The low volume of Bitcoin has been the main focus of our Bitcoin news section lately – and one of the main issues in the cryptocurrency exchange market. Even though Bitcoin (BTC) was supposed to break out of the major resistance levels and go above $7,000, the low volume prevented it from making a new surge on the upside.
Ripple, on the other hand, has been steadily growing over the past few weeks up until yesterday, when the price of XRP fell 2% despite the new announcement by Ripple Labs and the three official partnerships with major banks. One of them includes the giant Banco Santander, as part of the $80 billion agreement.
As soon as the announcement went live, the price of Ripple declined by around 3% to later minimize its loss to 1%. With this, Ripple showed that it is part of a stagnant marketplace and that the new announcements in the crypto field lately do not have major impacts on the altcoin prices.
For Bitcoin to initiate a short-term rally, the volume needs to be higher and compliment positive technical indicators that the asset has demonstrated in the past seven days. Right now, the volume of Bitcoin remains at around $4 billion, which is down about 30% since the mid-September levels.
According to one analyst named Don Alt:
“Slowly crawling back into the range. The bulls don’t want to see a close through support. If that happened I’d target the range low. Due to an unclear monthly and weekly close, I’m sticking to scalping. No reason to trade big sizes here.”
Other analysts agree with what Alt wrote and are all waiting for BTC to engage in a noticeable movement on the upside or downside – or at least close its stagnant weekly period and confirm the short-term movement of the currency.
XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
Grin Cryptocurrency Just Executed Its First Hard Fork
“It was planned since way before Grin launched. We would do four hard forks in the first two years, at regular six-month intervals, to introduce new features.”The developer at Grin cryptocurrency was featured in the latest cryptocurrency news for stating that the upgrade did not result in a network split. Rather than that, the Grin network simply halted "in its tracks" which forced users to update their software. The upgrade was completed at 9:45 UTC.
“In a classical fork, the chain can split into two mutually incompatible continuations. … In Grin, there is no way to continue growing the ‘old’ chain since the old code refuses to accept any blocks past the [hard fork] height,” he explained.One of the most integral changes for the Grin cryptocurrency and the Grin network in general today has been a tweak to one of two mining algorithms. As we previously reported in our altcoin news, Grin supports a mining algorithm which is friendly towards both general-purpose computing devices (GPUs) and specialized hardware called ASICs. Another developer at the Grin cryptocurrency and a software engineer at the blockchain startup BlockCypher named Quentin Le Sceller, recently said:
“It’s not really forking ASICs from the network but ensuring that no one is building ASICs for the [GPU-friendly mining algorithm.]”Therefore, the Wednesday update ensures that the playing field remains free of ASICs for the short-term future of the Grin protocol, preventing a monopoly on the Grin mining industry. Many best cryptocurrency news sites report that additional tweaks to the newly implemented mining algorithm will be activated by the Grin cryptocurrency developers in the coming months. Tromp also affirmed that for the second Grin fork, developers will add payment channels to the network.
“[Payment channels are] a way for two parties to perform many off-chain transactions between them,” Tromp concluded. “[It requires] one on-chain transaction at the outset and one settlement at the end.”
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
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- XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
- Grin Cryptocurrency Just Executed Its First Hard Fork
- Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point
- Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
- Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
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