The cryptocurrency market seems to be flourishing with almost all the tokens gaining traction. Although the prices have not recovered to its former glory yet, the statistics for the last 24 hours look in the favor of the cryptocurrencies. The crypto market capital, as of press time, is $263 billion which is very low considering the fact that it almost neared to a trillion. The current Bitcoin dominance is 45.3%. The coin market currently has 1596 cryptocurrencies with 9922 markets up and running.
Our Sentiment Analysis segment is carefully framed by interviewing a group of investors, miners, journalists, skeptics, and influencers and gives the worldwide sentiments and analysis on different coins. This segment includes the sentiments on three coins in the top 15 list viz. Ripple [XRP], Litecoin [LTC] and Monero [XMR].
Currently ranked at the number 3 spot, Ripple is priced at $0.500 with a market capital of $19.551 billion. Ripple was priced at $3.81 on the 4th of January this year and since then, the prices have only declined. This stage where it peaked is described as the stage of euphoria in the emotional journey of XRP. According to this sentiment, XRP is currently under a depression stage. Ripple’s prices declined by 3.95% to $0.48 on Sunday, following Saturday’s 0.44% gain.
Glen Henry, a cryptocurrency analyst from Brisbane says:
“At the moment, the price range stands between $0.48 – $0.50. The cryptocurrency has been in a drowntrend over the past 7 days and the price has decreased by 22%. If this trend continues, then the target will be $0.42. The price should break through the trend line to grow stronger and hit $0.78.”
Judy Foster, an investor from Nashville says:
“I’m not too sure where XRP is heading to but I’m looking at two options and will trade depending on how it behaves once it breaks out of the triangle.”
To conclude 57% of Ripple respondents feel the bear pull on XRP and believe that it is going through a tough time. Another 43% feel that the trend will turn bullish and that there will be enough market capital for it to sustain its dominance in the market.
It has been a bearish market for Litecoin, but fortunately, it has not dropped below the $100 mark since December last year. Litecoin is at the number 5 spot with a price of $118.71 and a market capital of $6.636 billion at the time of writing. Analysts say that the short-term LTC picture looks promising, but a break above $120 is needed. LTC is rising towards $120 but as of now, it is not clear whether the momentum is enough for a sustained break.
Lara Craig, a miner from Chicago says:
“LTC is expected to fall below $100 on the 21st of this month and may go even down to $89. At that point it may go up to $104 and gain some traction to reach $143 or hit the rock bottom. It has been consolidating around the $110 support level in the last few days.”
Amit Patel, a Financial Advisor from Ludhiana says:
“The support level is holding the price up as of now and there should be a break of the descending trendline before turning bullish. There is a possibility that the trendline acts as resistance and if price continues to fall down, the next support level is around $90.”
To conclude, 67% of Litecoin respondents feel that for the bullish trend to kick in it has to be above $120 other LTC will continue its downhill journey. However, 33% of LTC respondents are happy with the short-term picture of token which shows a bullish trend.
Despite the fall from $200.99 on March 28th this year, Monero seems to be showing some stability as of now. It is priced at $178.67 with a market capital of $2.839 billion, at press time. It is dubbed as the 11th coin in the cryptocurrency market and has gained 6.43% over the last 24 hours. Monero is expected to have a system update on 6th of April. It dipped to a $162 low on 30th of March, but since then Monero has recovered proficiently.
John Denver, a market expert from Houston says:
“Monero is experiencing a selling pressure and it has been like that for over a month now. The coin is on the downtrend now and I think the bottom would be $145. We have to wait for the buy signal which could be in two days time.”
Mark Oliver, an Economics student from Kansas says:
“All shops and countries now expect from Monero and other cryptocurrencies. The banks will no longer wish to manage the flow/control of money and the governments and the Rothschild are ok with that. LOL”
To conclude, a 55% of the Monero respondents feel that the bearish trend will continue and the coin might drop below $50 soon. Another 45% of the Monero respondents feel that it might go down till $144 but then there will be a steady rise to $440.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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