News

Bitcoin is twice as profitable as the S&P 500 in Q2

In the second quarter, Bitcoin won over 40%

Bitcoin fell 0.56% on Tuesday. Thus, partially reversing Monday’s gain, Bitcoin ended June down more than 3% to $ 9,136. Despite the monthly loss for June, Bitcoin rose by an enviable 42.33% in the second quarter.

Earlier today, Cointelegraph announced that the price of Bitcoin registered its strongest performance for Q2 in history, despite the shocking collapse to $ 3,750 on March 13. It is worth noting here that the main cryptocurrency even registered twice the profit of the S&P 500 index for the quarter.

The second quarter was mixed for other major cryptocurrencies. Cardano’s ADA took the lead, rising 172.45%. Binance Coin (+22.43%), Ethereum (+69.43%), Monero’s XMR (+33.05%), Stellar’s Lumen (+65.45%), Tezos (+46.32%) and Tron’s TRX (+41.46%) also recorded stable profits.

Bitcoin Cash ABC (+1.26%), EOS (+6.98%), Litecoin (+5.03%) and Ripple’s XRP (+0.91%) lagged behind.

Reversing the trend during the quarter, however, Bitcoin Cash SV fell 4.63%.

On Wednesday morning, the total market capitalization amounted to 259.53 billion dollars. At the time of writing, the dominance of Bitcoin was 66.04%. And the trading volumes for the last 24 hours reached $ 54.54 billion.

 

What to expect in the third quarter?

Three were the main catalysts that fueled the historic Bitcoin rally from April to June. Namely: the block reward halving on May 11, the demand for BTC at a much lower price and a strong recovery in the world stock markets.

Also, data from the blockchain show that the total number of Bitcoin whales has exceeded a 3-year high above 1800 in the last 3 months. From a macro point of view, this increase in the number of whales (individual investors who own a large amount of BTC) can be considered a bullish indication.

As of the beginning of the third quarter, investors in stocks and cryptocurrencies remain concerned that markets will suffer from a drastic increase in COVID-19 infections in a number of US states. And the EU’s recent ban on Americans traveling to member countries should also have a strong effect on airlines and the global tourism industry. If stock markets volatility remains high (or above the historical average), then the correlation between stocks and BTC should remain relatively high.

The general opinion among analysts is that in the coming weeks the price of Bitcoin may test the recent bottoms again. But despite the short-term bearish outlook, BTC’s market structure and investor bullish sentiment suggest that the digital asset remains well-positioned for further gains in Q3.

 

Technical analysis of BTC/USD

Bitcoin started the new month, struggling to hold over $ 9,100 amid widespread consolidation in the crypto market.

On the downside, the first support is at 100-day SMA, supported by the upside trend line of the formed triangle of the hourly chart.

It is essential to keep the price above $ 9,100, as this will allow the bulls to focus on $ 9,200. However, if the bears prevail and the support of the triangle is broken, BTC/USD could fall below $ 9,000. And even to test recent lows at $ 8,856/18.

From a different technical point of view, the current consolidation may last longer based on the signals from RSI and MACD. Both indicators move sideways around their midlines on the hourly chart. The RSI is horizontal at 48, while the MACD is around 0.00 (midline). If they remain in the same condition longer, consolidation will also continue.

If you want to receive our analysis on daily basis, you can subscribe for one of our services here.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

XRP/USD is struggling around $ 0.20 amid a broad market sell-off

The Crypto Market Erased the Profits From the Beginning of the Week – Ripple vs USD

The cryptocurrency market suffered huge losses yesterday after facing a wave of sales. The price of Bitcoin jumped above $ 10,350 from $ 9,432 on June 1, only to collapse again the next day and fall to $ 9,351. On Tuesday, Bitcoin failed to overcome key resistance in the region of 10K and this seems to trigger a wave of profit-taking or repositioning of Whales. In any case, this led traders to look for levels at which the market could stop.

On Wednesday morning, the main cryptocurrency is traded around $ 9,518. And for the last 24 hours, only Stellar’s Lumen has risen by 0.33%.

For the rest of the digital assets in the top 20, however, the day was bearish. Binance Coin (-3.73%), EOS (-5.40%), Ethereum (-4.31%), Litecoin (-4.68%), Ripple’s XRP (-3.75%) and TRX (-4.57%) led the way down. Bitcoin Cash ABC (-1.22%), Bitcoin Cash SV (-2.52%), Cardano’s ADA (-2.40%), Monero’s XMR (-1.78%) and Tezos (-2.31%) recorded relatively modest losses.

At the time of writing, the total market capitalization was 269.56 billion dollars, while the dominance of Bitcoin stood at 66.02%. Cryptocurrency trading volumes reached $ 118.13 billion in the last 24 hours.

 

Ripple vs USD – Continues to Consolidate Against Bitcoin, Although Other Altcoins are Gaining Momentum

As Bitcoin has recently consolidated, many major coins are showing strength, in double digits movements. For example, Ethereum’s ETH increased from $ 192 to $ 253, while Cardano (ADA) made rally by 44% in the last week.

However, some relatively large Altcoins lag significantly behind and two of them are XRP and Stellar Lumens (XLM), the third and 13th cryptocurrencies by market capitalization, respectively. So, what’s next for them?

The weakness of XRP may also be exacerbated by the fact that Ripple recently unlocked 500 million tokens from its escrow wallet – worth about $ 101 million. If these tokens find their market, they could put strong pressure on the affected cryptocurrency causing stormy selloff.

But the real problem with XRP is that its pair with BTC is doing extremely poorly. Ripple vs BTC is currently at its lowest level since December 2017, marking a 30-months low.

In order for the price to make a rally and a rebound from the bottom, a clear break above the previous support at 0.00002300 – 0.00002350 sats will be needed. If XRP manages to break above this range, we will probably see further bullish momentum towards 0.00003200 – 0.00003300 sats.

But at present, the price of the XRP still shows weakness and marks new lows, making trading with this coin difficult.

 

Ripple vs USD – Bears Remained in Control for the Second Day in a Row

Ripple’s XRP fell sharply in the early hours of Tuesday’s US session. The price managed to fall below the psychological level of 0.20, but now is trading back above this support.

At the same time, on the four-hour chart, we have a bearish divergence with the RSI indicator, which is a signal that the price increase may have been exhausted. In addition to XRP, it sampled below the 200-day Simple Moving Average and is now struggling to hold above 50 SMA.

Yesterday’s bottom of $ 0.1981 is the nearest support. A convincing move below it could take the bears to $ 0.1960, $ 0.1917 and $ 0.1898 (all lows in the past week).

In case the upside movement resumes, the first resistance is at $ 0.2060. This zone holds the price of XRP in the last rebound. A clear break above it will take the bulls for a test of $ 0.2120 and $ 0.2146. These are the highs of June and where is located the 200-day SMA also.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

XLM/USD on the way to test a key resistance zone

Bitcoin must break above $ 7,000 again for a chance to recover

Tuesday was a mixed day for the major cryptocurrencies on the market. Monero’s XMR rose 2.95% to lead the way on the day. Ripple XRP (+1.23%), Tezos (+1.45%), EOS (+1.65%), Ethereum (+1.96%) and Binance Coin (+2.07%) also finished the day green.

On the other hand, Chainlink lost the most and dropped 2.48% in the last 24 hours. O the negative territory it was followed by Bitcoin Cash SV (-0.58%), TRX (-0.34%) on Tron, Bitcoin Cash ABC (-0.16%), and XLM on Stellar (-0.04%).

At the time of writing, total market capitalization was $ 197.55 billion, while 24-hour trading volumes were $ 119.04 billion. Bitcoin dominance has remained stable at about 64.1% level so far.

Technically, BTC/USD bears remain in control as the price dropped from $ 6,970 to $ 6,768 yesterday. We don’t have strong support levels below, so you shouldn’t be surprised if the price decline even further. The pair is currently approaching its 50-day SMA.

On the upside, there are two strong resistance levels at $ 6,945 and $ 7,200. The first is a one-day 38.2% Fibonacci retracement level and the upper curve of the one-hour Bollinger Bands. Finally, the $ 7,200 level provided strong support in November and December 2019 before being broken in March.

 

Stellar Foundation launches a new donation campaign for the COVID-19 crisis

Lumen (XLM), currently the 13th largest digital asset with a total market capitalization of $ 984 million, was trading at $ 0.0483 early on Wednesday. The coin also reported an average volume of $ 513 million over the last 24 hours.

XLM/USD has great potential for growth as it trades above the main bullish trend line of the daily chart. And in this case, the $ 0.0500 level remains in focus.

Since early April, the cryptocurrency has gained positive momentum after the Stellar Foundation launched the Lumenthropy project. The project is based on Stellar Development Foundation (SDF) and is for combating COVID-19, using XLM tokens as a donation to several charities. The organizations that can benefit from it are – Unicef ​​France, the Tor Project, Heifer International, Watsi, Freedom of the Press, and Women Who Code. The foundation thus calls on the community to contribute to the project and send their coins, which SDF would support.

 

XLM/USD analysis

The first resistance is seen at $ 0.049, where is the 50% Fibonacci retracement level of the recent drop from $ 0.0524 to $ 0.0455. Successful breakthrough and daily close above this level can send the bulls up for a test at the $ 0.0520 main resistance zone. Then the focus will move to $ 0.0532 (high from 10th March before the crash).

But if the price fails to break above $ 0.049, it is possible to see a test of the upside trend line on the daily chart. It is located at 0.04730, where the 23.6% Fibo level is also found. A clear break below this support area may increase the downside momentum to $ 0.0450. The next major support is close to $ 0.0430, followed by $ 0.0400.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

Are the Ethereum Bulls ready for a recovery?

The fear of COVID-19’s proliferation and impact continue to keep more investors out of the market

Last week and this Monday were difficult for the global financial markets. The crashes were caused by the Coronavirus pandemic. Following traditional financial instruments, the crypto market also collapsed and Bitcoin lost 34% in the last 7 days. Ethereum dropped with 43%, Ripple’s XRP crashed with 30% and Bitcoin Cash lost 33%.

This morning, major cryptocurrencies have found some support. But the Ethereum bulls expect the risk appetite to continue to be affected by news around the Coronavirus. Despite the current apparent stability, investors seem to be shying away from the market, preferring to watch only from the sidelines. The downturn last week showed that Bitcoin’s safe-haven status was shattered.

Recovering over $ 6,000 will be required for the BTC bulls to pave the way for more price action towards $ 7,000. But BTC/USD is not ready technically. In order to pave the way for significant price movements north, the pair must overcome the sales pressure at H4 50 SMA ($ 6000). The next critical resistance is at the $ 7000 psychological level. And after that comes the 100 SMA, which is localized at $ 7,339 on a four-hour chart.

Earlier in the week, the total crypto market cap hit a high of $ 164.76 billion before slipping to $ 131.81 bln. Tuesday’s bullish momentum led to a recovery of $ 150.13 billion on Wednesday morning.

Bitcoin dominance returned to levels of 64% on Monday’s sell-off. At the time of writing is around 63.8%. 24-hour trading volumes in the crypto market amount to $ 121.05 billion.

Ethreum in consolidation after last week’s collapse

Like other crypto assets, Ethereum is experiencing a huge panic sell-off and the price has plummeted from $ 206 to $ 86. However, after rising above the $ 100 level, Ethereum began its appreciation against the USD yesterday. But mainly the price is consolidating into a triangle on a daily chart and is now trying to break the downside trend line of the figure. On the hourly chart, Ethereum is currently testing the lower curve of the 20-day Bollinger Bands.

Immediate resistance is seen at $ 115.50, which is 23.6% Fibo corrections on the recent drop from $ 206 to the bottom $ 86.46.

If the bulls manage to break through the important $ 120 resistance zone (also H1 100-day SMA), Ethereum may be ready for a strong upward move in the near future. The next key obstacle for the bulls is near the $ 132 and $ 146 level.

However, if Ethereum fails to break both the triangle and the resistance at $ 120 up, this could trigger another decline. The closest support levels are close to $ 112 and $ 110.

RSI indicator for Ethereum bulls

The RSI indicator sits on the edge of the oversold area. The SMA 200 is about to cross above SMA 20 on a daily chart. If it does, we will have confirmation of the heavily bearish “death cross” model. What does all this tell us? The answer is that while bulls may responsible for short-term movement, overall market sentiment remains bearish. In addition, MACD also slumping down.

If you want to receive more analysis, related not only with cryptocurrencies but also Forex and stock investments, you can check our subscription services.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More
Top