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Crypto Market Rebounds To $115 Billion, No Signs Of New Rally

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Crypto Market

Bitcoin Cash was in the spotlight in our altcoin news section – mostly because of its 20% rally that fueled the crypto market and one that was mainly driven by the Initial Public Offering (IPO) of Bitmain.

However, the rest of the crypto market remained quite stable. Bitcoin, for example, is still hovering around the $6,500 margin while ETH, Ethereum’s native cryptocurrency, is above the $200 margin and trading at $214 (at press time).

A lot of traders are asking themselves if a short-term rally could be what’s next in the market. According to one respected analyst in the cryptocurrency community who goes under the handle ‘Crypto Dog’, a short-term rally could be possible only if the valuation of the crypto market breaks out of the $115 billion mark.

He said:

“This is exactly what you want to see on a retest. So far so good. Clear the $114 billion marketcap resistance and we’re due for another large gap up,”

A lot of analysts and investors are confident in the market’s future. One of them is Mike Novogratz, the all-time Bitcoin bull, who last week said that $6,600 is an important resistance level for the most dominant cryptocurrency.

If we see Bitcoin’s momentum over the past week, it is safe to say that the major cryptocurrency in terms of market cap is in a downtrend – declining from around $6,600 to the current $6,478. This is mainly because of the low trading volume, which is expected to rise according to many.

What’s certain is that the low trading volume presents a problem for many traders, especially when it concerns Bitcoin, as the low volume could also trigger BTC to drop below the $6,400 mark in the next 12 to 24 hours.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Hong Kong Collaborates With Thailand For Cross Border Token Projects

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Hong Kong collaborates with Thailand for more efficient payment methods and crypto tokens along with the central banks which are filling that role. Both of the countries just announced a joint agreement to utilize the digital currencies in order to provide quicker payment in bilateral trade as we are reading further in the crypto news.The central banks are starting to realize that the options for cross border payments are outdated, too expensive and very slow which is considered to explain all the elements of the SWIFT system. The explosive growth of the crypto industry which is a couple of years old has outlined how easy, cheap and fast it is to send money across the world via an immutable distributed ledger. Countries in Asia are now looking towards crypto to speed up and ease the process of sending finances overseas. This is why Hong Kong collaborates with Thailand to also embrace the blockchain and crypto technology.According to the reports, both of the nations have entered an agreement to launch a two-tier digital token and to also create a prototype for cross-border transfers. The idea was named as the Project LionRock Inthanon and the first tier includes the launch of a crypto token to participating banks. According to the Hong Kong Monetary Authority, the second tier involves the banks distributing the crypto tokens to the corporate customers for settling the payments. The collaboration between the bank of Thailand and the HKMA was established in May.Both of the nations have bilateral traders worth an estimated $20 billion each year and the new system will give the businesses a competitive edge for the inflated exchange rates mechanisms between the currencies. The new project will stream cross-border transfer and payments between the banks and companies by replacing cash as the People’s Bank of China intends to do with the digital yuan. HKMA senior executive president Edmond Lau added:
 “The prospect of issuing a central bank digital currency for retail purpose in Hong Kong is limited, as we have so many retail payment services (ranging from) credit card, debit card, and (others).”
He continued that the HKMA and the Bank of Thailand will announce further details on their proof-of-concept study in the Q1 of 2020.
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Mindol (MIN): New Pump And Dump Scenario On The Market?

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mindol (MIN)
Mindol (MIN) token in the past few days has attracted meaningful publicity after jumping to the top 30. But in the typical cryptocurrency fashion, the price momentarily started falling so let’s find out in the coming altcoin news today.The Mindol project has the aim to popularize the Japanese manga culture, in relation to the yearly French festival “Cool Japan”. It was the intention for MIN to be a festival-related asset, which can be traded between the participants, content creators, and fans.But when the theme in question is crypto trading, a fresh pump is always a likely scenario. This is what happened this week to Mindol. The crypto was traded at meek $0.28 on November the 5th. But, following a sequence of pumps Mindol reached a peak of $2.96. This trend was brief and almost momentarily fall again.Mindol (MIN) MIN is already $1.68 low, and the previously seen volumes are now falling. Lower volumes mean immediate quicker price fall, as Mindol within minutes loses position. MIN slid between a 27% growth this Thursday, and fast falling down. But the Mindol pump is not a one-off event and was repeated in the past few days. As we’ve seen price falling down, Mindol grew again to $2.08.The new altcoin, going up on 29th position based on market capitalization, is extremely volatile and risky. The total Mindol supply is 240 million, from which 140 million are in circulation. Mindol is knotted to the Mindol corporation but Mindol is not a traditional token either, as the Mindol corporation, an entity-missionary dedicated to spreading Japanese culture. Based on the Mindol’s promotional materials, Mindol is set to accomplish a mission.
“Following a background of worldwide trend, we will establish high profitable business by finding great talent in the field of anime, manga, music, film production based on “Cool Japan” and focus on making a framework generating world-class competitive contents, which we believe we can spread MINDOL presence across the world,” stated Fumihiro Fukuhara the CEO of Mindol corporation.
Mindol is traded since April of 2019 and went above $1 in a pump during the crypto rally this summer. Mindol is present since 2018, with the goal of tokenizing the Japanese manga culture. Nearly 60% of all Mindol is held by “whales”, with big enough supply of crypto on the sidelines to sell-off during the pump-and-dump.
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BlockFi DeFi Company Launches Cryptocurrency Trading Platfrom

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BlockFi, the DeFi New Jersey-based company launched a new crypto trading platform and the company’s suite of financial services products now also include trading of cryptocurrencies as we are about to see further in the coming altcoin news.BlockFi trading will roll out trading between three digital assets including Ethereum, Bitcoin and the Gemini dollar before expanding to include a lot more bigger number of crypto assets. Litecoin and USDC are scheduled to be supported by January 2020. The company’s decision comes after the launch of BlockFi institutional services which is a move that saw the company run towards the offerings that service institutional class investors. BlockFi Institutional service was ‘’ designed to give market-makers, exchanges and funds access to enterprise-grade financing solutions for digital assets.’’ The investors have access to additional assets in Litecoin, USDC, PAX and the US dollar.The startup was established in 2017 and it grew significantly in two years with a monthly revenue growing more than 10 times for 2019 only. BlockFi trading is set to offer the global users base of individual and institutional investors in cryptocurrencies the ability to optimize the asset allocation. The CEO of BlockFi and founder Zac Prince explained that the idea of creating an exchange was not something that they haven’t considered before but with a recent funding round they had become more feasible:
 “BlockFi Trading has been on the horizon for a while but became a more realistic prospect for us since our latest round of funding which allowed us to upsize our team, including largely our engineering team. We had a lot of requests from our users for an exchange like this and found that it was a key point in helping them manage their crypto portfolios holistically within the BlockFi ecosystem.”
The company removed the minimum deposit amounts for its BlockFi Interest accounts back in September and allowed the holders of varying amounts to earn interest on their crypto assets. The idea was seen as a significant gesture that will expand the appeal of its products and will democratize the passive income for the smaller crypto traders. The company seems to be keen on maturing the digital asset ecosystem by building the financial products traditionally reserved for fiat currencies.The launch of the exchange according to Prince, is an expansion of the abilities of the company to service both retail and institutional investors with the same level of security and to create synergies between the users. Prince added:
 “While we have expanded to offer products on both retail and institutional levels, they really work together as a system and it’s the same for BlockFi Trading. While our retail users get the convenience of being able to trade within the BlockFi ecosystem, our institutional partners also play a hand in the trading process, offering the liquidity needed to make it a reality.’’
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Markets Are Over $200 Billion Again: Could They Rise Again?

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A new green wave is in the Bitcoin and altcoin news today, showing that there has been a fresh influx of trading capital. The markets are over $200 billion in terms of the total cap and Bitcoin price is back to where it started and trading below the $7,500 line against the US dollar.According to analysts, a reversal like this is good. However, there is still a lot of pressure surrounding the markets - but it is likely to hold for now on. With a short term contracting triangle forming with resistance near $7,220 on the hourly chart, we can see that Bitcoin could rise again to the $7,500 and $7,600 areas soon.Meanwhile, as the situation is good for Bitcoin (BTC), it could definitely be better for Ethereum (ETH). Speaking of, the biggest altcoin is now in a plus but only below 1% and still at $148. In order for traders to see a nice move, ETH needs to move above $150 very soon.Next on the list is Ripple's XRP token. The Ripple news today show that at $0.2183, XRP is solid with a 1.32% increase on the day but just like ETH, needs its resistance to be at $0.2500 at least in order to initiate a new run.Bitcoin Cash (BCH), EOS (EOS), Binance Coin (BNB) are next. All of these altcoins posted gains over 2% and are serious in the battle of the best performing altcoin in the top 10 right now. The barrier to a new bullish run, however, is still there and BCH needs to clear $220, EOS to go above $3 and BNB to visit $18 for a nice momentum.The only loser in the top 10 is Bitcoin SV (BSV) which managed to shed its $100 value and fall to $97. A 2.55% decline was formed overnight for this coin and the situation is not so good in the short term. In other words, some analysts predict that BSV could soon visit new lows.In the top 20, the situation is still. There are many increases below and with 1%, and the losers are Monero (XMR) and Chainlink (LINK) which fell by more than 2% overnight. The biggest loser in the top 20 overall is Maker (MKR) which has shed more than 5% of its value.
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