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Binance Coin [BNB] Could Soon Hit Another All-Time High As Bulls Take Over

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Bitcoin managed to take Ethereum [ETH], Binance Coin [BNB], and several other coins to the moon with it. Bitcoin shook the entire world as it went as high as $28K yesterday. While the king coin was seen reposing at $26,641.20, during the time of writing, several other coins continued to steer uphill. Ethereum was seen sitting at $723.93 after bagging gains up to 21.74% over the last seven days. A few other coins, however, were undergoing a slump. XRP was dropping by over 34%, at press time and this did not seem shocking, considering the suspension of trading of assets in an array of exchanges following SEC’s lawsuit.

At the time of writing, Binance Coin was seen taking a break from its uphill journey. The altcoin was trading for $38.14. The coin had witnessed a 7.70% surge just throughout the day and a 25.65% rise over the last seven days. BNB was recently overshadowed by several other coins in terms of market cap. BNB stood as the ninth-largest coin with a market cap of $5.559 billion.

Binance Coin [BNB] One Hour Price Chart

Binance Coin

In the one-hour price chart of Binance Coin [BNB], all the signs were pointing towards the bulls. The volume was quite high in the BNB market earlier today, however, during press time, the volume was seen depleting. The 50 daily moving average [Blue] was seen above the 100 daily moving average [Red]. This crossover is touted to be a bullish one.

BNB recently managed to sneak past a critical line of resistance at $36. The altcoin went all the way to $39.6 and is seemingly prepping for another all-time high.

Binance Coin [BNB] Price Chart With Indicators

Binance Coin

BNB had apparently packed for a journey to the moon. The Parabolic SAR indicator laid out dotted lines below the candlesticks, stopping any possible downward breakout. The MACD indicator was seen retaining its bullish crossover. The signal line was well below the MACD line. The Relative Strength Index revealed a buyers’ sentiment. The RSI indicator was seen recovering from its stay in the overbought zone.

Chainlink Marine Witnesses A Christmas Miracle After Acquiring “Large Amount” Via Aavegotchi Charity

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“Think before you act.” Is a quote that everyone should incorporate into their lives. Chainlink marine, Dawid will surely do hereafter. Pleading Vitalik Buterin to be his Santa, Dawid reached out to an array of people after encountering an immutable mistake. Dawid made headlines mid-December after he lost his life savings in Chainlink while transferring funds to Aavegotchi. While the funds were still stuck, Aavegotchi aided the Dawid in recovering his funds in an alternative method.

Chainlink Marine Has A Merry Christmas

Just as the world was prepping for the holidays, Github user, dawidkabani13 announced that he had accidentally transferred a total of 4,005 Chainlink [LINK] worth about $50K during the time, to an Aavegotchi [GHST] smart contract on the Ethereum blockchain. This barely sounds like a big deal. However, Aavegotchi did not support LINK and the transaction was irreversible. In an elaborate post, Dawid revealed that the aforementioned transaction entailed his life savings.

Aavegotchi’s author, Nick Mudge also came across this post and revealed that he couldn’t do anything about it. Yet, he went on to ask his followers to find a solution to the problem at hand. When nothing seemed to be working, Aavegotchi set up a donation page to help Dawid recover his funds. During the time of writing, the balance in the wallet created for Dawid was $134.61 which was about 0.18501 Ether. Dawid, however, took to Twitter and revealed that he had indeed experienced a Christmas miracle. Dawid’s tweet read,

https://twitter.com/D13Kabani/status/1343169990648848384

While the crypto community seemed happy for Dawid, they urged him to be more mindful while carrying out transactions. Dawid did not reveal the exact amount he had received. Aavegotchi in its tweet pointed out that the Chainlink marine managed to secure funds over $10K. The tweet read,

“200+ txns, more than $10K donated to our fren who mistakenly transferred 4000 $LINK (50k) into the $GHST Staking contract”

XRP Temporarily Waves Goodbye To OKCoin And Coinbase As SEC Lawsuit Prevails

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The last couple of days have been tremendously beneficial for the crypto-verse. However, it turns out, XRP was the only asset that encountered a major impediment while all the other coins were tapping new highs. Bitcoin proved to be unfettered as the king coins price soared up to a high of $28,288, just yesterday. Ethereum [ETH], Binance Coin [BNB], and several other assets were also seen following the footsteps of Bitcoin. XRP was still dealing with the repercussions of its tiff with the Securities and Exchange Commission [SEC] of the United States. As Bitstamp, went ahead and halted trading of XRP, various other prominent crypto exchanges were seen the following suit.

XRP Temporarily Loses Spot In OKCoin and Coinbase

The SEC went on to slap Ripple with a lawsuit for engaging in the sale of unregistered securities which was touted as illegal by the financial regulator. This time the SEC went big and called out Ripple Labs for acquiring over $1.3 billion in the sale of unregistered securities. This lawsuit posed to be immensely detrimental for XRP as several exchanges decided to temporarily pull the plug on the asset. Bitstamp was one of the first exchanges to go about it while Coinbase and other exchanges were still processing the entire situation.

However, it seems like crypto exchanges have been jumping onto the bandwagon as OKCoin as well as Coinbase revealed that they would temporarily suspend trading of XRP. In a recent blog post, OKCoin affirmed that it would put a hold on trading and deposits of XRP starting from 4 January 2021. The platform announced that it intended to steer clear of XRP trading until the situation reached a judgment.

Coinbase took to Twitter and revealed that it would stop XRP trading from 19 January 2021. The tweet read,

The exchange, however, clarified that it would continue aiding XRP on the Coinbase Wallet as well as Coinbase Custody.

The SEC hasn’t been kind to anyone in terms of innovation, especially the crypto-verse. Time and again, the crypto industry had been hit by the SEC with several regulations that weren’t quite friendly to the cryptocurrency market. Alarmed by the lack of regulatory climate and inclination towards cryptocurrencies, several platforms including Ripple were considering closing shops in the country. Just last month, Brad Garlinghouse along with the former CEO of Ripple, Chris Larsen revealed that the limitations that the regulators have been imposing on the crypto-verse have made it rather difficult for platforms to function in the country.

Cryptocurrency Trading Volume Numbers Enroute All-Time High Records as Bull Continues to Run

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The cryptocurrency market has seen an upturn of fortune over the past few months with bull markets elevating the industry to new heights. Bitcoin remained the spearhead for the green run with market caps and volumes hitting all-time records.

In the midst of this market upheaval, users have made sure that they are wholly involved in ushering in a new decentralized age. Latest research recently showed that the trading activity on cryptocurrency exchanges had climbed to uncharted territories, even surpassing the 2017 bull run.

A cumulative assessment of trading volumes on cryptocurrency exchanges laid out the fact that November 2020 was one of the most successful months in the industry’s history. The data was compiled from a melange of exchanges that included CEX, BTSE, ItBit, Luno, Binance, Gemini, and Kraken. November witnessed the total cryptocurrency trading volume almost hit the coveted $300 million mark. The previous month, October 2020, barely clocked in $130 million in terms of crypto transactions.

Binance held the top spot in terms of volume as the Changpeng Zhao founded exchange dealt with almost $180 million in transactions. Coinbase came next in line with users trading close to $30 million on the platform. In October, Binance only dealt with $70 million in transactions as the entire ecosystem shrunk to a 3-month low. If you compare the November volume with that of January’s, you will notice that there is a staggering 4x increase. The exchange that exceeded expectations in this market was LMAX Digital with a relatively smaller exchange capturing the third-largest market share.

Despite the current march, the market still has some way to go before breaching the main record. The ATH was created in November 2017 when the ecosystem’s trading volume hit $330 million. Fans of the industry were positive that a new number would be established in the coming weeks. The rise in positive sentiment was due to the fact that Bitcoin was still above the $25k mark for more than a week.

At press time, Bitcoin was trading for $26,936 with a total market cap of $401.54 billion. A 2.7 percent dip in trading price had lowered the daily BTC volume to $67.402 million. Ethereum, on the other, had climbed by more than 13 percent over the previous 24-hour timeframe.

Bitcoin Dominance Exceeds 70%; Alt-Season Delayed?

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Bitcoin shattered yet another price ceiling as it climbed to $27,800 after putting on an impressive rally which shows no signs of slowing down. The strong momentum has further boosted its dominance in the cryptocurrency market as it hit 70.73%.

What’s Holding back Altcoins?

So what happened to the much-anticipated alt-season? The world’s premier token noted a parabolic rise in terms of its value but the same cannot be said for the altcoins. The total altcoins market cap stagnated after a reluctant surge and has failed to mimic the 2017-like price action. What is causing the delay in the bullish advance?

It is important to understand that one of the crucial factors of Bitcoin ballooning above 70% market dominance was the sell-off triggered in another top altcoin’s market – XRP after the latest Ripple-SEC dispute.

With wild swings on the upside, Bitcoin is bound to face pullbacks. But historically, it was noted that it was during these times of pullbacks in Bitcoin that altcoins suffered extensive corrections. Yet another reason for the underwhelming performance in the altcoin market is Ethereum’s dull price action when compared to Bitcoin.

Ethereum Fails To Steer Way For Alt-Season

While Bitcoin was up by nearly 30% since its 2017 ATH, Ether, on the other hand, was still down by 50%. Some market experts are of the opinion that the “hopium” surrounding the revival of the altcoin market might not see the light of the day. The institutional focus on Bitcoin has been one of the major drivers of its price movement.

This is very much unlike the altcoin market which has been mostly explored by retail investors. This particularly holds true as when BTC extends its rally, there has been a prominent trend of retail investors investing sideways in a bid to increase their exposure to new and established altcoins.

This is what a well-known Bitcoin trader, TheBoot had to say about a potential alt-season:

“I don’t believe alts have viable uses, 99% of them. No, I do not think alts will ever see anything like 2017 again. Remember that $btc dominance would be significantly higher if not the never-ending altcoin supply increase. Index-based $btc dominance would be higher”

When Alt-Season?

It can be inferred that institutional investors have so far sidestepped altcoins. Adding to the market woes, was the uncertainty over the pandemic which led to the economy spur investments into Bitcoin. This has led to a delay in the much-awaited alt-season. It is only plausible that during these turbulent times, investors are placing their money on a safer bet, i.e Bitcoin and its counterpart will have to wait to gain a prominent foothold.

Litecoin’s [LTC] Uphill Journey Gets Interrupted By The Bears

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Bitcoin had finally hit $25K. All the other assets seemed to be aiding the bull run as the crypto market turned green. Litecoin [LTC] kept up the pace and was surging by over 17.67% in the last 24-hours. All the other coins like Ethereum [ETH], Bitcoin Cash [BCH], Chainlink [LINK], and several others were exhibiting a bullish sentiment, however, LTC was the star of the show. XRP on the other hand was witnessing a slump amidst a bull run. The altcoin was seen depleting by almost 10% during the time of writing.

At press time, Litecon was trading for $130.01. The asset maintained its position as the fifth-largest cryptocurrency with a market cap of $8.47 billion. Over the week, LTC managed to bag gains up to 20.63%.

Litecoin [LTC] One Hour Price Chart

Litecoin

Litecoin’s one hour price chart was seen forming a bearish pattern. The upper trend line was identified by higher highs at $109.88, $122.73 as well as $131.89. The lower trend line was formulated by higher lows at $108.32 and $120.53. These converging lines affirmed the formation of a rising wedge. The direction of a breakout for this pattern is usually downwards.

However, the daily moving average indicator insinuated that there were bulls in the market as the 50 daily moving average [Blue] was above the 100 daily moving average [Red]. This crossover is considered a bullish one.

Litecoin [LTC] Price Chart With Key Indicators

Litecoin

Bitcoin’s unstoppable journey was mirrored by several altcoins. Litecoin’s price movement was highly imitating that of Bitcoin’s. However, it was all gearing up for a crash as the bears had started infiltrating the LTC market. The indicators used in the short term price chart of LTC seemed to be in sync with the aforementioned pattern. The Stochastic RSI indicator was seen all the way in the oversold zone. However, the RSI marker was trying to climb back up from the oversold area. The Awesome Oscillator indicator stressed on the presence of bears in the LTC market as it laid out red closing bars.

Australian Crypto Spend Surges To 2.4% In 2020 Thanks To Millennials

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Cryptocurrencies have been gaining extensive traction following the ever surging value of the industry. Australia has been one among the several countries that have been steering towards the adoption of crypto. A recent survey conducted by the Independent Reserve revealed that despite facing an array of hurdles his year with the ongoing pandemic, the crypto industry managed to record an increase from AUD $257 billion in January to AUD $810 billion. The IRCI 2020 Cryptocurrency Index also touched several other areas including Awareness, Adoption, Trust as well as Confidence pertaining to the crypto industry in Australia.

Australia’s Citizens Well Aware About Bitcoin, Ethereum, and Bitcoin Cash

In the elaborate survey, it was noted that Australians cognizant about Bitcoin as 88.8% of the respondents said so. Only 23.5% and 21.9% of the respondents knew about Ethereum and Bitcoin Cash respectively. While other coins like XRP, Litecoin, and EOS were a part of the list, the fairly new crypto asset, Chainlink made it to the list. About 8.6% of the survey participants had no idea about any of the aforementioned assets.

While this was the awareness rate, the cryptocurrencies that the 1,000+ Australian respondents held weren’t very different. The survey read,

“Aussie crypto owners are holding:
Bitcoin: 74%, XRP (Ripple): 28%, Ethereum: 27%,
Bitcoin Cash: 17%, Litecoin: 15%, Chainlink: 5.2%,
Other tokens: 8.5%”

The adoption rate of crypto in Australia had recorded a surge since 2019. The IRCI suggested that 18.4% of Aussies owned crypto assets, which is one in every five participants of the survey had some cryptocurrency. Millennials were the star of the show as they had driven the adoption of crypto in the country. The graph read,

Australian

Additionally, the crypto spend of the country had increased from 1.3% in 2019 to 2.4% this year. The survey suggested that the age group of 25-34 were most likely to spend over $500 every month for crypto trading as opposed to the other age groups.

As the price of Bitcoin has been rising more than ever right now, the world has its eyes on the asset. However, most of the respondents of the survey were still sitting on the fence with regard to their opinion about the asset. About 19% of the Australian participants considered the king coin to be an Investment and another 19% viewed the asset as digital gold or store of value. A very few regarded Bitcoin as a scam or money.

SEC Finally Drops Bombshell Lawsuit Against Ripple

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The United States Securities and Exchange Commission [SEC] has finally announced filing an action against Ripple Labs Inc. and two of its executives on the 22nd of December. Claiming the two execs, namely Christian Larsen, Ripple’s co-founder, executive chairman of its board; and Brad Garlinghouse, the company’s current CEO, as significant security holders, SEC alleged that they secured more than $1.3 billion through an unregistered, ongoing digital asset securities offering.

This news comes just a day after Ripple CEO Brad Garlinghouse warned the community about an imminent lawsuit over the blockchain firm’s sale of XRP which happens to be associated with the platform.

According to the official document, Ripple also allegedly distributed billions of XRP in cryptocurrency exchange for non-cash consideration, like labor and market-making services. Apart from structuring and promoting the XRP sales used to finance the firm’s business, both Larsen and Garlinghouse also affected personal unregistered sales of XRP totaling nearly $600 million. The complaint further alleged that the two defendants in question apparently failed to register their offers and sales of the digital asset or satisfy an exemption from registration, which was found to be a violation of the registration provisions of the federal securities laws.

Stephanie Avakian, Director of the SEC’s Enforcement Division stated,

“We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to our robust public market system.”

A divided Industry

Despite Garlinghouse’s claim that Ripple is not only on the right side of the law but also on the right side of history, there are many in the community who would contradict.

Clearly, the cryptocurrency industry was probably never as divided as it is currently. As the news of the lawsuit broke on Tuesday, several prominent personalities of the crypto industry went on to share their opinion on Twitter. While there were some who sympathized with Ripple and the executives and called out the agency for its stance on the matter, there were many advocates of the space who sided with SEC’s latest move.

Co-founder of Morgan Creek Digital, Anthony Pompliano, for one, made his lenience quite clear with the following tweet:

“Good morning to everyone except the people who thought they could sell unregistered securities and get away with it”

Pompliano argued that he listened to their opinion but lost when “they openly became enemies of Bitcoin and the decentralization movement”. This could be attributed to an official release in which Ripple had earlier claimed that Bitcoin and Ethereum were “Chinese-controlled”. This did not sit well with, Ethereum co-founder, Vitalik Buterin as well, who lashed out at the firm in the following tweet:

Interestingly, Messari’s Ryan Selkis also took a jibe at Ripple’s popular mantra “we’re all in this together” and said that the “bad limb” needs to be amputated.

0x DeFi Protocol Crosses Sushiswap To Grab 2nd Position

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The hype around decentralized finance [DeFi] has faded but the development and activity surrounding the industry have once again gained prominence. In the background, amidst the noise of food-themed, meme, clone DeFi protocols, there is one decentralized exchange or DEX has started picking up pace. Yes, we are talking about the open protocol 0x which has noted significant appreciation as the market continued its uptrend.

Specifically, 0x climbed to the second spot with respect to the market share of decentralized exchange [DEX] by volume over the past week. Currently, the platform represented 22% of the total market share and was trailing behind, Uniswap which recorded a 7-day trading volume of a whopping $2.42 billion with a market share of 52.7%

This was noted by Senior Research Analyst, Ryan Watkins who’s tweet read,

“Surprised no one has talked about 0x cracking the top 2 DEXs by volume this week.”

11 e1608454826578

Over the past 7 days, 0x registered a trading volume of 1.22 billion. With this, the Ethereum-based protocol surpassed the contentious Sushiswap whose volume for the same time period was found to be at $544 million followed by Curve and Balancer at $428 million and $119 million respectively.

The latest spike in the volume figures can be attributed to the new relayer Tokenlon which was currently running a trade mining program. Affirming the latest news, Tokenlon stated,

“True. We had a trade mining and referral program for Tokenlon users. This way we can get a broad distribution of our $LON token, which is then released very soon.”

As deFi boomed throughout the year, 0x’s usage, also climbed record highs. To top that, the protocol reportedly facilitated nearly $4 billion in trades across various DEXs as well as aggregators such as Tokenlon and 1inch. In fact, it also generated approximately $400,000 in protocol fees.

0x’s native token, ZRX also witnessed a surge of nearly 300% during the same time, from trading below $0.26 to climbing all the way close to $0.75. However, the token took a massive plunge soon after as selling pressure intensified and has so far failed to recover. At the time of writing, it changed hands at $0.41.

0x Vision of Bringing Interoperability Cross-chain

More recently, the execs of the platform had revealed an ambitious plan to drive the expansion of 0x protocol beyond Ethereum. In a blog post, Theo Gonolla, 0x Labs product manager stated that the team believes in heading towards a multi-blockchain world with a vast web of interconnected networks forming the backbone of web3.

 

XRP’s Journey To $1 Restricted By Several Hurdles

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Bitcoin steered several into the crypto market with its significant change in price. XRP, Ethereum [ETH], Litecoin [LTC], and almost every coin in the industry followed the trail of the king coin. While Bitcoin hit an all-time high, at the time of writing, the asset was trading for $22,852.06. Ethereum also followed suit as it was trading at a high of $648.99, during press time. Litecoin [LTC] had finally pushed past $100 as it bagged gains up to 54.64% over the course of the last seven days.

XRP, the third-largest coin was priced at $0,582 with a 2.97% surge over the last 24-hours. Stablecoin Tether [USDT] was right behind the altcoin in terms of market cap. The market cap of USDT was at $20 billion while XRP was at $26 billion.

XRP One Hour Price Chart

XRP

The one hour price chart of XRP formed a pennant. The decrease in volume and short-lived pattern affirmed the formation of the pennant. While the direction of the breakout for a pennant is usually upwards, all the other signs were suggesting the same. The upper trend line and the lower trend like were formulated by lower highs and higher lows. The daily moving average indicator had formed a bullish crossover. The 50 daily moving average [Blue] was seen below the 100 daily moving average [Red] which indicated the presence of bulls in the altcoin market.

While the price change in XRP had led to several in the community vouching for the coin to push past $1, the altcoin seemed to have other plans.

XRP Price Chart With Indicators

XRP

The bears were seen creeping into the XRP market. The Parabolic SAR indicator had laid down dotted lines above the candlesticks which restricted the possibility of an upward breakout. This further eliminated the chances of the asset surging to $1. The Chaikin Money Flow [CMF] indicator was in the bullish territory all this while, however, the chart revealed that the CMF marker was heading below zero to the bearish realm.