All the coins closed the week with a major gain under their belt thanks to the bullish breakout that happened in the last week. Cardano [ADA] appears to have gained the most in the last seven days among the top 10 coins in the cryptocurrency world with a gain of 58.33%. All the time frames, which includes the last one hour, one day and one-week look green for Cardano making it stand apart from all the other coins. Next to Cardano comes IOTA [MIOTA], with a 55.13% gain over the last seven days. Stellar Lumens also look green and has gained a 40.47% in the last 7 days. OmiseGO [OMG] and VeChain [VEN] have moved up in the rankings and into the top 20 spot. OmiseGO [OMG], previously ranked at number 21 is now ranked at the 18th spot. VeChain is currently ranked at the 16th spot with a 33.56% gain in the last 7 days.
Our sentiment analysis segment comprises of crypto-related sentiments and expert opinions of people from around the world on the current market trends of various coins in the cryptocurrency market. These sentiments and opinions were gathered after interviewing a group of investors, miners, skeptics, analysts, influencers, and their valuable comments are recorded as it is in this segment. This analysis is focused on Ripple which is currently ranked at the 3rd spot.
At 12:24 PM UTC, Ripple was seen to be trading at $0.654 with a market capitalization of $25.604 billion. Although the coin has had a dip of 2.53% in the last 24 hours, it managed to stay above the $0.65 mark which helped it to stabilize above this point. The coin peaked at an intraday high of $0.687 at 1:04 AM UTC today before it went down to $0.651 at 6:14 AM UTC. Ripple had gone above the $0.70 mark on the 13th of April last week but the momentum died out. The coin right now seems to be consolidating below the $0.70. There is a considerable support for the coin at $0.62.
Brian Powell, a Ripple investor from Kentucky says:
“There is a major bullish breakout waiting in line for Ripple and as of now I’m looking to HODL the coins till there is a major uptrend. There is a buying pressure for Ripple as it dropped below the $0.70 mark and there is a buy wall formation on the exchange Bitfinex. A 50% hike is expected which would take the coin to $0.774 by the 21st of this month.”
Alex Murphy, an altcoin miner from Denver says:
“The next targets set for XRP is at $0.82-$0.84 and the right time to buy XRP would be at $0.63. The coin is currently looking to find an uptrend hit and is testing the resistance levels. It is highly recommended that the investors should look to HODL their contracts in their hands and stop at the 500% return of Fibonacci.”
Kevin Nelson, a financial advisor from Gisborne says:
“The target at $0.855 shall soon be achieved by XRP as it has broken out of Cup and Handle pattern. This means that the price should move upwards at least to the lengths of the Cup pattern formation. The resistance formed at the Handle had been broken by the coin which signals a bullish trend which will kick in soon.”
Jonathan Williams, a cryptocurrency enthusiast says:
“Positive future and with amazing prospects, I believe in the technology, in the next 24 hours it will gain slightly but mostly hold its position.”
To conclude, 73% of Ripple respondents feel bullish and are of the opinion that the coin will test the major resistance levels and break into a bullish trend if the volume continues to increase. Another minor 27% of Ripple respondents are bearish as the coin failed to stay above the $0.70 mark for a longer time which according to them is bearish.
EIP 999: Ethereum [ETH] Improvement Proposal to unfreeze $260 million
In November 2017, Parity Technologies, an Ethereum blockchain development company compromised on a multi-sig wallet by two bugs. The codes had two separate functionalities, the first one was created for “instant delete” and the second was to “provide ownership”. The performance of the code was tested by Devopps99, a newbie in the ETH community.
The aftermath of the testing phase was that the bug froze all wallets that were operating under the Parity Library Contract. This resulted in the blocking of 580 wallets HODLing 513,000 ETH. The Ethereum Improvement Proposal [EIP] 999 intends to solve the issue by patching a contract source code which shall authorize individuals’ affected wallets and can get their money back. There is a poll being held to decide if the EIP 999 should be activated or not?
Approximately $150 million worth ETH was stored in the wallet earlier, which is now increased to $260 million. Ethereum community has struck down the efforts of recovering frozen funds before, hence this time it is reliant on the polls which will end on 24th April.
Stan Marshall, a Reddit user worded in a response to the EIP 999 says:
“If they were truly active developers who have a personal stake in the system, then I’m sure they wouldn’t want Ethereum to undergo the repercussions of another fork.”
Randy, a potential Ethereum user suggests on Reddit saying:
“This EIP is beneficial to everyone who had funds locked in the multisig lib bug and everyone who might benefit from the products and services built by the first group and who doesn’t want to punish a human error with irrevocable loss of funds.”
A cryptocurrency enthusiast commented on Reddit:
“If I lose all my savings that are in cash under my bed – because I made a silly mistake or because someone stole it from me – should the state or the people in my road, or anyone, provide a way for me to recover those funds? If so, it might mean that I could be as careless as I liked because I would always get my money back. So would everyone else. Careful people would in effect be subsidizing the careless. The value of the currency would fall. You can see the problem here. It’s called moral hazard. If there are no painful consequences for my mistakes, then I (and everyone else) will continue to make mistakes. Confidence in the system is undermined.”
Bitcoin Cash [BCH], soaring high in the sky! – Sentiment Analysis – April 23
Bitcoin [BTC] and Ethereum [ETH] are back in the green zone and the market capitalization has crossed the $400 mark. Bitcoin crossed the $9000 mark recently but it could not stay above the mark. At 12:53 PM UTC, the total market capitalization was at $400.390 billion.
The Bitcoin dominance stands at 37.9%. Bitcoin is currently pushing its price towards the $9000 mark and the coin currently has a market capitalization of $151.554 billion. Experts are of the opinion that the hike in Bitcoin’s price may be due to the crash in the stock market. The biggest gainer in the last 24 hours is Bitcoin Cash [BCH] with a major gain of 19.87%. The coin also gained by 1.85% in the last 24 hours.
Stellar Lumens, after staying green in the last week has gone into the red zone with a 1.725% loss in the last 24 hours. After Ripple [XRP], Stellar is the next to have had a loss.
Our sentiment analysis segment provides you with quality sentiments of people from around the world and their valuable comments are recorded in this segment as it is. The expert opinions of people are based on the current market trends and possible outcomes of the coins. This is done after interviewing a group of analysts, investors, skeptics, miners, influencers to ensure that our readers get a wholesome picture of the market. This analysis is on Bitcoin Cash [BCH] which is currently at the 4th spot in the rankings.
Bitcoin Cash [BCH]
At 1:10 PM UTC, Bitcoin Cash was seen to be trading at $1423 with a market capitalization of $24.319 billion. The coin still retains its upside momentum and is seen to be testing the resistance. The target set for the coin is at $1540 which also is the point where it stopped the upside momentum last February.
The coin went to a high of $1459.7 which is the highest mark since February. The hourly charts indicate a bearish trend for the coin as the MACD is about to cross and the RSI is heading towards an oversold position.
Lisa May, a banker from Chester says:
“There is a bearish trend waiting in line for the coin and it may take it down to the swing lows. It may take it down till the $1000 level but soon will be reversed with a major bullish reversal. This bull run will take the coin up to the $1500 level. ”
Matthew Fowler, an altcoin miner from Mexico City says:
“Do not give in to the FUD regarding Bitcoin Cash that is perpetuated by the Bitcoin loyalists. The advantage of BCH is in its near non-existent transaction fees making it superior for person to person transactions. Target for the coin is possibly at $1600 and after which it may dip a little to come back to the next target at $2000.”
Kim Thomas, a journalist from Brisbane says:
“The cup and handle formation resulted in a price action that shows a bull flag with slight downward pressure before breaking out of the overhead resistance. The upside is capped with a resistance at $2011 and the immediate resistance is at $1473. If this is broken then there is chance of the coin hitting the $1780 mark.”
To conclude, 55% of the Bitcoin Cash respondents feel bullish and they are of the opinion that the bull will take to the $2000 level soon. Another 45% of Bitcoin Cash respondents feel that the coin may form another cup which may take it down to the 1000 level.
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