Top 5 Crypto Performers Overview: Litecoin, Binance Coin, Ripple, Bitcoin, Tron

Although Bitcoin (BTC) has managed to maintain its dominance throughout the bear market, we are seeing some major cryptocurrencies outperform it. This shows that the market has started to favor some coins and disregard the others.

We believe that some cryptocurrencies might bottom out even before Bitcoin does. Due to that, it is necessary to be selective about coins if one wants to reap the benefits.

When larger traditional investment firms and exchanges get ready to take the plunge, it is an indication of underlying demand. Therefore, we expect increased involvement from the larger players who have been waiting on the sidelines.

The bear market is a difficult time for investors in terms of the prices. But it is also a period when the fundamentals improve and ultimately carry the prices out of the bear phase.

We believe that since last year, the fundamentals of the crypto asset class have been improving, and it is only a matter of time before the prices reflect that improvement. Every bull market has its leaders, and we want to identify the cryptocurrencies that can lead the next move upward.

LTC/USD

Litecoin (LTC) creator Charlie Lee wants to make the cryptocurrency more “fungible.” He plans to add confidential transactions through a soft fork. The update is expected to take place later this year.

The next Litecoin block reward halving is set to happen in early August. Crypto analyst and trader Moon Overlord tweeted that the digital currency had bottomed out approximately 200 days prior to its halving in 2015, and the ensuing rally peaked roughly two years after the event.

If history repeats itself, the virtual currency might have bottomed out by now and could maintain an uptrend for the next two years. Though a nice observation, we believe that the current situation is significantly different from 2015, so a repeat of previously seen events is unlikely.  

Ben Askren, a popular Ultimate Fighting Championship (UFC) martial artist, tweeted a video in favor of cryptocurrencies and Litecoin, which should help give it cryptocurrency greater visibility.

After breaking down of the support at $47.246 in mid-November of last year, the LTC/USD pair found support at $23.090. The bulls have been attempting to push the price higher, but faced selling close to the $40 mark.

If the overhead resistance zone of $40–$47.246 is scaled, we anticipate the start of a new uptrend. The longer the pair remains inside a range, the stronger will be the eventual breakout. The targets to watch on the upside are $65.561, and above it $69.279.

However, if the digital currency turns down from either of the overhead resistances and plunges below $23.090, the downtrend will resume. We expect the current range bound action to continue for a few more days before a decisive move up or down begins.  

BNB/USD

Crypto exchange Binance has entered into a partnership with payment processing company Simplex to offer its customers the ability to buy cryptocurrencies with credit cards. The company has completed the sale of BitTorrent (BTT) tokens in under 15 minutes, which shows strong underlying demand.

Can Binance Coin break into the top ten cryptocurrencies by market capitalization? Let’s find out.

Our suggested buy on a close (UTC time frame) above the descending channel has not triggered. As the 20-week EMA is just above the channel, we recommend traders to wait for a close above the 20-week EMA before entering long positions.

A breakout and close above the descending channel confirms a change in trend. After the breakout, the BNB/USD pair can either start a new uptrend or enter into a consolidation. In the case of an uptrend, it can rally to $12, and above it to $15. However, if a consolidation ensues, we expect it to hold above $5.4666.

Conversely, if the bears sink the price back into the channel, it will indicate weakness and a retest of the low at $4.1723848 will be probable. Hence, we propose a stop loss at $5 after long positions are initiated.

XRP/USD

Ripple (XRP) saw some wild movements this week due to various news and rumors. SWIFT, a major global banking payments network, announced plans to launch a proof-of-concept gateway in partnership with blockchain software firm R3.

This got the rumor mill churning, with some speculating that it might eventually lead to some kind of a tie-up between Ripple and SWIFT. This resulted in a sharp spike in the XRP price, which did not sustain for long.

Japanese finance giant SBI Holdings has also acknowledged Ripple’s potential in international remittance. Is it time to buy the cryptocurrency? Let’s analyze the chart.

The XRP/USD pair has been trading inside the descending channel since late September last year. The bulls are trying to defend the support at $0.27795. Both moving averages are sloping down, and the RSI is in the negative zone, which shows that the bears have the upper hand.

If the price turns down and breaks below $0.27795, it can drop to the yearly low of $0.24508. A break below the yearly low will resume the downtrend.

However, if the bulls push the price above $0.45097, we expect a double bottom formation that will have a pattern target of $0.62399. Above this level, a move to $0.7644 is probable.

BTC/USD

The current bear market in Bitcoin (BTC) has become the longest in its short trading history, overtaking the 2013-2015 bear phase. One event that can alter the course of the bear market is the approval of a Bitcoin exchange-traded fund (ETF).

Just days after withdrawing its Bitcoin ETF application, the Chicago Board Options Exchange (CBOE), along with investment firm VanEck and financial services company SolidX, has resubmitted the application to the United States Securities and Exchange Commission (SEC)

The BTC/USD pair has been trading in small intraweek ranges for the past three weeks. This shows a balance between the buyers and the sellers. After this period of low volatility, we anticipate the activity to increase within the next few weeks.

Both moving averages are sloping down, and the RSI is in the negative territory, which indicates that the bears are in command. If the bears reassert their supremacy and plummet the pair below $3,236.09, the downtrend will resume. The targets to watch on the downside are $3,000, which is a psychological support, and below it $2,600.

Conversely, if the range expands to the upside and breaks out of the downtrend line, a move to $4,255, and above it to $4,914.11 is probable. After crossing this level, the rally can extend to $5,900, which will act as a major resistance.

TRX/USD

After a strong month, Tron (TRX) is taking a breather. What does the chart forecast?

The TRX/USD pair triggered our buy recommendation when it closed (UTC time frame) above the top of the range last week. However, contrary to our analysis, the bulls could not push the price higher.

The pair quickly gave up its gains and slumped back into the range. If the bulls push the price back above the range and scale the previous week’s high at $0.03128011, we can expect the rally to reach $0.04, and if this level is also crossed, the upward move could continue to $0.05218328.

On the other hand, if the bears sink the digital currency below $0.02352523, a drop to the support of the range at $0.0183 will be likely. Therefore, we suggest the traders maintain their stop loss at $0.021.

SOURCE: https://cointelegraph.com/news/top-5-crypto-performers-overview-litecoin-binance-coin-ripple-bitcoin-tron

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Fidelity to Launch its Bitcoin Custody Service in Q1

Fidelity, an investment firm managing assets worth close to 8 trillion U.S dollars, has indicated that it will be signing up customers to its Bitcoin custody service by the end of the first quarter of this year. The service, dubbed Fidelity Digital Assets, is meant to help Wall Street embrace digital currencies by cushioning them against theft or loss.

Why a Crypto Custody Service?

Towards the end of 2018, Fidelity indicated that it was exploring ways of helping high profile investors enter the cryptocurrency market by developing “crypto products designed” specifically for them.

Bloomberg, citing people familiar with the developments, reported that the Bitcoin custody will be the first crypto product to be rolled out by the investment firm in March followed by Ether.

“We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors,”said Fidelity.

With cryptocurrency exchange hacks occurring almost frequently, Wall Street professionals are reluctant to commit to new startups which offer cryptocurrency custody services. The entrance of Fidelity’s Bitcoin custody service addresses these fears allowing hedge funds and high profile investors to enter the cryptocurrency market.

Abigail Johnson, CEO, Fidelity, has from the past been positive about being involved with digital currencies. In 2015, he led the investment firm in starting Bitcoin mining operations.

In offering crypto custody services, Fidelity is looking to use its high reputation to lead institutional customers into cryptocurrency trading. At present, Fidelity’s customer base includes over 13,000 financial firms.

Moreover, its interest in virtual currencies was strengthened in 2018 when it hired Tom Jessop who was the president of a blockchain technology firm, Chain Inc. to spearhead the development of the crypto custody service.

The Fidelity Digital Assets service will be tasked with safely handling customer’s crypto keys within the realms of compliance. Additionally, Fidelity will provide the highest security levels to thwart hackers.

Custody is not a new idea since it also exists in the traditional finance sector with its functioning being the same.

SOURCE: https://usethebitcoin.com/fidelity-to-launch-its-bitcoin-custody-service-in-q1/?utm_medium=Organic&utm_source=coinstats

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Bitcoin Price: How Investor Emotions Affect Crypto Prices

It is always easy to confuse the way trading works these days. After so much digitalization some people think that the trades mostly happen through logic, algorithms and so on. However, this is not necessarily the case. One of the most significant factors about trading is the human emotions that come with it.

Try to imagine it. You’ve just made a trade and bought some Bitcoin. Now you see that the price is decreasing rapidly, so naturally, you get the sensation that it is time to sell it, but all of the advice on the internet is telling you to hold and wait. This is where the first problem is met as human emotions are starting to battle logic and hard decisions.

You may find it hard to believe if you’ve traded on other financial markets but these human emotions can have a toll on crypto prices. On other markets its very hard for these emotions to have a significant impact, because of how big the market is. But for cryptos, the market is very small, so a select few investors could make some change in the market if they buy or sell prematurely. Let’s look into the main reasons why people face emotional, moral and psychological barriers when trading cryptos.

One Primary Example

Back in 2013, Bitcoin was sitting comfortably on the $1,200 mark. But it fell 50% when the Chinese national bank announced it would ban it in its systems. Everybody back then thought it would be a killing blow to cryptos, but as you can see it was not even a scratch.

This wasn’t logic affecting the price, and it was human emotions. Investors panicked and sold their assets immediately fearing that they were now obsolete when there were millions of people and thousands of exchanges in the world still accepting them. Don’t take the info at face value, do the research, listen to the experts and find out how dangerous it is before making any significant decision. You’ll need to do this quickly, however, as the panic spreads quite fast.

Moral Problems

Cryptos and morals aren’t the first things you’d imagine to have a connection, but they honestly do. Let’s look at it with a different perspective. You’ve just invested in a new crypto company that released their latest coin, and you already see that the development team is having some feud.

This immediately lights up your good alert, if you want to call it that. This gives you a sense that maybe this company will go under if the developers continue to fight. And you won’t be the only one. Many traders are affected by the politics of the company when some drama occurs, and they find it very hard not to have some concerns. The best thing to do here is to keep an eye on how things develop, and if there are actual threats that developers will leave the company, then it’s a good time to sell. Don’t sell prematurely, wait and see.

Psychological Problems

Human psychology is a fragile thing. Introduce it to any stress, and you will soon start seeing the cracks. The volatility usually creates the cracks in the crypto market. Many people can’t handle the mental pressure that comes with prices jumping up and down all the time. We are very basic beings, we like stability and when everything goes as planned. The moment something goes wrong, we panic. Remember the first time you started trading. You probably spend the whole day looking at the charts of your investment. The same thing happened to me when I first invested in Ripple and looked at its charts the entire day. Every time it would take a downwards direction, I’d have a mini panic attack.

The best thing to do in this case is to ignore it. If you have a long-term investment, ignore looking at charts all the time, keep focused on the news and how things develop. If you continue looking at the charts it will take a massive toll on your mental situation, your conscience will urge you to sell when there is a relatively big slump, but after the sell, we always regret it.

Another problem is when we are at a crossroads of, going with the crowd or following our path. Usually, for a beginner, it is one of the biggest mistakes to trade against the trendand go on their own, as they have no experience of the market yet. Although it is taxing on the mind to fall in with the crowd, especially in our day and age, it’s best to fall in line in the beginning.

Emotions We Feel When We Lose

The reason we see such a massive slump in cryptos this year can be attributed to the emotions investors felt when they lost quite a lot of capital during the January slump. We as humans tend to avoid losses more, than chase profits. It’s psychological as well. It’s more critical for us not to lose $10 than it is to gain $100.

After the slump investors became very disappointed with the market and avoided it altogether, further selling off their assets and bringing the price even lower, which at the end created an illusion of reinforcement for their disappointment and decision to leave.

How You Can Control Yourself

If you are a beginner, it seems impossible to control yourself when the price is falling. What you need to do is try to become a bit more patient.

First things first, try to avoid looking at the price every hour or day, think more long-term. When looking at the price think about 1month from now or even one year from now. It will calm you down.

When you see a feud happening in one of the companies, do more research. Find out why it happened and see similar scenarios in the past. If the past had people leave the company, then you have a good source to back your decision. Don’t just follow your gut.

If you have lost some capital with cryptos in the past, take a moment and trace it to a specific article or occurrence that it may have caused. Once you do, you’ll know exactly what caused it and will become more prepared in the future. If you want to get back in the game, go for a minimal investment to test out the waters.

SOURCE: https://coinnounce.com/bitcoin-price-how-investor-emotions-affect-crypto-prices/

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