Bitcoin price declined heavily and tested the $8,000 support area against the US Dollar.The price recovered nicely and traded above the $8,300 and $8,450 resistance levels.There is a rising channel forming with support near $8,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is facing a solid resistance near the $8,600 area and the 100 hourly simple moving average.Bitcoin price is currently recovering above $8,450 against the US Dollar. BTC needs to surpass the $8,600 barrier to move back in a positive zone and climb further higher.Bitcoin Price AnalysisRecently, bitcoin price declined sharply after pumping to a new 2019 high at $9,091 against the US Dollar. The BTC/USD pair collapsed below the $8,800 and $8,600 support levels. The decline was strong and gained pace below the $8,450 support plus the 100 hourly simple moving average. Moreover, there was a clear break below the $8,300 support and the $8,220 pivot level. The price traded close to the $8,000 level, where the bulls protected further losses.A swing low was formed near $7,999 before the price started a strong recovery. There was a pump above the $8,300 level and the 23.6% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. More importantly, the price traded above the $8,450 resistance. At the moment, the price is trading above the 50% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. Besides, there is a rising channel forming with support near $8,450 on the hourly chart of the BTC/USD pair.On the downside, there is a strong support forming near the $8,450 level. If there is a downside break below $8,450, the price might restart its decline towards the $8,300 level. The next key supports are near the $8,220 and $8,150 levels. On the upside, the main resistance is near the $8,600 level and the 100 hourly SMA. The 61.8% Fib retracement level of the recent decline from the $9,091 high to $7,999 low is also near the $8,670 level. Therefore, a successful break above the $8,600 and $8,670 levels is needed for more gains in the near term.Looking at the chart, bitcoin price recovered nicely above $8,450 and it is currently showing positive zone. If the bulls remain in action and push the price above $8,600, there are chances of bullish continuation.Technical indicators:Hourly MACD – The MACD is back in the bullish zone, with positive signs.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed back above the 50 level, with a positive angle.Major Support Levels – $8,450 followed by $8,300.Major Resistance Levels – $8,600, $8,670 and $8,800.
Archives for May 2019
By CCN: The bitcoin price is trading higher headed into the weekend and is currently hovering at $8,572, up 2.7%. After the recent spike beyond $9,000 and dramatic fall back to Earth, the market clearly is doing its best to go higher.
Just ask Vinny Lingham, who is at the helm of blockchain-fueled ID startup Civic and a general partner at Multicoin Capital. Lingham, who has only recently turned bullish on the bitcoin price, tweeted:
“This BTC action looks aggressive. Makes me think that we may blow through 10k and test $12k very soon; but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.”
According to reports, Lingham-backed up-and-coming South Africa-based crypto exchange OVEX has completed a second fundraising round.
This BTC action looks aggressive. Makes me think that we may blow through $10k and test $12k very soon, but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.
— Vinny Lingham (@VinnyLingham) May 31, 2019
Bitcoin Is Stabilizing
Technical trader Peter Brandt reflected on Thursday’s correction in the bitcoin price, asking if it was ‘enough to shake the…FOMO buyers from the trees.” He later observed that “BTC appears to be stabilizing after the 12% break on Thursday,” saying:
“I am willing to dip my toes back in the water.”
— Peter Brandt (@PeterLBrandt) May 31, 2019
Still, Brandt doesn’t expect bitcoin to achieve wide-scale adoption anytime soon, tweeting:
“There are currently significant structural issues with the crypto markets that will prevent wide-spread commercial and institutional involvement.”
A recent Bloomberg article suggested that barely anybody is spending bitcoin and therefore the cryptocurrency’s use case as a currency is weak. The publication cited data from blockchain intelligence firm Chainalysis. Considering that most of bitcoin transactions are on exchanges, Chainalsyis suggests that speculation remains bitcoin’s chief use case.
Lingham isn’t the only market leader who expects consolidation in the bitcoin price ahead. CCN previously reported that bitcoin bull Michael Novogratz is too, though he’s provided a lower range than Lingham. Novogratz, who is the CEO of crypto merchant bank Galaxy Digital, expects that BTC “probably consolidates somewhere between $7,000 and $10,000.”
He would seemingly be happy to be proven wrong to the upside and could be given the momentum the bitcoin price has achieved with several tailwinds, not the least of which include Microsoft building on the Bitcoin blockchain and Mark Zuckerberg’s Facebook launching its own cryptocurrency, Globalcoin. Meanwhile, AT&T is also accepting BTC as a payment method, that is if “hodlers” want to part with their coins to pay their phone bill.
By CCN: The appetite among billionaires for bitcoin is huge as ever, according to Eleesa Dadian, an art dealer and head of a secretive network for billionaire investors called the Dadiani Syndicate, in Forbes. The company has reportedly been instructed to purchase a jaw-dropping 25% of all available bitcoin in the market. Too bad that isn’t likely to happen.
An office in Mayfair, west London – this is home to The Dadiani Syndicate, the brainchild of art dealer Eleese Dadiani. Her gallery, Dadiani Fine Art, was the first to accept cryptocurrency payments, back in 2017.
Read more: https://t.co/uPxPOcVjdc pic.twitter.com/Mh8wivIQeY
— Cryptos Experience (@cryptosexp) May 31, 2019
Whales Are Everything in Crypto Markets
The crypto community loves to talk about these colossal bag holders, as a great deal of the most significant trading is done in the shadows. The Dadiani Syndicate is apparently where a lot of this goes down. The peer-to-peer exchange was allegedly instructed to “to scour the markets and gain access to as close to 25% as possible.” Interestingly, Eleesa Dadiani is a member of the Georgian nobility.
Is Buying One-Quarter of All BTC Feasible?
Such a bold claim begs the question if it would even be possible to acquire that much bitcoin. Dadiani says her firm can’t accumulate that much bitcoin, but they’re acquiring as much as possible.
“Many [bitcoin] will not be mined for a long time and many more are lost for good. Yet even a greater number of coins are currently being held by hodlers who will not be willing to part with them for any price. Realistically speaking, there are probably less than 5 million coins actually circulating at the moment.”
“A buyer of this size is going to push the price up to make this kind of accumulation even more expensive. There are ways to offset that kind of demand-based price increase but after a certain level there’s not much you can do to prevent it.”
Billionaires “Hodling” Bitcoin Is Hardly Satoshi Nakamoto’s Vision
In the interview with Forbes, Eleesa Dadiani, the fine art dealer behind the project, states that crypto winter never really happened in her world:
“The interest in bitcoin has never waned, though the media paints a very different picture.”
Altcoins Are Less Prized by the Elite
It would seem that the wealthy have been scrambling to purchase bitcoin wherever possible, but is this true for other cryptocurrencies? Sadly, for fans of altcoins, only BTC is prized by Dadiani’s billionaire clients:
“At the moment, people just want to buy bitcoin. There’s little interest in other cryptocurrencies, but we have not been doing this long and would be open to others in the future if clients wanted it.”
Lambos, Picassos, and Bitcoin?
The world’s ultra-wealthy are not waiting around to see if bitcoin is going to the moon or not. They are simply buying as much of it as they possibly can. Sadly, it’s not hard to see why it’s now too expensive for an ordinary person to own an entire coin.
Hedging a portfolio for the 0.001% is so much more than buying stocks, bonds, or currency. Apparently, for the billionaire class, it’s fine art, classic cars, and bitcoin
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
The Chief Information Security Officer at Coinbase, Philip Martin, has revealed that the firm has enabled its Coinbase and Coinbase Pro accounts to support securing Bitcoin and other crypto assets using U2F Security Keys – a safer, and somewhat ironclad alternative to SMS-based two-factor protection of accounts.
The aggregated crypto markets have been incurring significant amounts of downwards pressure over the past couple of days as a result of Bitcoin’s inability to climb past $9,000. This has led Ethereum to face considerable selling pressure that has led its price to drop significantly from its recent highs.Despite this latest drop, it is important to note that recent data suggests that ETH is incurring significant fundamental strength, which may ultimately allow it to surge higher.Ethereum Finds Support Around $250 After PlungingAt the time of writing, Ethereum is trading down nearly 8% at its current price of $258, down significantly from its 24-hour highs of nearly $290.ETH’s plunge coincided closely with Bitcoin’s drop, as it ran to highs of nearly $290 as Bitcoin surged to $9,000, and then subsequently plunged to lows of $250 right as BTC dropped to lows of roughly $8,100.Although Ethereum has since recovered slightly from these lows and is now expressing some stability at its current price levels, it is important to note that some analysts believe it could face further downwards pressure in the near-future.DonAlt, a popular cryptocurrency trader on Twitter, expressed a bearish sentiment regarding the cryptocurrency in a recent tweet, noting that he believes it may plunge as low as $200 before finding significant support.“$ETH Entered a short here, looks very much like a top to me. Target just above 200. If I get stopped out, I’ll flip long and take it to $400 with everyone else,” he noted.$ETHEntered a short here, looks very much like a top to me.
Target just above 200.
If I get stopped out, I’ll flip long and take it to $400 with everyone else. pic.twitter.com/iSCyNPXnru— DonAlt (@CryptoDonAlt) May 31, 2019Although it remains unclear as to whether or not this sentiment is valid based on ETH’s ability to recover slightly from its recent lows, it is highly likely that where it goes next will be at least partially based on how Bitcoin trades in the near-future.ETH Still Has Strong FundamentalsWhile looking away from Ethereum’s price, it is clear that the cryptocurrency still has incredibly strong fundamentals that are significantly improving, and recently released data may lay out a bullish case for ETH’s future.Binance Research, the research and analytics arm of the popular cryptocurrency exchange Binance, recently elucidated a few key data points regarding Ethereum from a fundamental perspective, noting that its chain is currently seeing a massive surge in active addresses and on-chain transactions.“A brief look into the Ethereum $ETH chain: Active addresses reaching 10 month high. Daily on-chain transactions reaching 12 month high. Marketcap approaching 8 month high. Can ETH return to its former glory?” They explained in a recent tweet while referencing the below charts.A brief look into the Ethereum $ETH chain– Active addresses reaching 10 month high– Daily on-chain transactions reaching 12 month high– Marketcap approaching 8 month highCan ETH return to its former glory? pic.twitter.com/MDK6etAtLj— Binance Research (@BinanceResearch) May 30, 2019Although Ethereum’s near-term price action is likely somewhat dependent on that of Bitcoin, its improving fundamentals signal that the markets are recovering from both a price perspective and a fundamental perspective, which may mean that further price gains are imminent.Featured image from Shutterstock.
By CCN: Australian entrepreneur Craig Wright, the self-proclaimed inventor of bitcoin, has anointed himself the new sheriff of Crypto Town. And his first task is to hunt down “fake” Satoshis to prove once and for all that he’s the real deal.
Moreover, Wright — who claims Bitcoin SV (Satoshi Vision) is the one, true bitcoin — predicts that BTC will eventually crash to zero. And its proponents will soon choke on the bitter fruit of regret.
Wright: I Can Prove I’m Satoshi Nakamoto
In a 3,ooo-word follow-up to his recent Bitcoin Manifesto, Wright promises to “clean out the cryptocurrency space — whether you like it or not.”
To this end, Wright pledges to target everyone who falsely claims they’re Satoshi Nakamoto and force them to apologize. If they don’t, he warns that they’ll end up in jail. Wright threw down the gauntlet in an ominous May 30 blog post:
“If you want to pretend to be Satoshi, I will see you end up in prison. I have a claim that I am Satoshi and that I created the white paper. I’ve made my claim under oath. I have sworn it in a court of law. If it turns out that I’m not, I will face 20 years in prison. The thing is, it will never happen because I am the creator of Bitcoin. Alternatively, the way I’m going to clean up the space is to force every single person involved in the space to either swear they are Satoshi and created Bitcoin, or back down and [apologize].”
Craig Wright to Haters: I Will Spare No One
Wright contends that unlike Satoshi pretenders, he can prove that he’s Nakamoto. And he warned his haters and detractors that they’ll learn the truth soon enough.
“If you think I’m joking, if you think I’m not serious, if you think that I can’t prove what I’m saying, then I’m going to be looking forward to meeting you in court.”
Specifically, Wright says he will make an example of “pitiful” crypto podcaster Peter McCormack to teach his doubters a lesson they will never forget.
“I’m going to take pitiful people like Peter [McCormack] apart, as sad as it is, because of their stupidity. And as a lesson. People are going to learn that you cannot lie and cheat and defame people without consequences. In time, if I have to, I will work one by one through every person in the BTC community, until they all either wear orange suits, [apologize], or disappear. No exceptions.”
Wright Vows to Make Example of Podcaster
As CCN reported, Wright filed a libel lawsuit against Peter McCormack in April, seeking damages of £100,000 (or roughly $130,000).
In his lawsuit, Wright accused McCormack of defaming him when he called Wright “a fraud” and said he was lying when he says he’s Satoshi Nakamoto.
Wright says he decided to sue McCormack after being mass-bullied on Twitter with nasty, personal attacks. Wright has since deleted his Twitter account.
In this instance, Wright sort of has a point. There was no justification for the crypto mob to harass him on that scale. If you don’t like him, just ignore him.
On Twitter, McCormack lamented that the lawsuit is going to cost him big bucks – whether he wins or loses. He says if the case goes to trial, his legal defense costs could total £500,000 to £750,000 ($631,000 to $950,000).
And if he loses, he’d have to pay almost $1.9 million. That amount includes both his and Wright’s legal fees.
Craig Wright: BTC Will Trade at Zero
Finally, Wright warned BTC super-fans that BSV is the real bitcoin and will supplant all other bitcoin. But before then, he warned that BTC will abruptly drop to zero and will disappear in a poof.
“When you see it coming, it will be too late. You won’t get notification of the end. You’ll wake up one day, and BTC will be trading at zero.”
As CCN reported, Wright is a proponent of Bitcoin Satoshi Vision (BSV). Despite claiming that he invented BTC, Craig says the original cryptocurrency became perverted and tainted because it has devolved into a vehicle for criminal activity, especially money-laundering.
‘Bitcoin Will Disappear,’ Craig Wright Rants in Blistering ‘Satoshi’ Manifesto https://t.co/tMAMze7IMB
— CCN.com (@CCNMarkets) May 25, 2019
And he won’t allow crypto con artists to tarnish “his” vision for bitcoin.
“I’m going to find every cowboy with a hat and no swagger and get him to understand what Bitcoin is really about. Yes, I am Satoshi Nakamoto.”
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Entrepreneur, investor, and author James Altucher is one of a growing number of individuals who believe Bitcoin will astound the planet with its price in the relative short-term. Appearing on Kitco News earlier, he stated that a $1 million dollar Bitcoin was indeed possible by 2020.Altucher bases his speculations on the rising levels of geopolitical instability around the world today, as well as increases in general Bitcoin acceptance from the likes of Whole Foods and others.Could BTC Be On Track for $1 Million by 2020?A $1 million dollar Bitcoin by the year 2020 might sound like an absolute pipe dream. However, for some, it is as good as an inevitability. Venture investor, entrepreneur, and author James Altucher is one amongst their ranks and has been since 2017.In an interview with Kitco News, Altucher reaffirmed that it was indeed possible but the timeline was so uncertain that one can’t rule out a seven-figure Bitcoin by 2020. In his reasoning, he states that his opinions from 2017 haven’t changed. He still holds that crypto assets solve many of the problems of fiat currency – excessive inflation caused by reckless currency printing, privacy, and the potential for counterfeiting are just a few of those issues.Altucher believes that it is inevitable that these genuine crypto assets that offer some benefit over the current system will increase in value:“Long-term, all cryptocurrencies that are safe and not scams are going to go up.”In his 2017 interview, Altucher stated that he felt 95 percent of all crypto assets were scams and has since reasoned that the number of them collapsing is evidence that he was correct.When addressing the short-term outlook for Bitcoin, Altucher spoke about the geopolitical turmoil in the world today. Brexit, trade tariff wars, and rogue states such as Iran were all mentioned as factors contributing to the global instability the author and entrepreneur believes is already driving and will continue to drive Bitcoin up.When explaining the recent rally, he states:“It’s a flight to safety and there’s a lot of companies now announcing that they’re going to be accepting it.”So, What About That 2020 Million Dollar Bitcoin?Perhaps the most interesting part of Altucher’s interview was when he directly addressed his earlier million dollar price call. In 2017, he stated words to the effect that he wouldn’t be surprised if Bitcoin went to $1 million by 2020.When asked if he still held that view, he confirmed that indeed he did and that $1 million might even be a healthy discount for a single unit of the digital asset.To justify his seemingly wild possible Bitcoin price, Altucher stated that there is about $200 trillion in paper currency out there today. He compared this to the market capitalisation of all of crypto – less than $267 billion. Whilst the percentage difference isn’t quite the 200,000 he stated, it’s not far off. He continued:“That could give Bitcoin a price of, I don’t know, $8 million. So, $1 million is actually a discount on where it could go.”He continued, stating that whilst he doesn’t know when it will get there, the general trend will take it to prices unthinkable almost unthinkable today.When pressed on whether he still thought it was possible to sell a single Bitcoin for more than $1 million specifically by 2020, he confirmed that he did think it possible:“Will it be $1 million in 2020? Maybe. Will it be 2021, 2022, who knows? At some point, some country, their currency is going to collapse, who knows which country it will be – Argentina, Iran, many countries in South America are a potential… The population of that country will say, ‘Let’s all move to Bitcoin, and then you’re going to see mass adoption.”Whilst Altucher hasn’t put quite as much on the line for his $1 million Bitcoin call as John McAfee, he clearly feels that given the right conditions, the rise to enormous prices will be swift. The necessary collapse of a national currency that he believes will send prices skywards could happen at any time and a sudden increase in buying pressure on an asset with a fixed supply can only result in higher prices. Related Reading: The Million Dollar Bitcoin Club and its Uber-BullsFeatured Image from Shutterstock.
The upwards momentum the crypto markets have incurred in recent times was put into jeopardy yesterday after Bitcoin failed to surge past $9,000 and found itself reeling back down to the lower-$8,000 region.Despite this less-than-positive price action, one analyst is quick to note that while looking at BTC from a long term perspective, it is still abundantly clear that Bitcoin is in the early stages of the next noteworthy uptrend, which means that investors shouldn’t fret too much about choppy price action in the near-term.Bitcoin Finds Support Around Low-$8,000 RegionAt the time of writing, Bitcoin is trading down nearly 4% at its current price of $8,426 and is down significantly from its recent highs of over $9,000 that were set yesterday.Although BTC’s bearish reaction to the $9,000 range does appear to spell trouble for the cryptocurrency, while zooming out on BTC’s chart, it is clear that it is still firmly in the bull’s control over a longer-time frame.Despite this, if the crypto’s bulls want to maintain control of the cryptocurrency going forward, then it is important that they hold the price steady above roughly $8,100, as a dip below this price level could lead to significantly further losses.Josh Rager, a popular cryptocurrency analyst on Twitter, discussed the importance of this aforementioned price level in a recent tweet, noting that a close below it “wouldn’t be good.”“$BTC: Small range & no position currently, I like to make my way through different time frames to at look various support/resistance. If it breaks down and closes below $8193 especially $8114, wouldn’t be good. Above $8330 on LTF would push up for a retest of previous support,” he said.$BTCSmall range & no position currently, I like to make my way through different time frames to at look various support/resistanceIf it breaks down and closes below $8193 especially $8114, wouldn’t be goodAbove $8330 on LTF would push up for a retest of previous support pic.twitter.com/4RibunwOPU— Josh Rager 📈 (@Josh_Rager) May 31, 2019BTC Still in a Firm Uptrend, Despite Recent DropAlthough it is easy to believe that the latest pullback could mark the end of the cryptocurrency’s massive upwards surge that has occurred in recent times, it is important to note that it is still in the very early stages of the next uptrend, which means that pullbacks are to be expected.Josh Rager also discussed this in a recent tweet, explaining that he believes BTC is less than one fourth into its next uptrend, based on historical data.“$BTC Bull Market Cycles: As you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrend. Don’t worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high,” he bullishly explained while referencing the below chart.$BTC Bull Market CyclesAs you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrendDon’t worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high pic.twitter.com/CCesZphBWD— Josh Rager 📈 (@Josh_Rager) May 31, 2019Although many short-term traders and investors fear that BTC may see increased bearish pressure in the coming days and weeks, as long as it continues to trade above its key support levels, it is highly probable that further gains are imminent.Featured image from Shutterstock.
North Korean hackers have made a phishing attempt on users of the South Korean crypto exchange Upbit.
News correspondents in Korea broke this development on May 29, 2019, detailing the ploy to steal Upbit users’ information. The hackers sent out an email claiming that Upbit users needed to submit more information to become eligible for a prize drawing.
When users opened up the email reportedly containing information about a phony sweepstakes and its payout, malware would activate, giving the hackers access to user information and control of their devices for later access.
“In analyzing attack tools and malicious codes used by hacker groups, there are unique characteristics we saw,” Mun Chong Hyun, head of the ESRC Center at East Security, which identified the attack, said, per CoinDesk Korea.
These characteristics specifically point to North Korean hacker group Kim Soo-Ki, which has used malware of a very similar construction to attempt to breach South Korean government agencies.
North Korean hackers have been active meddlers in the South Korean crypto space for several years. The Lazarus Group, for example, has stolen more than $571 million in a period of a little over a year and a half between 2017 and 2018, largely targeting South Korean crypto exchanges. Over the course of this work, the Lazarus Group received direct material support from the North Korean government.
This latest hacking attempt, however, seems to have been foiled by the efforts of the team at East Security. Mun Chong Hyun claimed that, so far, “we have not heard of any reported damage.”
This is not the first time Upbit has found itself embroiled in fraudulent activity. Last December, executives from both Upbit and its parent company, Dunamu, were indicted for fraud after creating phony records for millions of dollars’ worth of fictional trades, all to convince potential customers that Upbit had a much higher volume of business than it actually had.
By CCN: Monacoin bills itself as Japan’s first cryptocurrency, and it’s gained significantly during the recent bull market activity. The cat meme cryptocurrency surged more than 80% in just 24 hours, leaving it with a per-token value of more than $2. Previously, Monacoin’s price was closer to $1.
The rally came even as the Bitcoin price struggled to regain momentum after a sizable sell-off.
Japanese Crypto Traders Drive Demand for Monacoin
Japanese investors don’t care as the equivalent of USD 140 million changed hands on @bitbank_inc only !
Go Mona !
— Oliver 90210 (@oliver_90210) May 31, 2019
One bit of news driving the pump is the announcement that Mona will be trading on Japan’s Coincheck exchange. Mona is not available on major exchanges like Coinbase or Binance. The majority of its 24-hour volume took place on Bitbank in the yen market.
Over $140 million is reported as having changed hands in that market alone. Mona trades on just one “major” exchange – Bittrex, whose MONA/BTC market showed more than $6 million over the 24 hours.
A couple of months ago, a boy was arrested for stealing millions of yen worth of the crypto token.
If Japanese investors continue to drive interest in Mona, more significant exchanges may want to get in on the action, especially Binance, which has risen to prominence through having a massive variety of tokens and cryptocurrencies.
Monacoin previously pumped in April by around 40%. In some respects, you can view it as a Japanese Litecoin. Functionally, it’s very similar to Bitcoin, with a mining network and proof-of-work security. It’s a bit faster than Bitcoin, by design, as many cryptos are.
As of the time of writing, Monacoin traded at $2.11 for a 24-hour gain of 89%, launching its market cap to $139 million.
Monacoin – Japan’s Litecoin?
If one day of trading can bring it over $2, it may have a future. If increased adoption in Japanese markets and interest from those traders pushes it higher, it’ll find its way onto more crypto exchanges. The more exchanges it trades on, the better its price will have a chance to pump, as regular Monacoin traders take their time to adapt to the new world.
While it’s not unusual to see a pump of this size in a single little-known and illiquid cryptocurrency, the bull run will only intensify this trend. If people believe they can get some utility in a given altcoin, they’re likely enough to start using it as well as Bitcoin when they get started.
Chains like Bitcoin Cash, Litecoin, Monacoin, and others have the perception of being cheaper and, therefore, less risky. They also have the advantage of ample space and speed at confirmations. These issues will become increasingly important as interest builds in Bitcoin and other cryptocurrencies: Will those blockchains be able to withstand a massive influx of people?
It’s one of the only questions that matter. A mass adoption event has yet to take place, but it’s certainly far from impossible. When we see this much money pour into an ordinarily-quiet market, we have to wonder at what stage of the run we’re truly in.
Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.