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Analysis

Mike Novogratz: Crypto Market Cap Will Hit $800 Billion In One Year

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The well-known Bitcoin advocate and founder of Galaxy Digital, Mike Novogratz, recently said that the cryptocurrency market capitalization won’t reach $800 in 2018 – but it will over the course of next year.

As Novogratz stated in an interview with CNBC Africa’s Crypto Trader at the Beyond Blocks Conference In South Korea, the crypto market cap may rise to this number within the next 12 months.

As he stated:

“I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have. …But I do think that we are building a nice bottom for the next move up,”

When asked why he believes in this theory, Novogratz explained that cryptocurrency is being adopted gradually – and more people are attending crypto conferences and joining crypto-related businesses. According to him, many private institutions are also entering the market by investing in crypto companies via venture capital funds.

Novogratz noted that in order to attract more institutional investors, the importance of custody is paramount. In other words, once the investors see names like Goldman Sachs investing, they will be instantly convinced.

Aside from institutional investors, Novogratz also said that he is a fan of utility tokens, describing them as “the cooler projects” when compared to security tokens.

A few months ago, Novogratz was confident that the total market cap may rise to $800 billion by the end of this year. However, with the decline in the crypto market, he changed his prediction – and extended it to 12 months from now.

 

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Analysis

Bitcoin (BTC) Price Holding Onto Crucial Support Levels: An Increase Is Likely

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bitcoin (btc) price
The Bitcoin (BTC) price has been a major topic as featured on many best cryptocurrency news sites, especially because of its recent correction as well as its slight upswing over the past couple of days. Even though BTC managed to climb further above $5,300, it later on corrected to $5,250 which is its current price agains the US dollar. There was a break below the ascending channel and the Bitcoin (BTC) price found support at $5,250 on the hourly chart. The pair is still trading nicely. It all began yesterday when we saw a steady rise above $5,260 and $5,280 for Bitcoin, where a new weekly high was formed at $5,327 before the price started its downside correction. There was also a break below the $5,260 support and the 23.6% Fibonacci retracement level showed a wave from the $5,018 low to the $5,237 high. Since the Fib wave is high, the Bitcoin (BTC) price remains well supported above the $5,170 and $5,180 levels right now. Only a close below this level and the 100 hourly simple moving average could right now start a major decline in the near term. According to prominent analysts, the latest cryptocurrency news estimate a solid support for Bitcoin with a possible price increase over the next few days. Looking at the chart, the Bitcoin (BTC) price is clearly well supported which means that it is very likely for it to bounce back above $5,300 in the next few hours. Conversely, a close below the $5,160 support level may also trigger a drop to $5,090 or even $5,020. Technical indicators:
  • Hourly MACD – The MACD is most likely moving back in the bullish zone in the near term.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has changed hands with 40 and it is currently moving higher towards 50.
  • Major Support Levels – clearly the Bitcoin (BTC) price of $5,200 was followed by $5,160.
  • Major Resistance Levels – now, they are set at $5,260, $5,300 and $5,330.
Over the past couple of days, there were many reports and an analyst showing his opinion that the next bull run may be a several magnitudes bigger. However, these are only speculations from pro-Bitcoin analysts. The current indicators are as above mentioned. The big question is...Will we see a Bitcoin (BTC) price breakout soon?
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Altcoin News

XRP Price Jumps By 3% But The Upside Actions Seems Weak

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xrp price
XRP price seems to be a big mover over the week since the company saw its token increase by 3 percent when the Asian session opened. Following the latest developments in our altcoin news, we make a broader analysis of the price action. The XRP/USD dollar exchange rate reached a $0.344 intraday high after being held up in the red zone for the week. The pair boomed with a moderate volume when the traders changed the game as same as they did in the previous session. The XRP price could not have been established as a breakout, therefore. The movement is also considered as a bounce back with higher chances of fading away in the latest trading sessions. The XRP price recorded a mixed track record as we mentioned in the coming altcoin news. This could be the case since Resona bank, the fifth largest one in Japan, decided not to use MoneyTap which is a Ripple-based blockchain payments service. In the same time, the ripple price increased after Weiss Ratings claimed that the Ripple labs company aims to partner with Skype. Another announcement that could have impacted the XRP price came from Coinbase. The major San Francisco-based crypto exchange announced to be expanding their services to 11 regions including Hong Kong, India, and Mexico. This could have brought XRP more traders. The altcoin’s market cap is currently hovering around $14.3 billion. The XRP price downtrend is capped by the 50-period moving average indicator. A slight bounce back could open a good long opportunity towards the 200-period moving average. The analysis shows that we can adjust the interim upside target to about $0.378 which is a tough level historically speaking when talking about bullish attempts. If the XRP price continues its upwards momentum, everything will be well for the altcoin. If this does not happen however, ripple could face a stop loss order around $0.320 and will leave the market with a small loss. The current upside action is quite weak. This gives the market a lot of chances to open a short position towards the downside target. The analysts are now waiting for the XRPprice to break below the 50-period MA. If that happens, a short move towards $0.289 will be great news. However, we should expect a stop loss order slightly above the 50-period MA in order to be able to manage risks.
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Altcoin News

Tezos Price Rises By 10% Reaching A New Five-Month High

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tezos price
Tezos price spiked over the weekend starting a positive movement after multiple rough sessions at the beginning of the week. As the altcoin news show, the XTZ altcoin reached a market cap of $790 million. The Tezos price compared to the dollar exchange rate shows a 10 percent increase by establishing an intraday high at $1.19. The USD/XTZ pair found a slight support level and it is the same one from the Bitcoin Cash forking even in November. The price did drop only to find a bottom area around the $0.34 price point. After the strong rebound, the XTZ value was brought back to $1.19 for the second time in one week. If a break above the $1.19 level happens, this could boost the Tezos price in the near term. The volume distribution on the market looks extremely concentrated on new altcoins. Overall, the XTZ-pairs show a solid $5.69 million worth of trading over the past 24 hours. BitMax, for example, was a host for more than 35.65 percent of those trades mainly against Bitcoin and Ethereum. However, as previously reported in our latest cryptocurrency news, the exchange has a reputation of faking the volumes. It is possible to assume that the Tezos price could find an intraday uptrend and spike further to influence the overall crypto market trend. Over the past 24 hours, most of the crypto assets were trading in green. For example, Bitcoin increased by 2.55 percent against the dollar while Ethereum and Stellar followed. The Minister of Finance of France Bruno Le Maire explained that the Tezos blockchain is superior to its peers. He was also speaking to an audience at the Paris Blockchain Week Summit making bold predictions about the Tezos price as well. He pointed out:
 “France has some nuggets on the entire value chain of new services to companies, hardware, and protocols. I am thinking in particular of Tezos and which allows the development of a blockchain protocol overcoming the known defects of public blockchains.”
The Tezos price was already improving after the partnership with Coinbase crypto exchange. Both of the companies now allow institutional investors to ear passive rewards. San Francisco-based Coinbase even promised up to 6.6 percent yearly returns to the investors.
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Altcoin News

Bitcoin SV Reaches Yearly Low As #DelistBSV Campaign Strengthens

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Bitcoin SV
Bitcoin SV (BSV) will apparently have a tough week ahead since the altcoin dropped up to 34 percent over the past seven days thanks to the delist campaign. Following our latest cryptocurrency news, we show you the analysis of the price of BSV below. Bitcoin SV hit a new low today (Tuesday) reaching $54.53 price point, getting a 21 percent decrease. Its market cap also reached $1 billion. The weekly dropped shaved off about $482 million of the BSV market cap. Currently, the digital asset is one of the leading bearish assets over the entire market. The relative strength index (RSI) shows that Bitcoin SV dipped right into the oversold area. The crash comes after the latest drama hovering over the altcoin. The analyses show that the larger volumes are a consequence of the bears dumping the asset on a large scale. This movement pushes the asset towards a new low. The crash didn’t come as a surprise since the relationship between the Bitcoin SV supporters and ‘’haters’’ has been there for a long time. The founder of BSV Craig Wright claimed that he was the real Satoshi Nakamoto and many got angry of his statement. The entire BTC community asked for proofs that Wright was not able to provide. Crypto users and enthusiasts around the world called him a fraud and a liar for years so now Wright decided to get his revenge. However, his revenged plan also didn’t work out. Changpeng Zhao the CEO of Binance was the first to delist Bitcoin SV from their trading platform. Other platforms followed including Shapeshift, Blockchain.com and many more. The #DeslitBSV campaign against Bitcoin SV spiked over the past seven days. What initially started as a beef between the BSV creators and the twitter user Hodlonaut, ended up becoming massive chaos where everyone got involved. The data from Hash Tagify shows that the usage of the hashtag for the campaign is only increasing. In the next couple of days, the Bitcoin SV price is expected to dive even further. Exchanges such as Kraken, Bittrex, Huobi, and BitFinex are considering delisting the digital currency from their trading platforms.
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