XRP marks strong green candles against Bitcoin [BTC] for the first time in 2019

Mirroring previous upswings, Bitcoin’s [BTC] bullish rise isn’t looking to slow down anytime soon. Notably, some coins have failed to join the party. The most significant coin among them, XRP.
In 2019, the second largest altcoin in the market saw a slump against the price of Bitcoin, owing to the growing dominance and price push of the king coin.
For the first time in 2019, the XRP/BTC chart showed positive signs as the altcoin took the baton from the king coin to spearhead the latest market surge. As can be seen from the below chart, XRP took off on 14 May, following seven consecutive red-marred candles.
Owing to the announcement by Coinbase regarding XRP trading for New Yorkers, coinciding with the forever-bullish Consensus conference, XRP saw a massive +30 percent rise, even seeing a mammoth 6 percent hourly price gain on 15 May.
Source: Trading View
However, despite current trends showing positive returns for the Ripple-controlled virtual currency, its performance against Bitcoin is contrary to previous years.
As a recent report from Longhash pointed out, XRP has “lost nearly half of its bitcoin-denominated value,” in 2019 alone. Citing Trading View, the crypto-analytics firm stated that XRP rose by a whopping 1600 percent against the king coin in 2017, despite BTC nearing $20,000 later in the year.
The next two years were not so fruitful for the altcoin though. In 2018, the price of XRP, in terms of BTC, dropped by 14.5 percent and with just five months into 2019, XRP has already plummeted by 46.6 percent.
Since Coinbase reigned in the XRP bulls thanks to an overdue listing on the exchange, the XRP market has been fairly quiet. Longhash stated that since the Coinbase listing, the price of XRP against BTC has “plummeted.”
The Nasdaq XRP Liquid Index announcement in partnership with Brave New Coin is the only other standout announcement that has blessed XRP markets.
Longhash added,
“Additionally, investors may have finally realized that many of the banking partnerships announced by Ripple Labs weren’t related to the use of XRP or involved payments from Ripple to these institutions to incentivize them to try out the fintech company’s products.”
In 2017, the report concluded, the rush towards buying XRP over Bitcoin and other highly priced cryptocurrencies was because of “Unit Bias,” where investors were scared off due to the sheer price of Bitcoin, which at the time was in five-digits.
With XRP and XLM largely left out of the Bitcoin-induced bull run, bank coins are changing course and finally heading into the green, with both coins seeing over 9 percent daily gains. XRP’s turnover against Bitcoin is also down to the BTC bulls backing off over the past few hours. However, to get back to winning ways, consecutive green candlesticks will hold XRP in good stead.
The post XRP marks strong green candles against Bitcoin [BTC] for the first time in 2019 appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]: Privacy on the rise; CoinJoin transactions soaring since January, finds report

In addition to being untethered to governments and banks, Bitcoin was seen by many as a censorship-resistant, anonymous currency that could be sent to anyone from anywhere.
Privacy, despite being touted as a mainstay in the Bitcoin ethos, has been adopted by altcoins such as Monero [XMR] and Zcash [ZEC].
However, even with the presence of these privacy-centric coins, Bitcoin has an air of privacy, through the concept of CoinJoins. This form of transacting Bitcoins enables multiple BTC payments from several users into one transaction, thereby creating difficulty for third parties to deduce the two ends of the transaction.
Longhash, the crypto-analytics firm reported that these CoinJoin transactions are on the rise since the beginning of the year. The Longhash report obtained CoinJoins data from zkSNACKs CTO, Adam Fiscor, the company behind the Wasabi Wallet.
Source: Longhash
Since the beginning of January 2018, when the BTC price was in full swing, CoinJoin transactions started to dip. Through the infamous crypto winter when BTC’s price fell to under $3,200, privacy was less looked upon by the larger coin market, with more emphasis placed on salvaging the price.
In the past few months however, CoinJoin transactions are seeing a resurgence owing to the market recovering and Bitcoin inching closer to its glory days. Additionally, the report added that Wasabi Wallet’s release in August 2018 was also an important factor in the rise in the number of CoinJoin transactions, with the percentage of monthly Bitcoin payments growing from 1.31 percent to 4.09 percent.
The report pointed out key points through Bitcoin’s history where CoinJoin transactions have surged. Longhash stated that the rise in CoinJoin transactions before 2013 was due to developers testing out transactions with minimal payments on the network, peaking at over 7.5 percent of all BTC transactions. The release of the Blockchain Shared Coin Integration in November 2013 caused CoinJoin transactions to surge in 2013-2014, reaching over 6.25 percent.
Following the removal of Blockchain’s CoinJoin feature, transactions saw a massive dip in early 2014. Join Market, the CoinJoin implementation that was pegged to enhance the privacy and fungibility of BTC transactions, was released in 2015, which led to a massive increase in the CoinJoin transactions. This took their share to almost 4 percent, which the current upswing has overtaken.
CoinJoins create a layer of anonymity for Bitcoin transactions, but the report states that “the existence of these types of transactions are relatively easy to identify.” Two key points are required to uncover such transactions; first, the transaction will have two outputs of the same value and second, the output value will not be more than the input value.
The post Bitcoin [BTC]: Privacy on the rise; CoinJoin transactions soaring since January, finds report appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Market Cap Dominance has surged 50% in the past Year – LongHash

Bitcoin (BTC) has been struggling with the bears since 2018 and the struggle continues to this moment for altcoins as well. However, LongHash has noted that market dominance of Bitcoin has not been static but rather has risen by 50% in the last one year.
A tough journey for Ethereum
On the Contrary, Ethereum’s dominance has declined also significantly within the same time period. According to the LongHash Twitter update,
Marketcap | Date: 29/01/2018 | Source: LongHash
Marketcap | Date: 29/01/2019 | Source: LongHash

“BTC market cap dominance is up 50% in 1 year. Jan 29 2018: 35.6%
Jan 28 2019: 53.6%
ETH dominance is down 55% during the same time frame.
Jan 29 2018: 21.6%
Jan 28 2019: 9.7%”
This shows despite the struggling crypto market, Bitcoin may be doing better than many think. The Bitcoin dominance had crashed somewhere in August 2018 but has risen again suggesting an improvement. As for Ethereum, well, things may be getting worse despite the surge it experienced just a few weeks ago that took it from under $100 to just above $160.
What this means
In the seemingly worsening crypto crash, many experts and analysts including Weiss Ratings have said the worse the crash, the better the time to buy. It seems they knew what they were saying judging from this recent stats. Bitcoin might be preparing for another bull run even though it may not look like it at the moment.
Meanwhile, the cryptocurrency market is still under the grip of the bears with all top ten cryptocurrencies in the reds except the stablecoin Tether (USDT) which claimed the fourth position on the coinmarketcap.com ranking recently. It is unclear where the market is going from here but many believe the crypto winter may get worse of Bitcoin goes below $3000.
Are we going further into the winter or are we coming out soon as LongHash data reveals about Bitcoin market cap dominance? Only time will tell and we will be waiting to see how it goes.
The post Bitcoin Market Cap Dominance has surged 50% in the past Year – LongHash appeared first on Coingape.
Source: CoinGape