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Analysis

The Market Is Still Dominated By Centralized Exchanges Despite The Increase In DEX

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Despite the decentralized crypto exchanges gaining popularity in 2018, their centralized opponents still seem to be controlling the majority of the market and the majority of the global industry trade volumes. In today’s crypto news we are looking into a Cryptocurrency Exchange Annual Report from the research organization TokenInsight to find out more.

According to the report, more than 400 global crypto exchanges were compared and it shows that DEX is only a 19 percent piece of the global exchange ecosystem. The trading volume on decentralized crypto exchanges is less than 1 percent of those on centralized ones.

Though DEX platforms gained a lot in 2018, the growth was mainly because of the developments in the trading protocols and improved infrastructure but centralized ones are still the favorite among customers.

Also, the report notes that centralized platforms have challenges such as opaque trading rules and the problems that come up with it but also the fund storage is not as transparent as the DEX offer.

Despite the low adoption DEX rates, most of the exchanges that are based on Ethereum and Eos show significant spikes in transaction volumes especially in Q1 in 2018. During that time, the volumes increased by almost 200 percent where a single day volume exceeded $400 million.

After the third quarter of 2018, DEX trading volumes decreased mainly because of the bear market. Even the bear market trend heavily impacted the entire crypto ecosystem, decentralized exchanges seem to be more sensitive than centralized ones.

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Altcoin News

Crypto Market Cap Surges To $180 Million, Binance Coin (BNB) Leads

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In the latest cryptocurrency news, we are seeing a lot of positive movements as another weekend unfolds. Currently, the crypto market cap is back over $180 billion as it approaches the previous highs for 2019, according to data from CoinMarketCap. The big question is - are new highs on the horizon for 2019? A lot of analysts think so when seeing the total cryptocurrency market capitalization and the major cryptos surging. Obviously, the main point for the future is the $200 billion mark which needs to be established quickly - which will be the case if the positive sentiment continues. Over the past day, Bitcoin (BTC) has managed to climb 1.5% and contributed to the growth of the crypto market cap. The most dominant cryptocurrency is now closer to its highest price for the past 24 hours at $5,330 - in fact only a few dollars below that. Ethereum (ETH), on the other hand, is in the coming altcoin news and part of the growing crypto market cap for its return to $175 which is a crucial level for the coin. The ETH chart looks like a mirror of the Bitcoin momentum. Ethereum managed to gain more than 5% since last weekend but the gains have been slow going. Right now, the top ten coins are contributing to the crypto market cap with small yet important gains. The Asian trading session saw all of the top ten coins in the green, with only Binance Coin (BNB) going massive and reaching a new all-time high at $24.80 All of the signals now are that BTC will retest the 2019 high of $5,400 and many analysts sharing their thoughts on the best cryptocurrency news sites are confident that the resistance will be broken as well. Bitcoin Cash (BCH) is also up 3.5% as it climbs above $307 - however, the rest of the market made only marginal movements over the past 24 hours. The top twenty sees minimal rises which on a wider scale, ramp up and contribute to the growing crypto market cap. There are no big dumps occurring today. However, at the bottom of one hundred largest cryptocurrencies, Bitcoin Gold is perhaps one of the losers, dropping 3.5%. Right now, the total cryptocurrency market cap is $180.5 billion and is heading for the $181 billion mark.
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Analysis

Bitcoin Price Analysis: BTC Is On A “Slow And Painful” Way To $20,000

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bitcoin price analysis
In the latest cryptocurrency news, we are focusing on the Bitcoin price analysis as a main topic - especially because of one analyst who went in with a statement that BTC could be leading its way to $20,000 in a slow and painful process. As the crypto news featured on Forbes wrote, quoting Kevin Dennean as a top tech analyst at the Swiss bank UBS:
“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”
He also went on to add that "crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs," saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery. Featured on many best cryptocurrency news sites, Dennean's statement also likened the Bitcoin price "bubble" to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,"
In his Bitcoin price analysis, Dennean said:
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past."
He also compared the rapid rise and fall of the Bitcoin price and warned the public:
"Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs."
In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future - and all of this alone gives hopes to many traders and BTC price believers.
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Analysis

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

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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 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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