Source for BlockChain News

Category archive

Bitcoin Price Today

Does Bitcoin Breakout Signal More Rallies to Come Later this Year?

by
Bitcoin

Bitcoin

When Bitcoin (BTC) went through a disappointing year in 2018, following the astonishing bull run at the end of 2017, many experts all over the world had written off the cryptocurrency. However, in 2019, the coin has come roaring back and went on another incredible bull run that has raised visions of a rally that could be similar, if not better, than the one that took place in 2017.

In 2019 alone, Bitcoin has gained as much as 240%, and there is a belief among crypto experts that it could climb further for the rest of the year.

Wild Moves

Last weekend Bitcoin slumped a bit but was fast to recover. Over the past couple of days, BTC has surged yet again and easily shrugged off the declines that it had experienced prior thanks to issues related to Facebook’s Libra. Technical analysts have stated that the Bitcoin curve is now is at a critical point, from where the coin could either go high or low.

>> Ripple Receives Boost with ECB Change in Leadership

There is a belief among many analysts that a significant piece of news (positive news of any kind) could be all it takes to push the price of Bitcoin up and give it the momentum for its next major breakout. The same action has been seen in many of the instances when Bitcoin really broke out and reached new levels.

The Chief Strategist at Onada Corp in New York, Edward Moya, stated that he believes that because there is now significant interest in Bitcoin from institutional investors, it won’t take much to push BTC over the edge. For example, the establishment of Fidelity’s Bitcoin fund for its institutional investors some months back was looked upon as a major development for the cryptocurrency, and it is believed that more such updates might push the token to new highs.

At the time of writing, Bitcoin is up over 5% and now trading at $12,540, just 9% away from its 52-week high.

Featured image: DepositPhotos © 

If You Liked This Article Click To Share

Bitcoin (BTC) Price Continues to Shine: Hits $13K Mark

by
Bitcoin

Bitcoin

Bitcoin (BTC) is showing no signs of slowing down after an impressive start to the year. After a 250% plus rally, the flagship cryptocurrency has hit the $13,000 level, capping a 40% plus spike over the past week. Given the strength of the upward momentum, Bitcoin price could be on its way to the $14,000 mark. Investors will no doubt be waiting to see if it will make a run for all-time highs of $21,000 again.

Bitcoin Price Catalysts

The recent rally in Bitcoin price can be attributed to many factors; key among them is the move by Facebook to launch its own cryptocurrency. Facebook venturing into the cryptocurrency sector has once again affirmed crypto mainstream adoption.

The tech giant has unveiled its crypto, dubbed Libra, thus joining other mainstream outlets that have taken note of the crypto spectacle. JP Morgan launching its JPM Coin also continues to fuel crypto’s mainstream adoption push.

Weakness on the greenback is another factor that is having an impact on Bitcoin price, consequently fuelling an upswing in price. The dollar has come under immense pressure in recent weeks amidst expectations that the Federal Reserve will cut rates next month.

Bitcoin Safe-Haven Status

Growing uncertainties about the health of the global economy, as well as soaring geopolitical tension, has seen Bitcoin gain a sort of safe-haven status. Just like gold, people are increasingly betting on Bitcoin as a safe haven asset as focus shifts from other investment assets.

>> JPM Coin: JP Morgan’s Crypto is Ready for Trials with Corporate Clients

In addition, one cannot dispute the fact that the recent price spike could be as a result of aggressive buyers opening big positions. In recent months, institutional activity around the crypto has increased in response to the unveiling of products that makes it possible to invest in cryptocurrencies. Cryptocurrencies have emerged as a strong investment for institutions looking to diversify investment portfolios.

Investors becoming more aware of cryptocurrencies are another factor that should continue to fuel Bitcoin price, as it is the largest and most popular in the sector.

“The growing acceptance of crypto has led experienced traders and other large investors who weren’t yet comfortable with crypto to enter the market,” said CEO of cryptocurrency fund BitBull Capital, Joe DiPasquale.

Featured image: DepositPhotos © nevarpp

If You Liked This Article Click To Share

Bitcoin Continues to Face Hurdles at Higher Level, Altcoins Follow

by
Bitcoin

Bitcoin

Bitcoin enjoyed one of the strongest runs since the latter part of 2017 during the first half of this year. During those first six months, the cryptocurrency gained in each of the six months of the year, but the momentum came to an end in July, and the indecisive performance has continued into August. The token has threatened to break out plenty of times during the course of this month, but the rally eventually fizzled out, and the same thing happened again.

Price Movement and Analysis

Over the course of the weekend, Bitcoin managed to break through the $10,500 level and showed some bullish tendencies as it neared $11,000. However, on August 20, the rally completely evaporated as it dived from those levels.

According to experts who watch Bitcoin price action closely, the cryptocurrency’s current resistance level is at $11,000 and at this point in time, it is lingering below that level as it tries to breakthrough. On Monday, it jumped up from the levels of $10,700, but today it is still displaying a struggle to reach its resistance level. The gains over the course of the previous 24 hours stand at 1%, while on a weekly basis, Bitcoin has delivered a loss of 6%.

>> Deloitte Launches Demonstrational “Blockchain in a Box” Platform

While Bitcoin has been experiencing this current bout of weakness, the same has been the case with regards to many altcoins. Like Bitcoin, most of the main altcoins generated gains in the beginning of this year, but over the course of the past 24 hours, they have given up most of those gains.

Litecoin dropped by as much as 2.3%, and XRP nosedived by an alarming 5%. The biggest altcoin in the crypto sphere, Ethereum, gave up 1.6% during the same period. The next 24 hours are critical for both Bitcoin as well as altcoins and the performances over that period will set the tone for the rest of the week.

Featured image: DepositPhotos © nils.ackermann.gmail.com

If You Liked This Article Click To Share

Bitcoin Price to Hit $7,200 After Demonstrating Bullish Signs?

by
bitcoin price

bitcoin price

Yesterday crypto markets dropped following reports that leading cryptocurrency exchange Binance had been hacked. However, the impact of the developments is minimal, and Bitcoin price managed to hold steady at more than $5,800, continuing the upwards trend towards the $6,000 mark.

BTC Holds Above $5,800

A popular analyst has projected that if BTC continues with the upward momentum, its price could soon hit $7,000—a definitive sign that the bullish run has already begun. Currently, Bitcoin price is up marginally at $5,980 after the daily low of $5,800 occurred moments before the Binance hack news was announced.

Because the hack was limited and Binance quickly reimbursed all accounts affected, Bitcoin price didn’t suffer too much from the news of the hack. In the past week, BTC has been on an upward momentum from lows of $5,400, and it only dropped slightly following the news from its weekly high of $6,000 that was set yesterday.

Analysts consider the muted reaction of Bitcoin price to the Binance hacking news and the recent Bitfinex and Tether fiasco as a bullish sign, sentiments that are equally shared by many investors and traders.

>> Joseph Stiglitz Thinks We Should Ban Cryptocurrencies

Bitcoin Continues to Show Bullish Signs

In a tweet, popular cryptocurrency analyst, UB, indicated that he expects Bitcoin price to continue increasing because it has managed to maintain its position at $5,850 despite dropping yesterday. He explained that this drop occurred just before setting new highs and the sooner $5,850 is reclaimed, the better.

Analysts seem to be decisive with the bullish run demonstrated by Bitcoin over the short-term, but it is equally expected to continue in the long-run. One analyst believes that the break of BTC above its 100-week moving average is a sign that Bitcoin price is likely to jump to $7,200 in the near future.

Bitcoin price is expected to continue establishing its foothold in the upper $5,000 region, and it’s only a matter of time before the next bull run.

Featured image: DepositPhotos © aa-w

Bitcoin Hovers Around 10K After the Recent Correction

by
Bitcoin

Bitcoin

The first half of the year saw Bitcoin go on an incredible rally as the cryptocurrency ended up at higher levels at the end of each month and eventually threatened to replicate the bull run from 2017. However, the month of July brought its fair share of turbulence into the market, and it has been the same in August so far as well. The cryptocurrency has been extremely volatile over the past few weeks, but in a new development, it seems to have stabilized recently and has been trading within a narrow range.

Stable Move Now

While in the past, the cryptocurrency often fluctuated wildly in ranges from $9,000 to $13,000, over the past hours it has been trading between $9,900 and $10,200. It is a significant development for Bitcoin traders, who can now trade with a bit more freedom. The latest drop in the price of Bitcoin has apparently been brought about by the optimism in the markets about a resolution in the trade war between the United States and China. United States President Donald Trump did not impose the extra tariffs as promised and, naturally, it has created optimism. Bitcoin was one of the digital assets that investors had put their money in, in the event of a declining trade war situation, and hence, the price of the crypto has now dropped.

>> Coinbase Strengthens Crypto Custodian Empire with XapoBusiness Acquisition

If the uncertainties of the global economy get somewhat eased, then there is bound to be pressure on the price of Bitcoin. Last week, certain experts had stated that Bitcoin was being looked upon as a hedge against global risks by many investors. The drop in the price of Bitcoin had an impact on the wider crypto market as well, since all of Litecoin, Ethereum, and XRP nosedived significantly after the drop. It remains to be seen how the crypto market plays out over the course of the weekend.

Featured image: DepositPhotos © peshkova

If You Liked This Article Click To Share

Bitcoin Price is in the Green but EOS is Today’s Real Winner

by
Bitcoin price

Bitcoin price

The cryptocurrency top ten are in the green! Well, eight of them are at least. According to CoinMarketCap, the total cryptocurrency market cap today is $182,807,737,820.

As usual, when Bitcoin price is in the green, the rest of the market tends to be too. At the time of writing, Bitcoin is showing gains of a respectable 1.13%—a continued increase from a bull run now lasting over a week. Further down the chart, EOS is running away with a 6.84% increase.

What has Bitcoin in the green as of late? The entire market is bullish so let’s check out why this is.

Bitcoin Price

At the time of writing, Bitcoin price is $5,285.08 USD, up 1.29% at the time of writing. Bitcoin has been on a bull run since April 2nd and not only has maintained the high but has continued to steadily increase.

Over the course of a few hours on April 2nd, Bitcoin jumped from approximately $4,110 to $4,800. Now it has hit a current high of over $5,285. The rally has extended throughout the market with other coins also showing massive growth. For example, Litecoin gained over 50% and Bitcoin Cash roughly 80% in the same period.

Bitcoin Price: Why the Jump?

Two theories have emerged as to what caused Bitcoin to suddenly jump. The first is that $100 million worth of BTC was bought across exchanges Coinbase, Kraken, and Bitstamp by one person. A sudden pump of money into the market spurred on further bullish sentiment, and the gains have continued.

>> How Cryptocurrency Traders Benefit from Blockchain Technology

Another theory is that because Bitcoin mining rewards will “half” in May of 2020, interest to buy BTC has sparked. The idea is to accumulate it now for the future when Bitcoin will be harder to mine and therefore become more scarce. As with any product, when it becomes more scarce, it becomes even more valuable. When mining rewards do halve in 2020, Bitcoin price can be expected to jump.

So far in Bitcoin’s history ‘Halving’ has occurred twice–once in 2012 and once in 2016.

What do you think? Do you have you a theory for the recent bull run?

Featured Image: DepositImages © AntonMatyukha

If You Liked This Article Click To Share

Bitcoin Price | New One Year High of Almost $9,000

by
Bitcoin Price

Bitcoin Price

Since Monday, bitcoin price has leaped 13.5% to hit new levels at around $9000 for the first since May last year in what is seen as a bullish sign. At the time of writing, bitcoin is trading as high as $8,810 on Coinbase.

Bitcoin Price | Highest Since 2018

Yesterday’s jump brings bitcoin to a maximum year to date increase of around 142.40%. Could this be the end of the 2018 bearish phase that saw bitcoin price lose over 70% from its all-time high of $20,000. Bulls are starting to believe that bitcoin will soon retest its all-time highs although it is still short of the current price target of $11,500.

Bitcoin has been given a buy rating by a number of analysts and this sentiment is based on commentary from industry players like Fidelity Investment resulting in the momentum of the coin. As of March this year the Boston based form which manages assets worth over $2.3 trillion indicated that it will begin offering bitcoin trading services to a number of its customers.

However, there are those who hold the presumption that bitcoin is currently overvalued. JPMorgan Chase analysts noted recently that the rate at which bitcoin price is climbing is beyond its intrinsic value. However many crypto enthusiasts have slammed the claims stating that the banking giant did not accepted bitcoin since the beginning and is just being stubborn.

>>Will Ethereum Maintain its Upward Momentum?

Potential Pullback 

As the bearish and bullish arguments go on there are technical analysts who have predicted bitcoin to reach a six-figure rate. However, these analysts believe there will be a significant pullback in price before the rallying begins. Cryptocurrency investor and trader Josh Rager said that based on the historical behavior of bitcoin price there is a possibility of correction of around 30% on every top formation. Another crypto analyst, Cred, also foresees a bitcoin price scenario as low as $6,182 because of the overbought conditions before a breakthrough to around $10,000.

Featured Image: Depositphotos/ spaxiax

If You Liked This Article Click To Share

Bitcoin Price Jumps 20% on Technical Breakout

by
Bitcoin Price

Bitcoin Price

It has been a while since we last saw a major Bitcoin price increase, but Tuesday seems to be a big day for crypto traders as BTC jumped over 20% to cross the physiological mark of $5000 on the Luxembourg-based Bitstamp exchange. Other virtual currencies also rose, with Ethereum (ETH) and Bitcoin Cash (BCH) climbing around 10%.

Bitcoin, the world’s largest and most popular cryptocurrency by market capitalization, saw a sudden jump of about 17% within 30 minutes on Tuesday, hitting its best level since mid-November 2018.

Although many key industry followers expected the surge in Bitcoin price, the pace of today’s jump has shocked many traders.

At the time of writing, Bitcoin is trading at $4,868, up 15.90%.

There seems to be no justification for such a sudden jump; however, it could be because of a big technical breakout from a closely-watched resistance level of $4,200. As soon as the price moved above this level, we saw big buying activities that lasted for a few minutes. Additionally, Bitcoin price moved above the 200-Day Moving Average, often a bullish technical indicator.

Oliver von Landsberg-Sadie, chief executive of London-based cryptocurrency firm BCB Group, said that “the move was likely triggered by an algorithmic order worth about $100 million spread across major exchanges – U.S.-based Coinbase and Kraken, and Luxembourg-based Bitstamp.”

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” he continued.

The total market capitalization of all cryptocurrencies has significantly jumped during the sudden market move today. While yesterday’s market capitalization peaked at $146 billion, today’ it climbed to $163 billion, declining to $160 billion by late morning.

>> Bitcoin Price: Crypto Market Top Ten Green – BTC, BNB, XLM

Other Cryptos in Focus

Ethereum (ETH), the second-largest cryptocurrency by market cap, is up about 10.50% today, selling for $160.

Ripple (XRP), currently the world’s third-largest cryptocurrency, moved up by 7.60% to $0.3369 in late morning trade.

Featured image: Pixabay

If You Liked This Article Click To Share

Bitcoin (BTC) Moves Up Again, Hits New High Above $9,300

by
Bitcoin

Bitcoin

Over the past few months, Bitcoin (BTC) has been surging and it has hit a new year-to-date high surpassing the $9,000 level for the second time in 2019, a feat that has left investors looking at the $10,000 mark.

Bitcoin Rallying

Bitcoin is 151% up year-to-date and the rallying of the most popular cryptocurrency has been associated with the inauguration of the CME Bitcoin futures market. In the last session, the coin was up by 7.50%, hitting price highs per of $9,387 on Bitstamp Exchange before experiencing a slight fall.

At the beginning of the week, BTC price was around $8,100, with the “real 10” volume of the cryptocurrency being $600 million. Bitcoin price has benefitted from the growing price of Litecoin, which has gained close to 19% in the past week.  The rise in BTC comes at the back of a spike in trading volume by more than $19 billion worth of the crypto asset traded across various exchanges in the last session.

At the time of writing, BTC is trading at $9,310.

>> Bakkt Announces Bitcoin Futures Launch Date in July

Facebook’s Anticipated Launch of Digital Currency

The cryptocurrency industry has been enhanced with the latest news that Facebook is likely to launch its own digital currency with details expected to be unveiled on Tuesday. Facebook is said to have secured the services of Uber, Spotify, and Visa. Although Facebook’s digital coin is expected to compete with Bitcoin, it is rather seen as a validation of blockchain technology and value.

Equally, the coin is benefiting from the general improvement in sentiment regarding cryptocurrencies. The anticipated halving of Bitcoin in the next year has also led to the surge in BTC price and investors and traders are looking forward to the event that will see a cut in Bitcoin supply by half, while some are foreseeing a supply shock.

Bakkt Exchange, backed by Starbucks and Intercontinental Exchange, expects to start accepting beta testers on its platform beginning next month.

Featured image: DepositPhotos © Syda_Productions

If You Liked This Article Click To Share

Bitcoin Price | Is the Current Bull Run Incentive to Buy in?

by
Bitcoin Price

Bitcoin Price

In recent weeks, the cryptocurrency market has been a hive of activity. This is largely in part to Bitcoin price’s resurgence of late. And what a resurgence. The world’s largest digital asset by market cap is currently selling for $8,724 USD per coin (to press time and according to coinmarketcap.com). It has grown an astronomical 186% in little under 5 months.

Bitcoin Price – A Fall From Grace

As Bitcoin heads towards the $9k mark, it nears almost half of its all-time high of $20,000. Hit in late 2017, those glory days were soon wiped clean in 2018—a bearish downturn took over and across the year, the coin lost 70% of its value.

So at it’s highest high, the digital coin was worth over $20,000. But jump forward to early 2019 and the coin was scraping lows of $3,250 approx.

As expected, the recent comeback has analysts talking and its no surprise. Many now believe that this bull run will eclipse Bitcoin’s iconic 2017 one. There are several key differences between that time and now that make this plausible.

So let’s check out some of the main reasons analysts expect this run to last.

A New Level of FOMO

FOMO, or the Fear Of Missing Out, has always played a role in dictating Bitcoin price. It’s simple psychology that people don’t want to miss out on a good thing. But what is very interesting for Bitcoin this time around, is that investors now know that a climb to $20,000 is possible because it has done just that before.

This time, we know a climb to $20,000 is possible, therefore it’s probable that investors will flock to Bitcoin in their droves for fear of missing out on an expected massive rally.

Industry Involvement

Bitcoin now has a greater variety of platforms than before and this should impact on Bitcoin price. These give investors exposure into the crypto markets and, simply put, make investing in Bitcoin much easier now than in 2017.

Platforms such as Bakkt, Fidelity and Square, among many others, have added support for Bitcoin in their own way. This leads to an overall climate that is more accepting of the coin and encourages other institutions to jump on board.

The Impending Halvening in 2020

There is something called “the halvening” on the horizon for Bitcoin. This is an event written into Bitcoin’s code and it will cut all mining rewards in half. Expected to happen in 2020, it will effectively diminish supply. As with anything, as supply goes down, demand and price tend to go up and we can argue that Bitcoin is no different. So this current run may be spurred on by miner’s and investors hoarding as much Bitcoin as possible now before the halvening occurs and supply is lessened.

>>Is Facebook Launching its GlobalCoin Cryptocurrency Next Year? BBC Says Yes

As it stands, there is no one definite reason as to why this Bitcoin rally began. And there are even more guesses if it will continue. Industry sentiment is bullish of late, however, Bitcoin remains a volatile investment and sudden declines are easily around the corner. So be aware investors!

Do you think Bitcoin price will continue to climb? Are we on the verge of eclipsing Bitcoin’s all-time-high price?

Featured Image: Deposit Photos/SectoR_2010

If You Liked This Article Click To Share

1 2 3
Go to Top