing the hash they were devoting to the network.”
The post Bitcoin Cash ABC’s hash burst was rented from Bitcoin [BTC] network, says nChain’s CEO appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Price Weekly Analysis: Sell Rallies In BTC/USD Near $5,880

Key Points

Bitcoin price declined heavily and traded close to the $5,200 support level against the US Dollar.
There is a short term consolidation pattern formed with resistance at $5,550 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher towards $5,750 or $5,880, but upsides are likely to be contained.

Bitcoin price settled below key supports against the US Dollar. BTC/USD may recover in the short term, but sellers remain in control around $5,880.
Bitcoin Price Analysis
This past week, we saw a nasty decline from the $6,300 swing high in bitcoin price against the US Dollar. The BTC/USD pair collapsed below the $6,000 and $5,800 support levels to enter a bearish zone. The price even settled below the $5,800 level and the 100 simple moving average (4-hours). It traded close to the $5,200 level and formed a new yearly low at $5,206. Later, the price started an upside correction and recovered above the $5,400 and $5,500 levels.
Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $6,304 high to $5,206 low. However, the $5,550 and $5,600 levels are currently acting as hurdles. Moreover, there is a short term consolidation pattern formed with resistance at $5,550 on the 4-hours chart of the BTC/USD pair. It seems like the price may break the $5,550 and $5,600 resistances to extend the current recovery. However, there are many barriers on the upside near $5,750 and $5,880. Besides, the 61.8% Fib retracement level of the recent decline from the $6,304 high to $5,206 low is at $5,880 to act as a solid hurdle.

Looking at the chart, BTC price may correct higher towards $5,750 or $5,880, but it is likely to face a strong selling interest.
Looking at the technical indicators:
4-hours MACD – The MACD for BTC/USD is back in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently recovering above the 30 level.
Major Support Level – $5,200
Major Resistance Level – $5,880
The post Bitcoin Price Weekly Analysis: Sell Rallies In BTC/USD Near $5,880 appeared first on NewsBTC.
Source: New feedNewsBTC.com

Tom Lee’s Big Bitcoin Price Prediction Dropped to $15,000

Fundstrat’s Tom Lee, often referred to as the ‘crypto bull’, has revised his end of year Bitcoin price prediction from $25,000 down to $15,000, which is still pretty optimistic looking at the state of things today.
Bitcoin at $15k By Year End
Speaking to CNBC the co-founder of Fundstrat Global Advisors said that the key issue was Bitcoin’s ‘break-even point’, a level where mining costs match the trading price. For Bitmain’s flagship S9 Antminer the level is down to $7,000 from an earlier estimate of $8,000 according to analysts.
Lee’s prediction is that Bitcoin should be at around 2.2 times the new break-even price of $7,000 which puts it at just over $15,000. This week has been one of the worse for Bitcoin and cryptocurrencies in 2018. BTC fell to a new yearly low of just below $5,400 on Thursday and has failed to rebound much from there. At the time of writing it is trading at $5,540, almost three times lower than Lee’s year end level.
Bitcoin bull Lee is still predicting a recovery citing previous long bear markets in 2014 when BTC never sustained a move below break-even.
“While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications,” he added.
Some of the blame has been put at the recent ‘crypto war’ that has broken out on Twitter between opposing Bitcoin Cash factions. The verbal mudslinging and hash power battles that ensued have shown weaknesses and divisions in the crypto community – a group of technology and computer science experts that really should all be striving for the same thing regardless of the specifics of forked chains or ideologies.
Lee added that “part of a broader creation of infrastructure necessary for institutional involvement,” has been orchestrated by the involvement of Fidelity and the launch of Bakkt. The fundamentals for cryptocurrencies have generally been pretty good for the latter half of the year yet the bears have still pushed markets to their lowest levels for over 12 months.
Cryptocurrency markets are currently down again on the day and total market capitalization is hovering above $180 billion which is over 78% lower than its January peak of $830 billion. Coincidentally, or not, the crypto winter of 2014 saw markets plummet by exactly the same amount, 78%, when they fell from over $15 billion to a low of $3.3 billion over a 13 month period.
 
Image from Shutterstock
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