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Altcoin Revolution

Binance Head Negative to Cryptocurrencies Pumping to Fresh Heights

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The crypto-currency community has been betting on version 2.0 of the altcoin season. Back in March, a team of researchers at Binance suggested that the crypto market might be approaching the Alt season. A situation where alternative cryptocurrencies (altcoins) pump hundreds of percentages and outperform the leading crypto, Bitcoin.

Well, it’s worth noting that the final alt season took place between 2017 and 2018 after bitcoin hit below-34%. The 6th of March Binance Research Paper hinted at renewed activity across the Altcoin industry. However, Binance CEO Changpeng Zhao recently came out claiming the anticipation that all altcoins are going to rally is too optimistic and should be dismissed by far.

Hot Anticipation of Alt Season in Third Quarter of 2020

Of course, a number of traders expect altcoins to gain by the third quarter of 2020. Looking at several altcoins, including Dogecoin, ChainLink and Cardano, reveals a frantic effort to take over the price charts.

Among the list, however, only Dogecoin has made gains in excess of a hundred percent. LINK scored at least 6.11 percent on the 24-hour price chart, while Cardano pumped at least 26 percent. Both hit a market price of $5.99 and $0.13 respectively. In addition, the market dominance of Bitcoin still stands at 63 percent.

Low Bitcoin Trading Volume in February

The basis of Binance Team Research back in March was a huge decline in the dominance of Bitcoin’s trading volume back in February. After that, it plunged from 40% to 27%. In fact, the researchers suggested that if the bearish trend were to continue, the high appetite for trade-in altcoins would definitely be rooted.

However, while the market can predict a surge across the following altcoins; Dogecoin, VeChain, Icon, Cardano, 0x and Cosmos; not all altcoins will pump. This is also according to a tweet from Binance CEO, an opinion backed by other industry followers such as Jason Calacanis-an investor in Robinhood and Uber. Who, however, claims that at least 99 percent of altcoin projects have no merit.

Meanwhile, according to CoinmarketCap the cryptocurrency market capitalization stands at $271.3 billion.

Top Five Cryptocurrencies to Watch in 2020

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Digital currencies could be due to huge gains in 2020. Well, it’s another year and there’s a lot to be offered by the cryptocurrency community. Bitcoin began the year in a really good shape convincing bulls that it’s time for business.

At the end of February, however, Bitcoin quickly collapsed, taking the rest of the cryptocurrency market with it. Despite the recent red market, a number of exciting projects and innovations are underway to watch out for. Having said that, let’s look at the top digital currencies to be on the watch list in 2020.

1. ChainLINK (LINK)

Back in 2019, LINK was the best performing digital currency and started the new year with the same momentum. Recently, ChainLink’s native token, LINK has seen staggering price movements. At the beginning of 2020, LINK is among the massive gainers of the bullish action At some point this year, its price has increased by more than 187 percent. In fact, LINK seems to be going against the price movement of Bitcoin. While BTC is down, LINK seems to have made key market gains.

Nevertheless, LINK’s price action is not the only interesting thing to keep an eye on; ChainLINK does some impressive business deals. In addition to partnering with giant search engine Google, ChainLINK has been busy forming more and more collaborations.

LINK has been building a buzz on the crypto platform, but the mainstream press still has so much to do. The price seems undervalued, making it crypto to watch this year.

2. Enjin Coin (ENJ)

The self-proclaimed gold standard for cryptocurrencies, Enjin coin (ENJ), has been gaining a lot of popularity among gamers. Enjin recently launched its mainnet on the Ethereum blockchain. It allows almost anyone to create games with items that live on a blockchain network.

After its launch, the token’s price had a massive rally reaching a record high. Nevertheless, it was subjected to the ongoing crypto reds market that revealed its correlation with other popular cryptocurrencies such as BTC and ETH.

The ecosystem of Enjin Coin consists of the Enjin platform, Explorer, Wallet, Beam, and other tools and services. This blockchain-based product ecosystem enables game developers and studios to use digitally tokenized blockchain assets as part of their strategies for acquisition, retention, interaction and monetization.

Its new product, which enables developers to create their own games and other in-game items driven by ENJ tokens. Currently, after a massive drop of 56% ENJ’s price $0.09 which seems very undervalued considering the ambitions of the project. It’s worth keeping tabs on.

3. Digitex (DGTX)

DGTX is a native token of the Digitex Futures Exchange. This startup aims to revolutionize the futures trading market for digital currencies by removing the commission liability from any trade. Scraping the fees will allow scalpers to make money and take advantage of the market’s tiniest price fluctuations. This is not possible at the moment, given the high fees charged by other exchanges.

In addition, the Digitex futures exchange has a user interface with a one-click trading ladder. This GUI helps the traders to remain in the price zone and position their orders with just a click of a mouse without using the keyboard.

The crypto startup will make it compulsory for traders to use DGTX tokens for all trades, hence enabling it to eliminate commission from all trades. In addition, this will also create a demand for the DGTX tokens among traders who want to enjoy commission-less trading and liquidity in the markets. Although that amount represents a 220% return rate for the initial ICO investors, DGTX enthusiasts are confident that it will reach its all-time high of 16 cents once it has been integrated for trading. 

The exchange is currently in beta version and the mainnet is expected to be rolled out by 27th April, stirring a bullish movement of DGTX price action regardless of how BTC is doing. Watch out for this one.

4. Tezos (XTZ)

Tezos (XTZ) is a blockchain network linked to a digital token, known as tez or tezzie. Token holders get a reward for engaging in the consensus mechanism of proof-of-stake.

Tezos is one of those cryptocurrencies which tends to increase in value when Bitcoin is down. Additionally, this year’s XTZ token price action was among the most active so far, experiencing huge gains and corrections.  Tezos blockchain has a huge global baker culture alongside a committed developer team.

Furthermore, both Coinbase and Kraken have recently listed XTZ for staking which resulted in a massive uplift to tezos.  With the current momentum of the token and the downward trend of BTC, this year’s XTZ is an interesting prospect.

5. Basic Attention Token (BAT)

Basic Attention Token is an Ethereum-based token created alongside Brave Browser home platform. This token was founded by Brendan Eich, co-founder of Mozilla and Firefox, who also created JavaScript.

Through Brave BAT will be used to pay content creators and advertisers via tips from loyal fans, and users will also receive BAT for viewing advertising. Basic Attention Token (BAT) aims to completely revamp the efficiency of digital advertising using its token, which can be transferred between advertisers, users, and publishers.

 

Top 10 Cryptocurrencies With Real Life Use Case

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Top 10 Cryptocurrencies: Experts believe it’s about time people began associating digital currencies with their utility, rather than the hype of blockchains. Bitcoins and other digital assets might be fading into proportionate loss of confidence in cryptos as a store of value. Meanwhile, this loss of interest may not necessarily affect the advancement and improvement of blockchain technology. But could impair the gradual process of adoption. Only an irrefutable proof of value to consumers and enterprises will drive the next phase of growth.
The short term wins of the crypto-verse are over. Cryptos with real-life use cases will drive crypto growth in 2020. If we look more carefully into the market we can definitely find a few blockchain projects, the ones created to be useful in real life. In this article, we will tell you about the top10 cryptos, the ones you can use in your real life.

Bitcoin

Bitcoin

A factual study was going round that Bitcoin can outweigh digital gold. However, this is only possible if Bitcoin could spawn a barrel of real-life use cases. ARK, a prominent investment research firm noted three feasible Bitcoin user cases that could drive Bitcoin to a trillion-dollar capitalization. One such example is the use of bitcoin as a form of non-seizable offshore wealth asset. The aggregate net worth of High Net Worth Individual (HNWI) purportedly neighbors $50 trillion figures. Would Bitcoin secure a small percentage of this aggregate, then the asset could attain a trillion-dollar valuation.

Ethereum (ETH)

Ethereum

Ethereum’s utility goes beyond the financial world. While it is simple to categorize both Bitcoin and Ethereum as one, Bitcoin lacks an actual use case besides being a digital currency. However, the main agenda of Ethereum was to create a programmable layer of smart contracts for deploying decentralized applications.

The utility aspects of the ethereum blockchain range from organizations and enterprises intending to deploy their ethereum blockchains.

Ripple

Ripple

Ripple’s entry into the crypto market was to solve the challenges of blockchain scalability. This aspect would form the basis of the Ripple Network’s major selling point. The platform has a throughput capacity of at least 50,000 transactions per second. Additionally, XRP coins were meant to facilitate real-time transactions with negligible transaction fees. Ripple’s target market are institutions such as banks. The network would help increase its efficiencies. Furthermore, the network describes its native network – XRP as the world’s fastest and reliable digital currency for making payments.

Apollo

Apollo

The Apollo Currency (APL) is a privacy coin dubbed as the all in one decentralized token. APL boasts of being the only cryptocurrency that combines almost all the features of existing altcoins into one platform. Noteworthy, APL is built upon proof of stake consensus mechanism and also allows holders to forge new tokens through its wallet software. The total supply of APL altcoins is 21 billion and there at least 15 billion coins in circulation.

Tron

Tron
TRON

Myriads of scalability issues plagued Ethereum since inception. Tron benefits from the disadvantages of Ethereum. Note that the creators behind Tron wanted to inspire all Ethereum features but a level of boosted scalability. Tron does not charge any costs for executing smart contract transactions, unlike Ethereum. However, the Tron network promises a remarkable throughput of 2,000 transactions per second. Striking similarities with Ethereum include the ability to create smart contracts by implementing Solidity. Tron founders recently outlined plans of providing additional privacy layers to transform the currency into a privacy coin.

Monero

Monero

A privacy coin at the center of all financial transactions, Is what comes to mind at the mention of Monero. Privacy makes monero such a valuable asset for cryptocurrency enthusiasts. Financial analysts believe that monero would be such a favorable store of value for people during oppressive regimes. While Bitcoin’s first impression was providing anonymity in a world of centralized data systems, Bitcoin’s blockchain would still store a record of transactions. Hence failing to achieve anonymity. Monero solved this problem by coming up with multiple stealth addresses, ring signatures, and permanent IP obfuscation.

Dash

Dash

Dash came into existence as an altcoin for making cryptocurrency easier and paved the way for mainstream adoption. Instant confirmations and ability to solve the problem of double-spending positioned Dash among the most revolutionary projects. Take the instance of a cafeteria vending machine accepting bitcoin payments. Would it not take forever given Bitcoins long confirmation times. Not forgetting high transaction fees.

Factom

Factom

 

Factom came to birth in 2014 as the undisputable record keeper of immutable and trustable data. Once a record is placed on Factom, changes are impossible to make. Therefore, an essential record would act as trust against which future verifications can be executed. Peter Kirby, the founder of the platform, had noted significant constraints on the bitcoin blockchain, barred the scope for innovation and prominent solutions. Meanwhile, the Factom ecosystem implements both its blockchain and Bitcoin to achieve the following:

  • Proof of Audit
  • Proof of Existence
  • Proof of Process

Gollem

Gollem

Gollem is an open-source, decentralized supercomputer built on the Ethereum blockchain. The native cryptocurrency of the Golem network is called Golem Network Tokens or GNT. Supply of these coins is fixed, and the price would likely increase with further adoption of the platform. It is easy to liken Golem to the AirBnB in computing. A place where technologies can power their websites, execute CGI rendering, conduct energy-intensive calculations and execute long lines of code. Golem’s computation resources could also enable you to mine other cryptocurrencies.

IOTA

IOTA

IOTA is the first of its kind cryptocurrency that does not use a blockchain. The coin implements what it calls the Tangle technology. These projects will power the next generation of the internet of things. Transactions are entirely free. An aspect that is impossible with other altcoins. On the low side of things, the adoption rate for IOTA is quite low. However, the coin has great potential to go mainstream.

Bottom line

The utility is the most important question one would ask when it comes to technology. It is fair and reasonable that technology goes mainstream because its impacts could touch lives. Therefore, this aspect of use case is a core concern while assessing the future of any innovation.

 

Your Weekly Dose of Crypto Markets : Bitcoin Futures, BTC/USD Performance & Altcoin Mining

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Chicago Mercantile Exchange is Launching Bitcoin Futures on Monday, 13. BTC/USD pair signals bullish zone while the crypto space anticipates more altcoin mining operation in the race to diversify income streams. 

Into the third week of 2020, we all expect exciting events in the crypto space. Bitcoin gained at least 10% in the second week and hit an annual record of $8,452. The broader market also witnessed similar gains with Litecoin (LTC), Bitcoin SV(BSV) and Bitcoin Cash(BTC) posting similar corrections. 

Additionally, several events that could have a broader impact on the crypto space took place last week. US – Iran tensions heightened. Iran admitted to bombing down Ukranian plane among more stories. The industry anticipates that the third week of the year will be busier and markets will post even higher gains. 

Chicago Mercantile Exchange  (CME) Bitcoin Futures

In fact, the leading financial derivatives platform Chicago Mercantile Exchange Group (CME) promised to launch the much-awaited options on Bitcoin futures on Monday, January 13. 

Given the growing market capitalization of Bitcoin, several options of trading the asset have been growing as well. However,  concerns with ETFs (Exchange-traded funds) in the United States means that ETFs will not be available until a while later. Nevertheless, the launch of Bitcoin options will bring in more institutional investors into the market.

Noteworthy, options are financial derivatives that enable holders to buy or sell an asset at a specific price on a predetermined date; However without the obligation to trade them. Hence, such options enable speculators to bet upon a price surge or drop of the asset through leverage trading. 

Meanwhile, CME will avail Bitcoin futures on Monday that have a single contract representing BTC 5. These futures will provide more flexibility while managing bitcoin fluctuation risks. Additionally, the options will have the ability to save on potential margin offsets between options and futures. This is possible through the mitigation of risks of counterparty default through the central clearing of the CME market place.

BTC/USD Pair Performance

Bitcoin (BTC) fell from its 2020 high of $8,452 on January 8.  The decline was however temporal since the price bounced off the downward correction that had acted as the key resistance. Meanwhile, the many attempts to remain afloat above the $8K support serves as a positive sign. In case the bulls manage to push the price beyond the present $8, 170 price zone, this signal could easily begin a new upward correction. The 20-day exponential moving average (EMA) is steadily rising and has positioned the Relative Strength Index (RSI) in a positive zone.  

A position that points out that the market is strongly bullish. However,  will the bulls fail to scale and maintain beyond the $8,200 support level, the existing bullish view will certainly be invalidated. BTC/USD pair will turn red in case the price drops below the moving averages and the $7,000 critical support.  Well, it would be easy for traders and analysts to watch a stop loss on the long positions around the $6,500 and $6,800 supports.

Mining Pools Integrating More Alternative Coins

A token data and rating analytics ‘TokenInsight’, released a report claiming that mining pools are likely to integrate more altcoins into their mining operations in 2020.  

The report noted that altcoin mining has massive market potential. Last year’s report accounts for at least 64 coins that could be mined, in addition to Bitcoin all sum up to 82% of the total market cap. 

Nonetheless, altcoins are entering the key stage through both mining and staking. Eventually, the altcoins market is likely to gain more attention from the crypto community. Given the looming Bitcoin halving of miner rewards, mining pools are also looking for diverse ways to boost their revenue streams.

 

Ethereum [ETH/USD] Technical Analysis: Price Remains Unmoved as Users clamor for ‘Altcoin Revolution’

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Ethereum and the rest of the cryptocurrency market have seen a multitude of changes in their values over the past few weeks, causing the user base to scramble in confusion. A lack of a significant price increase of ETH even caused many scammers and fraudsters to be flushed out of the space, leaving only those dedicated to the industry. The Vitalik Buterin co-founded Ethereum was speculated to be the kingpin of the altcoin revolution and as of January 2, the second-largest cryptocurrency was showing no signs of a climb up.

1 hour:

et 1 hr

In the hourly spectrum, ETH held an immediate resistance of $135.29 and immediate support of $127.8. The cryptocurrency was trading for $129.6 at press time and has been averaging at that range for two weeks.

The Parabolic SAR was above the price candles which meant that ETH was going through a bearish atmosphere.

The Relative Strength Index was near the oversold zone after a drop in price during the first day of the year. The hold near the lower zone was a sign that the ETH selling pressure was much more than the buying pressure.

The Chaikin Money Flow indicator had slightly crossed the zero line on January 2nd after a fall below it on the previous day. Experts claim that the rise could be attributed to an increased influx of capital into the Ethereum ecosystem.

1 day:

eth 1 day

Ethereum’s daily chart spoke a different story as the cryptocurrency struggled to break out of its long term rut. The immediate support on the daily chart was clocked at $121.92 while the cryptocurrency was trading for $129.5.

The Relative Strength Index on the daily spectrum showed similar characteristics to that of the hourly chart. Staying near the oversold zone, it was clear that the selling pressure was greater than the buying pressure.

The Chaikin Money Flow indicator was below the zero line, a hold that has sustained since the middle of December. In the long term, the capital leaving the Ethereum market has been much greater than the capital coming into it.

The Parabolic SAR was below the price candles, a contrast to the hourly chart. This was a sign that in the extended time frame, ETH was going through a bullish scenario.

Conclusion:

The above-mentioned indicators clearly showed that Ethereum has a lot to do before it can trigger an altcoin revolution. Analysts predict that the second largest cryptocurrency has to break at least the $180 barrier before it can be considered as a legitimate candidate to trump Bitcoin.