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Bitcoin, Bitcoin Cash, Binance Coin, Dash, Ontology exhibit double-digit rally in the past 24 hours

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Bitcoin [BTC], Bitcoin Cash [BCH], Binance Coin [BNB], Dash [DASH], Ontology [ONT] exhibits double-digit rally
Source: Pixabay

The cryptocurrency market turned green, driving the collective market cap to over $230 billion. As the market flashed green, most of the top digital coins were nearing double-digit pumps. The Bitcoin bulls followed by subsequent upward surges recovered the market sentiment as altcoins followed suit.

Binance Coin [BNB]:

Binance’s native token BNB emerged as a clear winner and was valued at $24.02 post rallying a massive 16.67% over the past 24-hours. At press time, the digital coin held a market cap of $3.39 billion and recorded a trading volume of $3.84 billion over the past 24-hours. BNB accumulated a significant amount of 27.88 trading volume via the trading pair BNB/BTC at Binance.

Source: TradingView

Bitcoin [BTC]:

The king coin remained the second biggest gainer, surging by 12.68% and was priced at $7,794 breaking all the previous set resistances, at the press time. BTC’s market cap shot up to $ 137.9 billion and posted a 24-hour trading volume of $27.14 billion. The gold crypto continued to rise parabolically as XBT/USD trading pair contributed over 18% of the total volume in Bitmex.

Source: TradingView

Bitcoin Cash [BCH]:

The BCH also managed to post double-digit gains after pumping by 11.47% over the last 24 hours, which drove the coin to a price of $386.48. At press time, Bitcoin Cash held a market cap of $6.8 billion and registered a 24-hour trading volume of $3.68 billion. The digital coin via the trading pair BCH/USDT accumulated over 10% of the entire trading volume.

Source: TradingView

Ontology [ONT]: The twentieth largest coin on CoinMarketCap, ONT, held a market cap of $635.5 million and was priced at $1.29 following a rally of 11.14%. The coin recorded a 24-hour trading volume of 90.45 million. Additionally, the digital asset accounted for significant trading of 12.79% via pair ONT/USDT in 55 Global Markets.

Source: TradingView

Dash [DASH]:



With the bulls entering the market, Dash [DASH] noted a significant growth of 10.08%, over the last 24-hours, along with other altcoins. The digital coin was priced at $133.8 and held a market cap of $1.17 billion, at press time. The coin further recorded a 24-hour trading volume of $362.2 million. Besides, DASH/KRW held a major 43.47% of the entire DASH trade volume.

Source: TradingView

The latest bulls’ domination and the resultant upswing for the altcoins could potentially bring about increased institutional investments for the existing digital coins.





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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

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JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:



“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.





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