Crypto Brief Dec.08: Bitcoin is building a bottom pattern plus Ethereum, Ripple, Litecoin, Bitcoin SV, Tron, Binance, Bitfinex
From the evaluation of Bitcoin’s bottom pattern to Ethereum has successfully completed the Istanbul hard fork. These are some of the prominent news in the crypto space.
Glassnode, an on-chain miraculous company, recently observed that there is a confluence of factors that suggest Bitcoin bottoms are forming.
1/ Weekly on–chain market observations:
The bottom is close – and once it happens, the reversal will be strong.
— glassnode (@glassnode) December 7, 2019
First, Market Value to Realized Value (MVRV), the ratio between market capitalization and realized cap, is consolidating towards one, meaning that Bitcoin investors are taking profits. It usually marks a bottom for the cryptocurrency market.
Moreover, the Unrealized Profit indicator is creating a similar picture. Currently, investors are getting less profitable, the selling pressure of $ BTC is starting to decline, allowing the momentum to build.
Popular analyst Jonny Moe noted that BTC’s chart is currently building a bottom-out pattern, which could indicate that its downtrend formed after the pump to $ 10,500 has ended.
The $BTC inverse head & shoulders we saw last week has turned into an Adam on a potential Adam & Eve bottom.
You could interpret the Eve as the beginning of a cup & handle continuation as well.
Both of these are still just potential, but certainly there. pic.twitter.com/8GzTvFT6BN
— Jonny Moe (@JonnyMoeTrades) December 7, 2019
Meanwhile, Willy Woo, a partner of Adaptive Capital, noted that the on-chain momentum is turning to territory gains after months of recession. This is an index that analysts have long claimed to correlate with Bitcoin’s macro price trend.
Woo did not give details on the index although the analyst has confirmed that momentum is starting to rise.
On-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can’t say what this indicator is, as it’s proprietary to @AdaptiveFund, but it tracks investor momentum. The bottom is mostly likely in, anything lower will be just a wick in the macro view. pic.twitter.com/WqiPRpweUv
— Willy Woo (@woonomic) December 7, 2019
Bitcoin addresses hit a new ATH
Analyst Alex Thorn reports that Bitcoin boasts 28.39M of addresses owning more than 0 BTC. This is the new ATH, surpassing the previous ATH in January 2018 (28,384M address).
The total number of bitcoin addresses that hold any amount of BTC has hit an all-time high at 28.39M addresses, surpassing the previous ATH of 28.38M (achieved on 1/10/18). (Data via @coinmetrics Pro)
Short thread ?? pic.twitter.com/y87ovxstWb
— Alex Thorn (@intangiblecoins) December 6, 2019
Teddy, a popular analyst on Twitter, is discounting on ETH/BTC pair. He gave the reason in a recent tweet, noting that failing to overcome the descending resistance for many years is a sign of the impending loss of ETH.
Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy:
– is hitting lower support levels and thus cover those gaps burning my eyes
— TEDDY ⛓️? (@teddycleps) December 7, 2019
When looking at the chart above, it seems that Teddy is targeting 0.011 BTC for Ethereum’s next price target, marking a noticeable decline from the current level of 0.0197 BTC.
Ethereum has successfully completed the Istanbul hard fork
Taking place at block number 9,069,000, the system upgrade is the third fork in 2019, after St. Petersburg and Constantinople in February. The process lasted several months, culminating at 0h25 UTC on Sunday.
Istanbul includes six Ethereum Improvement Proposals (EIPs), specific code changes for ethereum protocol, including EIP 152, 1108, 1344, 1844, 2028 and 2200.
Want to learn more? Check out details on Istanbul’s included changes here: https://t.co/KIMLb0ujce
— Ethereum (@ethereum) December 8, 2019
Ripple’s chief technology officer, David Schwartz, said the company is aiming to bring greater financial equality to everyone both in the US and abroad.
Schwartz emphasized the fact that despite the misunderstandings, millions in the US do not have sufficient access to mainstream financial services during Ripple’s keynote at UBRI Connect 2019.
According to Schwartz, Ripple’s broader mission is to help financial institutions and their customers transfer money as quickly and efficiently as email and XRP are likely to play an important role in improving payment speed and efficiency.
Sylvain Saurel, a developer and entrepreneur, posted on Medium about predicting the end of Litecoin because the ideology behind it “will not survive in time”. Saurel went on to say that although Charlie Lee is willing to build “Digital Silver”, Lee’s attempt to provide a light and fast version of Bitcoin will fail.
Saurel makes three arguments for his statement:
- First, LTC has a weakness because it has someone responsible for its operations.
- Second, Saurel accused Lee of selling all of his LTC holdings.
- Finally, Saurel stated that BTC does not need an accepting company when market demand for another type of BTC will not happen in the short term.
In a recent announcement, TRON News, a news arm will now specialize in Tron’s report, has revealed its new logo. However, there is some confusion about whether this rebranding is for the main project or its news arm, but we can confirm that the change is for TRON News only. The new logo has been voted on by community members.
Everyone get involved, #WeAreTRON, for the users!
• Comment below
• Like, Retweet, Follow
• With your comment @ 3 others
Thank you for all the support! pic.twitter.com/H3Dom7f0hw
— TRON News | 新聞 (@TronNews_) December 7, 2019
TRON ecosystem is growing at a steady pace
According to Dapp Review, in the past 7 days, the number of TRON Dapps has increased from 636 to 643. TRON ecosystem is growing at a steady pace. Compared with other public chains, Dapp on the TRON network has the most increase and the fastest growth.
According to @dapp_review, in the past 7 days, the number of #TRON #Dapps has increased from 636 to 643. TRON ecosystem is growing at a steady pace. Compared with other public chains, Dapp on TRON network has the most increase and the fastest growth. pic.twitter.com/2t3vZ5NoeL
— TRON Foundation (@Tronfoundation) December 8, 2019
Moreover, in the last 7 days, the active users of TRON were stable at around 200k, while the active users of ETH and EOS were kept at around 100k.
In last 7 days, the active users of #TRON were stable at around 200k, while the active users of #ETH and #EOS were kept at around 100k. TRON ecosystem is growing at a steady pace, we welcome more developers and users to join the TRON ecosystem. pic.twitter.com/tFFbTLL6mo
— TRON Foundation (@Tronfoundation) December 7, 2019
Bitcoin SV News
In an in-depth interview about Bitcoin creation and the purpose of Bitcoin SV, Tom Lee, co-founder of Fundstrat, spoke with supporters BSV Craig Wright and Jimmy Nguyen about how the ecosystem will attract billions of users.
Wright is the self-proclaimed inventor of Bitcoin and is the president of nChain, a research and development company, related to Bitcoin and blockchain technologies. Meanwhile, Nguyen is the head of the new global Bitcoin Association, focusing on Bitcoin SV.
Binance Futures is now available on the Binance iOS App. Users need to update their iOS App version to 2.4.0. If no updates are available in your feed, check the app store.
Update your iOS App version to 2.4.0 and trade Futures on the go! ?https://t.co/Mj9HgSWihh
(If you don’t see the update available in the feed, check the app store.) pic.twitter.com/C75Y2gPxJo
— Binance (@binance) December 7, 2019
According to a blog post by Bitfinex, the first Bitfinex Trading Competition “Take Flight with TRX” will start on Monday. Prize pool of 7,500,000 TRX.
The Competition is only open to persons 18 years of age or older who meet the criteria in the competition rule, per the post.
?The first Bitfinex Trading Competition “Take Flight with TRX” will start on Monday!
Prize pool of 7,500,000 TRX
— Bitfinex (@bitfinex) December 6, 2019
- Bitcoin Bottom Is Near While Death Cross Signals The Painful December
- Bitcoin Halving Is Coming, But What Will This Affect The Price?