The altcoin market remains in a position that signals a big downtrend. Meanwhile, the total crypto market cap has added around $4 billion overnight, after declining heavily yesterday and sitting near the $202 billion area.
In the previous two days, the Bitcoin Cash news showed that there was an increase in selling pressure and it declined below the $215 support area agains the US Dollar. The price tested the $200 support area and is currently correcting higher. On the upside, there are a lot of hurdles for buyers near the $220, $225 and $230 levels.
On the downside, the main support is near the $205 and $200 levels, and a daily close below the $200 support might start a sharp decline in the coming sessions. The price of Binance Coin (BNB) is also in the news as the altcoin market remains sluggish. BNB broke the $16.50 support area recently but is still trading above the $16.20 support line. This implies that there are big chances of an upside correction towards the $17.20 and $17.50 resistance levels in the near term.
As the Litecoin news show, the LTC price declined below the $51.00 support area and settled below $50.00. LTC price tested the $47.00 area and is currently correcting higher. However, the previous support near the $50.00 and $51.00 levels are likely to act as strong barriers for the bulls in the coming sessions.
The EOS price declined heavily and tested the $2.550 support area. This price is currently correcting higher and is trading above the $2.650 level. However, the previous support near the $2.850 level is likely to act as a strong resistance for the altcoin bulls.
As the altcoin market remains in shock triggered by Bitcoin’s fall yesterday, we can see that the hourly chart posts decline too. For the total cryptocurrency market cap, we can see a sharp decline below the $205 billion and $200 billion support levels. This opened the doors for more losses and the market cap declined towards the $190 billion level.
The entire market is correcting higher as we speak. However, the altcoin market remains slow and it seems like the previous support at $200 billion and $2015 billion are likely to prevent gains. On the downside, we can see support near even lower regions – and in overall the upsides might be limited in Bitcoin, Ethereum, EOS, Litecoin, Ripple, ADA, BCH, TRX, XMR and other altcoins.
Roger Ver’s Platform Withdraws From 12.5% Miner Fee Proposal
“As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.’’The decision came as a response to the heavy criticism the platform was getting. The Bitcoin Cash supporters said that there are less coercive ways to raise development funds and the users of bitcoin also used the proposals to call out the centralization of Bitcoin Cash. Roger Ver’s Platform stated:
“We think it is clear that the existing proposal does not have enough support, and we will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental economics of Bitcoin Cash.”Roger Ver didn’t comment on the matter yet. The proposal was initially pushed by the cartel of miners that represent 54 percent of the network’s identified hash rate or 34 percent of the total hashrate. The CEO of BTC.top Jian Zhuoer announced the proposal a few days ago and said that his mining pool alone controls 25 percent of the identified hashrate. Some of the other members of the cartel include the CEO of Bitmain, Jihan Wu, and Haipo Yang of ViaBTC.com. Roger Ver’s platform was a part of the plan but not anymore. Bitcoin.com represented less than 2 percent of the known hashrate which means that the cartel still controls 32 percent of the network. Zhuoer stated:
“Funding of infrastructure may often go overlooked or be underprioritized.’’Based on the prices, the proposal will reach up to $41,000 in the funding per day or about $7.5 million over six months period. Most of the funds will go to the Bitcoin ABC or the primary open-source implementation of the Bitcoin cash protocol. Bitcoin ABC stated:
“Although many previous attempts at stable infrastructure funding have been tried with mixed results, we are optimistic this plan could be a great success.’’
Bitcoin Cash Dev Tax May Still Roll Out Despite Roger Ver’s Support
“The dev tax is wounded, but not dead,” developer Peter Rizun, who is against the proposal, told Bloomberg in the latest Bitcoin Cash news.He also pointed out that a lot of key miners support the proposal and could still implement it on May 15. Meanwhile, Bitcoin.com is led by Roger Ver, stressed that "this is a great opportunity for developers to clarify what they need funding for, and provide the specific budgets and timelines they have for their work.” As the pool operator said, any new proposal will need to have as many people of economic weight on board as possible. These include businesses, exchanges, miners as well as Bitcoin Cash implementations. The Bitcoin Cash dev tax is now a viral topic in the cryptonews. The CEO of one of the largest mining pools on BCH, BTC.TOP recently offered to direct 12.5% of the mining rewards to support the BCH infrastructure over a period of six months. His post included a threat to orphan the noncomplying BCH blocks (the ones would no longer be included in the BCH blockchain). Besides BTC.TOP, the proposal was also signed by other large mining pools including Antpool, ViaBTC, BTC.com as well as Bitcoin.com, until the latter revoked their support. After that, we could see that the response from most of the miners was negative, including a lot of dramatic calls for massive exodus from the coin. The main issue, according to the comments, was based on the centralization. Taxes like these would quickly create a wholly centralized infrastructure for the coin and leave miners voting out in the cold. Data now shows that the average number of developers working on BCH-related products (the Bitcoin Cash dev tax is one of them) declined by 32% in the first half of 2019. Meanwhile, Bitcoin Cash (BCH) is now stable with a 3.34% increase on the day and a new price of $381. The charts have seen mixed movements in the past month but the cryptocurrency made most of everything over the past week, just like many altcoins out there.
Bitcoin Cash Just Broke $360 And $400 Is Imminent Now
- Hourly MACD – The MACD for BCH/USD is now gaining a strong pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level, with a bullish angle.
- Key Support Levels – $350 and $330.
- Key Resistance Levels – $365 and $400.
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