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Analysis

Ethereum Surges Overnight To $205, Market Still Below $200 Billion

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In the latest crypto news, it’s important to note that the market recorded a new surge from Ethereum overnight, leading ETH to a price of $224, after which it corrected to $205, which is the price at which the second largest cryptocurrency by market cap is trading today.

In only 48 hours, the price of ETH climbed from $168 to $224, which is around 33% in percents. While ETH has retraced to $215, the second most valuable cryptocurrency is now trading at $205 which is still not enough for the market to break the psychologically important barrier of $200 billion.

So far, we can conclude that ETH’s rally has initiated an upside movement. Still, investors are optimistic that the valuation of the cryptocurrency market can potentially recover beyond the $200 billion mark over the next couple of days.

As Alex Kruger, a popular economist and cryptocurrency analyst, explained:

“Direction of ETHUSD depends on BTCUSD. If BTC breaks $6,400 next levels are $6,600 – $6,650 and $6,850. ETH would break up much harder. Temporarily. Then expect selloff to resume, BTC to break the year lows, hellfire among alts, and ETH weaker than competing tokens. That’s my view at the moment.”

Tokens like Nano, Tezos, Kyber Network, BAT, Tron, 0x, ICON and Ontology have all started recording decent gains against Bitcoin in the 5% to 20% range. The largest cryptocurrency by market cap, Bitcoin, is also positive in terms of growth today – coming closer and closer to its important $6,500 mark while trading at $6,460.

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Analysis

Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage

According to a crypto news report today, a Fundstrat Global Advisors analyst explained that bitcoin could take ‘’weeks, if not months’’ to recover from the technical damage caused by the recent collapse. Fundstrat’s analysts Rob Sluymer predicted that the recent collapse of Bitcoin has brought the crypto market in a ‘’deeply oversold’’ place and long-term technical indicators are not favorable at the moment. He continued by saying that Bitcoin will likely go through a ‘’multi-month rally’’ by saying:
 “This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”
Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
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Analysis

Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low

In the latest Bitcoin news, we have a new bloodbath on the market which led the price of Bitcoin, the most dominant cryptocurrency, to below $6,000 and to the lowest price it has ever seen this year. The yearly low was $5,280, after which the Bitcoin price managed to correct. However, the BTC/USD index managed to fall more than 12% ahead of the US trading session and is now trading at $5,647. It seems like the pair was trading comfortably inside a narrow trading range since September this year, leading many to believe that Bitcoin had established a bottom around $6,000. However, the latest selling action showed the very opposite. In the crash, the market lost more than $26 billion and digital assets managed to drop by additional 15% to 20%, led by the downward trend set by Bitcoin. The flash-crash, as the analysts label it, managed to change the dynamics and technical indicators of Bitcoin. According to some fresh analysis, Bitcoin has a potential to fall to as low as $4,500 before it attempts a brief rebound towards the upper trend line of the wedge formation. What's safe to say is that the BTC/USD pair has established a new yearly low which serves a decent interim support level. In case Bitcoin breaks above the $5,650 resistance level, a long position towards $5,750 looks achievable. Nonetheless, a breakdown action is definitely possible at this moment - and no one knows how far this downtrend can go.
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Altcoin News

Crypto Market Suffers From A New $26 Billion Wipeout

In the latest cryptocurrency news, we have a new wipeout that has the crypto market suffering - and being one of the most intense daily sell-offs in all of 2018, where the market lost more than $26 billion in one single day. The price of Bitcoin, which demonstrated a high level of stability over the past 3 months, recorded a 11% drop within 12 hours, which was a decline that brought down many other altcoins and digital assets, triggering downward movements in the entire market. One of them was Bitcoin Cash (BCH) which suffered most yesterday, falling by more than 19% and losing about a fifth of its value. Over the past week, this altcoin has managed to drop by over 50% and lose half of its value against the US dollar and 40% of its value against BTC. The intensity of yesterday's selloff reached a point in which Bitcoin saw its trading volume doubling from $4 billion to $8.1 billion. Even though the volume rarely surpassed the $4 billion margin over the past few months, it now demonstrated a high trading activity because of the selloff. One respected crypto trader and analyst going by the handle DonAlt commented on the latest drop, stating: https://twitter.com/CryptoDonAlt/status/1062687627340587008 The price trend of Bitcoin has played out similarly to the trend that DonAlt laid out and small market cryptocurrencies managed to suffer against both Bitcoin and the US dollar. Throughout the first two quarters of 2018, however, tokens and small market cap assets recorded losses from 40% to 80% against Bitcoin. The recent losses of 15% to 20% managed to bring their total yearly losses to around 95% percent. Bitcoin is now trading at $5,645 - and analysts believe that a quick rally to $6,000 could recover it from this situation.
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Altcoin News

New $3 Billion Wipeout: Altcoins Start The Week Poorly

Over the past 24 hours, the cryptocurrency market lost more than $3 billion - going from $212 billion to $209 billion in less than one day. Major altcoins such as Stellar (XLM) and Cardano (ADA) were in the focus of the crypto news, falling from 3% to 6% accordingly. On top of this, Stellar and Cardano were among the three cryptocurrencies alongside Zcash that are expected to be integrated into Coinbase, which is the fourth largest fiat-to-crypto exchange behind Bitfinex, Bithumb and Upbit. Before the listing, there were some tokens such as Basic Attention Token (BAT) and 0x (ZRX) which surged in the range of 100 to 120 percent, doubling their prices. However, they also managed to record large losses afterwards. BAT, for example, saw a drop of more than 36%, going from $0.36 to $0.24. Stellar, Cardano and Zcash all experienced major rallies following their Coinbase listing - which is why investors would likely see a drop in value to come in the next weeks to come. As technical analysts explain, there are different technical indicators that demonstrate a lack of momentum for both Bitcoin and the rest of the market. The volume of Bitcoin, on the other hand, is still up from $3 billion to $4.4 billion from late October, while the daily trading volume of the crypto market is up around 30% from $10 billion to $13 billion.
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