Crypto Brief Jan.13: Bitcoin price to target $9,500 plus XRP, Ethereum, Litecoin, Cardano, TOMO, Grayscale, Huobi
From Bitcoin’s rally to $ 9,500 before reversing to Ethereum was undervalued. These are some of the prominent news in the crypto space.
Currently, Bitcoin is trading sideways around $ 8,100, struggling to gain any momentum in either direction.
It is important to note that the bulls attempted to spark a rally yesterday, which ultimately led to a rapid and robust rejection at $ 8,300, sending BTC below $ 8,000.
It seems that this level has become a strong support, as a drop to $ 7,950 was quickly reversed by buyers back to the current price.
In the short term, analyst ‘UB’ believes that Bitcoin will soon generate a large amount of momentum that will allow it to overcome all-important resistance levels, could take it up to $ 9,500 before finding enough resistance to stop the rally.
$BTC – I believe it’s more than likely we see continuation to the upside over the next few weeks with a target of ~$9.5k.
*A Weekly Close below $7,460 would completely invalidate this argument*
— UB (@CryptoUB) January 12, 2020
Another analyst, ‘FlibFlib,’ discussed Bitcoin breaking above this level in a tweet, saying that it made him feel optimistic in the short term to medium term.
“In my humble opinion, Bitcoin has already broken out on the CME and Spot exchanges with confirmation on the OBV & now just waiting on a higher high on Macro TFs. Maybe some chop sideways and a bit of a backtest, but everything is there to make me overall bullish”.
Not only that, according to analyst Dave The Wave, 2020 will be an excellent year for Bitcoin, providing a chart that shows BTC will enter a major uptrend in the coming months.
— dave the wave (@davthewave) January 12, 2020
Bitcoin price recorded weekly close at the major resistance, touching the upper line of the descending channel. A veteran trader supports the bullish view of Bitcoin bulls.
Peter Brandt predicts that the pending penetration of the descending channel formed since the June high ($ 13,888) could be a sign of a new bull market. On top of that, BTC also held the support of another channel for many years.
Trendlines and boundary lines should be drawn in a manner that connects the most possible key chart points, even if it ignores some spindles. pic.twitter.com/QxBJsCSuPJ
— Peter Brandt (@PeterLBrandt) January 13, 2020
However, market analyst Jacob Canfield is convinced that BTC can see more downside pressure.
Canfield points to the fact that BTC continues to hit lower highs in a bear channel while the RSI is currently in the transition zone. Moreover, BTC has formed the third hidden discount divergence since August (a significant drop immediately followed the previous twice).
I see a lot of bullish sentiment in the market.
While I would love to see #Bitcoin reach $50,000, I still remain pragmatic an unbiased in my market view
High time frames are still showing lower highs and RSI in a ‘transition’ zone.
Need to see a weekly close above $8500+ imo pic.twitter.com/56Klu6Ym9t
— Jacob Canfield (@JacobCanfield) January 12, 2020
Even if XRP is low, its community is still the most loyal in the cryptocurrency industry.
Retail investors seem to be particularly bullish this year, hoping the XRP price will achieve some important results.
Trader ‘JOKER’ on Twitter believes that everything is positive for the XRP price according to both the Elliot Wave theory and the Rounding Bottom (RB) pattern. The RB appears when the long-term descending trend is about to end. Both suggest that XRP is heading towards $ 0.25- $ 0.28.
— JOKER (@KiaCrypto) January 12, 2020
Huobi recently announced its partnership with fäm Properties, a technology-oriented real estate agency based in Dubai. The goal is to provide security for crypto payments to real estate investors in the UAE.
Accordingly, Huobi OTC offers payment options for real estate investors using Bitcoin, Ethereum, among many other leading digital assets.
Licensed by the Dubai Multi-Commodities Center (DMCC), Huobi OTC ensures that investor’s secure transactions are legal, compliant, and safe, along with the benefits of competitive pricing and instant transfers. The new partnership will also help customers easily invest in prime locations in the UAE.
Following the launch of Shelley testnet, the IOHK and Cardano ecosystems have enhanced technology and are currently focusing on network improvement and stability.
In keeping with this, IOHK CEO Charles Hoskinson revealed that the Rust team is ready to provide a network patch for ITN next week. After that, the team will continue to release patches regularly to maintain the stability of the network.
Hoskinson also revealed that the team is considering the use of saturation data while collecting feedback and data on how groups are being run by users. The designed protocol will help the platform achieve decentralization and a stable network.
Grayscale Investments, the leading cryptocurrency asset management company, recorded a total of $ 2.2 billion in Assets Under Management (AUM) on January 10, 2019.
According to the company’s latest update, the Grayscale Bitcoin Trust (GBTC) has shown a 0.26% drop despite Bitcoin’s positive price action in the first week of 2020. Besides, GBTC held $ 2,062.9 million AUM with $ 7.66 holding per share.
Earlier, the company registered $ 2.3 billion in AUM on January 8, the highest this year.
It was later rejected and maintained at AUM $ 2.2 billion on January 9 and 10.
01/10/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@GrayscaleInvest) January 10, 2020
Ethereum and Litecoin News
Senior research analyst Nate Maddrey talked about Bitcoin’s 2019, as well as other altcoins in the latest episode of the unconfirmed podcast by Laura Shin.
Maddrey noted that while Bitcoin increased by about 90% compared to 2019, Ethereum dropped by almost 5% during the year.
According to him, Bitcoin outperforms most altcoins due to the bear market, when people tend to consolidate and sell some smaller coins. Maddrey also stated that they are seeing a lot of evidence that Bitcoin is being used as a store of value.
The analyst also talked about the ‘realized cap,’ summing up the value of Bitcoin at a price during its final move. Bitcoin’s realized cap increased by 27% in 2019, while Ethereum, XRP, and Bitcoin Cash have dropped by 15-20%. Besides, Bitcoin’s MVRV rate is about 1.3 at the end of the year, in contrast to Ethereum’s 0.61.
“There are many ways to explain, but the usual way is to consider whether investors are profitable or at a loss,” he said. Maddrey also noted that another explanation is that Ethereum is a bit underestimated compared to Bitcoin.
Maddrey also drew attention to transaction fees. This is one of the best metrics to analyze when you consider the actual use. If the fees increase, it basically means that the space in the individual blocks on the blockchain is high, and people are willing to pay more to use that blockchain.
Bitcoin fees are the highest, with the average daily fee in 2019 reported being around $ 426,000. Ethereum is in second place, collecting an average daily fee of about $ 95,000.
Meanwhile, Litecoin’s average daily fee is only about $ 1,000.
It looks like its bouncing of a historical support/resistance on the daily chart. This is the 3rd day with a green candle, and it just broke 5700 sats with increasing volume. Be waiting for an excellent place to buy back in TOMO.
$TOMO Looks like its bouncing of a historic support / resistance on the daily #binance chart. This is the 3rd day with a green candle and its just broke 5700 sats with increasing volume. ? I’v been waiting on a good place to buy back in $Tomo.$bqx $lend $mda $btc $zen $cvc https://t.co/PG3qL02Zhr pic.twitter.com/LKy02OujgA
— Simon Hayes (@Hayess5178) January 13, 2020
The first Blockchain voting was successfully carried out
Open ledger technology is becoming more popular even without the crypto assets based on it. At the end of 2019, China recognized blockchain (DLT) as an important industry for the country’s future development, with President Xi Jinping embracing it publicly. This even allows Bitcoin traders to benefit after the price of BTC soared in the news.
In 2019 and 2018, several blockchain voting trials were conducted. Now, the Association of Cryptocurrency Enterprises and Startups (ACCESS) in Singapore claims that they have successfully implemented the first on-premise blockchain voting at the annual general meeting.
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