The price of Bitcoin, the largest cryptocurrency by market cap, recently surged for a couple of percents in only a few hours. From $7,030 which was the level where Bitcoin was trading most of the day – the flagship cryptocurrency started rising and reached $7,200.
This brought the entire market cap to the upside. Most of the altcoins including NEO, Litecoin, EOS, VeChain, Tron, Qtum and Bitcoin Cash, on the other hand, recorded 5% to 15% gains in the past 30 minutes which is why many analysts are asking where the newly found momentum came from.
However, the $7,200 scenario was predicted by some technical analysts in the crypto community earlier this week – as crucial for initiating a new short-term rally. Speaking of, the reason why $7,200 is a crucial level is simple – many people thought that Bitcoin would fall to $6,000 now and maintain the price in that margin.
However, the stability that Bitcoin shows throughout this month is crucial to acknowledge – as August is the most stable month in the past 14 months for the largest cryptocurrency by market cap. Stability is definitely required for a major trend reversal and if Bitcoin can sustain it, analysts say that a major mid-term rally will definitely come by the end of this year.
Meanwhile, other tokens such as Ontology, ICON, VeChain, Tron and 0x are also starting to pick up volume and momentum – which is definitely good news for investors and token holders.
Major Altcoin Rise: Cardano, Stellar And Zcash With Gains Prior To Coinbase Listing
The Story Of BAT: How And Why It Lost 28% Overnight Despite Coinbase Listing
“Starting today, Coinbase supports the Basic Attention Token (BAT) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store BAT, along with Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, ZRX and USDC.”The decline in the price of BAT was abnormal because of the integration. Similar to the case of ZRX and its dump following the listing of Coinbase, analysts think that these integrations demonstrate the typical 'buy the rumor and sell the news' moves by investors in the cryptocurrency market. To sum things up, the price of BAT is very likely to have undergone major pressure as more investors seek to profit from it on short-term events.
The ‘NEO Super’ Fork: A Scam Or A Promising Blockchain?
“Because with a closer look at their LinkedIn pages you can easily tell that they are each fake.”If you see it, the CEO and lead developer of this project John D. Martin has only three connections on LinkedIn despite his alleged seven-year development career. And even though there is no whitepaper for the project, there is a nice looking website and a clone of other NEO wallet services. On top of this, the NEOX whitepaper clearly says:
“A lot of misunderstanding and incorrect representations surround the question of NEO forks. To put it simply, NEO cannot be forked in the same way as Bitcoin or Ethereum — that is, there is no way to split the chain and create a new coin based on NEO.”To sum things up, this project is very confusing to declare it a scam outright - and very unknown and confusing to necessarily recommend. We'll keep a close eye on it in the future and notify you if there were any drastic changes.
Crypto Wipe-out: The Global Crypto Market Lost $6 Billion In The Past 48 Hours
“While many tokens have recorded gains in the range of 5 to 20 percent over the last week, regulatory uncertainty around tokens and their regulatory nature could lead to a decline in the value of tokens in the weeks to come.’’
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