It has been a fruitful Friday and Bitcoin is looking set to hit five figures very soon. BTC has made another step up over the past few hours as crypto markets reach a new 2019 high. There is a lot of resistance here though so a big push will be needed to overcome that on the journey to $10k.A couple of hours ago Bitcoin hit an intraday high of just under $9,800 as it blazed past resistance at $9.6k. Daily volume is almost back to $20 billion and the bulls are firmly in control at the moment. Many expected a pullback at the mid $9.5ks but it has failed to materialize as yet.Bitcoin Gains 18% on The WeekOver the past week Bitcoin has made a whopping 18 percent surging from $8.2k to its current level. Since the beginning of the year BTC is up 158 percent and is looking to make further gains. As usual the chartists and traders have been looking at patterns for Bitcoin’s next move. Trader Josh Rager has determined that the next level of resistance lies at the $9.8k mark which has already been hit.“$BTC $9,800 Target hit, some profit taking but not bearish yet. If the price continues to move back up to retest $9800 then it’s likely it breaks and continues up to $10,000. Patience is key for now as a potential range starts to form on low time frame charts”$BTC $9,800 Target hit, some profit taking but not bearish yetIf the price continues to move back up to retest $9800 then it’s likely it breaks and continues up to $10,000Patience is key for now as a potential range starts to form on low time frame charts pic.twitter.com/pxqEvwbVsc— Josh Rager 📈 (@Josh_Rager) June 21, 2019Many are confident that the big $10k will be hit soon, maybe even today. Where it goes from $10k could be anyone’s guess, traders are already looking at resistance points up to Bitcoin’s previous all-time high of $20k.Ethereum analyst going by the obscure twitter handle of ‘Formerly ScienceGuy9489’ chimed in adding that there was obvious resistance at $10k but after that it is minor;“After that I see minor resistance at $11,500, $14,200, and $17,000. Expecting major resistance at $20,000 because of previous high but my gut feeling says that if we make it to these levels then FOMO should break the previous high.”Obvious #bitcoin resistance level at $10,000. After that I see minor resistance at $11,500, $14,200, and $17,000. Expecting major resistance at $20,000 because of previous high but my gut feeling says that if we make it to these levels then FOMO should break the previous high.— Formerly ScienceGuy9489 (@Etherdamus) June 21, 2019In a previous tweet, Rager agreed with the mid-$11k level as resistance adding that there was little else in the $14k to $16k area as bulls are likely to pile in as they did previously.What About Fundamentals?Escalating economic woes, trade wars, and a falling USD could be driving investors into Bitcoin at the moment. It is seen as a safe haven when traditional assets are in trouble. Likewise with gold, which has also just hit a six year high according to the Financial Times. BTC is also a good offshore hedge against local political tensions as seen recently in Hong Kong for example.The signals are all looking strong for a $10k Friday, but if it does not come today there wont be much longer to wait.Image from Shutterstock
Archives for June 21, 2019
One ethereum community member is about to begin what one might call a “friendly fork” of the ethereum blockchain.
Called “Alternateth,” James Hancock, project team lead at ethereum startup ETHSignals, told CoinDesk in interview that he hopes the network will act as “a sister chain” to ethereum validating ideas and proof-of-concepts before adoption on the main chain. The goal is to initiate the split in two months’ time.
“For ethereum to be sound money, it needs to be very conservative in making changes,” said Hancock. “For ethereum to keep pace with competition it needs to keep making changes. These two ideas are in tension as it is difficult to do well.”
Ethereum is the world’s second largest blockchain network by market capitalization. Since launch in 2015, ethereum has witnessed the rise of several other competing smart contract platforms include EOS, Tron, IOST and others. While none come close to matching ethereum’s near $30 billion valuation, the proliferation of new technology iterating on ethereum’s architecture and structure have fueled further pressure on developers to maintain the network’s competitive edge.
As such, Hancock sees Alternateth as a test network of sorts for speeding up development on ethereum mainnet. For example, one of the first features he intends to execute on Alternateth is mining algorithm switch, “Progressive Proof-of-Work” (ProgPoW), which has yet to see mainnet activation on ethereum despite being approved by core developers since early January.
But outside of testing purposes, Hancock also sees Alternateth as a blockchain to support ethereum developers.
Leveraging a block rewards mechanism similar to what is seen on the zcash blockchain, Hancock tells CoinDesk that a portion of mining rewards on Alternateth will be collected into a multi-signature address “comprised of multiple trusted community members.”
At present, Hancock is rallying support for this new ethereum blockchain from other developers. In terms of miner support, Hancock purports that some general purpose miners on ethereum are already “ready to mine” the ProgPoW algorithm, which Alternateth will leverage from the outset.
In terms of project fundraising, Hancock emphasized that there is presently no intentions to launch an initial coin offering or pursue alternative avenues for funding.
Rather, Hancock affirmed the project is an entirely volunteer-driven effort that has yet to fully work through all of the nitty gritty details of blockchain code protocol and monetary policy.
The overall vision, however, is clear. Hancock affirmed:
“It will be a test-bed for some of these upcoming features [for ethereum] and will support funding development for the main chain…Similar to the relationship between litecoin and bitcoin.”
For now, the Alternateth initiative is still in very early stages of development, though Hancock asserts he’s receiving support privately for now from other unnamed ethereum developers and miners.
“I am getting support on how to execute the fork,” said Hancock. “I wouldn’t say they are ‘working on the project,’ at least not for now…I’ll let the [developers] announce their own involvement.”
To this, ethereum developers and other community stakeholders have been rallying support for various sustainable funding initiatives on the ethereum blockchain.
In fact, the proposal of introducing block rewards on the platform most recently stirred a flurry of controversy in the ethereum community back in April when a working group was created by the founder of crypto bounties platform Gitcoin, Kevin Owocki.
Owocki told CoinDesk in a past interview:
“I do think that there’s a limit to the amount of throughput that can go through Consensys grants and the EF grants system…Also, in the spirit of decentralization, we basically can’t rely on Consensys grants and EF grants to be around forever.”
Agreeing with this sentiment, ethereum core developer Lane Rettig created a GitHub proposal in response for “a better, more explicit governance structure” on ethereum which could take on the task of managing block reward funds.
However, the conversation came to a head when discussions got heated between members of the block rewards working group in April.
Arguing that “public salary discussions” would be one of the many political issues caused by reallocating Ethereum Foundation funds into a new structure of fund management, Spankchain CEO Ameen Soleimani called out Rettig for allegedly requesting a $200,000 salary from the Ethereum Foundation and pushing discussions on block rewards forward for his own personal financial gain.
Rettig rebutted this accusation by stating that he did not request such a salary and that the Ethereum Foundation as a whole “does not give salaries.” Hourly pay by the Ethereum Foundation according to Rettig, on the other hand, is “as little as $25 per hour” for senior developers.
Rettig wrote in the working group Telegram group chat:
“My motivations for these governance/funding discussions is that I worked unpaid for about six months and there are other developers on the Ethereum Foundation teams that have been unpaid for ten months or more, many working without valid contracts. Does that sound fair?”
While Rettig and Soleimani have since returned to amicable relations on social media, the block reward working group – now renamed to “ETH Commons Funding Models” on Telegram – has since quieted down considerably.
At the same time, Hancock, who remains one of the working group members on Telegram, hopes to revive this idea of block rewards, only by applying it to a separate blockchain platform.
Alternateth, Hancock concludes, will be “a friendly fork of ethereum” designed to support and complement the ethereum blockchain, not compete with it.
Fork image via Shutterstock
Crypto markets have hit a new 2019 high; Bitcoin dominating, ETH, BNB and XMR moving, LEO enters top twenty. Market WrapIt has been another fruitful Friday in crypto land. Markets have hit a new high for the year and as usual it is Bitcoin driving them. A total market cap top of $300 billion was touched a few hours ago as BTC broke through resistance once again surging to a new 13 month high.The move came a few hours ago during early Asian trading. This time it wasn’t a ‘Bart type spike’ but a gradual grind up through the resistance at $9,600 and on towards an intraday high of $9,800. Since then gains have mostly held as Bitcoin remained around $9,700 with plenty of talk about a further move to $10k today or over the weekend.Ethereum also got a boost this time as a 4 percent climb lifted it to $280. In comparison however ETH is still way down, over 80 percent of ATH compared to BTC which is now close to 50 percent. There is no doubt that Ethereum will crack $300 and make bigger gains when altseason kicks in but at the moment the going is slow.Altcoin OutlookThe crypto top ten has not reacted with the usual fervor and aside from Binance Coin adding 6 percent nothing else has really moved much. There is a little green with Bitcoin Cash and EOS adding 2 percent each but others such as BSV are falling back. There has been no movement on XRP, LTC and XLM.The top twenty is equally lethargic aside from Monero which is still climbing with a further 6 percent today to reach $108. The Bitfinex transparency initiative UNUS SED LEO has arrived on the scene as CMC has just registered a market cap of $1.8 billion jumping it straight into 14th place above Dash. LEO tokens were trading at $1.84 at the time of writing. The rest of the altcoins are up a percent or flat at the moment.FOMO: Egretia Climbing HigherToday’s top performing crypto top one hundred altcoin is Egretia again as entertainments based token surges 24 percent. A listing in Singapore’s BiUP exchange may have driven some of the momentum for EGT as the team rejoices.Breaking News: Egretia is currently ranked 77 as per CoinMarketCap!!! EGT has seen the highest gain, growing almost 30% over the past 24H! More info, welcome to join us on telegram : https://t.co/G8oBPqZT64#egt #blockchain #cryptocurrency #coinmarketcap pic.twitter.com/N0FoeUHwvj— Egretia (@Egretia_io) June 21, 2019Nash Exchange is getting a 12 percent boost today and Vestchain has made ten, these are the only three cryptos in double digits. Waltonchain and Grin are at the other end of the list dumping 10 percent each.Total market cap 24 hours. Coinmarketcap.comTotal crypto market capitalization surged almost $15 billion to top out at a new 2019 high of $300 billion a few hours ago. A slight correction has dropped markets back to $297 billion at the moment but things are still bullish. Bitcoin is the only thing driving market gains at the moment as dominance increases to 58 percent in its push to five figures.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Stellar Lumens (XLM) prices steady and out of the top 10World Wire proponents, Jesse Lund, and CTO Stanley Yong, exit IBMThe exit of Jesse Lund, the global head of blockchain for financial services and digital currencies, and CTO Stanley Yong of IBM could jeopardize their partnership with Stellar. Even though XLM is bullish, participation is low. The only pass for higher highs is if prices rally past 13 cents.Stellar Lumens Price AnalysisFundamentalsThe success of any blockchain depends on what it brings on the table. That is, use case. If it finds that and the network benefits from the network effect, then whether the project goes forward or not is heavily reliant on well-oiled partners. In the case of Ripple, more than 200 global banks are part of the process. Because of that Brad Garlinghouse and team, has the impetus for building infrastructure that will replace SWIFT as a real-time global payment platform.Meanwhile, Stellar as a competing platform, has the backing of an experienced, century-old phenomenon in IBM. Better known as Big Blue, the American giant prides in the World-Wire. Out of the gate, Stellar now supports 42 different currencies from 72 countries thanks to the involvement of IBM.Their objective is outright: Battle it out with Ripple and onboard as many banks as possible to their network. Enabling this is innovation and determination. Already, six banks will be launching stablecoins on the Stellar network. However, all this is under threat following the departure of CTO Stanley Yong and Jesse Lund. They were instrumental in pushing World Wire on the Stellar network.Candlestick ArrangementPresently, XLM is steady, off the top ten and struggling to keep up. Replaced by ADA and within range from TRX, XLM market cap is susceptible to another Flipping. All the same, there is an opportunity for savvy traders.Trading within a bullish breakout pattern and ranging below Q1 2019 highs, XLM is technically bullish. As such, aggressive traders can buy the dips as long as prices are above 11 cents or June low.Meanwhile, conservative traders keen on trading clear signals, any close above 13 cents or May high is a chance. In that scenario, every low would be a buying opportunity with a modest target at 18 cents. Ideally, accompanying this upsurge should be high trading volumes confirming buyers of early May. That will set the motion for further gains with traders aiming at 30 cents.Technical IndicatorFrom above and as reiterated, any upsurge above 13 cents ought to be with high participation. For this reason, the over-extension of May 16th leads this bar. It has high trading volumes of 5.45 million. Therefore, breaks above 13 cents or 11 cents (nullifying this trade plan) ought to exceed 5.45 million.
By CCN Markets: Since June 10, bitcoin has been on a strong upside movement supplemented with large volume across major crypto markets.
On Friday, the bitcoin price hit $9,800 on leading exchanges in the likes of Coinbase, Binance, and Bitstamp, achieving a new 2019 high following a 162 percent year-to-date gain against the U.S. dollar.
As the bitcoin price nears the so-called “FOMO” level at $10,000, which has been considered as a psychological level by many investors in the crypto market, investors anticipate the momentum of the asset to strengthen in the near term.
How would bitcoin move after breaching the fomo level?
Fundstrat co-founder Thomas Lee has emphasized that bitcoin has historically seen extended periods of upside movement when it surpasses above the FOMO level.
Lee said that $10,000 is the current FOMO level for the dominant crypto asset and if it surges above that level in the foreseeable future, a 200 to 400 percent rally may be possible based on its performance over the past three years.
“In most markets, a ‘new high’ is needed to confirm a breakout But with bitcoin, when it trades at a price seen only 3% of its history, this has confirmed a new high imminent. This makes crypto different. This ‘3%’ is $10,000. FOMO = $10,000. Currently $250 away from FOMO,” he explained.
Tyler Winklevoss, who owns approximately 1 percent of the entire supply of bitcoin alongside Cameron Winklevoss, similarly stated that if bitcoin breaks above $10,000, a rise to $15,000 is expected.
“If bitcoin breaks 10k, you can bet it’s going to break 15k,” said Winklevoss.
As it was in the 2017 bull market, bitcoin and the rest of the crypto market are seeing an increase in mainstream media coverage as major crypto assets record large gains against the U.S. dollar.
With the entrance of Facebook and other major conglomerates in the likes Visa, Mastercard, Uber, Lyft, and Booking Holdings into the crypto market with a cryptocurrency called Libra, the interest of investors in the crypto market has begun to increase.
Brad Garlinghouse, the CEO of Ripple, a company that oversees the development of the Ripple blockchain network that utilizes XRP as a native crypto asset, said this week has been a record week for the company in terms of contract signings in light of Facebook’s emergence.
Garlinghouse said at a conference hosted by Fortune:
This week will probably be the best week for signing contracts at Ripple ever. It has been a massive call to action because it Facebook kind of came out and said ‘we don’t need Western Union’ anymore. Well, if you are a bank, you are a Western Union, you kind of go ‘huh, that’s interesting’ and I think the banks realize if Facebook is going to be a competitor in the space, they can’t depend on a technology like Swift.
Although the crypto community is divided on the long term impact of Libra on the sector, the general sentiment around the trend of the market has noticeably improved since the release of Libra.
Will alternative cryptocurrencies recover
Possibly due to the announcement of Libra and the decline in the confidence of alternative crypto assets, the market has seen decoupling in recent weeks with bitcoin and ether, the native cryptocurrency of Ethereum, outperforming the rest of the market.
With the exception of some tokens such as Binance Coin and private cryptocurrencies including Monero, most alternative cryptocurrencies have performed poorly against bitcoin.
It remains to be seen whether the rally of bitcoin would trigger alternative cryptocurrencies to rebound similar to 2017 or if investors would remain confident on major assets, expressing concerns regarding the long term survivability of small digital assets.
Click here for a real-time bitcoin price chart.
This post was last modified on (Eastern Time): 21/06/2019 03:00