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Bitcoin Price | BTC is Bullish, are Altcoins the Reason?

Bitcoin price is on a bull-run right now. In fact, the entire crypto market seems to be making a bullish turn as sharp gains can also be seen across a number of altcoins.

At the time of writing, Bitcoin is up 4.6% on the 24-hour basis and is currently trading at $6,733 according to coinmarketcap.com

Earlier in the day, Bitcoin price hit its 16-day high of $6,745, but it could easily hit that high again by the looks of things.

Bitcoin Price Recovery

Bitcoin is recovering from a five-week low of $6,100 that it hit on Wednesday. This is interesting because news surrounding the coin hasn’t been great this week; 6,000 bitcoins from Zaif exchange were stolen, and a pretty big flaw in Bitcoin’s code was discovered. (It has since been fixed.)

Usually, negative news creates negative sentiment, and this is reflected in the price. You’d have been forgiven for thinking Bitcoin would be dwindling in the red.

Are Altcoins Carrying Bitcoin?

But what’s more than likely happening is that Bitcoin price is being fueled by investors demand for altcoins.

>> Crypto Daily News: Crypto Market Rebound and Coinbase Issues a Statement about Proprietary Trading

Specifically, Ripple (XRP) has been on a massive gaining streak this week and currently is up a further 46.08% in the last 24 hours.

18% of this trading volume is coming from Bitcoin trades with Ripple.

Other notable gains today include Aurora Coin (AOA), which is sporting gains of 53.51%, and MONACoin, which has gained 37.97%. Both these coins draw the majority of their trades through pairs with BTC.

Further Gains Ahead?

It may be that investors are buying Bitcoin in order to buy other altcoins and thus BTC price is increasing. Or maybe there is a case of FOMO occurring across the market, as the majority of coins are in the green across the board.

If Bitcoin price is being spurred on by altcoins, then BTC could be in for further gains. Altcoins don’t look like they’re ready to stop their rally.

What do you think?

Featured Image: Depositphotos/© mdkhalil1

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BTC Price | Holding Above $6K Despite Bearish Comments

Two days after Jim Cramer made bearish comments on Bitcoin, the BTC price has started to revive itself. A bullish reversal is not yet confirmed, as Bitcoin would have to break above key resistance for that to happen.

However, the BTC price has moved back to above $6,000, which indicates a trend reversal could very well be in progress. 

And yet, Cramer has still thrown in the Bitcoin towel. He even did so on the day that Bitcoin crossed a high of $6,259. So what gives?

Jim Cramer BTC Price: Who Should We Believe?

It’s difficult to say, as the crypto market is somewhat divided this week. Some are saying it’s game-over for Bitcoin, while others are confident BTC is eyeing a new target for bull reversal.

For those believing Bitcoin is coming to an end, we have Jim Cramer. 

On Tuesday, Cramer, who is the co-founder of the TheStreet, said to his CNBC audience that Bitcoin nearing 2018 lows suggests that the possibility of recovery is becoming less likely. Here, the 63-year-old former hedge fund manager is likely talking about the February low of $6,000, which, if the BTC price falls during the rest of the week, is possible of being hit. 

Jim Cramer didn’t outright state that Bitcoin is broken, which is a notion Tom Lee has denied this month. He even made it clear that he’s “not saying its time has passed,” but simply that there is something suggesting “the sun seems to be setting” on the virtual currency.

But is he right? 

Bitcoin Price Today: August 16, 2018

At press time, Bitcoin is selling for $6,356.38, which puts the coin down 0.70% in the past twenty-four hours. 

The gist is this: if Bitcoin can move past $6,675, then it’s safe to say a bullish trend reversal has arrived. Sounds like a faraway goal based on today’s BTC activity, but let us not forget the coin jumped to $6,649 on Wednesday. 

BTC price
Source: CoinMarketCap

Crypto Price Predictions

At this point, everything (for the most part) is speculation. Jim Cramer may believe that the current price action illustrates that Bitcoin won’t return to new highs (he’s not alone; Wall Street’s Jeff deGraaf imagines something similar), but Fundstrat’s Tom Lee thinks the opposite.

At the start of this month, according to Fundstrat’s Bitcoin Misery Index, Bitcoin “isn’t broken” if it can hold at its current level. Granted, at the time of this news, Bitcoin was trading above $7,000. 

The Takeaway

As I said, it’s all speculation. It’s easy to listen to financial leaders’ theories, whether it be the Jim Cramer BTC price forecast or the Tom-Lee Bitcoin price target.

However, if you want an organic approach to Bitcoin, monitor the charts so you can see where the coin is sitting for yourself.

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Bitcoin Price Watch | A Month of Major Highs Followed By Many Lows

Bitcoin Price Watch: Yesterday saw Bitcoin (BTC) price fall to almost below $6,000. But what about today?

First, let’s recap the last month.

Bitcoin Price Watch: The Past Month

Mid-July was looking promising for the coin as it began a sudden bull-run which saw Bitcoin climb to a peak of around $8,450.

But typically reflective of this volatile marketplace, the highs did not last long and BTC has been on a steady downward climb since hitting the peak. Once August kicked in, it seemed any progress made in those impressive two weeks in July, was lost.

This meant that investors only saw monthly gains of 3%. It was looking as if it was going to be much higher than that.

Bitcoin Price Watch: Today’s Market

As it stands, today — Tuesday — looks pretty gloomy across the entire market as all the major coins are in the red. Bitcoin itself is down almost 5% in the past 24-hours but some major coins such as Ethereum, are suffering almost a 20% loss; currently, ETH is down a whopping 19.03% at the time of writing.

In fact, in the past 30 days, ETH has slipped almost 40%.

Comparatively, though, Bitcoin is holding on in there. Traditionally speaking, the Bitcoin price tends to dictate market trends; if it is climbing other coins follow suit and likewise the other way.

bitcoin price watch
Source: CryptoCurrencyNews.com

>>Crypto Movement: Ethereum (ETH) Drops Below $300 and Stellar (XLM) Passes EOS

 

But it seems that altcoins are suffering on a larger scale than Bitcoin right now which some consider a possible sign of an “extinction-level event”. Those are the words of Xapo president Ted Rogers, and he further warned on Monday:

“90%+ of CoinMarketCap list will disappear eventually – might as well happen now,”

Is Rogers correct? Other major assets have dropped anywhere between 10-15 percent of their value including Ripple (XRP)Litecoin (LTC),  EOS (EOS), and Cardano (ADA)

We’ve seen these trends before though? and if Bitcoin’s most recent bull run could start as suddenly as it did 2 weeks ago, who’s to say it won’t do it again?

Featured Image: Deposit Photos/AntonMatyukha

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Crypto Daily News | Bitcoin (BTC) Bull Run, Petro Coin, and MetaMask

On today’s segment of Crypto Daily News, we’ll cover the thriving Bitcoin (BTC) and the cryptocurrency market, Venezuela’s president trading the national currency for one tied to its ‘Petro Coin,’ and MetaMask being removed from the Google Chrome store for a few hours.

Crypto Daily News: July 26th, 2018

Crypto Daily News: Bitcoin (BTC) and the Crypto Market

Bitcoin has been on a nine-day bull run, and currently, the cryptocurrency is still sitting above the $8,100 mark.

Crypto Daily News
Source: CoinMarketCap

At press time, BTC is trading at $8,193.45 a coin, up 0.14% in 24 hours. For the week, Bitcoin is up 10%, and for the month, the cryptocurrency is up 32.50%.

Nearly all of the top 15 cryptocurrencies are trading in the green today, and the total crypto market is sitting just above the $300 billion mark.

Crypto Daily News: Petro-Backed Coin Takes Over Venezuela

The Venezuelan president, Nicolas Maduro, just made a major announcement that his country will be replacing its national currency. Currently, the bolivar is Venezuela’s national currency, but the country has been in a steep recession for quite some time making the currency practically useless.

The new bolivar Soberano will make its appearance into the country next month and will take the place of the bolivar. According to a local news source teleSUR, the president states that this new currency will be “anchored” to the oil-backed Petro cryptocurrency.

The Petro was launched back in February in an effort to save Venezuela from its steep recession but received global backlash in doing so.

According to teleSUR, Maduro said:

“The economic reconversion will start on August 20 definitively with the circulation and issuance of the new Sovereign Bolivar, the new monetary cone [sic] that is going to have a new method of anchoring the Petro.”

The president believes that the new currency will alter the financial situation of the country radically. Many global leaders, as well as Venezuela’s own congress, has deemed the Petro coin ‘illegal‘ but it is slowly making its way into the country’s financial system.

Venezuela will strip five zeros from the bolivar rather than just the three that had been initially planned. It remains unknown if this desperate attempt will work, considering the country’s soaring inflation is expected to reach a million percent this year, the article claims.

Crypto Daily News: MetaMask Removed From Google Chrome Store

The Ethereum-run browser extension, MetaMask, was removed from the Google Chrome Web Store unexpectedly yesterday. The app was listed again just five hours later, with no clear indicator as to why it had been removed in the first place.

MetaMask was not given a clear reason why its app was removed, but the company has published a medium post outlining its ‘retrospective view‘ of the situation.

>> TADA: First Blockchain-Powered Ride-Hailing App Launched in Singapore

Featured Image: Depositphotos/© mdkhalil1

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Bitcoin Price Analysis | Bitcoin Makes Massive 10% Gain in 24 Hours

What’s going on with Bitcoin? Yowza.

Last week was an impressive week for the coin but today saw it exceed itself by packing on a massive 10% in gains. Other cryptos are experiencing astronomical growth too; EOS is also seeing a 10% hike this week.

But Bitcoin, in particular, is out front in a league of its own with its massive 10% gain adding $9 billion to its market cap in under thirty minutes. 

The coin currently stands at the $7,360 mark. But elsewhere coins across the board have added between 5% and 10% in the past 24 hours. Bitcoin Cash has made nearly a 5% gain and Ethereum is shining also, with a 5.5% gain.

Analysis

The sudden explosion of Bitcoin means the coin has smashed through its 50-day moving average. It is back above $7,000 for the first time since early June.

There is no catalyst for this price hike that stands out today. However, in other markets, it is notable that gold and tech stocks have performed poorly.

Source: CoinMarketCap. Bitcoin Price Today

Today’s rally may have been supported by positive events such as the recent appointment of a new CEO for Goldman Sachs. David Solomon who has secured the coveted position has discussed Bitcoin from a bullish point of view on multiple occasions. He has also admitted that Goldman Sachs is preparing to launch a “proper” cryptocurrency trading platform stating:

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too. Goldman Sachs must evolve its business and adapt to the environment.”

The last time we saw Bitcoin surge like this was in April when it jumped up from between the $6k mark to over the $8k mark. It then had set a new resistance of $10k. Today’s surge now will see the coin aim for $10k resistance again.

The entire crypto market has packed on an extra $20 Billion today alone. An interesting week lies ahead.

Update: It appears that Coinbase is now down because of the bull-run across the market:

Featured Image: Deposit Photos/Olivier26

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