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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.

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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.

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XMR/USD Recovers from the Recent Bottom and Ignores the Hacker Attack

Cryptocurrencies Fight on Wednesday, as BTC/USD Fell by 0.45%

Bitcoin is trading lower on Wednesday morning, with most major cryptocurrencies also remaining in the red territory. The Blue Mockingbird hacker gang managed to infect more than 1,000 business systems with Monero (XMR) mining malware.

The crypto assets from the top 20 that managed to show more significant growth in the last 24 hours are HEX (+13.06%), Cardano (+3.04%), Ripple (0.84%) and Ethereum (0.34%). The market seems to be stuck between a rock and a hard place after the halving event took place earlier this month. BTC/USD sank below 9,000 after rejecting the resistance zone at $ 10,000 twice in a relatively quick sequence.

Now the price seems to be stuck in a range between $ 8,000 – 10,000. And a steady break with good volume will be needed to determine the future path of the digital gold.

However, there are some positives on the technical side. Now, the price is trading above the 200- and 50-day MAs. On the 4-hour chart,  BTC/USD is making higher lows, meaning buyers have bought the last dips to $ 8,700. Short-term traders can now watch for closures above $ 9,000 and $ 9,100 on the 4-hour chart to see if the price can stay above either level.

In the event that Bitcoin falls below $ 8,700, trading volumes show $ 8,550 as the last strong support before the price falls to $ 7,700 – $ 7,420.

 

1000 Corporate Systems Infected with Monero Mining Malware

The hacker group Blue Mockingbird has installed a hidden miner for the cryptocurrency Monero on at least a thousand corporate servers. In addition, if the server allowed access to other computers, they infected them as well. Cybercriminals then install the XMRRig mining application to take advantage of the resources of the infected machines.

The global scale of the hacker group’s operations was revealed by the cloud security company Red Canary on May 26.

 

Despite the Attack, XMR/USD Remains Calm

XMR/USD hit a bottom at $ 60.00 on Monday and recovered to $ 62.08 at the time of writing. The coin is now ranked 16th in the global ranking of cryptocurrencies with a capitalization of over $ 1 billion.

Looking at the daily chart, we will see that Monero has been on an upside trend since the beginning of March. And for the last 24 hours XMR/USD has remained almost unchanged, with a small profit of 0.36%.

Gradually increasing moving averages and RSI in the positive zone also suggest that the bulls retain control. In addition, the 50-day SMA passed the 200-day SMA. This is signaling a golden cross and potential further upward momentum.

The first resistance is at the 200-hour SMA around $ 63.30. The stronger barrier, however, we have at $ 64.00 (near the high on Sunday). If XMR/USD manages to break over this zone, then the next target of the bulls will be $ 68.26 (the high on April 30).

On the downside, the key support coincides with the psychological level of $ 60.00. If the price reverses from current levels and falls below the 50-day SMA, this will indicate weakness. The bears are likely to gain more control if the price manages to fall below the last lows around $ 53.

 

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.

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Bitcoin remains steady until oil and stocks collapse

The fall in oil prices is now affecting the stock market, which makes crypto investors worried about the future of Bitcoin price. The cryptocurrency market is now in a lull after the retreat from last week’s highs. Most cryptocurrencies barely manage to stay in green territory, especially the first three: Bitcoin, Ethereum and Ripple.

Total market capitalization dropped to $ 198 billion. The decline clearly shows that sales pressure has been significant for the last 48 hours, especially for Bitcoin. The main digital coin fell from the high $ 7,300 to the bottom at $ 6,767. Total trading volume also dropped from $ 186 billion to $ 114 billion (reported in the last 24 hours).

 

BTC/USD stays stable at $ 6,900 when oil and stocks collapse

The US oil market has suffered the biggest blow in its history after prices falling to negative territory on Monday. The downturn also had an effect on the stock market. And this is a situation that is worrying for Bitcoin and other crypto enthusiasts because of the recently found correlation between the price of BTC and stocks movements. Yet, amidst the chaos in traditional markets, the price of Bitcoin has remained relatively stable.

As for the technical picture, a positive development is the pattern of higher lows and the increasing volume of purchases of the 4-hour chart. If Bitcoin manages to stay above the $ 6,900 level, then the price may go above the average line of Bollinger Bands near $ 7,000. However, a clear breakthrough and a daily close above $ 7,300 (April 18 peak) will be needed, so the bulls can clear the way to the $ 8,000 price level.

If the $ 6,900 level fails to affirm as support, then Bitcoin bears can take control of the price. A clear break below the bottom of this morning at $ 6,826.2 will bring BTC to retest at $ 6,767.

 

Tezos runs crypto recovery, but for how long?

Any discussion of the current price action of the cryptocurrency market should also include some references for Chainlink (LINK) and Tezos (XTZ) presentation.

Both coins have had some of the most volatile and massive flows in the last twelve months. After the Black Thursday collapse on March 12, Chainlink jumped 156% and Tezos made a recovery of 152%. In the last 24 hours, Tezos has also managed to grow the most among the top 15 cryptocurrencies.

 

The question now is, will XTZ be able to lead the other Altcoins upside?

On the 4-hour chart, XTZ/USD has been moving in the upside price channel since March 13. It seems that the $ 2.00 psychological level is proving to be a tough nut for the bears and the price has risen again. The 55-day SMA is also located in that area, where Tezos found support in the latest downturn.

Looking at the technical indicators, the RSI went back above the midline 50 with bullish momentum. But at the moment, the upside channel with an upper border at $ 2,532 and a bottom line localized at $ 1,991 is the key. A clear break in either direction can give us clues about the future price action of the pair. Falling below the channel could take the bears to test $ 1,834 (low of April 16). On the other hand, a break above the upper limit can push the bulls towards the important resistance of $ 3.

 

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.

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XRP/USD bulls have a chance to test again $ 0.25

Attempting to rebound in a challenging environment

Since last week’s devastation, most crypto assets have started this week with a rebound. Bitcoin is up just 0.30% since its retreat on Tuesday. Ripple’s XRP has risen 1.22%, Litecoin has made a profit of 0.75% in the last 24 hours, and Chainlink gained 12.73% amid the top 20 crypto assets.

Total crypto market cap is $ 252.61 billion this morning. Bitcoin dominance fell from 64% to levels below 63.6% when Bitcoin struggled early in the week. At the time of writing, Bitcoin’s dominance was 63.7%. Trading volumes peaked on Tuesday morning, but are currently at $ 173.15 billion for the last 24 hours.

Bitcoin seems to be losing the battle for “digital gold” status for the time being. The main digital currency not only did fail to unite with traditional safe havens, but also followed the risky assets. And when someone tries to give Bitcoin a “crypto gold” rank, opponents will always remember the February stock market crash that dragged Bitcoin behind.

At the same time, however, we have no definitive correlation with the risky assets. The fact is that Bitcoin remains a different asset and its main nature is unpredictability. For such an asset, the best scenario is the confusion of all market participants.

 

Bulls on Ripple (XRP) fluctuate, but further gains above $ 0.24 seem likely

After a strong start to the week, XRP/USD fell from $ 0.2395 to $ 0.2296 on Tuesday. XRP/USD is currently trading around $ 0.2364, supported by SMA100 on a daily chart. For now, the XRP/USD continues to move below the moving averages SMA 20, SMA 50 and SMA 200 as the price consolidates under $ 0.24.

The pair is about to test again the 61.8% level of Fibonacci correction on the rally from $ 0.1753 to $ 0.3452. If Ripple manages to break through this important resistance, it could start another upward momentum in the near future.

 

Ripple’s (XRP) Technical Analysis

This resistance level is near the $ 0.2400 level, followed by the Tuesday high at $ 0.2413. A clear break above 61.8% Fibo and $ 0.2413 could open the door for a larger rally to the $ 0.2500 psychological level in near future. There is also a daily SMA 200.

On the downside, a sell-off below $ 0.2330 (the abovementioned 100-day SMA) will clear the bears’s path to $ 0.2300 and $ 0.2244 (1st March low). With a convincing fall below $ 0.22, a further decrease to $ 0.1804 is possible.

The MACD indicator indicates decreasing bearish momentum on the daily chart. And the hourly MACD is now gaining momentum in the bullish area. The RSI (Relative Strength Index) for XRP/USD has returned above the 50 level on 1-hour chart, which is also a positive sign.

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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.

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