Bitcoin Cash

Altseason Imminent: ‘Most Altcoins Should Gain on Bitcoin Soon,’ Says Veteran Analyst

13/07/2020 by Idelto Editor

During the last 30 and 90-day intervals, a number of altcoins have done much better than bitcoin, as far as price percentage increases are concerned. Last Thursday, the popular analyst Peter Brandt told his 360,000 followers that the price of ethereum saw a “significant breakout” against bitcoin. Moreover, a number of cryptocurrency proponents have been feverishly discussing a possible “altcoin season” coming in the near future.

Veteran Analyst Peter Brandt Eyes an Ethereum Breakout

Three days ago, the veteran trader and crypto analyst Peter Brandt explained that a recent ETH/BTC event could trigger some bullish ETH prices. “Significant breakout in ETH-BTC with target of .03276 BTC. Most alts should gain on Bitcoin in [the] near future,” Brandt tweeted to his followers.

When someone asked Brandt about the crypto asset XRP, Brandt responded “higher.” Moreover, the bitcoin pundit Tuur Demeester also said he was “long” toward ether prices when he tweeted:

ETH/BTC technicals are looking bullish so I’m long. (I still think ETH has extremely problematic fundamentals).

Altseason Imminent: 'Most Altcoins Should Gain on Bitcoin Soon,' Says Veteran Analyst — ETH/BTC chart via Peter Brandt on Twitter.

Of course, the subject of ETH spiking in price has sparked a number of discussions concerning “altcoin season,” a description of a period in time when crypto-assets other than BTC perform better than the top digital currency. Still, out of 5,700 coins mentioned on market cap aggregators, BTC has a dominance rating of around 62.5%.

However, over the last 30 and 90 days, a number of other coins have outperformed BTC by a longshot. During the last 90 days, BTC is up over 35% but ETH has gained 52%.

Another Analyst Stresses: ‘The Altcoin Party Will End Very Soon’

Cardano (ADA) has seen a whopping 271% increase during the last three months and coins like ren, fantom, kyber network, raiden network, and more are also up over 200%.

Other notable forerunners during the last three months include CRO, VET, LEND, and ZRX. However, despite the massive increases in value for a number of coins other than BTC, some digital asset traders don’t envision an ongoing “altcoin party.”

Just recently, the crypto analyst “Crypto Amsterdam” told his 15,000 Twitter followers that he thinks the “the Altcoin party will end very soon.” The analyst described a number of reasons as to why he believes the party will end.

“Dominance weekly support, BTC ranges for 70+ days, BTC volatility at lows only seen 4 times since 2017, and these lows were followed up by 50-250% BTC moves. Q3 has been bearish historically,” the trader said on Friday.

Do you expect an altcoin season or do you think the altcoin party will end soon? Let us know what you think about this subject in the comments section below.

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Bitcoin Script and Onchain Contracts: Two High-Level Programming Languages for Bitcoin Cash

11/07/2020 by Idelto Editor

Last May, the software developer and creator of revoke.cash, Rosco Kalis, released Cashscript version 0.4 that included a number of optimizations. Cashscript’s new website highlights the high-level language that “offers a strong abstraction layer over Bitcoin Cash’ native virtual machine, Bitcoin Script.” Additionally, the developer Tendo Pein recently announced the “high-level smart contracts programming language for Bitcoin Cash” called Spedn now has a new website.

Cashscript Version 0.4.3 and Cashscript.org

Rosco Kalis is a software developer who is involved with a number of different cryptocurrency projects. For instance, Kalis created revoke.cash, a platform that allows people to inspect certain decentralized app (dapp) contracts that they approved to spend ERC20 tokens in the past. The tool provides people with the ability to revoke access for the ones they no longer need.

Kalis is also a software engineer for the General Protocols team and he’s contributing to the Anyhedge project. Moreover, Kalis has also been working on a high-level language for Bitcoin Cash called Cashscript. Our newsdesk spoke with Kalis in May 2019 when he told our readers about the Software Development Kit (SDK) and the syntax of the language which was inspired by Ethereum’s programming language. A year later, Kalis revealed Cashscript version 0.4 on May 25 and a new website called cashscript.org.

On July 10, Kalis released Cashscript version 0.4.3, “which includes some smaller bytecode optimisations,” according to the developer. The initial release of Cashscript version 0.4 came with Bitwise operators, Variable size NUM2BIN, a Fluent Transaction interface, Manual UTXO selection, among other improvements. The website cashscript.org’s about section says:

Cashscript is a high-level programming language for smart contracts on Bitcoin Cash. It offers a strong abstraction layer over Bitcoin Cash’ native virtual machine, Bitcoin Script. Its syntax is based on Ethereum’s smart contract language Solidity, but its functionality is very different since smart contracts on Bitcoin Cash differ greatly from smart contracts on Ethereum.

The High-Level Programming Language Spedn Has a New Homepage

In addition to Kalis’s recent 0.4.3 release on July 6, the software developer, Tendo Pein, explained that the high-level programming language Spedn now has a new website. “Spedn has got a new homepage: spedn.pl,” Pein tweeted.

News.Bitcoin.com reported on the Spedn project on October 25, 2018. The sleek new purple colored website explains that Spedn is a “high-level smart contracts programming language for Bitcoin Cash designed for explicitness and safety.”

The website notes that Spedn offers static typechecking, which offers the detection of many errors at compile time. Pure functions that are free of side effects, the common source of bugs. Explicitness, which means no guessing what the expression is supposed to return and Curly braces which is similar to C#, Dart, or Rust.

Spedn is also used by the General Protocols team, Flipstarter, Karol Trzeszczkowski’s recurring-payment Electron Cash plugin, the mistcoin project, and the synthetic derivatives Anyhedge concept.

Both programming language projects are very meaningful to the Bitcoin Cash ecosystem and BCH supporters look forward to projects that leverage them. Right now these projects are offer insight into the start of the fascinating world that can happen with Bitcoin script and onchain contracts.

Additionally, Rosco Kalis has published a comprehensive analysis in regard to the vast difference between the Turing-complete smart contracts offered on Ethereum, and the contract capabilities using Bitcoin script.

What do you think about Cashscript and Spedn? Let us know what you think about these Bitcoin Cash programming languages in the comments below.

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‘Bitcoin Is Not a Privacy Coin’ Says Crypto Evangelist Andreas Antonopoulos

09/07/2020 by Idelto Editor

Andreas Antonopoulos discussed how he desired to see Bitcoin have more “privacy features” in a recent live stream Q&A session published on Youtube on July 7. Antonopoulos discussed the privacy-centric coin monero and concepts like stealth addresses and ring signatures.

Every once in a while, the well known cryptocurrency expert and evangelist, Andreas M. Antonopoulos, publishes a short clip of him answering a question from one of his live stream followers. On July 7, Antonopoulos discussed the Bitcoin (BTC) network and answered the question of whether or not “[BTC would] implement privacy features similar to monero?”

Monero (XMR) is an open-source cryptocurrency created in April 2014 that uses a different proof-of-work (PoW) algorithm. XMR is based on the Cryptonight PoW hash algorithm that originally stemmed from the Cryptonote protocol established in bytecoin. Essentially the project was a forked codebase of bytecoin and originally called “bitmonero.” What makes monero transactions hard to trace is the obfuscated public ledger and ring signatures used. Monero also leverages bulletproofs, and stealth (one-time) addresses.

After Antonopoulos read the question the entrepreneur said that of course he “wished” to see the BTC network add privacy features. Antonopoulos also named a number of concepts that could help bolster BTC’s privacy.

“I think what we’re going to see soon is Schnorr, Taproot, and Tapscript, which open the door to a lot of privacy improvements,” Antonopoulos said. “But they still do not involve zero-knowledge proofs or the types of ring signatures and stealth addresses that are done in Monero. Bitcoin is not a privacy coin.”

Bitcoin Core developers have yet to add any of the aforementioned privacy enhancing concepts to the main chain so far. Developers have, however, started laying the groundwork for concepts like Taproot and Schnorr Signatures. Interestingly, the team working on the Bitcoin Cash (BCH) protocol has already implemented the very basics of Schnorr in two upgrades.

On Twitter, one individual responded to Antonopoulos’s Q&A video tweet and mentioned a coin called “particl.”

“Particl is Bitcoin fork which has implemented Ring CT, which [also] got audited,” the person said to Antonopoulos. “If Bitcoin wants Ring CT it can implement it any day with the help of the Particl altcoin team,” he added. Antonopoulos responded to the individual on Twitter and tweeted:

Do you really think that the reason Bitcoin hasn’t implemented these changes is a lack of technical knowledge and a need for assistance to the Bitcoin developers? It’s not. It’s about the politics and conservative management of the engine that runs a very large economy.

At the time of publication, it is uncertain when BTC developers will implement things like Schnorr and Taproot. According to Andrew Poelstra, a Blockstream researcher has said that Taproot isn’t quite perfect, and “transaction amounts and the transaction graph are still exposed, which are much harder problems to address.”

The tweet from Bitcoin Core developer Pieter Wuille, in regards to the new privacy features was published on January 23, but software developer Luke-jr added some commits two days ago, according to Github.

What do you think about Andreas Antonopoulos’s opinion about BTC and XMR? Let us know what you think in the comments section below.

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Permissionless Software Foundation Aims to Foster Open-Source Software With Bitcoin Cash

08/07/2020 by Idelto Editor

Just recently, Bitcoin Cash proponents were introduced to a new foundation called the “Permissionless Software Foundation” aimed at spreading Bitcoin Cash and SLP token technology.

This week an organization called the “Permissionless Software Foundation” (PSF) revealed an announcement to the BCH community. The group’s mission aims to “foster the growth of open-source software and growing adoption of Bitcoin Cash across the globe.”

Moreover, the PSF plans to bolster Simple Ledger Protocol innovation. Crypto fans can read about the PSF on the organization’s new web portal called psfoundation.cash. The organization’s business model states:

The Foundation is a community-oriented, highly automated, and legally-nonexistent decentralized autonomous organization whose purpose is to foster the growth of open-source software and the adoption of Bitcoin Cash across the globe. The PSF will offer a Simple Ledger Protocol (SLP) token on the Bitcoin Cash (BCH) network to self-fund the development of open-source software, and reward contributors that help the organization grow.

According to the press release, PSF and the web portal fullstack.cash will offer consulting services going forward.

“More and more businesses are looking into the great opportunities of integrating Bitcoin Cash and SLP tokens into their operations,” explains the announcement. “Finding the right information and the best people can be a daunting task but this service is already proving helpful for those businesses wanting to step into the world of Bitcoin Cash.”

The Bitcoin Cash (BCH) proponent and host of the developer’s monthly video series, David R. Allen, joined the PSF as the Business Development Manager. “[Allen] has agreed to assist and support the Permissionless Software Foundation and to be a primary contact for businesses as the community grows out of its infancy. His experience and contributions are a welcome addition to the foundation,” the PSF announcement details.

PSF also aims to offer “white-label BCH and SLP wallets” as well, according to the press release details. At the time of publication, the work is being executed in order to provide the community with a “fully functional white-label web wallet.”

“With this wallet, businesses will be able to release reliable web wallets with organisation-specific branding,” the announcement notes. “This will lower the barrier to entry for businesses even further. An early prototype of the wallet can be seen at wallet.fullstack.cash.”

The software developer Chris Troutner is also involved with the PSF, and nine days ago he created a post about the subject on the Reddit forum r/btc. Troutner and the PSF have also released an introductory video which can be viewed on Youtube.

BCH supporters seemed to like the project, according to a number of comments within the Reddit post. “Super interesting [and] very exciting,” one person wrote.

What do you think about the Permissionless Software Foundation (PSF) for Bitcoin Cash? Let us know what you think about this subject in the comments section below.

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Market Update: Crypto Assets Slowly Gather Gains, Bitcoin Needs Capital Inflow, ADA Jumps 85%

08/07/2020 by Idelto Editor

Cryptocurrency market prices have improved a great deal since our last market update, as the overall market capitalization of all 5,700+ coins has gained $16 billion since June 14. Most of the top digital assets have remained in a consolidated cycle and a great number of cryptos have been able to hold above their 50-day averages.

Crypto Market Capitalization Inches Toward $300 Billion

The crypto community is curious about what’s going to happen next in the land of digital currency markets. Today, on Wednesday, July 8, a great number of coins are up in value and have gathered decent gains. At the time of publication, the entire crypto cap of all the coins in existence is around $277 billion and there’s roughly $21.6 billion in global trades. Bitcoin (BTC) is hovering around $9,342 per coin and has a $172 billion market valuation. As far as seven-day gains are concerned BTC is only up 1% for the week.

The second-largest cap on Wednesday is Ethereum (ETH), which is trading for $245 per ETH at the time of publication. ETH has gained 7% during the last seven days. The stablecoin tether (USDT) currently holds the third-largest market valuation and it seems it will hold there for quite some time. Currently, the USDT market cap us around $9.6 billion and there’s $7 billion in global USDT trades today. XRP is the fourth largest valuation today, as each XRP is swapping for $0.19 per coin. XRP has gained 13% during the last seven days and it’s up over 8% today.

Bitcoin Cash (BCH) is the fifth-largest market cap on Wednesday, with a valuation of around $4.4 billion at press time. Each BCH is swapping for $242 per coin and there’s $372 million in global BCH trades. Over the last 24 hours BCH has gained 2% and during the last seven days prices jumped over 8%. The top pair with bitcoin cash today is tether (USDT) with 58% of BCH trades being swapped for USDT. This is followed by BTC (26.27%), KRW (4.31%), USD (3.87%), GBP (1.95%), and ETH pairs (1.15%).

Digital Currency Market Analyst: ‘More Capital Inflows Are Needed’

This week a number of economists and analysts have been trying to predict what will drive the next cryptocurrency bull run. Etoro market analyst, Simon Peters, thinks that more institutional investment is needed to prime the bull.

“So what is going to drive the next bull run in bitcoin?” Peters asked in a weekly investor’s note. “In my view, it is institutional investment. Bitcoin is the most well-known and biggest crypto by market cap and its development to date has mainly been dominated by retail investors. As word has spread, in particular since the price boom of 2017 and 2018 where prices hit all-time highs of $20,000, we have begun to see more institutional interest. This has taken the form of institutional investors buying the underlying crypto asset and indirect investment such as buying shares in bitcoin trust companies or investing in ETPs (Exchange Traded Products).” Peters continued by adding:

If we are going to see bitcoin prices rise sustainably above the $10,000 psychological barrier and even as high as $30k or $40k, then more capital inflows are needed, which will most likely have to come from institutions. Glassnode recently shared an interesting stat, showing that 61% of bitcoin in circulation hasn’t been touched in over a year. That’s an all-time high for this metric. In fact, the last time we witnessed such inactivity was just before the great bitcoin bull run of 2017. An omen of things to come, perhaps?

A Possible 1929-like Economic Crash Might be Looming on the Horizon

The cryptocurrency community recently witnessed the significant drop in value on March 12, 2020, otherwise known as ‘Black Thursday.’ Unfortunately, another leg-down could happen again, and the popular economist A. Gary Shilling believes it will be much like 1929’s economic crash. Shilling is specifically talking about traditional commodities, stocks, and equities, as he thinks the pandemic is the “most disruptive financial and social event since World War II.” Some bitcoin speculators think that there is a strong correlation between digital currency markets and the performance of traditional equity markets.

“Stocks are [behaving] very much like that rebound in 1929 where there is absolute conviction that the virus will be under control and that massive monetary and fiscal stimuli will reinvigorate the economy,” Shilling said in his recent interview.

Even though stock markets have seen some gains in the U.S. and in China, Citi strategist Robert Buckland agrees with Shilling’s sentiment. Buckland explained to the press that institutional and retail investors should wait until prices sink lower in order to enter new positions.

Cardano Jumps 85% in Ten Days Time

Lastly, during the last two weeks, the price of cardano (ADA) jumped from a low of $0.07 per ADA to $0.129 per coin. ADA is up 25% today and is the forerunner out of the top ten coins that rests right behind the BCH market position. Just recently, ADA founder Charles Hoskinson recently talked about a possibility of cross-chain interoperability with Bitcoin Cash (BCH).

On the first of July, the Cardano development team deployed a Shelley upgrade node onto the network. The complete Shelley upgrade (hard fork) will take place on July 29. ADA did touch a high of 85% worth of weekly gains, but seven-day stats currently show the price has leveled, as ADA is up 52% for the week at $0.129 per ADA.

This Week’s Gainers and Losers

Overall it’s been a decent week for cryptocurrency investors and the top ten gainers this week includes dogecoin, vechain, constellation, cardano, acute angle cloud, sia coin, echolink, hdac, game, and ultrain. The top ten losers this week are coins like cosmochain, the SLP-based token spice, multi-collateral DAI, fanstime, egretia, fantom, nimiq, origin trail, energi, and digitex futures.

What do you think about this week’s cryptocurrency market action? Let us know what you think about this subject in the comments section below.

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