After a turbulent 72 hours, the market now seems to consolidate with very little downward or upward action. The past 11 hours Bitcoin has been stuck in between $8354 and $8500 as analysts call this a decisive moment in the market with the 50-day Moving Average meeting the 200-day Moving Average.
The last time these two trendlines met was back in October 2015 when the prices were when the Bitcoin prices were still around the $250 range.
The meeting of these two indicators generally means a “bearish” trend for the market. Many from the community argue that these indicators are redundant as the bearish nature of the market is over and it is only upwards from now.
We in our Sentiment Analysis segment try to understand the general emotion going around in the market right now for specific tokens with a compilation of sentiments from investors, miners, skeptics, influencers and journalists.
Ethereum at press time was trading at $510 to a token with a market cap of $50 billion and lost about 5% in value in the past 24 hours with a 2% drop coming in the past one hour. Ethereum was momentarily dislodged from its second position during Ripple’s bull run on January 5th when it peaked at $3.34 to a token since which it has dropped and is currently trading at $0.62 a token.
Ethereum [ETH] reached its peak on January 15th, 2018 when it touched $1389 according to coinmarketcap.
Karl Robort, a Network Advisor from Seattle says,
“After all the media scare about ETH dumps it seems destabilized. The market spooks easily, the garbage media dishes out and the way everyone consumes it is pathetic. We need multiple positive news bombardments for a continuous period of 72 hours to get bullish again”
Josey Nilsen, a Communications and Marketing Coordinator at an ICO project says,
“Decentralization is a philosophy that is oversold in the market but for good reasons, I don’t believe ICOs will start dumping, even if they do, there will be huge support for it. Ethereum = cockroach: will never die. Short term, I’m not so sure, veteran charters are talking about more bearish pressure soon”
Dennis Hung, an Enterprise Systems Analysis from Washington says,
“I thought weak hands were done with this market but yesterday’s Binance news – which was FAKE made me realize that the markets still have probably a 30-40% of weaker hands left. Till the time they go away out markets won’t find the balance. That said, the next few hours I feel is bullish, be ready for a 4-5% gain.”
In conclusion, Ethereum respondents feel the times are shaky and a minority of 32% felt that the markets could dip further in alignment with what charters predict. A big batch of 68% respondents feels that the bears are tired and soon we could see some buying pressure for Ethereum to go back to trading at $600. They also felt that the next few hours are going to be bullish.
Litecoin at press time $157 to a token with a market cap of $8 billion witnessing a drop of 4% in the past 24 hours. Litecoin has been in the news recently for their latest updates which the community has felt will help the cause when a bull run happens. Abra choosing the Litecoin network was the other major news about Litecoin this past week.
Kenny Washington, an altcoin miner and a youtuber says,
“It’s gonna be savage when LTC will be the leader in the next bull run. Except for religious persecution or slavery, nothing else in the universe has probably suffered more than what CRYPTO has. OK maybe too extreme, but you get the point. We are still standing strong and LTC will be the winner”
Sidney Huan, an Operation Manager at Toyota and a cryptocurrency trader since 2015 says,
“Propaganda TV and media creates a reactive market who are impatient and want to capitalize on a volatile market. They thrive in this, unfortunately, the investors who are in for the quick pump and bought in with the media hype suffer the maximum because mostly they have gotten in when the markets were high. Litecoin will reward patient people. HODL on, remember to thank me when you retire”
In conclusion, the 58% of the respondents felt that Litecoin could have a small bullish gain which will last only for the next few hours but feel that long-term holding could reward the holder multiple times considering the possible future use cases. The other 42% feel that LTC could be heading lower and possibly set lower lows before coming back up again.
Stellar Lumens [XLM]:
Stellar Lumens at press time was trading at $0.23 to a token with a market cap of $4 billion and witnessing a dismal 1.4% growth in the past 24 hours. Jed McCaleb’s statement yesterday mentioning the possibility of Stellar influencing global payment systems was received well by the community.
Vadim Kilmanov, a crypto investor from Vilnius wrote to us and says,
“If someone has been in this industry from the beginning of time then you should probably believe what he does. Jed in this case. 2018 is yet to wake up to crypto markets. Stellar will rise like how XRP rose at the beginning of this year. We are in for an exciting year.”
Amit Mathur, a developer from New Delhi says,
“If crypto is a “bubble”, so is a gold and so is “God”. I believe in the philosophy of crypto and XLM is right up there with the smartest tokens, could easily be in the Top 5 coins. Although the current market is running in the FUD world, it won’t last. I mean how much negativity could you possibly publish.”
In conclusion, a majority of Stellar respondents were surprisingly optimistic about the short-term prices. A whopping 79% feel that XLM could rise very soon and feel that it just needs a hint of “green” from Bitcoin to go the bullish zone. The other 21% felt that Stellar will be no different to that of Bitcoin and will fall further and rise only when the market turns green.
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Ethereum [ETH]: ProgPow audit may not be completed before Istanbul
Programmatic Proof-of-Work [ProgPow] has undoubtedly been one of the most controversial upgrades of Ethereum. The algorithm that promises to ward off ASIC mining would probably not make it till after the Istanbul hardfork. A blog post titled ‘ProgPow Audit Delay Issue’ published by Hudson Jameson, a member of EF, stated that they encountered problems with ProgPow audit.
Hudson Jameson explained the situation,
“We had a hardware partner who specialized in ASICs who was going to work with Least Authority to perform the hardware parts of the audit. They are no longer participating in the audit so we are looking for other auditors for the hardware portion.”
Further, Jameson stated that there were “some good candidates” to fill in the position, however, it would “effectively delay” the start of the audit even further than what they had anticipated. This was the sole reason the team was uncertain whether the audit would be ready before the Istanbul hardfork.
Along with this, the member also spoke about the funding pertaining to ProgPow miner, where he remarked,
“On top of that I am not sure if anyone has sorted the funding situation in order to build an open source ProgPoW miner.”
Due to these problems, Hudson presented two options, first, delay “ProgPoW until the hardfork after Istanbul”, and second, let ProgPow have its own hardfork once the audit was completed. Hudson further stated that “this was not an ideal situation at all, but despite our best efforts, it is what we have before us”.
McDogger, a Redditor said,
“I personally would prefer a third option (stop with the audits, drop progpow and spend time/ money on Eth 1.x finality) but if I had to chose than it’s certainly option 1. Progpow […] doesn’t deserve it’s own – contentious, because it’s just one change and not many other improvements – hardfork.”
The initial announcement was made on Ethereum Cat Herders Update #9, where Pooja Ranjan, a EF member, stated that “logistical issues” were the reason for the delay of ProgPow audit, adding that the timeline for the start and end of the audit were not even decided yet.
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