As Bitcoin Continues Its Climb, Top Altcoins Also Tease Breakout

Bitcoin violated the resistance zone of $6,055–$6,100 with a UTC close at $6,156 on Thursday and reached a six-month high of $6,336 on Bitstamp at …

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  • Bitcoin’s price hit fresh six-month high earlier today, further strengthening the case for a rally to $6,500 (100-week moving average).
  • BTC may witness a pullback to levels near $6,100 before rising toward that level, though, according to the hourly chart.
  • A bull flag breakout on the total market capitalization chart for all other cryptos, if confirmed, could be considered a sign the much-anticipated altcoin rally has begun.
  • Among those, litecoin could shine bright as both fundamentals and technicals have aligned in favor of the bulls.

Bitcoin’s (BTC) ascent continues with prices hitting new multi-month highs earlier today, and other top cryptocurrencies may soon join the party.

Bitcoin violated the resistance zone of $6,055–$6,100 with a UTC close at $6,156 on Thursday and reached a six-month high of $6,336 on Bitstamp at 07:40 UTC today.

Prices have now hit multi-month highs on three consecutive days – a sign of strong bullish sentiment. With every move higher, both the short- and long-term bull cases presented by several technical indicators over the last few weeks have gained strength.

BTC, therefore, appears on track to test the 100-week price average, currently at $6,506 – a level that last came into play last November.

As of writing, the cryptocurrency is changing hands at $6,260 on Bitstamp, representing a 3.45 percent gain on a 24-hour basis.

Daily and weekly charts

BTC continues to establish bullish higher highs and higher lows on the daily chart (above left) with key moving averages trending north.

The relative strength index (RSI) is reporting overbought conditions with above-70 reading. That signal, however, would gain credence if and when the momentum starts weakening. As of writing, the bulls are showing no signs of exhaustion.

Further, the weekly RSI (above right) is currently printing the strongest bullish signal in over 15 months.

Hourly chart

On the hourly chart, the RSI has breached the ascending trendline to the downside and is rolling over from overbought levels. Hence, we may see a minor pullback to the ascending trendline support, currently at $6,140, before rising toward $6,500.

Altcoins tease breakout

While bitcoin has doubled in value over the last six weeks, altcoins have underperformed big time, as indicated by the massive depreciation of their BTC-denominated exchange rates.

  • The top 10 altcoins by market capitalization (excluding stablecoin tether/USDT) are reporting double-digit losses on a 30-day basis.
  • Stellar (XLM), down 40 percent, is the biggest loser, followed by cardano (ADA) and tron (TRX).
  • With a 14 percent drop, Binance coin (BNB) is the best performing major altcoin.

The numbers indicate a lack of interest in altcoins despite BTC’s confirmation of the long-term bullish reversal on April 2.

The battered altcoins, however, could soon find some love, as their combined market capitalization seems to have charted a bullish technical pattern.

Total altcoin market capitalization

The bull flag seen in the above chart is a continuation pattern that often ends up accelerating the preceding rally.

A convincing break above the upper edge of the flag, currently at $73.65 billion, would confirm a flag breakout and signal a continuation of the rise from lows near $45 billion seen in February.

A flag breakout, if confirmed, could be considered a sign the much-anticipated altcoin rally has begun. As of writing, the total altcoin market cap is seen at $72 billion.

Among the major altcoins, litecoin (LTC) could shine bright, as its mining reward halving is due in less than 90 days.

The process aimed at curbing inflation by reducing mining rewards by half every four years tends to put a strong bid under the cryptocurrency for months in advance, according to historical data.

Litecoin daily chart

Litecoin’s channel breakout indicates the path of least resistance is to the higher side. Prices, therefore, could rise above $100 ahead of the reward halving event.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin and litecoin image via Shutterstock; charts by Trading View

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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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Bitcoin (BTC) Poised for Parabolic Bull Run, Says Crypto Analyst – Plus Ripple and XRP, Litecoin …

From the potential for a third parabolic Bitcoin bull run to new adoption at Ripple, here’s a look at some of the stories breaking in the world of crypto.

From the potential for a third parabolic Bitcoin bull run to new adoption at Ripple, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

A veteran crypto trader known in the industry for accurately calling Bitcoin’s crash in January of 2018 says his analysis indicates BTC is now poised for a historic third parabolic bull run.

In a new interview with CNBC’s Crypto Trader, Peter Brandt explains why he’s bullish on the long-term prospects for BTC.

“You have to look really at the long-term chart that goes back to 2011, 2012. And what you’ll see there is a magnificent thing that happened going into the 2013 high. And that was a parabolic move, and it was a parabolic move on a log scale. A parabolic move on a log scale is a magnificent thing. It may only happen once in a decade.

And so we saw that parabolic advance be broken, and then we saw the market from 2013 into 2015 correction. And then it entered another parabolic move. So we have two parabolic moves in the same market. That’s just unheard of. And of course that topped in December of 2017 and we spent 2018 correcting. And I think that there is a chance that we’re going now into the third parabolic move of modern times.

The idea that you look at a market and consider it to be a long-term chart when it’s only a decade long is pretty magnificent. And then if you see the possibility of three parabolic moves in a decades period, that’s unheard of. That, perhaps, has not been seen since we saw German interest rates in the 1920s. So this is unprecedented. So the big question in my mind is are we going into a third parabolic move in Bitcoin, which would be absolutely historic. And for right now, I think the evidence comes down on the side that that is a real possibility.

The moving average that I look at, which is a weekly chart moving average, turned up here about four weeks ago. The last time that moving average turned up was in early 2015 when Bitcoin went from $350 to $19,900, depending on what exchange you’re trading. That is a quantum move, and so we have the same situation as we have seen an upturn in the long-term trend.”

In the short term, Brandt says it’s an open question whether Bitcoin will retrace and test its $3,000 bottom or its recent low around $4,200.

Ethereum

Ethereum founder Vitalik Buterin joined a panel at Microsoft’s Build Conference 2019, focused on the software giant’s Ethereum app development kit for Azure Cloud.

Ripple and XRP

UK-based remittance company Xendpay says it’s joining Ripplenet.

The company will use Ripple’s cross-border payment technology to power payments to and from Malaysia. The company has not revealed whether it plans to integrate Ripple’s XRP-based international payment solution xRapid.

We’ve partnered with #Ripple, to make your money transfers to friends and family back home in Malaysia faster, easier and more secure.

Find out more 👉 https://t.co/Jj4ENVSoJJ#SendMoneyAbroad#MoneyTransferpic.twitter.com/oC8IxyibP3

— xendpay (@xendpay) May 9, 2019

Litecoin

The crypto-friendly travel accommodation platform Travala is partnering with the Litecoin Foundation for a special campaign.

“Kickstarting the partnership with Litecoin Foundation is the #TravelWithLitecoin campaign, in which Travala.com and Litecoin Foundation will enable users to save up to 40% on hotel bookings through Travala.com and Litecoin’s LoafWallet.”

Excited to work with @travalacom to make it easier to #TravelWithLitecoin! ⚡️✈️ https://t.co/ToxBUGyNBF

— Litecoin Foundation (@LTCFoundation) May 9, 2019

Travala first added support for Litecoin in February.

Stellar

The team at Stellar is highlighting a new decentralized protocol designed to bring increased scalability and confidential transactions to the network. The layer-two scaling solution is in the R&D phase.

“ZkVM is designed from the ground up to be a multi-asset ledger that can be used with the Stellar Consensus Protocol. It can process large volumes of transactions, allow wider use of the full validators, protect confidential data, and support the creation of a custom protocol on top of the blockchain rules, without having to upgrade the network with additional features. Stellar would benefit from any of these features.”

Cardano

Cardano founder Charles Hoskinson continues his globetrotting push to promote blockchain and cryptocurrency. Hoskinson says he just visited the American Chamber of Commerce in Mongolia and met with the country’s President Battulga Khaltmaa.

Great day meeting with the American Chamber of commerce here in Mongolia, visiting the hackathon and meeting with President Battulga. Excited about the Third Neighbor Trade Act and great leadership here pic.twitter.com/73VMHQNKBW

— Charles Hoskinson (@IOHK_Charles) May 9, 2019

Tron

The crypto lending platform Cred is adding support for Tron (TRX). According to the Tron Foundation, the platform will offer up to 10% APR on TRX and other Tron-based virtual currencies.

TRON and Cred Collaborate to offer Lending and Borrowing to #TRON Ecosystem. @Tronfoundation & @ihaveCred share the same vision of making financial services more fair, inclusive and transparent using #blockchain technology. #TRX$TRXhttps://t.co/OpqHMlf15v

— Justin Sun (@justinsuntron) May 8, 2019

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Blockchain travel startup Travala.com teams up with Litecoin Foundation

Blockchain-based hotel booking platform Travala.com has entered into a partnership with Litecoin Foundation to accelerate the use of cryptocurrency …

Blockchain-based hotel booking platform Travala.com has entered into a partnership with Litecoin Foundation to accelerate the use of cryptocurrency payments.

As part of this partnership, Travala.com and Litecoin Foundation are launching the #TravelWithLitecoin campaign, in which they will enable users to save up to 40% on hotel bookings through Travala.com and Litecoin’s LoafWallet. In addition, Travala.com will be the official accommodation partner for the upcoming Litecoin Summit.

“The consumer is in the driver seat when it comes to achieving mass-market cryptocurrency adoption, and we’re delighted to embark on this journey with the Litecoin Foundation with a unified goal: to bring the mainstream use of cryptocurrencies into everyday life. This is a proud milestone for us as we continue building out our platform to welcome those who share the same vision for the crypto economy,” Matthew Luczynski, CEO and Founder of Travala.com said.

The #TravelWithLitecoin campaign encourages the Litecoin community to use LTC as a form of everyday payment. In addition to booking plane tickets, gift cards, vintage collectibles, and private travel, LTC holders can now book their hotel stays with ease through the Travala.com platform and Litecoin’s LoafWallet.

Litecoin is currently the fifth largest cryptocurrency by market cap and trading at $76 at the time of writing.

With a reach of over 210 countries and territories, Travala.com’s portfolio of over 82,000 destinations serves as a gateway to a more inclusive travel booking experience. The blockchain-based platform offers an equitable pricing model that benefits both consumers and hotel partners alike. In addition to accepting Litecoin, it accepts other cryptocurrencies including Bitcoin, XRP, bitcoin cash, and Tron (TRX), as well as PayPal, Visa and MasterCard.

“We are excited to work with Travala.com to make it easier for Litecoin users to #TravelWithLitecoin,” said Charlie Lee, Creator of Litecoin and Managing Director of the Litecoin Foundation. “Nothing aids mass adoption more than real-world use cases, and the opportunity to use a global currency like Litecoin to travel around the world is a powerful one.”

According to the press release, Travala.com will be the official accommodation partner for the upcoming Litecoin Summit. The flagship conference will run from October 28-29, 2019 in conjunction with Evolv’s Vegas Blockchain Week and will feature some of the world’s leading blockchain and crypto experts and visionaries such as Charlie Lee, Anthony Pompliano, and Tim Draper.

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Litecoin Forges New Partnerships For Mainstream Adoption

Charlie Lee, creator of Litecoin, has recently stated in an announcement that it has entered into a partnership with Travala.com, a blockchain-based …

May 10, 2019 05:46&nbspUTC

| Updated:

May 10, 2019 at 05:46&nbspUTC

By&nbspSumedha Bose

Charlie Lee, creator of Litecoin, has recently stated in an announcement that it has entered into a partnership with Travala.com, a blockchain-based hotel booking platform.

Litecoin is doing everything in its power to ink new deals to fuel its bid for mainstream adoption. Travala.com is a blockchain company, that can serve as insipration for the likes of Expedia, who have refused to accept Bitcoin. Once Travala starts accepting Litecoins, it might push the others to adopt it as well.

Lee stated:

“We are excited to work with Travala.com to make it easier for Litecoin users to #TravelWithLitecoin. Nothing aids mass adoption more than real-world use cases, and the opportunity to use a global currency like Litecoin to travel around the world is a powerful one.”

Bitcoin has been doing extremely well of late, but people have been noticing a period of slump for altcoins. However, Litecoin price has been on the rise, as you can see from the CoinMarket Cap grah below.

Litecoin, LTC

Source: CoinMarketCap

This new deal will allow travelers to slash 40% of their hotel costs by paying with Litecoin on Travala.com. Travala.com has a portfolio of approximately 600,000 properties spanning hundreds of countries and territories. So even though the platform has partnerships with both Litecoin and Bitcoin, the loyalties of customers do not have to be divided.

The market is noticeably amped up about this partnership, as this would encourage the mainstream adoption of both Bitcoin and Altcoins in the market. Litecoins has also been building up a solid brand image with the launch of Litecoin Core v0.17.1, which has resultsed in significantly lower default transaction fee.

“The default minimum transaction fee -mintxfee has been lowered to 0.0001 LTC/kB after relaxing the minimum relay and dust relay fee rates in prior releases.”

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].