Why is Ethereum Dropping While Bitcoin Blitzes Past $16k?

Why is Ethereum Dropping While Bitcoin Blitzes Past $16k?

The price of Ethereum is struggling against both Bitcoin and the U.S. dollar again, while BTC is surging with momentum. A similar trend occurred throughout October when BTC rose while ETH stagnated for a prolonged period.

The most likely reason behind the stagnancy of Ethereum amidst an ongoing Bitcoin rally is BTC vacuuming the volume from the cryptocurrency market.

Across major exchanges, there is a massive gap between Bitcoin’s volume and other top cryptocurrencies.

This trend might be occurring because of the lack of resistance between $16k and the $20k all-time high. As such, there is an influx of traders betting aggressively on BTC hitting $20,000.

bitcoin price

The 1-hour chart of Bitcoin. Source: BTCUSD on TradingView.com

When Bitcoin rises, Ethereum and other altcoins are not increasing. But, when BTC falls, altcoins are falling in tandem with BTC.

This cycle has caused alternative cryptocurrencies to largely underperform against both Bitcoin and the U.S. dollar in the last 24 hours.

A pseudonymous trader known as “Bitcoin Jack” emphasized that BTC is seeing a similar cycle repeatedly. He wrote:

“When shorting whilst price is fighting a resistance, gets rejected by it, revisits it again, sweeps it get rejected again, sweeps it again, get rejected again, sweep it again and holds, without a convincing sell-off… Count your blessings it didn’t nuke you upwards to valhalla”

The lack of certainty in the direction of Bitcoin is leading the momentum of altcoins to decline.

Technical analysts and traders also suggest that a top formation could be brewing in the cryptocurrency market.

Bitcoin has been increasing rapidly since October without a major pullback. In previous bull cycles, BTC saw 20% to 30 corrections on a regular basis.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said it is early to describe BTC’s uptrend as a convincing move.

“Could be a top construction here on the markets. Not sure, but still not a convincing move to the upside on $BTC,” he explained.

The confluence of the extreme volatility of Bitcoin and the concerns regarding a potential top formation is amplifying the pressure on Ethereum and other altcoins.

ethereum price

The 1-hour price chart of Ethereum. Source: ETHUSD on TradingView.com

In the medium to long term, however, the outlook of Ethereum remains positive.

In December, the ETH 2.0 mainnet is expected to launch, which would massively improve the scalability of the Ethereum blockchain network.

ETH has also been operating as the “ultimate value fungibility asset” on Ethereum, giving it more value as the overall user activity of Ethereum increases.

“To be more a bit more precise, $ETH is the ultimate value fungibility layer/asset on Ethereum. All roads/pairs connect to (and through) ETH, and with good reason. It’s the most liquid, secure, decentralized, and ubiquitously accepted asset on the platform,” a pseudonymous Ethereum analyst known as “Aftab.eth” said.

Source: icryptodesk.com

Author: admin


Will Bitcoin Crash after incredible run?

Will Bitcoin Crash after incredible run?

Bitcoin ($BTC) has been performing really well recently with the price jumping up closer towards the $16000 mark. At the time of writing, Bitcoin is trading at $15,907 with a daily high of $15,973 edging ever so close to the psychological barrier of $16k. From the graph depicted by the popular Crypto site Coin Desk , traders decided to sell off their profits before the Crypto got above the previously mentioned price range. Experts seem to think that placing new Long orders at $16,000 is a risky trade and that was matched with $BTC/$USDT failing to close above that level that many Holders hoped it would.

With the bears trying their level best to move the value towards $15k, it seems like the bulls are winning this round with the value closer to their new target. However, with increasing demand for $BTC, it would mean that the price will be closer to $16,000 with hopes of continuing this positive run and testing the new resistance level. On the flip side, multiple analysts think that the price will fall soon and that this rise will be met by a very huge crash. An unpopular opinion, it is getting traction.

An anonymous trader operating under the alias of ‘Loma’ has made a prediction that even though $BTC is staying in an extended Bull Market right now, it will experience its first real crash. His prediction also states that that Bitcoin will go above $16,000 and reach upward to levels of $16,400 – $16,700. This is the stage that he predicts the crash will happen and BTC will face its major downside after a good timeframe of upwards trading. His quote is mentioned below;

“The new gameplan is we’re going to perform an elaborate upwards chop that rekts traders,” he explained. “Push it past the general consensus bullish target — say $16,400-16,700 — then we have our first real crash that reminds everyone the destructive nature of BTC even in a bull market.”

Another financial analyst Tony Vays who uses the handle @tonevays tweeted out a similar sort of prediction assuming that Bitcoin would meet a downfall. The only difference was that he estimated Bitcoin to move towards $20,000 which would be its new all-time high beating the previous 19,665 set in 2017. Whether this comes true is also something to be debated about. However, there is a clear difference between long and short positions of bitcoin with the long bitcoin trades seeing more than 75% of the total list. A similar thing happened in March 2020 and resulted in the price falling down to $3,858.

As it stands now, $BTC is in a much better position than it was in March 2020 before the covid pandemic. Many investors are currently stockpiling Bitcoin to protect their portfolio and adoption rates are still going strong. The main question is whether these analysts are going to be correct in their predictions. What are your thoughts on this? Will Loma or Tony be correct? How high will $BTC go? Will we see a new ATH by Bitcoin? Keep a lookout for current Crypto prices on Tyslin Exchange. Share your opinions and ideas with us in the comments below and we would love to feature you on our platform. Stay Safe and Keep Trading!

Tyslin Updates

Hello, I am Tyslin Updates. Being well versed in the art of detecting the latest in the Crypto world, i will be bringing you honest opinions on trending topics and transactions.

Source: www.tyslin.com

Author: By Tyslin Updates


Bitcoin, Ethereum, Litecoin, Ripple's XRP, Chainlink- Daily Price Predictions- November 12th, 2020 - Cryptocurrency News

Bitcoin, Ethereum, Litecoin, Ripple’s XRP, Chainlink- Daily Price Predictions- November 12th, 2020 – Cryptocurrency News

  • The overall market conditions continue to provide mixed sentiments by moving sideways with BTC and ETH trading positive, whereas altcoins facing negative momentum
  • The global crypto market capitalization has reached $453.69B resulting in an increase of 1.77% over the day 
  • The overall volume traded of the market for the last 24 hour is standing at $110.09B, resulting in a decline of -0.86% over the day 
  • The dominance of the crypto king regained its positive momentum climbing to 64.49%, increasing by 0.61%

Bitcoin and Ethereum looked to outperform the altcoins on Thursday’s market session. Both the leading crypto asset in the market were looking to break their respective resistance levels on the upper side. On the other hand, altcoins were facing negative momentum, including Litecoin, Cardano, Binance coin, Chainlink, etc. This kind of momentum is now being noticed at regular intervals in the market sessions where BTC and ETH looked to soak the altcoins’ positive momentum. This also means that investors rely on leading crypto projects rather than the altcoins in terms of investments. Therefore, we can expect both Bitcoin and Ethereum to gain significant levels from here. 

Bitcoin was able to break above the resistance level of $15800 on Thursday’s market session and currently looking to reclaim the crucial mark of $16K. The CMP is placed at $15884.44, with an overall gain of 3.15% at writing. The market capitalization has reached $294,415,964,108 with a 24-hour volume traded of $30,629,615,374. BTC’s dominance has able to revive its positive momentum, which might help the price levels reclaim and sustain above the crucial mark of $16K. 

Ethereum attempted to retest the resistance point of $470.00 on Thursday’s market session and yet faced negative reversals. The retracement of the levels can be the negative performance of the ETH/BTC pair, which is facing an overall loss of -2.26%, bringing the current level down to 0.02919870 BTC. The CMP is now placed at $463.83 with a marginal gain of 0.96% bringing the market capitalization to $52,594,724,348 with the 24-hour volume traded to $12,424,755,829. The retracement was stopped at the price level of $455.00, and the crypto asset again revived its positive momentum. This could probably mean that the price level of $455.00 can be coming out as a new support point in the upcoming trading sessions. 

Litecoin price levels neglect to show any significant movement in the price levels from the past couple of days. The levels are holding above the price level of $58.00 and looking to break above the resistance mark of $60.00. The CMP is now placed at $59.60 with a marginal gain of 0.36% bringing the market capitalization to $3,925,316,280 with the 24-hour volume traded of $2,372,474,052. The LTC/BTC pair is also performing negative with a loss of -2.94%, bringing the current level down to 0.00374575. 

Ripple price levels are trying to prevail in its positive sentiment by retesting the resistance mark of $0.260 at regular intervals from the past couple of days. However, the price levels are unable to maintain sustainability above the mark resulting in a retracement. The CMP is now placed at $0.257264 with an overall gain of 0.95% bringing the market capitalization to $ 11,657,288,428 with a 24-hour volume traded of $2,544,066,660. The XRP/BTC pair has turned negative, facing an overall loss of -2.23%, bringing the current level down to 0.0001621 BTC. On the downside, the price levels have support at $0.254. 

Chainlink’s price levels were unable to sustain above the crucial mark of $13.00 on Thursday’s market session resulting in negative momentum. The CMP is now placed at $12.87, facing an overall loss of -1.70%, bringing the market capitalization to $5,036,816,691 with the 24-hour volume traded of $1,534,972,576. The LINK/BTC pair has also turned negative, facing an overall loss of -4.85%, bringing the current level down to 0.00080888 BTC. On the downside, the price levels must sustain above the crucial mark of $12.00 for not losing its positive sentiment in the market. 

Source: themarketperiodical.com

Author: Vasu Singhal


Bitcoin Millionaire Michael Saylor Addresses Threat of Quantum Computing, Says Some People Are Paralyzed in Fear

Bitcoin Millionaire Michael Saylor Addresses Threat of Quantum Computing, Says Some People Are Paralyzed in Fear

MicroStrategy CEO Michael Saylor says he’s had enough of people on Twitter asking if he’s concerned that quantum computing will one day break Bitcoin.

In a new interview with analyst and investor Scott Melker, Saylor says anyone who builds a machine that can crack the cryptographic algorithms keeping the internet secure will have other things to think about aside from BTC.

“If I have to hear one more frickin’ crypto Twitter person tell me, ‘Aren’t you concerned about quantum computer attacks?’ You guys, you’re going to sit and hide in your basement, shivering, never making any decision, never taking any investment choice because you’re afraid of a quantum computer theoretical attack?

Let me tell you what I think when I hear those things. If some dude ever does invent the all-powerful quantum computer that can crack anything, they have the option to start a war, topple a government, destroy and kill anybody or anything, take anything they want from anybody they want. You think they’re really going to bother to try to take 0.1% of the wealth in the world when they could have the other 99.9%?

And by the way, why would I bother to take the $250 trillion of assets when I could just murder everybody or control everything or make myself God? There are people that have more power than billionaires. They run countries. And so, I’m not concerned about the dude with the atomic overthruster magic genie that can do anything because I think when you have infinite power, there’s other things that are more interesting to do with it.”

Saylor says people looking to invest in any company in the world could sit around worrying about the threat of quantum computing – and they would never make any money.

“Of course, no one who is a shareholder of Amazon or Facebook or Google gets up in the morning and says, ‘Oh my God, I have to sell my Apple stock because someone might invent a quantum computer.’

If you had a quantum computer, do you realize you could crash the Facebook network? Do your realize you could hijack the Facebook network? Do you realize you could hijack Donald Trump’s Twitter account and declare war on the Russian empire and launch nuclear missiles? There’s a lot of stuff you could do…

The bottom line is, there are people paralyzed in fear and then there are others that engage in creative mental gymnastics to conceptualize some snarky comment to keep you from doing some common sense thing.”

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Source: dailyhodl.com


Why is Ethereum Dropping While Bitcoin Blitzes Past $16k?

Why is Ethereum Dropping While Bitcoin Blitzes Past $16k?

The price of Ethereum is struggling against both Bitcoin and the U.S. dollar again, while BTC is surging with momentum. A similar trend occurred throughout October when BTC rose while ETH stagnated for a prolonged period.

The most likely reason behind the stagnancy of Ethereum amidst an ongoing Bitcoin rally is BTC vacuuming the volume from the cryptocurrency market.

Across major exchanges, there is a massive gap between Bitcoin’s volume and other top cryptocurrencies.

This trend might be occurring because of the lack of resistance between $16k and the $20k all-time high. As such, there is an influx of traders betting aggressively on BTC hitting $20,000.

The 1-hour chart of Bitcoin. Source: BTCUSD on TradingView.com

When Bitcoin rises, Ethereum and other altcoins are not increasing. But, when BTC falls, altcoins are falling in tandem with BTC.

This cycle has caused alternative cryptocurrencies to largely underperform against both Bitcoin and the U.S. dollar in the last 24 hours.

A pseudonymous trader known as “Bitcoin Jack” emphasized that BTC is seeing a similar cycle repeatedly. He wrote:

“When shorting whilst price is fighting a resistance, gets rejected by it, revisits it again, sweeps it get rejected again, sweeps it again, get rejected again, sweep it again and holds, without a convincing sell-off… Count your blessings it didn’t nuke you upwards to valhalla”

The lack of certainty in the direction of Bitcoin is leading the momentum of altcoins to decline.

Technical analysts and traders also suggest that a top formation could be brewing in the cryptocurrency market.

Bitcoin has been increasing rapidly since October without a major pullback. In previous bull cycles, BTC saw 20% to 30 corrections on a regular basis.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said it is early to describe BTC’s uptrend as a convincing move.

“Could be a top construction here on the markets. Not sure, but still not a convincing move to the upside on $BTC,” he explained.

The confluence of the extreme volatility of Bitcoin and the concerns regarding a potential top formation is amplifying the pressure on Ethereum and other altcoins.

ethereum price

The 1-hour price chart of Ethereum. Source: ETHUSD on TradingView.com

In the medium to long term, however, the outlook of Ethereum remains positive.

In December, the ETH 2.0 mainnet is expected to launch, which would massively improve the scalability of the Ethereum blockchain network.

ETH has also been operating as the “ultimate value fungibility asset” on Ethereum, giving it more value as the overall user activity of Ethereum increases.

“To be more a bit more precise, $ETH is the ultimate value fungibility layer/asset on Ethereum. All roads/pairs connect to (and through) ETH, and with good reason. It’s the most liquid, secure, decentralized, and ubiquitously accepted asset on the platform,” a pseudonymous Ethereum analyst known as “Aftab.eth” said.

Source: bitcoinslate.com

Author: admin


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Why is Ethereum Dropping While Bitcoin Blitzes Past $16k?


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