Bitcoin (BTC) price has been showing impressive strength in the previous weeks and today the price made a new 2020 high at $13,666.
This momentum was made alongside weakness in the U.S. dollar and many analysts believe that as long as the dollar remains weak, Bitcoin and other safe-haven assets will do well.
However, as Bitcoin shows strength, altcoins are failing to follow suit and most altcoins are selling off against BTC. Bitcoin’s dominance rate has been rising in the previous weeks and this shows that the market’s momentum is based around Bitcoin.
The weekly chart shows a clear resistance zone between $13,500-$14,250 as the next big hurdle for the markets.
The price of Bitcoin broke through the $11,600-$12,000 barrier as the crucial barrier for further upward movement. This breakthrough caused the price to continue rallying toward the next hurdle, which is between $13,500-$14,250.
It’s not likely to anticipate an apparent breakthrough in one-go as it’s the first test of this resistance zone, but the overall weakness of the dollar is signaling that the price of Bitcoin could only run higher.
The U.S. Dollar Currency Index (DXY) is currenlty showing significant weakness after the last test of the 94.6 points level was instantly rejected.
This rejection caused DXY to drop down further. More importantly, since the rejection occurred on Sept. 24, Bitcoin’s price started to rally.
This rally increased the price of Bitcoin by $3,000 as it rallied from $10,500 to $13,500. The correlation between DXY and Bitcoin has increased since the March crash and this is an inverse correlation.
If the dollar holds the 92.50 area for support, there’s a potential likelihood of a reversal on the price of Bitcoin as well. This would mean a correction in the crypto markets, which isn’t bearish at all.
‘Where are the LINK Marines?’ Chainlink beats Bitcoin with 610% YTD returns
Chainlink delivers easily the best year-to-date returns in 2020, but Bitcoin is still down the least against its all-time highs.
Published on October 26, 2020
Bitcoin (BTC) may be down less from its all-time highs than any other cryptocurrency, but 2020 has so far been the year of Chainlink (LINK).
In the latest edition of its Weekly Insights report on Oct. 26, The TIE noted that Chainlink has outperformed every other cryptocurrency with year-to-date returns of over 600%.
Comparing altcoin performance, the report also highlighted Cardano (ADA) with 224% returns, Ether (ETH) on 217% and Monero (XMR) on 182%.
The numbers provide a timely counterpoint for cryptocurrency spectators as attention remains broadly focused on Bitcoin and its recent gains, which topped out at $13,370 over the weekend.
Enthusiasm around a rerun of the so-called “altseasons” from previous years has also waned, with Cointelegraph Markets analyst Michaël van de Poppe warning that Ether may not be set to copy Bitcoin’s successes this time around.
Zooming out, Bitcoin remains the cryptocurrency down the least versus its historic all-time highs, at press time circling 36% against its $20,000 peak from late 2017.
By contrast, Chainlink is down 41%, Ether 73% and Cardano 92%. The worst performers out of the major market cap tokens are Ripple (XRP) and Bitcoin Cash (BCH), both down 94%.
“Among the major cryptocurrencies, Binance Coin, Bitcoin and Chainlink are closest to their all-time high prices. While the median asset is down -79% from its ATH, BTC is down -36%,” The TIE summarized.
“That means that Bitcoin’s price would need to increase by +55% (roughly $7,000) to reach its ATH price. It has been almost 3 years since BTC was at $20,000.”
Major cryptocurrency 2020 returns comparison. Source: The TIE
The TIE meanwhile noted that despite its 2020 rally, Chainlink is noticeably absent from social media.
“Like many assets, Chainlink recently set it’s all time high during the summer’s altcoin craze and has fallen a considerable amount since then. This has caused LINK related conversations on Twitter to decrease by -60%,” the report stated.
“This decrease in conversations has continued on, despite the fact that LINK has rebounded 70% from its low. So, this brings me to my question of where’d all the LINK marines go?”
Google search data for Bitcoin meanwhile has trended slightly up over the course of recent price rises, but remains lower than in August when it returned to $12,000.
Bitcoin Regains USD 13,000, Ethereum, Main Altcoins Appropriate Decrease
After a short-term draw back correction, bitcoin value discovered assist above USD 12,750. BTC began a contemporary improve and it’s presently (05:00 UTC) buying and selling above USD 13,000. Nonetheless, the worth should settle above USD 13,200 and USD 13,250 to proceed increased within the close to time period.
Conversely, there was a bearish response in most main altcoins, together with ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin money, and ADA. ETH/USD is down over 4% and it’s buying and selling under the USD 400 assist stage. XRP/USD additionally declined, and it broke the USD 0.252 and USD 0.250 assist ranges.
Complete market capitalization
Up to now two classes, bitcoin value principally traded in a spread under the USD 13,200 and USD 13,250 ranges. BTC even corrected decrease and traded near the USD 12,750 assist stage. The worth is now again above USD 13,000, however it’s nonetheless dealing with a robust resistance close to the USD 13,200 and USD 13,250 ranges.
On the draw back, an preliminary assist is close to the USD 12,980 stage. The primary main assist is forming close to the USD 12,750 stage, under which there’s a threat of a bigger decline.
Ethereum value began a significant draw back correction under the USD 405 and USD 400 assist ranges. ETH/USD is down over 4% and it looks like it might retest the USD 385 assist. Any additional losses may lead the worth in direction of the USD 380 stage.
If there’s a contemporary improve, the latest breakdown assist close to USD 400 might act as a resistance. A detailed above USD 400 and USD 405 is required to renew the uptrend.
Bitcoin money value is down over 5% and it’s now buying and selling properly under the USD 265 and USD 260 assist ranges. BCH even examined the USD 252 stage and it looks like there are probabilities of it testing the USD 250 assist stage. On the upside, the USD 260 stage is an preliminary resistance, however the primary resistance is now forming close to USD 265.
Chainlink (LINK) prolonged its decline under the USD 11.50 assist stage, nevertheless it discovered assist close to the USD 11.20 stage. It’s now recovering and buying and selling above USD 11.50. Nonetheless, the bulls are dealing with a robust resistance close to the USD 11.85 and USD 12.00 ranges. If there is no such thing as a upside break above USD 12.00, the worth might revisit USD 11.20.
XRP value declined sharply after it broke the USD 0.250 assist stage. The worth even spiked under USD 0.245 and examined the USD 0.243 stage. It’s presently recovering, however the bulls may face a heavy resistance close to the USD 0.250 and USD 0.252 ranges (the latest breakdown zone).
Up to now few hours, a couple of altcoins outperformed and gained over 10%, together with KSM, OCEAN, and DOT. Conversely, AMPL, RSR, AR, QNT, EGLD, THETA, FIL, LRC, CVT, EWT, and XEM are down over 5%.
Total, bitcoin value remains to be holding a few essential helps above USD 12,750. Having mentioned that, BTC should clear the USD 13,200 and USD 13,250 resistance ranges. If not, it might additionally decline by 4%-5%.
Author: By admin
Bitcoin Regains USD 13,000, Ethereum, Major Altcoins Correct Lower
After a short-term downside correction, bitcoin price found support above USD 12,750. BTC started a fresh increase and it is currently (05:00 UTC) trading above USD 13,000. However, the price must settle above USD 13,200 and USD 13,250 to continue higher in the near term.
Conversely, there was a bearish reaction in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is down over 4% and it is trading below the USD 400 support level. XRP/USD also declined, and it broke the USD 0.252 and USD 0.250 support levels.
Total market capitalization
In the past two sessions, bitcoin price mostly traded in a range below the USD 13,200 and USD 13,250 levels. BTC even corrected lower and traded close to the USD 12,750 support level. The price is now back above USD 13,000, but it is still facing a strong resistance near the USD 13,200 and USD 13,250 levels.
On the downside, an initial support is near the USD 12,980 level. The first major support is forming near the USD 12,750 level, below which there is a risk of a larger decline.
Ethereum price started a major downside correction below the USD 405 and USD 400 support levels. ETH/USD is down over 4% and it seems like it could retest the USD 385 support. Any further losses could lead the price towards the USD 380 level.
If there is a fresh increase, the recent breakdown support near USD 400 could act as a resistance. A close above USD 400 and USD 405 is needed to resume the uptrend.
Bitcoin cash price is down over 5% and it is now trading well below the USD 265 and USD 260 support levels. BCH even tested the USD 252 level and it seems like there are chances of it testing the USD 250 support level. On the upside, the USD 260 level is an initial resistance, but the main resistance is now forming near USD 265.
Chainlink (LINK) extended its decline below the USD 11.50 support level, but it found support near the USD 11.20 level. It is now recovering and trading above USD 11.50. However, the bulls are facing a strong resistance near the USD 11.85 and USD 12.00 levels. If there is no upside break above USD 12.00, the price could revisit USD 11.20.
XRP price declined sharply after it broke the USD 0.250 support level. The price even spiked below USD 0.245 and tested the USD 0.243 level. It is currently recovering, but the bulls might face a heavy resistance near the USD 0.250 and USD 0.252 levels (the recent breakdown zone).
In the past few hours, a few altcoins outperformed and gained over 10%, including KSM, OCEAN, and DOT. Conversely, AMPL, RSR, AR, QNT, EGLD, THETA, FIL, LRC, CVT, EWT, and XEM are down over 5%.
Overall, bitcoin price is still holding a couple of important supports above USD 12,750. Having said that, BTC must clear the USD 13,200 and USD 13,250 resistance levels. If not, it could also decline by 4%-5%.
Author: News Bureau
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Bitcoin Shows Highest Weekly Close Since Jan 18, While ETH Expects $ 400
Bitcoin is still holding above the $ 13,000 mark.
After hitting two consecutive annual highs for several days, Bitcoin has calmed down but is still hovering at over $ 13,000. Most of the alternative coins have remained relatively stable, and the market cap has not yet surpassed $ 400 billion.
Bitcoin stays above $ 13k
DEX volume rises to $ 5 billion after $ 25 million DeFi hack
On the decentralized exchanges Uniswap and Curve Finance, trading volume has skyrocketed, exceeding $ 2 billion each.
Uniswap’s daily trading volume today surged to more than $ 2 billion, surpassing its previous record high of $ 950 million as the as-yet-unidentified DeFi hacker used “quick credits” offered by the exchange to withdraw $ 25 million from Harvest Finance. Meanwhile, Curve Finance, another DeFi exchange protocol, recorded over $ 2.8 billion in volume, beating the previous all-time high of just $ 524 million in September 2020. Taken together, this $ 5 billion represents a 1700% 24-hour increase in DEX volumes.
DEX volumes increased
Toyota IT subsidiary experiments with its own private digital currency
Toyota Systems announced that it is experimenting with a digital currency solution in a new pilot project with DeCurret.
This new project will automate payments using its own digital currency for 2,500 Toyota Systems employees. Payments made in this digital currency are related to social security, such as employee benefits. Employees can also exchange digital currency benefits for other social points or gifts listed in the directory, the company said. However, the company stressed that this digital currency cannot be exchanged for yen.
Toyota Systems Experiments With Digital Currency
Bitcoin Starts Dropping After $ 1.15 Billion Transaction
A whale transferred $ 1.15 billion worth of bitcoins, the largest transaction in history.
Over $ 1.15 billion worth of bitcoin was transferred in just one giant transaction.
The destination of one of the largest bitcoin transfers in history remains unknown.
XRP fell heavily amid new lows amid the Bitcoin inflow.
XRP is currently in a difficult situation with respect to Bitcoin.
XRP was moving sideways today as it continues to trade slightly above the $ 0.252 level. The cryptocurrency has made several attempts to break through the $ 0.261 resistance over the past few days, but has failed each time. On Bitcoin, XRP problems continue as sellers push it back to the Otober lows at 1915 SAT.
Bitcoin Addresses With Over 1000 BTC Reach New High
The data released by Glassnode may be the result of an institutional investor takeover of Bitcoin.
According to data released by Glassnode, the total number of bitcoin addresses with a balance of 1,000 bitcoins or more has reached a new record high.
BTC hash rate plummeted amid seasonal migration of miners in China
Mining data aggregators have linked the drop in Bitcoin hashrate to the end of the rainy season in Sichuan.
On October 26, Thomas Heller of the Bitcoin mining blog Hashr8 reported that approximately 22 exahashes per second of mining power left the Bitcoin network, coinciding with the end of the season the day before.
North America and Europe control 88% of all Lightning Network nodes.
North America and Europe run the Lightning Network.
According to a report from the University of Vienna, 45% of all Lightning Network nodes operate in North America, with the vast majority in the United States. Lightning Labs, the lead developer of this scaling solution, is registered in that country. Blockstream, the largest Bitcoin developer, is registered in Canada.
Marathon Buys More Antminers To Become The Best Bitcoin Miner In The US
The purchase from Bitmain increases the power of Marathon to 23,560 miners.
Marathon Patent Group Inc., a leading independent Bitcoin mining company, has contracted with Bitmain to purchase an additional 10,000 next-generation Antminer S-19 Pro ASIC miners.
East meets West: Eight Leading Projects Join DeFi Global Alliance
Eight leading DeFi projects in the Western world join industry consortium
The alliance, founded last month, seeks to bring together the leaders of the DeFi sector by forming a global consortium of collaboration focused on innovation, risk management and liquidity strategies.
Beware: Latest Spread of Ledger Email Phishing Scam
The crypto industry is awash with fraudsters hunting the vulnerable.
Consumers who have purchased Ledger hardware wallets are awakened by nasty emails claiming their crypto assets could be stolen.
The first round of fake emails asked for a 24-word recovery phrase, and Ledger responded with a warning emailed to customers confirming that it would never ask for it.
Author: by admin
Kanye West Says Bitcoin and Crypto Will Power True Liberation of Humanity
One of the world’s best-selling artists is giving Bitcoin (BTC) a big shoutout, referring to the top cryptocurrency as the liberator of America and humanity.
In a new installment of the widely-subscribed Joe Rogan Experience podcast, Kanye West compares Bitcoin to Jack Dorsey’s Bluesky initiative which seeks to decentralize technical standards for social media platforms.
“Jack Dorsey decentralized Twitter two months before it really hit because he was talking to the Bitcoin guys, and these are guys that really have a perspective on what the true liberation of America and humanity will be. A lot of the tech guys were able to use the new highways, the new information highways, and create the next frontier of our existence while the powers of our political system are still anchoring on the electoral college which was based around slavery.”
In July, the crypto-friendly rap superstar revealed his intentions to run for president of the United States. The announcement on Twitter immediately went viral, garnering 500,000 retweets and 1,000,000 likes over the course of a weekend.
“We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States! #2020VISION.”
In 2018, the award-winning rapper tweeted out “decentralize,” sending shockwaves through the crypto and blockchain community.
— ye (@kanyewest) April 25, 2018
In the same podcast, West says he believes it is his “calling to be the leader of the free world.”