ETH

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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Japanese Broker Monex Launches Crypto-Based CFDs With 2x Leverage

10/07/2020 by Idelto Editor

The Japanese online securities company Monex has revealed the launch of cryptocurrency-based contract-for-difference (CFD) services that went live on Wednesday. The new derivatives products offered by Monex will include bitcoin, XRP, ether, and bitcoin cash pairs with 2x leverage.

Japanese digital currency exchanges are getting into leverage products as the firm Monex has revealed a derivatives product otherwise known as a contract-for-difference (CFD) service. Basically a CFD acts as the net difference depiction of either losses or gains that stem from the trading of specific assets.

CFDs are popular investment vehicles in the world of derivatives and they are also well known in crypto markets.

Monex now offers 2x leverage for ETH, BTC, BCH, and XRP against the yen as markets opened on July 8, 2020. Monex Group is also well known for acquiring the exchange Coincheck which still sees consistent volume to this day.

Because Monex Group is offering crypto-based derivatives, Monex had to register with Japanese regulators as a Financial Instrument Business.

“Crypto-asset-related OTC derivatives transactions were included under the Act to protect customers and create risk management regulations for financial instruments business operators,” Monex revealed in an issued statement. The company added:

Since the birth of the Bitcoin, the crypto-asset market has grown steadily, and the number of cryptocurrencies and crypto-asset derivative transactions are increasing. With the expansion of transaction categories under the amendments to the above-mentioned Act, Monex has decided to begin offering crypto-asset CFD services.

The Monex crypto-based CFDs are available all day long for trading and every day of the year. Traders, however, need to register for a Monex general brokerage account which can be done using the Monex Trader Crypto app.

The Monex issued CFDs can be traded via the app but the user also needs to register for a CFD account. Last summer, the exchange Liquid launched contract-for-difference (CFD) services using cryptocurrencies with 100x leverage.

When the product first launched, Liquid’s Chief Product Officer of Liquid, Mario Gomez Lozada, explained the exchange launched the CFDs due to “rising demand.” Of course, the new offering by Monex is much less leverage with only 2x as opposed to 100x.

The CFD services provided by Monex will stem from Monex Inc, Kabucom Securities, Rakuten Securities, Matsui Securities, and SBI Securities.

What do you think about Monex offering crypto-based derivatives for 2x leverage? 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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Alt-Right Activist Stefan Molyneux Banned from Youtube, Raises $100K in Crypto Donations

02/07/2020 by Idelto Editor

The founder of Freedomain, philosopher and alt-right activist, Stefan Molyneux, received more than $100,000 in cryptocurrency donations after he was banned from Youtube on June 29, 2020.

Stefan Molyneux is well known for his Youtube videos, podcasts, and books. His early Youtube videos describing the benefits of bitcoin have been lauded. While getting over $100k in bitcoin, dash, bitcoin cash, and ethereum donations this week, the alt-right activist has also joined the Lbry platform.

On June 29, Molyneux was banned from Youtube. Molyneux joins a number of popular alt-right activists, libertarians, and cryptocurrency advocates who have been banned from the platform. Just recently, Bitcoin.com’s official Youtube channel was banned but luckily it was reinstated.

Many cryptocurrency advocates abhor censorship and when Molyneux was banned the cryptocurrency community added $100k to his donation chest of coins.

At the website Freedomain.com, crypto supporters can find the coin addresses of all the crypto assets Molyneux website accepts. This includes bitcoin (BTC), bitcoin cash (BCH), dash (DASH), ethereum (ETH), and a few others.

A great majority of the funds donated to Molyneux stemmed from bitcoin cash (BCH) donations. There is approximately 444 BCH ($99,500) in Molyneux’s bitcoin cash address, and 3.82 BTC ($35,000) in the Freedomain bitcoin (BTC) wallet.

Looking at the block explorers of all six coins Molyneux accepts minus monero (XMR), people can see a flurry of small donations were sent after Molyneux was banned. After the Youtube ban, Molyneux did join Lbry.tv and he has 6,819 followers to-date.

The Freedomain podcaster also asked for crypto donations last January and a number of crypto enthusiasts asked him to support more coins.

“I have been demonetized on YouTube, but you can support me here, much appreciated my friend,” Molyneux wrote at the time. Molyneux was also a big influence on the voluntaryist and libertarian communities early in his career.

During the latter half of his career, many libertarians lost interest in Molyneux for his pro-Trump and alt-right activism. Molyneux has written 10 books that have gathered 600 million downloads, and he has also hosted 4,500 podcasts as well.

What do you think about Stefan Molyneux being banned on Youtube and raising $100,000 in crypto donations? Let us know in the comments section below.

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Tether’s Market Valuation Grows 144% in 2020, USDT Market Cap Worth $10 Billion

01/07/2020 by Idelto Editor

The most popular stablecoin, Tether, has propelled its way into the third-largest position by cryptocurrency market capitalization. At the time of publication, a number of market valuation aggregators show that Tether’s market cap is between $9.1 to $10.1 billion.

Tether (USDT) is a well known stablecoin token issued by the company Tether Limited. The company claims each token is backed by a single U.S. dollar, but during the last few years, the firm admitted the backing included loans as well.

USDT has always been controversial, but even with the contention, tether is the most popular stablecoin by far. This week cryptocurrency proponents have been discussing how tether’s market cap has grown massively since the beginning of 2020. Since January, USDT’s market valuation spiked by 144%.

Today the market data and analysis web portal, Messari, tether (USDT) has a $10.2 billion market valuation and $1.4 million in 24-hour global trade volume. Statistics on Coinmarketcap.com indicates that the market cap for tether (USDT) is $9.1 billion and a whopping $20 billion in 24-hour trades.

A number of other market aggregators show tether’s market valuation is just above the $9.1 billion mark. There also a number of other stablecoins that are doing well growth-wise, but not nearly as exponential as USDT.

The second-largest stablecoin by market valuation is USDC, a stablecoin token created by Circle. USDC is close to reaching a $1 billion market cap with $927,077,875 worth of USDC coins in circulation. The stablecoin BUSD launched by the crypto exchange Binance has a $165,876,444 market valuation at the time of publication.

Paxos Standard, otherwise known as PAX, has a $244,966,858 market cap, which is well above BUSD. This is followed by trueusd (TUSD $144M) and gemini dollar (GUSD $9.8M). Gemini’s stablecoin is barely a blip on the radar when it comes to the rest of the stablecoin competition.

In addition to tether’s (USDT) rise to a $10 billion dollar market, the coin has moved a massive amount of USDT value from the Omni Layer network over to the Ethereum network. In fact, 60% of tethers have been issued as ERC20 tokens to-date.

At press time, there are 6,037,847,550 USDT tokens that leverage the ERC20 standard. The Ethereum blockchain holds a large majority of stablecoins as well (that are mentioned above) and the network’s value transfer is dominated by stablecoins.

What do you think about tether’s (USDT) whopping $10 billion dollar market cap? Let us know what you think in the comments section below.

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