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Analysis

Bitcoin’s Volume Sees A 12% Increase Reaching Up To $3.6 Billion

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In our latest Bitcoin news, we see an increase in the volume of the number one cryptocurrency just as the coin broke the $6,600 mark and reached a 12% increase in volume up to $3.6 billion.

The inability of Bitcoin to show an improved recovery in the past 24, prevented all other coins on the market from starting a major rally. Smaller tokens such as Polymath recorded an 8% gains in the past 24 hours.

Prominent traders and analysts are expecting a large shift on the upside but don’t exclude a possible move to the downside either. Since the volume of the crypto exchange market is relatively low, there’s no guarantee that Bitcoin will make its next major move breaking both the resistance levels at $6,800 and $7,000.

However, it’s possible that Bitcoin will see a substantial boost in the volume breaking the $6,800 level and eventually go through a bumpy ride before starting a short-term rally.

Crypto Dog, a respected crypto trader, explained that Bitcoin is very likely to start an upside movement by saying:

 “BTC is nearing apex of this consolidation pattern, hopefully we see a break upwards in the next day or two. From my experience, the longer a consolidation pattern (the closer price ranges to apex), the more likely it is to break down rather than up.”

If we take a look historically, Bitcoin has a tendency to go on a strong recovery right after it spends a couple of months of a noticeable stability. So, it’s very possible that August and September were the months of stability for Bitcoin and October would be the month when this major asset tests the $7,000 resistance level.

When it comes to the rest of the market, Ripple, Ethereum, and BCH struggle to show any kind of major movement on the market. They did, however, record a minor drop in the past 24 hours.

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Altcoin News

Bitcoin SV Data Shows The Altcoin Is A ‘Ghost Town’: Analysis

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bitcoin sv data
Bitcoin SV data analysis shows that the digital asset is basically a ‘’total ghost town’’ according to analyst Kevin Rooke who tweeted earlier today and we are reading more about it in the latest cryptocurrency news below. The purpose of the Bitcoin SV fork was to increase the capacity for millions of transactions and make the entire base layer of the cryptocurrency competitive with major credit card companies such as Visa or Mastercard. This is the reason why Bitcoin SV developers want bigger block sizes mainly in gigabytes in order to be able to handle the traffic. The big data centers can handle the transaction volume but people are becoming more concerned about the centralization that comes with the barriers. Inevitably, a lot more money is needed to run a mining outfit that has to process thousands of gigabytes per week and in that case, in order to serve them all, more bandwidth is required. With all of this Bitcoin SV data provided, there seems to be a demand for all the block space. However, according to Rooke, there is no demand and the failure of any cryptocurrency is the inability to gain any real traction. Bitcoin SV proponents are often at odds but they have similar goals with Bitcoin Cash. The only difference is that the BCH altcoin is more popular. Bitcoin Cash is not the only big competitor to Bitcoin SV. There are many of the cryptocurrencies with major popularity which boost their adoption including Bitcoin, Ethereum, TRON, and EOS. As noted in the coming altcoin news, the point of building better-scaling blockchains like those that Craig Wright wants to achieve is that scalability is always necessary after all and this comes at the heart of the criticism. Bitcoin and Etehreum are the only blockchains effectively which face scaling limitations currently. The Bitcoin blocks are crowded so the fees are getting higher. The Lightning Network adoption is still far from over. Many in the crypto community believe that Facebook’s crypto project Libra will bring alone a huge influx of new users but in this case, the currency with the easiest usage will see the most demand.
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Altcoin News

BNB Coin Analysis: Altcoin Remains In Uptrend Despite Recent Decline

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BNB Coin
BNB coin analysis shows that the coin managed to stay on the uptrend despite the recent decline due to the ban for US customers from the main exchange. The price tested the key resistance support at $30.00 and we read more about it in the coming altcoin news. The binance coin price declined sharply due to the US customer ban but later recovered above $34.00. There seems to be a crucial bullish trend line forming near the support line at $32.50 on the 2-hour chart. The price still remains in an uptrend and could easily make another attempt and surpass the $35.00 support range. The major crypto exchange banned all United States customers from their main exchange and this was one of the reasons that led the price to a sharp decline. The exchange later announced a separate exchange for US customers. Although the BNB coin analysis shows a heavy decline, there was a positive movement for both Ethereum, Bitcoin, and Ripple which turned out to help Binance Coin to find the nearest support area at $30.00. If you take a look at the 2-hour chart of BNB/USD, the pair declined heavily after it failed to clear the $36.50 resistance level after it had previously broken down the $32.00 support area which acted as a strong buying zone. As a result, the price bounced back above the $32.50 and later to $34.00. The BNB price also managed to break the $35.00 support level but it has, however, struggled near the $35.40 area. On the downside, as reported in the latest cryptocurrency news, there are many support levels near the $33.50 and $32.50 levels. The 50% Fib retracement level of the latest upward move from the $31.60 low to $35.43 high is also close to the $33.50 level and will act as a support with the 25 moving average. Also, there is a crucial bullish trend line that is now forming near the $32.50 on the same chart. Therefore as long as the price remains strong above the $32.50 it will remain in an uptrend. On the upside, the binance coin price resistance level will be near $35.50 which could help revisit the $36.50 area.
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Analysis

Bitcoin Ignores Correction Calls: Where Is BTC Headed?

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Bitcoin Ignores
The price of Bitcoin and its fast comeback over the weekend and rise to a 13-month high has been viral and featured on many best cryptocurrency news sites. However, it seems like Bitcoin ignores correction calls which were predicted by analysts and is still above the $9,150 mark, hitting resistance once again. Right now, traders are looking for the next move from the most dominant cryptocurrency and are eyeing altcoins for bigger gains. In the altcoin news, the situation is not that different as Litecoin, Bitcoin Cash, Ripple, Ether and other digital assets are recording growth. So, no one is really expecting a correction right now - especially not after Bitcoin's strong performance and ability to retain the $9,200 price level. For those of you who did not follow our latest cryptocurrency news, it all started when Bitcoin surged through resistance on Saturday evening, recording a new 13 month high of just north of $9,300. This resulted in a 8% price increase on the day for BTC - pumping the price from around $8,600 to the highest price point of 2019. This proved that Bitcoin ignores correction calls despite the small pullback which retested the price again and formed a double top on the day. A new and larger pullback then took Bitcoin to $8,850 but BTC recovered again and is still heading upwards in the Asian trading session. At the time of writing, Bitcoin is trading shy of $9,200 which is marginally higher than yesterday morning. While Bitcoin ignores correction calls, the daily volume is also rising. The number managed to pump back to $23 billion, taking BTC's market capitalization to $162 billion which is higher than the total cryptocurrency market cap back in March this year. A collection of technical indicators named the Ichimoku Cloud recently predicted the price of Bitcoin as well as its momentum and trend decision. As it showed:
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”
An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”
As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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Analysis

Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst

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A new experimental metric is featured in the latest cryptocurrency news, indicating that the Bitcoin 2019 price run was triggered by real and confirmed transaction growth. The quality of activity, as the metric shows, allowed Bitcoin to clock a 28-week high last Saturday, signaling that the cryptocurrency's latest price rally may be more fundamentally driven compared to what many expect. Named the Transaction Amount to Active Addresses Ratio (TAAR), the metric was first proposed by the Pugilist Ventures Founder Chris Brookins, who divided the 24-hour adjusted transaction volume (USD) of Bitcoin with the number of its active addresses, identifying how much each of the active addresses spends in transactions per day, on average. Brookins found that the Bitcoin 2019 price run was signaled from this ratio. For those of you who don't know or are unfamiliar with the TAAR ratio which is a viral topic on many best cryptocurrency news sites... If the TAAR is high, it means that each user (active address) is transacting in high notional values. In other words, TAAR was high over the past couple of weeks during the Bitcoin 2019 price run which showed that the network "quantity" (how much is being spent i.e. transaction volume) was high per the "quality" (how many users are spending the funds from active addresses). So, the TAAR's quantity and quality matched and were both high. This is how a positive reaction in Bitcoin's market occurred. Since April of 2013, the oldest data point (as we can see from Coinmetrics) has been this one - making it clear that the Bitcoin 2019 price run entered a sustainable trend when it was accompanied by a TAAR trend in the same direction. As the chart associated with TAAR indicate, the Bitcoin 2019 price run was impressive. When seeing the network activity, Bitcoin managed to escape its bear market in 2015 with the same technical traction. However, weeks ago, this added fundamental validation to the Bitcoin price growth at the time, which is often a victim to pure speculation. And what's most interesting is the fact that the Bitcoin TAAR performance is once again rising, indicating that the bear market may be over soon and that corrections in price should be expected - both in the Bitcoin as well as the coming altcoin news.
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