Despite Underperformance, Ethereum Price Looking Bullish: Analyst

As outlined in Ethereum World News’ market report published yesterday, altcoins haven’t been doing too well during Bitcoin’s swing to the upside.

Bitcoin Dominance Wanes

As outlined in Ethereum World News’ market report published yesterday, altcoins haven’t been doing too well during Bitcoin’s swing to the upside. In fact, Bitcoin dominance, a key statistic used to determine how much of the cryptocurrency market’s capitalization consists of BTC, hit the highest it has been in over a year. Dominance has been tearing higher ever since this rally started, as all investors have focused on Bitcoin.

Binance Research suggested in a recent report that this has much to do with a “flight to quality” strategy enlisted by many industry investors and traders.

This trend has continued into Wednesday. According to CoinMarketCap’s data as of Wednesday afternoon (UTC), this key statistic has hit 68.8%, rising by around 0.6% in 24 hours. For a market valued at over $300 billion, a 0.6% move is quite impressive.

Despite Underperformance, Ethereum Price Looking Bullish: Analyst 1Despite Underperformance, Ethereum Price Looking Bullish: Analyst 1
Image Courtesy of Coin360.io

Ethereum Ready to Run

Despite the underperformance of altcoins, a growing number of industry analysts are starting to make the case that Ethereum (ETH) to rally against Bitcoin, and against the U.S. dollar too.

Teddy Cleps’ analysis of the ETH/USD chart was actually somewhat bullish. He pointed out yesterday that Ethereum’s 1-day chart looks “interesting”, making a point of the close above the 21-day and 200-day exponential moving averages (EMA). This implies that bulls are in control.

Also, the Moving Average Convergence/Divergence (MACD), an indicator meant used to track trends, flipped bullish. Barring that this is a fakeout, Ethereum should continue higher in the coming days. Most importantly, however, Teddy notes that there is little resistance until ETH reaches $260, meaning that if there is sufficient buying pressure, the asset shouldn’t have too much of a trouble reaching that level.

#ethereum$ETH

Everyone talking about $BTC but forgetting eferyum 👁️

Daily looks interesting:

– Closed above 21 and 200ema

– MACD crossed bull

– Major gap ahead ( not much resistance till 260s )

A close above 89ema, me and @VitalikButerin will be hosting a party 🧨 pic.twitter.com/cCVFc0PGpH

— TEDDY 🌐 (@teddycleps) August 6, 2019

Ethereum is also purportedly looking bullish against Bitcoin, which is, as aforementioned, surging higher against all other crypto assets. Popular industry analyst Galaxy recently pointed out that the ETH/BTC chart currently looks as it did prior to 2017’s absolute explosion, during which the asset rallied to over 0.1 BTC. Should history continue, ETH/BTC may surge higher in the coming months.

It might be time to consider having some $ETH bags. pic.twitter.com/BHYYH730hl

— Galaxy (@galaxyBTC) August 6, 2019

Booming Fundamentals

The fundamentals may support such a surge. As detailed by this outlet the other day, Ethereum’s stablecoins, which includes Tether, Gemini Dollar, Paxos Dollar, USD Coin, and the decentralized Dai, collectively account for over 50,000 transactions on ETH each day.

What’s most notable is that the USD-denominated value of Ethereum stablecoin transactions is expected to surmount that of Venmo transactions this quarter, which is notable in and of itself. Although this is somewhat of an apples-to-oranges comparison, it goes to show how Ethereum has progressed in terms of being a platform for digital payments.

Also, DeFi and DEXs have seen a large uptick in usage over the past few months.

Title Image Courtesy of Marco Verch Via Flickr

‘Institutional investors’ are powering Bitcoin’s bull run, says report

Coinshares also weighs in on the two second largest cryptocurrencies, Ethereum and XRP. While the report notes that “internal disagreements” …

A new class of “institutional investors”—spurred by large financial institutions such as Fidelity— is fueling this year’s dramatic bull run, according to the first biannual report from digital asset management firm Coinshares. Though the report cautions that retail-side investment is waning, it proclaimed a new era of Bitcoin dominance.

London-based Coinshares analyzed market trends from January through June 2019, and acknowledged significant differences between the 2017 market rally and the current one. “Four factors that were present during the 2017 bull run have been conspicuously absent during the current rally: widespread media attention; spikes in ‘bitcoin’ searches on Google; spikes in tweets about Bitcoin; and the aforementioned corresponding rally in altcoins.”

Despite this, the report hails the long-awaited influx of “institutional money.” The report cited asset management firm Fidelity, which this year announced its intention to launch institutional grade Bitcoin custodial services. Coinshares also pointed to a spate of other large businesses moving into the space, among them Microsoft, Starbucks, and the Intercontinental Exchange, which are together launching the Bakkt exchange. That business is seeking permission to sell physically settled Bitcoin futures.

And then there’s Facebook, which plans to run a digital currency, “Libra,” from a Swiss bank account governed by a consortium of 27 Silicon Valley grandees. Though the project stoked anger from lawmakers worldwide, Coinshares suggests that the project nevertheless looks promising.

“While Libra is centralised, permissioned, trust-based, not censorship resistant, not scarce, and arguably not even a cryptocurrency at all (though this term is poorly defined…) it does offer potential benefits to the world’s unbanked that currently don’t have access to services we take for granted in the West, such as online shopping,” the report said.

The report’s conclusion that it is “institutional money” fuelling the market may be short-sighted, however. The market dominance of embattled stablecoin tether, a dollar-denominated token used by whales unable to access US capital, has raised uncomfortable questions this year. Last month, Decryptreported that vast sums of tether are bought wholesale in advance of massive trades, by large over-the-counter trading desks. The venerable banks and pension funds who qualify as “institutional investors” would be unlikely to make their entrance via tether rather than, say, a proudly regulated exchange like Gemini.

Coinshares also weighs in on the two second largest cryptocurrencies, Ethereum and XRP. While the report notes that “internal disagreements” continue to roil the Ethereum developer community, it expresses hope for Ethereum’s much-anticipated phase two: the launch of Ethereum 2.0., or Serenity, which will release after Ethereum developers “scrap” the existing protocol.

The report was less positive toward XRP, the “worst performer of H1 2019 by far,” whose six percent price growth this year pales in comparison to Bitcoin’s 188 percent rebound, and Litecoin’s chart-topping 281 percent rebound. Even the favorable view taken of the cryptocurrency by global policy makers—including the IMF’s Christine Lagarde—is taken with a pinch of salt.

“It is not entirely clear if these positive views apply to XRP the digital asset, or if they are simply made in reference to the company Ripple, their RippleNet product suite, or all of the above,” the report said. (XRP the cryptocurrency was supposedly “gifted” to Ripple, which nevertheless holds the largest amount and continues to frequently dump it on the XRP market.)

Even with XRP’s meager gains, it seems number continue to go up across the board.

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Propy (PRO) Hits 1-Day Trading Volume of $80826.00

One Propy token can now be bought for $0.18 or 0.00001510 BTC on popular cryptocurrency exchanges including Liqui, Bittrex, HitBTC and Livecoin.

Propy logoPropy (CURRENCY:PRO) traded 3.5% lower against the US dollar during the 1-day period ending at 7:00 AM E.T. on August 7th. One Propy token can now be bought for $0.18 or 0.00001510 BTC on popular cryptocurrency exchanges including Liqui, Bittrex, HitBTC and Livecoin. In the last week, Propy has traded 3.1% higher against the US dollar. Propy has a total market cap of $8.30 million and approximately $80,826.00 worth of Propy was traded on exchanges in the last 24 hours.

Here’s how related cryptocurrencies have performed in the last 24 hours:

  • XRP (XRP) traded 2.5% lower against the dollar and now trades at $0.31 or 0.00002679 BTC.
  • Binance Coin (BNB) traded 0.8% lower against the dollar and now trades at $27.69 or 0.00238472 BTC.
  • Tether (USDT) traded 0.5% lower against the dollar and now trades at $1.00 or 0.00008602 BTC.
  • Bitcoin SV (BSV) traded down 5.4% against the dollar and now trades at $146.84 or 0.01264739 BTC.
  • Stellar (XLM) traded 1.9% lower against the dollar and now trades at $0.0785 or 0.00000676 BTC.
  • TRON (TRX) traded 2.7% lower against the dollar and now trades at $0.0219 or 0.00000188 BTC.
  • Chainlink (LINK) traded down 1% against the dollar and now trades at $2.41 or 0.00020772 BTC.
  • NEO (NEO) traded down 3.8% against the dollar and now trades at $11.41 or 0.00098252 BTC.
  • COZ (COZ) traded up 26.7% against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • Crypto.com Chain (CRO) traded down 2% against the dollar and now trades at $0.0518 or 0.00000446 BTC.

Propy Token Profile

Propy’s genesis date was July 25th, 2017. Propy’s total supply is 100,000,000 tokens and its circulating supply is 47,373,486 tokens. Propy’s official website is propy.com. Propy’s official Twitter account is @PropyInc and its Facebook page is accessible here. The Reddit community for Propy is /r/PropyInc.

Buying and Selling Propy

Propy can be traded on these cryptocurrency exchanges: Liqui, Upbit, HitBTC, Livecoin, Bittrex, EtherDelta (ForkDelta) and Huobi. It is usually not presently possible to purchase alternative cryptocurrencies such as Propy directly using U.S. dollars. Investors seeking to acquire Propy should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Propy using one of the exchanges listed above.

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Bitcoin Price Correlation With Gold Nearly Doubled in Past 3 Months

The statistics reveal that while the correlation between Bitcoin (BTC) and gold over the past year was at 0.496, in the past three months this has almost …

The correlation between digital and physical gold has almost doubled in the past three months, fresh data from Bloomberg revealed on Aug. 7.

The statistics reveal that while the correlation between Bitcoin (BTC) and gold over the past year was at 0.496, in the past three months this has almost doubled to hit 0.837 — where a coefficient of +1 indicates perfect correlation, and -1 complete non-correlation.

58% lockstep since May

Bloomberg notes that over the past year, the correlation between the assets has been random: with the two assets trading inversely 49% of the time, in a correlated downturn 22% of the time and in a correlated uptrend 29% of the time. Yet since May 8 of this year, their trading in tandem has surged to 58%.

The article notes the caveat that 3 months is a relatively minor data set, as well as the fact that correlation does not imply causation. Moreover, its author argues that stablecoin Tether (USDT) — rather than purely market forces — has a significant impact on the price of Bitcoin and the liquidity of crypto markets.

Correlation between Bitcoin and gold, YTD and 3 months

Correlation between Bitcoin and gold, YTD and 3 months. Source: Bloomberg Opinion

Nonetheless, the present geopolitical and macroeconomic climate plays into a possible interpretation of the data. The article notes the adverse impact of escalating trade tensions between the United States and China on the world economy — against which, as investor Tim Draper argued earlier this week, Bitcoin can offer a “remarkable hedge.”

The safe-haven asset of the digital age

Mounting recognition of Bitcoin as a safe-haven asset is being spurred by the relevance of its non-sovereign characteristics amid an unpredictable geopolitical backdrop. The coin is “doing exactly what it’s designed for today,” cryptocurrency and blockchain lawyer Jake Chervinsky argued earlier this week.

Jeremy Allaire, CEO of crypto payments firm Circle, has this week said that macroeconomic turmoil is driving the price appreciation of Bitcoin as “a non-sovereign, highly secure mechanism to store value that can exist anywhere the internet exists.”

Macro factors — including central banks’ dovish policy turn — have also been cited in relation to Bitcoin’s bullish price performance by various analysts in recent weeks.

While this broad sentiment has been recently echoed by Morgan Creek Digital Assets founder Antony Pompliano, he conversely noted that Bitcoin’s unique value might be best preserved if it preserves its “non-correlation to the rest of the markets, especially in times of global instability.”

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Mobius Price Up 3.3% This Week (MOBI)

Mobius (CURRENCY:MOBI) traded 1.8% lower against the U.S. dollar … including GOPAX, BitMart, Gate.io and Stellar Decentralized Exchange.

Mobius logoMobius (CURRENCY:MOBI) traded 1.8% lower against the U.S. dollar during the 24-hour period ending at 8:00 AM Eastern on August 6th. Over the last seven days, Mobius has traded up 3.3% against the U.S. dollar. Mobius has a total market cap of $4.39 million and approximately $2,702.00 worth of Mobius was traded on exchanges in the last day. One Mobius token can now be purchased for about $0.0085 or 0.00000072 BTC on cryptocurrency exchanges including GOPAX, BitMart, Gate.io and Stellar Decentralized Exchange.

Here is how other cryptocurrencies have performed over the last day:

  • XRP (XRP) traded 3.6% lower against the dollar and now trades at $0.32 or 0.00002686 BTC.
  • Binance Coin (BNB) traded 1.8% lower against the dollar and now trades at $27.72 or 0.00235142 BTC.
  • Tether (USDT) traded 1% lower against the dollar and now trades at $1.00 or 0.00008493 BTC.
  • Bitcoin SV (BSV) traded down 1.5% against the dollar and now trades at $154.21 or 0.01308370 BTC.
  • Stellar (XLM) traded 5.1% lower against the dollar and now trades at $0.0795 or 0.00000674 BTC.
  • TRON (TRX) traded down 2.5% against the dollar and now trades at $0.0224 or 0.00000190 BTC.
  • Chainlink (LINK) traded down 6% against the dollar and now trades at $2.44 or 0.00020668 BTC.
  • NEO (NEO) traded 6.1% lower against the dollar and now trades at $11.76 or 0.00099732 BTC.
  • COZ (COZ) traded 26.7% higher against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • Crypto.com Chain (CRO) traded down 7.6% against the dollar and now trades at $0.0523 or 0.00000443 BTC.

Mobius Token Profile

Mobius launched on August 2nd, 2017. Mobius’ total supply is 888,000,000 tokens and its circulating supply is 515,082,884 tokens. Mobius’ official website is mobius.network. Mobius’ official Twitter account is @mobius_network and its Facebook page is accessible here. Mobius’ official message board is medium.com/mobius-network. The Reddit community for Mobius is /r/MobiusNetwork and the currency’s Github account can be viewed here.

Mobius Token Trading

Mobius can be bought or sold on the following cryptocurrency exchanges: Kucoin, Stellar Decentralized Exchange, BitMart, OTCBTC, GOPAX, Stellarport and Gate.io. It is usually not possible to purchase alternative cryptocurrencies such as Mobius directly using U.S. dollars. Investors seeking to trade Mobius should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Mobius using one of the aforementioned exchanges.

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