Litecoin completed the 5 wave pattern marked in black. Now the red ABC consolidation pattern is coming to an end too. The A-B wave stopped nicely …
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The same can be said about the association between Litecoin and “digital silver”. The critical analysis of the relationships between cryptocurrencies …
Up until the most recent correction, Bitcoin (BTC) price was repeatedly pushing above $10,300 and attempting to reach a 2020 high above $9,500. 2020 started with a strong upward trend and altcoins followed Bitcoin’s price action, as thoroughly reported in Cointelegraph.
This aggregate trend leaves the door open for a full bullish period ahead since the last Bitcoin high growth period was between April and June 2019.
The volatile behavior observed since the start of the year may be causing the traditional assumptions associated with Bitcoin and other top currencies to be challenged. One of those assumptions is the belief that Bitcoin is closely connected to gold.
Cryptocurrencies and the precious metals narrative
A previous analysis reported by Cointelegraph has shown that the digital gold narrative attributed to Bitcoin may not be as realistic as investors believe. The lack of a significant relationship between Bitcoin returns and gold returns as well as the low correlations across the years are contributing to the challenge to the narrative.
The same can be said about the association between Litecoin and “digital silver”. The critical analysis of the relationships between cryptocurrencies and precious metals opens the door for further research.
Correlation between top 10 cryptocurrencies and gold
By analyzing the correlations between the top 10 cryptocurrencies in the market and gold returns during January 2020, we unexpectedly found that XRP, rather than Bitcoin, has the strongest correlation to gold. XRP is correlated at 34.1%, while Bitcoin is correlated at 21.5%. Moreover, both Ether (ETH) and Bitcoin Cash (BCH) share a very similar correlation to gold as Bitcoin does with 20.1% and 19% respectively.
In the opposite direction, Tether (USDT) has an inverse correlation with gold at -37.7%. This is surprising since the behavior of a stable coin like USDT could be more correlated with a precious metal like gold than a much volatile coin like Bitcoin.
A correlation of 100% means that each cryptocurrency and gold move completely in the same direction, while -100% correlation means they are inversely related, or in simpler terms, when one goes up, the other goes down. A correlation of 0% means that each cryptocurrency and gold is not related in any way.
Correlation between Bitcoin and the top 9 currencies since Jan. 1, 2020.
By looking at a wider time frame like 2019, the assumption that Bitcoin is more related to gold is sustained. Bitcoin is correlated at 15.5% with gold for the entirety of 2019, being the most correlated currency with gold from the top 10.
As seen before, Bitcoin Cash is the second most correlated currency with Bitcoin at 8.2%, followed by Bitcoin SV (BSV) at 7.3%. For the entirety of 2019, XRP is less correlated (7.1%) with gold than in 2020, challenging the idea that a stronger correlation can be sustained over a long-term period.
Correlation between Bitcoin and the top 9 cryptocurrencies during 2019.
Outstanding cumulative returns since the start of the year
The start of 2020 witnessed the start of a strong positive trend. If an investor bought any of the top 10 cryptocurrencies between Jan. 1, 2020 and Feb. 9, 2020, they would be looking at a cumulative return of at least 134%, when Tether is excluded from the analysis. From the top 9 currencies, Bitcoin produced the least profit, shifting one’s emphasis to the possible altcoin bull run ahead.
The biggest positive trend was seen by Bitcoin SV and Bitcoin Cash with a cumulative return of 228% and 179%, respectively. Other top coins like Binance Coin (BNB), EOS, Ether, Litecoin, Tezos (XTZ) and XRP offered investors a cumulative return between 138% and 167%. Meanwhile, gold prices grew by slightly more than 4% in January.
Cumulative returns for the top 10 currencies since Jan. 1, 2020.
Cumulative returns for gold in January 2020.
Which is digital gold, XRP or Bitcoin?
A recent report from Coinbase suggests that Bitcoin will come closer to becoming digital gold due to underlying features of the network which are similar to the ones shared by gold as the scarcity of the asset aligns with the assumed bullish period ahead.
However, the results also show that since the start of the year, XRP has been the cryptocurrency most correlated to gold and Bitcoin follows in second place. As we move further into 2020, the relationship between gold and Bitcoin may come closer to one observed throughout 2019, when the digital asset was the most correlated coin to gold.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Litecoin has enjoyed a fairly positive run in recent weeks with its price progression in tandem with that of leading coin Bitcoin. The last 24 hours has …
Cryptocurrencies are known for their volatility with prices able to change drastically and this is partly what was experienced in the last 24 hours. The market suffered massive price correction with most top coins trading in the red zone.
Leading coin Bitcoin led the bearish movement having failed to surpass the $10,200 resistance barrier. This, alongside movement from major whales resulted in BTC falling below the support levels of $9800.
Bitcoin is currently valued at $9,598 with some analysts suggesting that the coin could suffer more losses in the coming weeks.
The travails of Bitcoin as expected saw the market follow suit with popular altcoins, Ethereum, EOS and Litecoin suffering huge losses.
Ethereum had enjoyed a decent upward run in recent days with the altcoin moving above $275 resistance levels. However, ETH failed on multiple occasions to surpass the $286 mark leading to its current downturn in value.
There was a sharp decline from the $280 mark and the price begun to drop until it reached its current levels below the $260 mark. Ethereum is currently valued at $251 with a loss of 10.29% to the USD in the last 24 hours.
If Ethereum price starts a fresh positive movement the next resistance level will be around $265. However, a bearish trend could see the coin drop to $240.
EOS is also one of the coins affected by the recent bearish movement within the market. The altcoin lost 13.09 in value to the USD in the last 24 hours and currently trades at $3.96 per unit.
Looking at the market trend, a positive movement for EOS could see the coin hit the $4 mark. While its next resistance point is likely to be around the $4.30 point.
If the bearish trend continues the next support levels for EOS would be around $3.50.
Litecoin has enjoyed a fairly positive run in recent weeks with its price progression in tandem with that of leading coin Bitcoin. The last 24 hours has seen the coin suffer double-digit losses of around 10.48%.
As at the time of writing LTC is valued at $68.85 per unit and placed 7th on the coin rankings. If the bearish position continues the next support levels will be within $65 while an upsurge in price would put the resistance levels at $70.
Anonymity is one of the key characteristics of cryptocurrency transactions. With KYC, AML and other procedures in place, major identity problems have risen while converting crypto to fiat and back. Customer identity is checked at every step and with this, the identity is no longer a secret. The Bitcoin community is aware of this, turns to ‘mixing services’ as a reliable solution.
Cryptocurrency mixer is a term that is used to basically facilitate spending, storing and sharing cryptocurrencies; they also help keep the transaction data completely private. BitMix is one such cryptocurrency mixer. Among all such platforms out there, BitMix stands out as it is legitimate and affordable.
BitMix simply takes the customer’s bitcoin, mixes it with other deposits, and gives the same amount of bitcoin in return to the customer, This reduced bitcoin tracking, and also assures anonymity, which is the basic feature of bitcoin transactions.
The working of BitMix
BitMix offers multi-language support:
BitMix offers multi-language support and thus, users can choose from a wide array of languages like English, Russian, Hindi, Portuguese, Chinese, Korean, Indonesian, German, Dutch, and even Polish.
Extends supports to Bitcoin, Dash, and Litecoin
BitMix at the moment extends support to Bitcoin, Dash, and Litecoin.
Minimal amount for mixing: 0.005 BTC or 0.015 LTC
Customers can choose their preferred mixing settings and deposit on BitMix.Biz from 0.005 BTC or 0.015 LTC. This helps get to the highest level of Bitcoin anonymity.
Facilitates instant transfer
BitMix facilitates instant transfers although sometimes it might take longer than usual depending on the amount of BTC a user is mixing.
BitMix offers complete anonymity to its customers. Users can delete the data by themselves after the mixing transaction has been confirmed. BitMix also asks for very minimum information from its users. hard drive encryption and never stores any logs.
BitMix has a custom fee of 0.4-4%
BitMix deducts a small fee of 0.4% – 4% for mining and 0.0005BTC for address output covering up any transaction charges incurred by the miners.
A code that locks users’ previous coins
After the first exchange, the user will receive a special code. The code ensures the user never receives their own coins anytime in the future.
BitMix also supports a minimal amount of 0.1 BTC or 1 LT
The firm allows users to receive more than one back transaction to their wallet. If not for this option, users would get just one backward transaction with clear coins, but if the service is enabled, they will receive two or more transactions per output address. This makes blockchain analysis as hard as possible.
Flexible settings: Manual and Auto-adjust
The settings can be adjusted to get maximum mixing performance
Partner programs and API
Invite other users to use the BitMix mixer and earn money on it. If you have your own commercial site, use the API code on it and increase the loyalty of clients by providing them with secure payments on the service.
BitMix provides its customers with a Letter of Guarantee
BitMix provides its customers with a letter of guarantee. When BitMix provides them with a digitally-signed confirmation saying that the address has genuinely been generated by the server and this letter is always signed from the BitMix main bitcoin account.
Additionally, BitMix also has prepared pre-mixed bitcoins and with that in place, all the user has to do is just fill in the form and send the required amount of coins to the provided address. This use of pre-mixed and pre-cleared crypto coins is the reason the mixing starts as soon as you click on the ‘start mixing’ button. The mixed coins will be sent back to their respective customers automatically.
The main principle of any Bitcoin Mixer is similar on a large scale, but choosing the right one becomes a task. Choosing BitMix provides customers with a high level of Bitcoin anonymity along with affordable rates. Transactions can be secured on BitMix just by following a simple couple of steps.
Refer to this video to learn more about working on BitMix.
Disclaimer: This a paid post, and should not be treated as news/advice.
Originally provided cloud mining contracts for Bitcoin, Ethereum, Zcash, DASH and Litecoin (support for Script, SHA-256, ETHASH, EQUIHASH, X11 …
Crypto mining represents a good way of lining your virtual wallets with various types of cryptocurrency. Naturally, turning profit from anything isn’t easy; to mine cryptocurrency successfully, you need to invest heavily into hardware and know-how required to operate said hardware.
Knowing how to set up a crypto miner and paying for the electricity it spends aren’t the only parts of the equation, with the last one including following the market and determining which coins to mine. This element also requires significant resource (namely your time) dedication as well.
Some people like to avoid the first part and only focus solely on hunting for mining opportunities. But even when you find a good cryptocurrency to mine, you’ll still need to somehow find the hash rate required to mine said currency.
This is where cloud mining services jump in: with the help of these, you can basically borrow hash rate online and direct it to mine the currency of your choice. As such, you can become a crypto miner while avoiding all the pains of installing and managing your own hardware.
This practice comes with its own advantages and drawbacks. While the entry cost is much lower and the service is in general accessible to a wider pool of individuals, your profits will be lesser than if you were to mine with your own hardware.
Additionally, you don’t own any hardware so you cannot sell it if you eventually decide to cut costs. Finally, cloud mining is a hotbed of illegal activity, as malicious individuals look to create fake cloud mining websites and take advantage of those looking for the service.
In this article we’ll give you a quick overview of some of the more reputable cloud mining services on the market. Any potential cloud miner should research these services in depth and determine if they can help him turn a profit; online profit calculators (which most of these services have built-in already) can give said miner a better idea of one service’s profitability.
At this moment in time and with these current crypto prices, cloud mining doesn’t seem like a very profitable endeavor; still, it’s not impossible to find a diamond in the rough and achieve some financial gains with properly directed rented hash power.
NiceHash is an online crypto mining marketplace which connects sellers and buyers of computer hashing power. Exchange of hashing power goes through “mining contracts”, where buyers set their terms (like the amount of hash they need, how long they need it, and the price they are willing to pay for it) and sellers then choose if they’ll accept them or not.
The entire economy of this marketplace is “powered” by Bitcoin, with buyers using it to purchase the hashing power and sellers getting compensated in Bitcoin for their resources. This is an important thing to understand; you don’t get paid in cryptocurrency you decide to mine/your hardware is pointed towards, but in Bitcoin. Hashing power sellers that sign up for NiceHash can choose to provide their service with all sorts of hardware, including CPU, GPU, and ASIC. NiceHash itself claims it doesn’t own any mining hardware.
There is a total of 34 mining algorithms supported by the service, including SHA-256 (Bitcoin’s algorithm), DaggerHashimoto, Sia, CryptoNight, Blake, Equihash, Scrypt, Keccak, Lyra2RE and 2REv2, X11, X13, X15 and others. The number of mining pools that can be mined on is also significant, as all mining pools that follow stratum protocol specifications are supported.
The service operates from Europe under the “NiceHash” name while their USA servers operate under the name of WestHash. The servers are located in Amsterdam, San Jose (USA), Hong Kong (China), Tokyo (Japan), Chennai (India), and Sao Paulo (Brazil).
Cloud mining service located in Tallinn, Estonia, operates on a similar principle to all other cloud mining services. HashFlare does apparently own some of the mining hardware they use to provide the market with hashing power. That being said, they do allow outside miners to contribute to the cloud as well.
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Originally provided cloud mining contracts for Bitcoin, Ethereum, Zcash, DASH and Litecoin (support for Script, SHA-256, ETHASH, EQUIHASH, X11 algorithms). Payouts were originally made in the currency you mined, with the exception of Litecoin (which was paid out in BTC). At the moment, they only have a limited amount of Ethereum smart contracts on offer.
The service isn’t exactly known as very reliable in the community. A Trustpilot rating of 2.8 out of 10 (214 reviews) and bittrust rating of 2.1 out of 5 (816 reviews) that there have been plenty of individuals who got burned by HashFlare. And the service did face several major scandals in the past, from retroactively introducing KYC/AML requirements, over shutting down Bitcoin mining on their platform, to randomly cancelling people’s contracts for no apparent reason.
Some have reported earnings from mining with HashFlare so it remains unclear if the service is reputable or not (even though the amount of red flags suggests you should avoid it).
Operating from offices in UK, Thailand, and Ukraine (with data centers holding their mining devices located across Georgia and Iceland), this mining service existed on the market since 2016. It’s also closely tied to the BitFury mining chip-making project which gives the service most of the hashing power it sells and an added level of legitimacy.
It only supports Bitcoin mining and offers one-time-pay, lifetime mining contracts. These have all currently been bought out but the website hosts auctions where you can buy a contract from an existing client. Overall, Hashing24 appears to be a reputable cloud mining service, one that may be somewhat overpriced with the current Bitcoin prices though.
Founded in 2013, the service owns mining farms across Europe, USA and Asia. Some consider it to be among the most reputable mining services out there and the fact that it’s registered with the SEC as a Bitcoin mining fund certainly helps that. Others feel that the service isnt that good, as its Trustpilot rating might indicate.
Keep note, Trustpilot and other rating aggregation websites can have skewed ratings due to bots and competitors trying to intentionally keep them down. The service claims to have over 300 thousand registered users on their books.
Genesis Mining service includes either open-ended or lifetime contracts for mining Bitcoin’s SHA-256, Scrypt, X11, Cryptonight, Equihahs, Ethash. It supports Bitcoin mining and offers Ethereum, Litecoin, Dash, Monero, Zcash mining contracts to top it all off.
You can also choose the currency you want to get your payments in; for example, you can choose to mine Ether but have your mined coins traded instantly on an exchange by the service to an ERC-20 token, and then receive payouts in said token.
As its name might suggest, the service markets itself as the “smart” cloud mining solution, one that automatically switches between mining different coins, thus ensuring you the best possible profit over time. Founded in 2016, it boasts with having nearly 100 thousand registered users (with about 4000 of those being active on a daily level).
It is a pay-as-you-go cloud mining platform, allowing youdifferent mining plans and contracts that can have your hash power ultimatelyhop between a really diverse selection of 150 altcoins. The hardware used toprovide hash power is apparently owned by them and anything you mine out willbe paid to you in Bitcoin. Ethereum, Litecoin, Monero, Dash, Zcash are amongthe mineable currencies.
Canadian mining endeavor founded on 2016, Nuvoo takes advantage of the country’s access to cheap, environmentally-friendly electricity and offers hardware lined up across several mining farms to its customers. Nuvoo Mining offers Bitcoin, Litecoin and Ethereum mining (meaning it supports SHA256, Scrypt and Ethash algorithms). No matter what they mine, clients will get their payments in Bitcoin only.
The contractsoffered by this service are open and users can mine as long as it’s profitable.Some drawbacks of this service include the fact that they don’t publish whichmining pools they use and the fact that they lack a native wallet client.Overall, the service has received mostly favorable reviews from the community.
MiningRigRentals operates since 2014 and is certainly a website that will impress you with its massive offer of crypto mining algorithms. SHA-256, Scrypt, X11, BCD, Dagger-Hashimoto, Equihash, Qubit, Cryptonote and all sorts of its variations, you name the algorithm you’ll likely find it here.
Sometimes you’ll find an algorithm that doesn’t have available rigs for rent but the big ones will almost certainly have hundreds on offer. This website is a marketplace which allows both hardware owners to rent out their hash power and miners to purchase someone else’s hash power.
The service claims that it has been developed from the ground up by miners for the mining community, and from everything we saw it definitely looks like that.
There are very few user restrictions and the website has an impressive Help section which can take you through any potential issue you may come across while mining. Only downsides we could think of include somewhat high fees and a simply-looking website (which can be a positive sign for some more ascetic individuals).
CCG Mining was founded in 2016 in UK and apparently has its hardware situated in two Polish mining farms. They claim to be a real company with real people behind it and the project’s team page does imply that (even though simple Google searches for their employees don’t reveal much about them).
One of the project’s defining services is the fact that they sell mining rigs to interested customers; currently there are three pre-built mining rigs on offer with AMD and NVIDIA GPUs installed. Their rig prices are a bit steep though and you could probably do much better pricewise if you simply assemble one from the used hardware market.
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The service lets you mine coins like BTC, ETH, ZCASH, MONERO, DASH, LTC, and LBRY. Contracts are open-ended and run up to 2 years, which could potentially net you a decent profit. You can purchase either one of their pre-determined contracts or set up your own custom one.
They claim to have over 45 000 private clients and over 850 business clients and want to become Europe’s leading hash rate provider. A potential issue with the service could be the fact that the person who registered its domain decided to stay private.
AGIO CRYPTO is a project providing cloud mining services since 2017. It has its own data centers in Russia and Ukraine, and is a reseller of the capacities of mining industry giants — Bitmain and SaintBitts – which are located in Island and China.
Some of the most powerful ASIC devices out there, such as Antminer S9 (14 TH/s, 1450 W), Antminer L3+ (504 MH/s, 800 W), Antminer E3 (180 MH/s, 800 W), and Innosilicon A4+ (620 MH/s, 750W), currently provide the hashing power this project sells to the market. Besides providing clear purchase documents for their devices, AGIO apparently has a work license given to it by the Saint Vincent and the Grenadines registrar of international business companies.
The service offers dedicated cloud mining servers for mining Bitcoin, Litecoin, Ethereum. They also have something they call Mining Profitability Booster technology which can apparently increase your mining profitability by 200%.
MPB is an indicator that informs customers about the most favorable moment for the sale of the earned cryptocurrency. With MPB technology, users do not need to constantly monitor the market and analyze the data. Contracts are of the lifetime type and can be purchased with either USD or EUR. They are currently out of stock but there is a waiting list you can apply to.
MinerGate is a popular online crypto mining marketplace, one which apparently contains more than 3.5 million active clients. Some even consider it the ”friendliest” cloud mining solution on the market. On this service, you’ll find pools for cryptocurrencies such as Monero, Grin, Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Gold, Zcash, Bytecoin, Monero Classic. It even offers support for merged mining.
MinerGate isdefinitely one of the more established projects out there, having their ownblockchain explorers, profitability calculators, pool stat trackers and servicemonitors. They even offer integration with the Lumi Wallet and have their ownnative MinerGate token which acts as development fuel, loyalty tool and supportfor EOS network.
Cloud service backedby the much-maligned Bitmain mining hardware producer. It is located inChina but has offices and representatives all around the world. It wasintroduced to the market in April 2014. While some reviews suggest it’s adecent, trusted option, others have apparently been burned by the service. Thisdoesn’t stop them from using the “best cryptocurrency mining platform” monikerto describe themselves.
By default, all miners are directed to Antpool, which is a part of the BitMain Corporation. The company has a number of Bitcoin mining farms located in China and Iceland, most of which are not available for viewing for “customer protection and security reasons”. They do claim that they currently own the world’s largest Bitcoin mining farm.
Final verdict – which one is the best cloud mining platform?
Before we wrap this up, one important remark to highlight:
Majority of cloud mining contracts are scams. Why?
Because there are no guarantees that the company actually has the hardware for mining or that it will pay out your commissions. History teaches us that our first assumption about any crypto service is that it is a scam and then we search for arguments of contrary. Bottom line – be very careful and vigilant in your research.
So keep in mind: 99% of cloud mining platforms are scams.
CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com