Over the course of this month, there were a handful of crypto assets and tokens that outperformed Bitcoin, recording major gains from 50% to 100% against the US dollar. As the latest digital currency news shows, cryptocurrencies related to some projects were first to flourish.
For instance, Enjin Coin (ENJ) managed to rise by more than 300% – mostly because of the reported partnership between Samsung and Enjin. According to one cryptocurrency trader known as Josh Rager, the price surge and newly established momentum of crypto assets may fuel Bitcoin in the near-term.
In such situation, traders tend to hedge their investments and cash out their returns from high-risk trades into Bitcoin, which may in turn push the price of the most dominant cryptocurrency. Over the past few weeks, Litecoin recorded a 25% increase while Enjin Coin surged by 375% and Kyber network rose by 92%.
These altcoins were very bright in their surge, recording gains in a short time frame. According to the CEO of Kyber Loi Luu:
“Cryptocurrency wallets like Enjin are an important gateway for people who are new to blockchain and cryptocurrencies, and this is one area Kyber has supported from the start. This successful integration with Enjin is a testament to how Kyber allows decentralized token swaps to be embedded into any wallet and Dapp for a seamless user experience.”
The stability in the price of Bitcoin has obviously allowed a lot of altcoins to surge in value and in future, the price of BTC could be the next to rise.
Tha analyst Josh Rager said:
“Current sideways BTC movement has allowed altcoins to have a nice run. Expecting altcoin profits to eventually move into Bitcoin for a push up in BTC price.
On the technical side, Bitcoin is testing the $4,000 resistance level and still maintains below that mark. However, until it crosses this mark and goes in the $5,000 range, traders have said that the asset could be vulnerable to a fall to the mid $3,00 region.
“A new week in Bitcoin – similar volume to last week, This line (log) which has acted as strong support previously and now as strong resistance on the first backtest. A second touch puts #bitcoin right above $4,000,” one trader wrote.
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Galaxy Digital ‘Bank’ Cashes Out Of Block.one Investment With 123% Profits
“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
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Bitcoin SV (BSV) Doubles In Value After The BTC Copyright Claims
“BSV doubled on Craig’s copyright news. This is only the start of him proving BSV is the only bitcoin. Now is a great time to convert all your other shite coins to Bitcoin.”However, as reported in the latest cryptocurrency news, the copyright does not entitle Craig Wright with any exclusive rights on Bitcoin. It seems as the big pockets are pouring and pumping the Bitcoin SV market to confirm the ‘’we-are-the-best’’ slogan. A massive 200 price surge is one of the reasons why traders should restrain themselves from buying the high or the lower lows. The Bitcoin SV (BSV) price corrected up to 53 percent before establishing a historic high at $195 on Huobi. The market bias is currently bullish and the majority of the technical indicators signal the strong buying sentiment. With the flawed fundamentals, a dump right now should not surprise the market.
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