Forbes Analyst Explains Why Altcoins Are Not Rallying With Bitcoin, Are Altcoins Dead?

Over ten years ago, Bitcoin was created by the anonymous Satoshi Nakamoto. The goal was to free the world from the shackles of centralized …

Over ten years ago, Bitcoin was created by the anonymous Satoshi Nakamoto. The goal was to free the world from the shackles of centralized institutions by providing everyone with a new form of money which would be used as a medium of exchange and a store of value. Since then, the Bitcoin price prediction has been bullish and bearish at intervals. Shortly after Bitcoin was created, other blockchain developers started creating alternatives to Bitcoin which came to be known as altcoins. These altcoins are cheaper than Bitcoin so some traders are more inclined towards them. However, throughout history, the price of Bitcoin has been strongly related to the price of altcoins. What this means as that as the price of BTC moves higher due to things like positive Bitcoin news or bullish Bitcoin price predictions, altcoins typically rally along with it. A typical example is what happened during the 2017/2018 Bitcoin bull run that took the price of BTC near the $20,000 level.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Why Is BTC Outperforming Altcoins? Cryptocurrency News Today

After being stuck in a bearish territory almost throughout last year during the cryptocurrency winter, the price of Bitcoin started to recover against the USD at the beginning of the year. Between November when it hit $3150 and now, the price of Bitcoin has increased by over 100%. Typically, altcoins would have recorded similar gains but this isn’t the case. Even some of the most promising projects in the space like XRP, and VET are recording losses against the USD and BTC. Why is this so?

According to an article on Forbes, there have been several suggestions from market leaders regarding why the price of BTC is not rallying along with the price of most altcoins. The Chief investment officer of Arca, an asset management firm, Jeff Dorman said that Bitcoin is outperforming altcoins because irrespective of how many altcoins have emerged, BTC is still the most important asset in the cryptocurrency space. This is in line with what the director of digital currency at TradeBlock said.

Bitcoin (BTC) Price Today – BTC / USD

Name Price 24H (%)

bitcoin
Bitcoin(BTC)

$6,278.00

In Dorman’s opinion, the best cryptocurrency to invest in 2019 and beyond is Bitcoin. He also said that the altcoin season is over and traders have shifted their focus to Bitcoin until such a time when Bitcoin starts consolidating. In his words;

“This doesn’t necessarily mean BTC’s returns will be higher, just that the probability weighted return is the highest given that BTC is so far ahead of any other digital asset in terms of adoption and use cases.”

Bitcoin Price Prediction 2019 – Bitcoin Price Analysis – Current Price Of BTC

At the time of writing, the price of Bitcoin was $6,311.67. This means that it is up by 4.23% against the USD. The trading volume over a 24 hour period is $18,553,059,878 and the market capitalization is $111,669,845,201.

The largest altcoin in the market, ETH only recently started gaining upward momentum but is still not moving in the same pace as Bitcoin. Right now, the only altcoin that is doing exceptionally well is Basic Attention Token, the native token of Brave Browser. BAT is currently trading at $0.353582. It is up by 20.44% against the USD, 15.54% against the price of BTC and 18.06% against the price of ETH.

What do you think about the current price action of Bitcoin? Why is Bitcoin outperforming altcoins in your opinion and why is Basic Attention Token surging? Share your thoughts in the comment section below.

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Bitcoin Is Back, but Should You Really Care?

For those who may not closely follow bitcoin, its allure has always been twofold. First, it represents a new means of transferring and settling funds …

Image source: Getty Images.

Most cryptocurrency deficiencies have yet to be resolved

But should you really care that the highest-flying asset of our generation is back to logging big gains? Honestly, probably not.

Putting aside the complexities of purchasing bitcoin on cryptocurrency exchanges, since traditional brokerages don’t typically support purchasing bitcoin directly, there are a number of deficiencies that throttled the crypto market in 2018 that still haven’t been addressed.

Topping the list of problems is security. Despite blockchain networks being transparent and immutable, hackers have had seemingly little issue deceiving investors from time to time and absconding with their hard-earned coin. Just this past week, Binance, one of the most popular crypto exchanges, revealed that hackers stole about 7,000 bitcoins, worth around $40 million. It’s highly unlikely that any of this stolen coin will be identified, or find its way back to its rightful owners. The SEC has explicitly warned about this in the past, suggesting that because so many crypto transactions occur outside the confines of the United States, its ability to trace and recover coin, as well as prosecute hackers, is limited.

Another pretty sizable problem is that bitcoin has limited utility. Sure, it’s the medium by which most cryptocurrencies are purchased (i.e., investors have to buy bitcoin to exchange for rarer crypto coins on many exchanges), but the vast majority of retailers and businesses aren’t going to accept bitcoin as a valid form of payment. It’s simply too volatile for most businesses to take on that risk. That limits the real-world usefulness of bitcoin.

Even blockchain, which has arguably been the heart of the cryptocurrency rally since the beginning of 2017, has an inherent Catch-22. Namely, businesses are unwilling to lean on blockchain without it demonstrating its effectiveness in real-world testing, but it won’t face any real-world scenarios unless the corporate world gives the technology a chance.

A row of graphics processing units used to mine cryptocurrency.A row of graphics processing units used to mine cryptocurrency.

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A row of graphics processing units used to mine cryptocurrency.

Image source: Getty Images.

Bitcoin is often a purveyor of frustration for investors

Though the recent rally in bitcoin might have investors thinking about dipping their toes into the crypto pond, my suggestion would simply be: Don’t! Outside of buying bitcoin directly on cryptocurrency exchanges, which has noted security risks, equities that provide investors with bitcoin exposure are prone to causing plenty of headaches and frustration for investors.

The Grayscale Bitcoin Trust(NASDAQOTH: GBTC) is one such means of gaining bitcoin exposure. The Grayscale Bitcoin Trust owned approximately 225,638 bitcoin as of April 30, 2019, which equates to about $1.39 billion in market value. But the actual market value of the Grayscale Bitcoin Trust is pretty much always much higher than the tangible value of its holdings. Right now the premium is only around 5% of net asset value, not counting the absurd 2% management fee you’ll pay annually for a portfolio that requires virtually no upkeep. Historically, though, the Grayscale Bitcoin Trust has seen premiums of 25% to 100% of net asset value, making it a speculative investment to avoid.

Bitcoin, and the crypto movement as a whole, has also wreaked havoc on established companies, such as NVIDIA(NASDAQ: NVDA). In 2017, the graphic cards that NVIDIA manufactures were being gobbled up at an incredible rate by cryptocurrency miners (the reward for mining blocks of transactions is often crypto coin). This, in turn, sent NVIDIA’s share price through the roof as a small segment of its sales soared. When the floor fell out of the crypto market in the second half of 2018, so did NVIDIA’s growth. Fourth-quarter revenue fell 24% to $2.21 billion from the prior-year period, and tumbled 31% from the sequential third quarter. Even with a modest rebound in the books for most crypto coins, mining isn’t guaranteed to be profitable at these levels.

There’s no denying that cryptocurrencies have delivered stellar returns since the beginning of 2017, but they don’t belong anywhere near long-term investors’ portfolios.

More From The Motley Fool

Sean Williams has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends NVIDIA. The Motley Fool has a disclosure policy.

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Get Ready For The Investing Cryptocurrency As Another Bull Run In The Next Few Days – Brad …

Find All Binance Hack, Neo Cryptocurrency, Earhtport Ripple, Bitcoin Surge, Binance, XLM News, Fidelity Crypto, Cryptopia, XRP Ripple Coin News …
cryptocurrency

All investors are looking for the positive crypto market news to invest. The cryptocurrency price analyst on NewsBtc has predicted another bull run in the next few days. If you want to benefit from this bull run, you need to find out the best cryptocurrency to invest in 2019 and here is the list that you can double down on your accumulation efforts.

Bitcoin (BTC) Price Prediction

Bitcoin (BTC) Price Today – BTC / USD

Name Price 24H (%)

bitcoin
Bitcoin(BTC)

$6,300.00

The first cryptocurrency on this list of the best cryptocurrency to invest in 2019 is Bitcoin. Bitcoin is the flagship cryptocurrency and even with the creation of so many altcoins, Bitcoin has continued to maintain strong dominance over the market. The Bitcoin price prediction 2019 is extremely bullish and the last few weeks prove that the largest cryptocurrency per market capitalization is living up to its name. In its most recent rally, Bitcoin outperformed almost every altcoin moving from the $5200 level to the $6000 level. In the next two days after the price correction, another surge is going to happen and the price of Bitcoin is going to break new resistances. You don’t need to break the bank to invest in Bitcoin, you can buy as many satoshis as you can afford. It would keep appreciating until it gets to one Bitcoin and even after that.

Cryptocurrency Price Prediction – Cryptocurrency News Today

Altcoins are attractive because they are more affordable than Bitcoin. However, before you invest in an altcoin, it is important to note that they are highly volatile. So, as much as you can make a profit from rapid swings upward, you can also suffer losses from rapid swings downward.

Tezos price prediction 2019

Tezos is one of the most promising projects out there. Between when it was created and now, the price of Tezos has surged significantly. It is important to note that Tezos price has a high volatility so it is going to be beneficial when you want to make quick returns. Right now, the price of Tezos XTZ is trading around the $1.15 level. Our previous Tezos price prediction places the price of the cryptocurrency above $1.45 in the next two weeks. So, if you buy now, there is a high chance that you’ll make significant profits soon.

Ethereum (ETH) Price Prediction

Ether is currently up by more than 100% from its all-time low. While the price was stuck in the $150 to $170 range for a long time, it managed to break the key resistance and move higher against the USD. If you’re looking for the best altcoin to invest in 2019, don’t leave Ethereum out of your list.

Cardano price prediction 2019

After Ethereum and Tezos, Cardano ADA is another worthy altcoin. However, it is a preferable option for patient traders who want to take long positions. The upcoming Cardano Shelley project is expected to lead to a surge in the price of ADA. If you buy now, you may be among those who will benefit from the surge. Other solid options are XLM, XRP, BNB, and BAT. Feel free to add your own altcoins to the list.

Cryptocurrency News – Brad Sherman to outlaw cryptocurrency purchases

The price of cryptocurrencies have been bullish for the better part of the year. Even if April had some bad days, there was an improvement in the general sentiment of the market. Basically, every cryptocurrency price prediction 2019 has been bullish. Even the XRP price prediction 2019 is bullish irrespective of the fact that XRP is one of the poorest performers in the space. After Brad Sherman cryptocurrency ban news, we will see if these bullish predictions will keep going or not.

According to the latest cryptocurrency news on Cryptoslate; Brad Sherman, a California Democrat, called for members of Congress to join him in introducing a bill to outlaw cryptocurrency purchases by Americans.

During the May 9th Committee on Financial Services, Sherman claimed that cryptocurrency is supplanting the US dollar in the financial system when it comes to conducting illicit activity:

“I’ll point out though that as we deal with illicit finance focusing on our banking system and our currency, cryptocurrency is moving in to fill the role…[there are detailed instructions on] how it’s secure and secret [and] how it can meet your needs if you’re a tax evader or a drug dealer or a terrorist.”

Although many in the community have responded that Sherman is grossly overlooking the useful applications of cryptocurrency, the technology’s utility in facilitating illegal activity shouldn’t be understated, either.

The fact that Congresspeople are now seriously considering cryptocurrency a threat to the financial system and the rule of law is a testament to its traction and utility, both among criminals and honest users. According to Sherman, cryptocurrency has the potential to “disempower” the United States and the US dollar, and that’s both exciting and terrifying.

Find All Binance Hack, Neo Cryptocurrency, Earhtport Ripple, Bitcoin Surge, Binance, XLM News, Fidelity Crypto, Cryptopia, XRP Ripple Coin News in Smartereum.com

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All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesn’t Cut It

The Binance event has shaken the core of Bitcoin. The main criticism of Ethereum is now valid too for Bitcoin. In July 2016, Ethereum reversed a $50 …

Amir Taaki is a British-Iranian anarchist revolutionary, hacktivist and programmer who created libbitcoin, the first alternative bitcoin implementation.


Binance, the biggest crypto exchange by volume, was hacked on Tuesday. The hacker took $40 million or 7000 BTC.

Binance had a chance to recover these funds. They could cut a deal with the majority hashpower miners. The miners would reverse the chain and gain a share of the stolen money.

Binance this time decided not to make the deal with miners. And as time goes on, the attack becomes harder. But all it took was a private phone call. The majority hashpower lies under control of a handful of men. They can collude and reverse the chain.

Truth is that reorgs are not prevented by the Bitcoin protocol (except against low hashrate mining coalitions), but instead by the social, legal, and political reality of the Bitcoin community

CZ says “pls”, Bitcoiners say “no” and demand homage, so CZ says “ok! It’s #immutablehttps://t.co/zhFhBSt8SH

— Vlad ‘ETH is not money’ Zamfir (@VladZamfir) May 8, 2019

We got lucky this time.

The Binance event has shaken the core of Bitcoin. The main criticism of Ethereum is now valid too for Bitcoin. In July 2016, Ethereum reversed a $50 million hack of the DAO smart contract. This made many angry, that Ethereum can be changed. This was a main critique made by Bitcoin against Ethereum. But the DAO hack blockchain reversal could also happen on Bitcoin.

For more than two years now, I have over and over tried to push the point that the crypto movement is about more than just technology. It is also about politics.

The Binance episode shows us that the Bitcoin protocol is not only protected by technology, but also by political consensus.

We have ignored the social fabric that gives the crypto project its power. We have focused on magic tricks hoping to be saved by the next innovation. But no new technique can save crypto.

The problem cannot be reduced to technical ideas such as a decentralized market, p2p exchange or instant transactions. It is much deeper. We tried to engineer the perfect system. A rube goldberg machine, where human robots strive for fast financial gain. And in exchange, the project has been populated with mass men with a slave mentality that can only think on the level of moon memes. All the good people are moving on because we no longer offer the future.

And it has fostered a greedy penny-pinching mindset where people cannot think beyond their own quick self-interest or project brand name.

Our project is to open academies to train hackers able to work on projects which are critical to crypto’s survival but don’t have direct financial reward. These people have to be hacker philosophers, multi-disciplinary renaissance hackers. When I go to any crypto conference, there is a huge number of skilled idealistic young people looking for a place to direct their energy. We must make use of this raw material.

And many times over the last year I met with multi-millionaires about this project. They had no interest in putting $10k into something that while it doesn’t directly benefit them, it is the only hope to save crypto from certain death. But they were super interested to invest 100s of thousands into nonsense projects that will make profit in a few months. We are in a sinking ship, and everyone tries to climb on top of each other to get to the top.

Imagine for a second this gift that has been given to us. What a massive change could happen. Why do we think small?

“Bitcoin is based off technological consensus” they say. But who makes the technology? How you name your function, the processes that allow new code in, even the atmosphere of your discussion all shape how the technology evolves. It is never static. Bitcoin is more than rules. It is a movement, an ideology.

The longer we ignore this the worse it will get. Last year at Bitcoin’s peak of $20k, I called that the project was heading for failure. We have since then suffered the worst market crash in the history of crypto. Ideas shape how the technology evolves. People are waiting for the up. And there might be bumps. But unless the content is not there, there will be no growth.

What inspires people to create ideas? Not money. Destiny, vision, and purpose are the fuel of history. We are technologists. We have power to shape the world. We have been given the chance to overthrow the system of global finance. Why think small? Why waste this moment? Imagine big.

Our goal is to spread across the world, anonymous digital black markets. Markets outside state control. No control of the economy.

How?

First, we do not need the help of global capital or regulators. We must declare our total and complete opposition to the old order that we are going to replace.

Second, we must start to explore the realm of ideas, philosophy of technology, global geopolitics, history of computers, and put these together to paint a vision of where we’re going and the steps to get there.

Third, we must think beyond our own little place in the present to where we can get in the future. We must find that strength and will to overcome ourselves, and aspire towards a big goal. Grow strong. Nourish our beast. We are an energy. Inside us is a seed.

There is lots of work. We need the wikis, exchanges, markets, currency, financial instruments, political decision-making tools and much more – all of them dark and p2p.

The biggest letdowns were the financial crises that presented themselves. We were not prepared to make use of them. We could not move quickly to profit from them. Instead, they passed by (Greece, Iran, Venezuela) and became news memes.

But the good news is, that the contradictions of the system are growing. It cannot sustain itself. Already nationalist and religious extremist groups are agitating to grow the cracks and then move into the vacuums. This system of western-led finance-capital-state matrix cannot continue. It will collapse.

And if we have made the groundwork, when the time comes, we will be ready to summon our beast. We are the opposition.

Special thanks to Taylor Gunnoe, @cryptosleeper, who inspired and edited this article

Pins and string image via Shutterstock

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Crypto Markets Hit New 2019 Top as Bitcoin Cranks Higher to $6.3k

The top ten is mostly red at the moment with only Litecoin making any positive momentum as it reaches $77 with 2.5 percent added on the day.

Crypto markets make a new yearly high; Bitcoin surging to $6.3k, Litecoin lifted but the rest of the altcoins get eaten.

Market Wrap

The end of the week has seen crypto markets hit another new high for 2019. Bitcoin is pushing things higher as it eats away at the altcoins and itself posts new highs for the year. Total market capitalization just passed $190 billion for the first time since November 2018.

A new yearly high of just below $6,300 was made by Bitcoin a couple of hours ago. It has not dropped below $6k since breaching the psychological barrier in early trading yesterday and has pushed on a further 3 percent today. The big move has taken BTC volume up to $18 billion and market cap over $110 billion. Its dominance is now at a 17 month high of 58 percent, a level not seen since the big surge at the end of 2017.

The big move by BTC has pulled Ethereum up a little as it approaches $175. On the downside ETH market share has been eaten away to under ten percent as it remains sluggish.

Total capitalization of altcoins.

One more perfect bounce from the trend line.

It is not even funny anymore. #bitcoin$btc#altcoinspic.twitter.com/xdKrTa7Fj1

— CryptoHamster (@CryptoHamsterIO) May 10, 2019

The top ten is mostly red at the moment with only Litecoin making any positive momentum as it reaches $77 with 2.5 percent added on the day. Binance Coin is getting dumped dropping 8 percent back to $19 and XRP and Stellar continue to get eroded losing another couple of percent today.

There is greater pain in the top twenty as altcoins get assaulted by their big brother. Cosmos has been smashed 8 percent to fall below $4 and Tron and Maker have both lost over 4 percent over the past 24 hours. The rest are losing a couple of percent each as Bitcoin continues to consume them.

FOMO: Arcblock Still Pumping

Yesterday’s fomo driven pump has rolled into another day as ABT surges a further 40 percent lifting its position to 76th. South Koreans are all over this one as Bithumb dominates the trade volume in KRW. Social media tipping based altcoin ReddCoin is also flying at the moment with a gain of 18 percent on the back of Facebook’s rumored foray into crypto. Aurora is back again with another pump today of 15 percent which will dump tomorrow.

Speaking of dumps, WAX is in bad shape as it drops 9 percent as the top one hundred’s biggest loser. BNB and Cosmos are not far behind dumping 8 percent each.

Total market capitalization 24 hours. Coinmarketcap.com

Total crypto market capitalization has reached a new high for the year at $192 billion. The $4 billion, or two percent, gain on the day is largely due to Bitcoin which is a steamroller at the moment. Total daily volume is at its highest level for the week at $54 billion as markets slowly grind towards $200 billion.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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