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Bitcoin and other altcoins pick up speed again – Is this the end of a bearish market?

Aditya Dey

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Bearish run over, is it a bull run
Source: Wikimedia

It has been a month-long bearish cryptocurrency market ever since it reached a high $835 Billion (market capital) on January 7th. A series of news articles referring to ‘bans’ by different countries created ‘FUD’ (fear, uncertainty and doubt) in a market causing a loss of confidence which led to ‘panic selling’. This came at a time when ‘whales’ were already selling their holdings at an all-time high, causing the market to reach a low of $276 Billion on February 6th. Within this period the cryptocurrency markets lost almost 600 billion dollars.

Confidence has returned to the markets in the past 48 hours after a slow but gradual recovery of $147 billion at press time. If this trend continues for the next three days then it will be confirmed that the bearish market is over and the possibility of a new all-time high opens up.

AMBCrypto’s Aditya spoke to several market veterans regarding the markets and following are the comments from a couple of people.

Jitendra Gaikwad, a Financial Analyst from Bombay Stock Markets, says,

“Understanding the cryptocurrency markets requires you to have sentiments, your traditional asset indicators, RSI, etc won’t give you much result. It has always been driven by sentiment because of it is such a small market. The trends and news in the past 48 hours have been positive so you will definitely see a positive impact.”

Romanov Petrov, a Bitcoin miner from Moscow says,

“There is a definite uptrend, if Bitcoin is able to break the key resistance at $9,300 and $10,600 then we are upwards from there. This would probably be the last time in your life you will be seeing Bitcoin at $8000. If we are not able to climb and break that resistance then a definite slip to $4000 mark is possible”

There have been numerous announcements and technical advancement by various blockchain projects which have played an important role in the recovery of prices, but the positive swing happened with the Senate cryptocurrency hearing in the US.

The following quotes are taken from the US Senate hearing :

Commodity Futures Trading Commission Chairman, Christopher Giancarlo remarked,

 “We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one.”

He further added,

“Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response.”

Securities and Exchanges Chairman, Jay Clayton commented,

“To be clear, I am very optimistic that developments in financial technology will help facilitate capital formation, providing promising investment opportunities for institutional and Main Street investors alike…. these developments may enable us to better monitor transactions, holdings and obligations (including credit exposures) and other activities and characteristics of our markets, thereby facilitating our regulatory mission, including, importantly, investor protection.”

Giancarlo on the future of cryptocurrencies said,

“Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity….. The evolution of these assets, their volatility, and the interest they attract from a rising global millennial population demand serious examination.”

In an environment where the regulators of the world are coming down on cryptocurrencies, a positive attitude from an esteemed organization was exactly what the market needed after China announcing the ban on foreign cryptocurrency exchanges.

Paul Taylor, a blockchain enthusiast from the US says,

“The SEC and CFTC hearing was very positive today that will bring some stability to the market. Blockchain is here to stay and it’s reassuring to see the USA embrace this innovation.”

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Aditya Dey is a full-time member of the AMBCrypto's News Reporting team. He is currently pursuing Economics at O. P Jindal Global University. Researching about Blockchain, its technology, and the cryptocurrency space is his passion. He currently does not hold any value in any cryptocurrency or its projects.

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In a volatile market, meet the most stable coins: Tether [USDT], TrueUSD [TUSD], Dai [DAI], and bitCNY [BITCNY]

Arjun B

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In a Volatile Market, Meet the Most Stable Coins: Tether [USDT], TrueUSD [TUSD], Dai [DAI], and bitCNY [BITCNY]
source : Flicker

Everybody knows how volatile the cryptocurrency market can become at times, the prices of the cryptocurrencies is highly liable to change very rapidly. These cryptocurrencies don’t experience price fluctuations and their prices would be equal to the US Dollar even the market suddenly turns south.

There are basically two different types of stable coins, the ones which are backed by fiat-currencies and the ones with an underlying asset. These cryptocurrencies which are market pegged, fall under the unique category of Smart Coils. The prices can go up or down at any given point in time. In such a market, meet the coins who are stable almost throughout the year:

  • Tether [USDT]
  • TrueUSD [TUSD]
  • Dai [DAI]
  • bitCNY [BITCNY]

Tether [USDT] is the most popular stable cryptocurrency which is always backed 1-to-1, by the traditional fiat currency. Basically, 1 USDT would always be equivalent to 1 USD. The Tether platform is developed on an open, secure, and transparent blockchain technology. With a slight decrease of 0.15%, USDT is priced around $0.99 at 6:30 AM UTC. Tether is currently at the 15th position with a total market capitalization of about $2.5 Billion.

TrueUSD, as the name, suggests it can be a true equal to the US Dollar, but it is a relatively new coin in the market. TrueUSD is another market pegged decentralized cryptocurrency which is completely collateralized by US Dollar. The team explains that since it is legally protected, it can be used and redeemed against the USD in a number of stores and ATMs.

TUSD can be used as an instrument for cryptocurrency traders as a medium of exchange. TUSD is trading as equal to one US Dollar with prices falling at a rate of 1.60% in the last 24 hours. TUSD is in the 392nd position with a market capitalization of $18.5 Million.

Dai [DAI] is another decentralized stable token which can be used as a store of value, which never goes below a certain threshold guaranteed by mechanism design. Even though it is valued around the US Dollar on a 1:1 ratio, but Dai is not backed up by any real US Dollar assets, unlike Tether and TrueUSD. Dai is created by Dai Stable coin system w, and its value is derived from the collateralized Ether.

DAI is priced at $0.99 with a drop rate of 0.31% in the last 24 hours. DAI has a total market capitalization of $37.6 Million, which puts it in the 268th position in the market standing.

bitCNY is a decentralized cryptocurrency based which runs on the Bitshares blockchain, it is not mineable. bitCNY cannot be seen as an altcoin, but a market pegged asset to the Chinese Yuan. bitCNY is a simple tool which is designed to track the price of real-world assets. bitCNY is based on price prediction of fiat currency to make sure that smart coils would follow the price of Yuan.

BITCNY is priced against the dollar same as Yuan which is $0.16 with an increase of 0.21%. BITCNY is the 260th position in the market with a total market capitalization of $38.3 Million.

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Bitcoin [BTC], Ethereum [ETH] – Inching along – Sentiment Analysis – May 21

Vinod KA

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Bitcoin, Ethereum and Verge - Inching along - Sentiment Analysis
Source: Pixabay

The past week has been a snail crawl in terms of crypto prices. Nothing really moved until yesterday when Tron [TRX] showed signs of life with a quick bounce. It has been climbing ever since and has is currently trading at $0.082 to a token with a huge 18% jump in the past 24 hours.

The past hour has been huge as well with a 3% jump in prices in a move that could topple even Stellar Lumens [XLM] for Tron to take the 8th position.

A sudden spurt of action was witnessed at 15:51 UTC when the market all across the board jumped by ~4-5% with heavy trading volumes across multiple exchanges.

The Sentiment Analysis segment is the aggregation of sentiments from across the market which includes investors, traders, miners, journalists and skeptics alike. These people were interviewed for coin specific opinionated comments and the hand-picked quotes which are written below are either extreme in emotion or inculcate strong data points which might be relevant.

Bitcoin [BTC]

Yesterday at 15:48 UTC, Bitcoin was still trading at $8354 to a token. Within a matter of minutes, there was a huge spike across the tokens and BTC jumped from $8354 to $8549 in a matter of 16 minutes. This jump also triggered a mega bull run for Tron, Bytom, and Ontology who are currently at press time witnessing an 18%, 19% and 12% respectively.

Tariq Khan, a Bitcoin miner with a 1000 TH/s portfolio says,

“People are so emotionally vested, they can’t think straight. A few days ago we almost hit $10K and everyone was jumping as if we crossed $20K, last week we went down to 8000 and people started crying as if we hit $2000 again. I expect sideways trading for some more time. The massive bull run like we experienced in Nov and Dec last year would require a massive buying pressure.”

Paulie Faber, a cryptocurrency trader from 2012 says,

“No more Bitcoin wizards? Where are the psychics’ homies? Media is all about technical analysis which doesn’t tell you shit. I’ve literally gone through thousands of youtube videos with most of them predicting a break above $13K after the recent 9900 price. I have lost faith in Bitcoin honestly. I would consider BTC a more stable currency. Invest in smaller or recent projects which might give you more returns. Expecting BTC to be undramatic for the next couple of weeks”

Christian Bino, a developer currently working out of Seoul says,

“Look for the technology. If they have a strong team, strong Github updates, strong philosophy and vision then you can be sure that these projects will definitely go 3x or 4x given the adoption. Bitcoin is king and undoubtedly will remain king for some more time. I suggest everyone to use BTC as a base currency to trade everything else. Even if you are a miner, honestly you won’t be making profits till BTC heads above $15K.”

To conclude, a mere 56% of the BTC respondents were optimistic about any positive price action for Bitcoin. They believe Bitcoin could go back to $10K or above within the next month. The other 44% believe Bitcoin isn’t heading anywhere and although long-term Bitcoin might go back and beyond $20K, the short-term trading will be sideways.

Ethereum [ETH]:

Ethereum [ETH] was trading at $717 to a token with a market cap of $71 billion and comfortably still holding its 2nd position in terms of market cap. ETH saw a minor 1.52% gain in the past 24 hours a slightly lesser gain than other cryptos in comparison.

Marlon Taylor, a developer who uses ETH to accept payments says,

“My business runs on ETH, we have clients who only pay in ETH. Crypto businesses around the world favor Ethereum to Bitcoin because of its confirmation times and ease. The sudden drop last month came as a shock but right now we are back at a comfortable 700 range. Don’t expect ETH to be a crazy return coin, this is the mothership. It’s stable and reliable. Would still expect it to break $1000 soon.”

Luke Roger, a fraud analyst at BNY says,

“Ethereum will lose popularity soon. The only reason it survived is because of ICOs. We will soon see a new era with EOS which has a 2-second finality and capability of thousands of more transactions per second. Once the bull run resumes, ETH could break the recent highs again. In the short term, a break above 800 dollars is possible.”

To conclude, 66% of the Ethereum respondents said they don’t consider ETH as a viable trading option anymore as they feel as days go by it would become less volatile leading to lesser returns. The other 34% felt that Ethereum is still waiting for a bull run confirmation and it could break $1200 again very soon.

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