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4 Best-Performing Cryptocurrencies in the Current Bear Market - Global Coin Report
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4 Best-Performing Cryptocurrencies in the Current Bear Market

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Cryptocurrencies have been experiencing a strong return of the bearish trend for weeks now, and only now does it show signs of weakening. However, experts believe that the situation will not repair itself so easily and that prices will remain low for a certain period.

However, when bear market strikes, the sentiment gets most bearish when the trend reaches the bottom. Everyone starts selling, and while short sellers can make a profit in this situation, analysts usually warn that the sale will only knock the prices down even further. Since most of the crypto-related news is already negative at this point, such predictions often make sense.

However, there is still one thing to keep in mind, which is the fact that when downtrend enters a capitulation, that often signals that a new bottom has been found. That is the perfect time to actually go against the bearish trend, and start buying. It is also a good opportunity to abandon the coins that seem too risky, and do not seem to have that bright of a future ahead of them.

Bitcoin has dropped by 87% from its all-time high, which it hit back in January. However, the rest of the market dropped with it, and it never lost its dominance, which still remains above 50% of the total market cap. In other words, while its price may have sunk to lows that were not seen for a while now, it still remains the market leader.

Finally, while cryptocurrencies are mostly trading in the red, which was the norm for the past several weeks — there are also some of them that are actually performing relatively well, considering the situation.

Binance Coin (BNB)

BNB exploded a week ago when the confirmation of Binance Chain went public. While the launch has yet to come, likely in a few months, the coin gained a lot of popularity instantly. The exchange’s CEO, Changpeng Zhao, even stated that he believes that crypto and blockchain are the future. In fact, he even predicts that a time will come when there will be thousands of blockchains and millions of coins and tokens.

The fact that Binance is expected to soon launch its own DEX has also helped boost BNB, and even the recent partnership with Tripio contributed significantly due to the fact that the coin will be used at nearly half a million hotel locations.

So, how did this affect the coin in the recent bear trend? At first, the coin lost over 50% of its value, and the bulls attempted to keep it from dropping lower than that. Eventually, it reached new lows on December 6th and 7th. Currently, BNB has a price of $4.78, and it holds the rank of 15 on the list of largest cryptocurrencies by market cap.

TRON (TRX)

TRON has had quite a few announcements of its own recently, with the biggest one being about TRON joining Blockfolio Signal beta, posted by Justin Sun. Blockfolio is a well-known mobile crypto portfolio network that allows tracking and managing of crypto.

In addition, Justin Sun remains in a war with TRON’s competition — EOS and Ethereum. He even stated that his firm will create a fund that will take care of the competition’s developers after their platforms collapse.

During this Twitter war, TRON’s price was fighting a battle of its own, and in the past few days, it started dropping again, until it reached lows previously seen on November 25th. In fact, it was believed that, if TRX was to drop below $0.01089965 per coin, it would launch an entirely new downtrend that could potentially stretch all the way down to $0.00844479.

Luckily, this never happened, and the bulls even brought TRON back to its current price of $0.013286 per coin. The situation is expected to remain the same for a while until the final decision whether the coin will go down or up comes to pass.

XRP

XRP, formerly known as Ripple, has had a few things going for it during the previous several weeks. Despite the fact that the coin has been experiencing losses just like the rest of the market, it still managed to overtake Ethereum weeks ago, and it has held the second place ever since.

It was also announced that it will serve as the first crypto used for settlements in R3’s new Corda Settler dApp, while a renting platform Omni also announced a collaboration with Ripple in order to gain liquidity.

At the time of writing, XRP is one of several coins within the top 10 cryptos to be trading in the green. The coin has been gradually dropping ever since mid-November market crash, and it reached the lowest point on December 7th, when its price dropped down to $0.292392, Since then, a slight correction took place, and the coin is currently trading at $0.308162, with a 0.50% increase in the last 24 hours.

Tether (USDT)

Tether has made a surprising comeback in terms of price, market cap, and even its position on the top 10 list. Prior to the market crash, many believed that Tether’s latest controversy will ruin the stablecoin and that is will be replaced by another. However, USDT managed to not only bring its value back to $1, but it also exceeded it and is currently priced at $1.02.

As mentioned, the coin also advanced to the fifth place on CoinMarketCap’s list of largest cryptocurrencies and is currently sitting comfortably between Bitcoin Cash (6th place) and Stellar (4th place). In terms of market cap, Tether and Bitcoin Cash are still relatively close, which does allow the possibility of BCH getting its old spot back at some point in the future.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

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