Crypto markets review, December 14

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Lately, we have seen only market falling. Not a single day of market uptrend movement or at least a bullish sign. Sure, some of the coins and tokens have seen a little uptrend, like TenX, but if we look at the big picture – the market is continuing to fall. What could be the cause for this? And what should we expect in the near future? 

Bitcoin falls under $3,500 mark

In a recent post, we also covered a market research article, and we came up with a prediction. If Bitcoin goes under $3,5k, then we should expect it to go to such lows as $2,000. After that, if Bitcoin falls under the $2k mark, we should be expecting it to go as low as $1,1k. These measures are done just by merely locating previous points in the Bitcoin chart when a bull run emerged a.i. the lowest point before a specific uptrend.

Bitcoins previous bull runs

As mentioned above, last year Bitcoin experienced a few severe bull runs, and now it’s returning to some of them. It just passed the 3.5k mark, which indicates that the coin could be going as low as $2k, or even $1,1k. If we dig deeper into the Bitcoin chart, we see, that around the beginning of last year – January to April, Bitcoin accomplished several milestones to which it could be returning. For example, if BTC goes past the $2k and the $1,1k mark, we are left with three more options where the asset could be leveling out. We have $930 as a possible milestone, next $790 and last, but not least we could be going as low as $530 for a single coin. Of course, that sounds depressing even writing it, but we are just pointing out the possibilities. There is a tiny chance that Bitcoin goes to such lows, but it’s always nice to know your choices.

BTC/USD Coinbase chart on tradingview.com

Market cap dropping

Total market capitalisation, coinmarketcap.com

The one thing which goes along with the market price is the total market valuation or total market capitalization. This chart looks like the Bitcoin chart because the market still is very volatile and Bitcoin dictates the rules of other cryptocurrencies. Also, that is because Bitcoin accounts for more than a half of the whole cryptocurrency asset class. At the time of writing, the current total market capitalization is $104,916,231,976, judging by coinmarketcap.com. Exactly one month ago, on November 14th, the full market cap was $209,106,319,178. So as you can see, it has dropped by an exact half in just a month. I mean, we are talking $100 billion in a month.

Coins react to good news

Top gainers in the top 100, Coinmarketcap.com

Considering that recently almost all crypto assets have seen a continuous downfall, it’s not a rare exception when some of the coins are gaining something as well. For example, at the time of writing, 12 assets sees a slight uptrend today. When in fact, 4 of these assets are stablecoins. At the top is Waves with +18.89% today, because they just released their new features: Smart Assets and Smart Account Trading. TenX PAY token is another asset which is soaring in the past days. They just had a Q&A with their CEO, Julian Hosp, a few days ago, where he announced the new TENX reward token. Also, he revealed new updates to the project and eased everyone’s mind about the upcoming crypto debit cards, which could start shipping during mid-December.

Waves chart, coinmarketcap.com

The possible cause

To determine the cause of this market downfall, we have to go back to when it started. This vast, one-year long bear market began at the very beginning of January. The evening of January 7th probably to most investors at that time seemed like any other day. Like any other previous day of +10 to +50% of market gains. But on that day, this market pulled a giant switch, which led to a continuous market downfall. Bitcoin had already entered its bear-run and was lounging at $14k, but the general market cap had reached its peak at $834,117,000,000. Respectively, from that day onwards, the market started to plunge. The cause could be that early investors saw a possible top forming, and began to cash out. And the same happened trough-out the year. People/investors saw the market reaching even more significant lows and fleeing the crypto scene. Possibly, putting their investments into more stable assets.

What to expect next?

The market itself is very unpredictable. It’s hard to tell whether we will continue to dig deeper into the bear market, or could we finally see a sign of a bull-market approaching. One of the symptoms could be a consecutive week of a healthy uptrend. Also, a few regulations could start the switch. However, it’s more likely to see an uptrend forming next year, rather than this year. I think it’s clear that this year we won’t see a similar market situation like last year. The only two things which are clear and 100% justifiable – from this point on, the market can go only up or down. 

Source:

https://goo.gl/aBYQB4
https://goo.gl/VBSb5G

Coinbase unexpectedly lists 0x, still no sign of XRP!

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Yesterday, October 16th, Coinbase came out with an announcement of adding 0x (ZRX) to their cryptocurrency platforms Coinbase.com and iOS and Android mobile apps. ZRX is now available for buying, selling, storing, sending or receiving, but not yet for trading. It is available to all the customers except residents in the United Kingdom and in the state of New York. 

ZRX or 0x, is an Ethereum blockchain based open protocol designed for decentralized exchanges. With the help of the protocol, decentralized exchanges can speed up the order book process and could eliminate some of the unnecessary transaction fees.

Of course, the Twitter thread under the announcement, as always, went mad because of the reluctance of the Ripple supporters. A lot of tweeters showed confusion, asking what was the above mentioned ZRX, and why Coinbase didn’t add Ripple instead. @alansturgis1 says: “Still in shock you list ZRX but not XRP. Makes no sense at all! Your business ideology is a mystery.”

Some even got offended like @Andyram2k and said things like: “Who says we want #XRP to be on Coinbase? Its gone from a potential outcome to a meme. I think Coinbase needs XRP more than XRP needs Coinbase”

One thing we know for a fact – the Ripple community is very large, and they are willing to defend their asset at any given time. The best thing, what can I say about Ripple, which I read somewhere on the internet, was – Ripple is the Top3 most popular crypto asset in the world, and has been sitting there for quite a while. They have reached these highs with no help of Coinbase. Coinbase has helped Bitcoin, Litecoin and Ethereum in the long run, because last year, Coinbase had 50k users joining their platform per day, and it is the top crypto mobile app in the world! And tell me that doesn’t affect the market of the mentioned assets.

But since Coinbase came out earlier saying that they are willing to add as many crypto assets as possible, I believe the time of adding XRP will also come soon and we could be seeing a lot of new assets added on Coinbase platforms in the near future.

Source:
https://goo.gl/AFXwX1
https://goo.gl/CnzKrq
https://goo.gl/CWsQPw
https://goo.gl/GwYz9U

Photo by Canva.com

Tether falling!

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Today, October 15th, the crypto markets are seeing mostly green accents, but one asset, in particular, stands out. It is Tether (USDT) which, up until now, was the most popular stablecoin in the crypto ecosystem. But lately the market has seen quite a few regulated stablecoins appearing, the most popular being TrueUSD (TUSD) and Gemini Dollar (GUSD), and that is rumored to be the cause of Tether plummeting.

Tether is now trading at $0.95, thus it has lost its peg to the US Dollar.

Tether has seen some controversy in the past since it has received claims of a possible scam from several critics.

I believe this is self-evident and was bound to happen since the regulated stablecoins are surging into the crypto markets. And obviously, if there is a regulated alternative for Tether, I can’t see why investors and traders hadn’t switched away from it earlier. Possibly it might have something to do with the market situation today because most of the top 100 coins are seeing green gains, and traders and investors could be starting to alternate the options of moving their funds to a more stable and regulated alternative asset.

But then again, this could all just be a simple FUD, because this is not the all time lowest price of Tether. The asset has seen some significant lows during April when it reached $0.91.

And if we are comparing the market cap provided by CoinMarketCap.com, we can clearly see that Tether is worth almost 20x more than TrueUSD and Gemini Dollar combined.

Some headlines read that traders and investors have “lost faith” in Tether, but I can’t seem to believe it as truth, just because the basic fact that Tether is being traded on most of the top 100 exchanges in the crypto-space, and to plummet this asset would require a massive sell-off from almost all exchanges the asset is trading on.

Source:

https://coinmarketcap.com/currencies/tether/#markets

Photo by Canva.com