Despite the entire market tumble that happened this year, it seems that the interest in cryptocurrencies and blockchain technology has not diminished. For this reason, in today’s crypto news we take a look at the following analysis.
According to a report written by the Cambridge Center for Alternative Finance, the number of crypto users has almost doubled and the number of crypto users that are registered with a service provider increased from 85 million to 139 million this year alone.
According to the report:
“Combining public data and survey findings, we estimate that the total number of user accounts at service providers amounts to at least 139 million in late 2018.’’
Active and verified users have increased seven times than two years ago. Last year the number of crypto users was 18 million, in 2016 there were only 5 million. The report notes:
“Using a combination of verified user data and the average share of ID-verified accounts described above, we also estimate there are currently at least 35 million ID-verified users globally.”
There has also been an increase in the number of active users has also increased which in 2016 was about 35%, it rose to 36% and this year reached 38% active users. Despite the bear market, there is an even bigger increase in the number of crypto service providers that add support for multiple cryptocurrencies.
“Wallets with multi-coin support surged from 46% in 2017 to 90% in 2018, with 60% of wallets currently supporting more than 3 cryptoassets as opposed to only 10% in 2017.’’
Key Technical Indicators Show That BTC Could Surge Up To $5,500: Analysis
“According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards with an average price rise of 35%. That gives us a target of $5500 BTC once the breakout is confirmed.”Other traders are optimistic about the price of Bitcoin but are a little concerned about it being incapable of breaking out the $4,000 price range and are worried about whether it would test other major resistance levels. Over the past week, BTC managed to stay relatively stable in the $4,000 range but it was unable to rebound to the $4,200 level. Alex Kruger, a well-known crypto market analyst said that Bitcoin is going through a short-term correction by saying:
“It is a simple stops run. Prices had just gone up vertically for 16 days without a pullback. Take $ETH for example: +38% without a pullback. Lots of levered longs piled up. And people FOMOed in. BTC reached the first level strong resistance ($4200) and a correction ensued. As it is with any other asset class or market, the analyst emphasized that a prolonged bullish movement is often met with a large pullback.”On the technical side, Bitcoin is having a hard time finding a decent momentum and it could require a slight push that will boost the price to escape from the $4,200 level in the near-term. While Bitcoin recorded slight losses on the day, many crypto assets like TRON, OmiseGo, and Cardano showed slight gains up to 10 percent with Cardano leading against Bitcoin. It is also important to notice the hashrate of BTC because the gap between it and the price explains that the miners are willing to mine for almost no profit because they expect for the price to increase in the long run.
Bitcoin Is At $4,001 – Finally Breaking Through The ‘Crucial Mark’ Again
“If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term. Unless you are a short term day trader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful,” an analyst named Luke Martin tweeted.Historically, the crypto market has been prone to making big swings during weekend trading sessions - meaning that traders may gain more insight into where BTC could be heading over the next couple of days. Another popular crypto trader and analyst named The Cryptomist on Twitter, spoke about the possibility of Bitcoin dropping in the $3,000 region. As she stated:
“$BTC Mentioned couple days ago we will see movement for yesterday price action. We dropped and bounced of candle support as RSI support failed. We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range.”If the crypto drops below $4,000 it will likely be a strong psychological level of resistance which may prove to be difficult to break above.
Calm Before The Storm: Bitcoin Dominance Reaches Low Levels Similar To 2018
Bitwise To SEC: 95% Of Volume On Unregulated Exchanges Is Suspect
“Under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash trading.”Bitwise sources its data from the widely known statistics tracker CoinMarketCap (CMC) which claims to include a large amount of this suspect data, “thereby giving a fundamentally mistaken impression” on the true size of the Bitcoin marketplace. The claims also cite that 95% of the reported volume is fake and that the real market for BTC is “significantly smaller, more orderly, and more regulated than commonly understood” - which roughly amounts to $273 million. After analyzing the regulated exchanges - using Coinbase Pro as a case study - Bitwise reveals the nature of the trading patterns that is trustworthy. The key characteristics include an “unequal and streaky” mix of red and green (sell and buy orders) whose distribution fluctuates considerably at any given time. The report also cites that the trading patterns on Coinbase Pro reveal “a greater-than-random number of round trade sizes,” which it characterizes as “more natural,” typically human behavior. Bitwise noted:
“It’s [the spread is] $0.01. At the time this screenshot was taken, bitcoin was trading at $3,419. That means bitcoin was trading at a 0.0003% spread, making it amongst the tightest quoted spread of any financial instrument in the world.”In the conclusion of Bitwise's report you can see that the overall findings “demonstrate that this ETF application [for its Bitwise Bitcoin ETF Trust] meets both” of the conditions requested by the SEC on how a Bitcoin ETF could satisfy the requirements of the Exchange Act.
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