Crypto Brief Jan.02: Bitcoin price may be jump to $10k in early 2020 plus Ripple, TRX, ETC, ADA, ETH, Binance, KuCoin, ConsenSys
From Bitcoin’s strong bullish outlook in early 2020 to Binance is extending the BUSD Zero Maker Fee Promotion. These are some of the prominent news in the crypto space.
Over the past few weeks, Bitcoin (BTC) has settled in and around the $ 7,000 support level. Some say that this price action is reminiscent of a drop from $ 6,000 to $ 3,000 after consolidation for months of 2018. However, analysts say that the Bitcoin price is ready for a month of sharp gains.
Trader DonAlt noted that he thinks Bitcoin will have a big bounce in the next 3-6 months. BTC is consolidating above the key macro support at the low of $ 6,000.
I’m pretty sure we’re gonna bounce big time in the next 3-6 months. pic.twitter.com/gfwhjLyJR1
— DonAlt (@CryptoDonAlt) January 1, 2020
He stated that he is serious about asserting that the cryptocurrency market may soon spike. And other analysts agree.
Analyst Hsaka explained that the way BTC trades at its annual opening time in 2019 created the tone for the rally seen in the first part of the year, and the same will happen in 2020.
$BTC New Yearly Open
Despite all the euphoria and capitulation, 2019 turned out to be an inside bar. Hopefully not the case this year.
Keep your eyes peeled out for the yearly open, it served as a strong pivot before the 2019 bottom.
We’re all going to make it frens. pic.twitter.com/m7YZ8zZyw4
— Hsaka (@HsakaTrades) January 1, 2020
Full-time trader Cold Blooded Shiller recently posted Bitcoin’s Renko candle chart, showing price action over the past three years.
Although it is very little on the chart, there are two price actions in the history of BTC, in which prices increased by 32% and 40%, respectively, after the bullish divergences were formed between the indicator and the price.
The same divergence is forming again, implying that BTC could soon rise to 40%, which means the price of the asset will break $ 10,000.
— Cold Blooded Shiller (@ColdBloodShill) December 31, 2019
Price-boosting Bitcoin halving now four months out
Turning to 2020 means, we are one step closer to halving Bitcoin. That’s when the number of BTC issued per block is cut in half, equivalent to a 50% inflation reduction for the leading cryptocurrency.
For the upcoming event, 12.5 BTC issued per block will reduce in half to 6.25 BTC. Accordingly, Bitcoin’s inflation rate will be 1.8%, or lower than the Federal Reserve’s 2% target.
PlanB points out that January 2020 means we are now only four months away from this good cycle event.
#Bitcoin halving .. 4 months to go 🚀
IMO halving is priced in correctly and markets are efficient, in the sense that few people (10%) know, understand and believe S2F model, and most people (90%) don’t know S2F, don’t understand stats&math behind it, think demand is missing etc pic.twitter.com/Z9nBPmRBvK
— PlanB [Jan/3➞🔑] (@100trillionUSD) January 1, 2020
The Altana Digital Currency Fund’s Alistair Milne recently noted that after halving took place in May, 50% of Bitcoin was mined that will be absorbed by customer purchases from two companies: Grayscale and Square. This ignores streams from Coinbase customers, people buying cryptocurrencies through RobinHood and eToro, etc.
In other words, if demand exists or grows, halving will boost the supply-demand economic model for BTC, pushing prices higher.
Bitcoin’s hash rate is currently 7x that of 2017
While the bitcoin price may be going through a consolidation phase at the moment, the fundamentals of the network are still stronger than ever. Its hash rate is almost seven times larger than the time the BTC price reached ATH in December 2017.
Trader Rhythm says the hashing rate is now ensuring the Bitcoin network is almost 7x more than the time of ATH.
The Bitcoin Network’s hashrate is now almost 7 times larger than it was during price’s all-time high of $20,000 in 2017.
— Rhythm (@Rhythmtrader) December 31, 2019
On January 2, 2020, at 17:30 (UTC+8), KuCoin will be performing system maintenance. The maintenance process is expected to last around 5 minutes.
#KuCoin System Maintenance Notice
On January 2, 2020, at 17:30 (UTC+8), KuCoin will be performing a system maintenance. The maintenance process is expected to last around 5 minutes.
— KUCOIN (@kucoincom) January 2, 2020
Binance is going to extend the BUSD Zero Maker Fee Promotion end date to 2020/02/07 0:00 AM (UTC), previously scheduled to end at 2020/01/01 0:00 AM (UTC). The zero maker fee promotion will take effect and begin again at 2020/01/02 6:00 AM (UTC), and will apply to all existing and future BUSD trading pairs.
— Binance (@binance) January 2, 2020
The end of 2019 is the perfect time to analyze significant improvements across the entire blockchain industry. Many key areas have been seen to show a real interest in blockchain technology.
The Ethereum ecosystem has undergone network effects as development on the Ethereum 2.0, and Web3 stack infrastructure stands up. Meanwhile, the leading businesses in the world are firmly taking significant steps to implement blockchain solutions.
ConsenSys has led the blockchain industry with infrastructure, product development, and community building. The company has released its annual report covering a series of major quarterly events that shaped blockchain technology for this year.
TronWallet 3.0.13 comes with major Hotfixes, will Be Live Shortly on iOS & Google Play. The update also hinted about the needed and necessary addition made to the TronWallet. It shared that hotfixes have been made available for issues related to swap crash, send BTC crash, backup wallet, and restore account.
New important release (3.0.13) for iOS & Google Play have been published to the app stores & will be live shortly 🙏🏽
– Swap crash hotfix
– Send BTC crash hotfix
– Backup wallet hotfix
– Restore account hotfix
Stay tuned and make sure to back up your 12 words seed.
— TronWallet (@TronWalletMe) January 2, 2020
Tron has released a comparison about the social media growth 2018 VS 2019, in which:
- The number of Justin Sun followers increased from 700K to 2.1M
- The number of Tron Foundation followers increased from 362K to 491K
- TRON official telegram followers increased from 23K to 97K
#TRON social media growth 2018 VS 2019
Welcome more ppl to join TRON !🔥🔥🔥 pic.twitter.com/2ahwaawgNh
— TRON Foundation (@Tronfoundation) January 1, 2020
Ethereum Classic News
The ETCUSDT permanent contract is available on the MXC exchange now. It is available both on the MXC APP and website.
A total of futures products are supported, with 20x, 50x, 100x leverage available.
A total of 9⃣ futures products are supported, with 20x, 50x, 100x leverage available.
— MXC Fans (@MXC_Fans) January 2, 2020
Ripple has released a new digital platform for music. The platform, called xSongs, allows musicians to sell their songs online to XRP. Ripple Product Manager Craig DeWitt said he hopes new users will find more opportunities to improve.
DeWitt is asking XRP enthusiasts to check out the new platform.
Cardano and Ethereum News
Ian Balina, Founder and CEO of Token Metrics, declares that Ethereum is superior to Cardano from a technical perspective.
After Balina received some feedback from ADA hodlers, he explained that, according to Token Metrics, ADA has “solid technology,” but its code is inferior to Ether.
IOHK’s Hoskinson, who was Ethereum founder, said that Balina “has lost his mind.”
Ethereum has better code? Can I buy whatever drugs you are smoking? You’ve lost your damn mind
— Charles Hoskinson (@IOHK_Charles) December 31, 2019
Crypto will become essential like Email
It’s the start of a new decade, and Gemini’s Tyler Winklevoss has shared his views on what the next ten years hold for crypto.
“Today, crypto is still a niche technology and a form of money. It is not crucial to your everyday life the way email and other web applications are, but our thesis is that this will change — it’s already changing if you look close enough”.
Today, crypto is still a niche technology and form of money. It is not crucial to your everyday life the way email and other web applications are, but our thesis is that this will change — it’s already changing if you look close enough.
— Tyler Winklevoss (@tylerwinklevoss) December 31, 2019
- Bitcoin price is still undervalued similar to the time that Amazon collapsed near 99%
- The reason why the Ethereum price dumped by 10% in just a few minutes