After the recent market crash that started in mid-November, the market is showing the first signs of recovery, as investors are once again starting to buy cryptos. The market cap is currently just above $130 billion in total, which is a significant increase from this year’s lowest point of $115.1 billion.
However, the full recovery that many are expecting and predicting will likely take a longer period of time, as the change from the downtrend to an uptrend cannot be achieved overnight. Experts expect that the process of building a proper basis for an uptrend will likely take several weeks, during which coins will neither be at the bottom nor actually rising. However, investors are still interested in how some of their favorite coins are performing.
This was arguably the worst November that Bitcoin has experienced in at least seven years, with its price dropping once again by more than a third. This is a massive fall that came within only two short weeks, which shows that bulls were selling it rapidly. Many are currently wondering whether the coin will make another comeback, or if it will simply continue to sink.
While the coin is currently still well above $4,000, it is believed that its first support zone lies at some point between $3,000 and $3,500. In other words, it is unlikely that BTC will sink lower than this, even if its current price doesn’t hold. If it does happen, however, the next lowest level believed to be a stable bottom is at $1,752, although this is very unlikely to happen.
Bitcoin’s previous critical support zone was at $5,900, and violating it so suddenly usually means that the price will jump back up at some point. So far, the coin has seen lows previously observed as far back as in 2015, and while there are signs of recovery, a lot more needs to happen in order to confirm that the coin has found a new bottom.
Ethereum has officially started working towards bringing a new upgrade known as Ethereum 1x. The upgrade is expected to improve the usability of the ETH network, and the early predictions say that it might arrive by June 2019. Ethereum’s co-founder, Vitalik Buterin, also made headlines several days ago by receiving an honorary doctorate from Switzerland’s oldest university, the University of Basel.
The doctorate was given to him for outstanding achievements in the field of cryptocurrencies, smart contracts, and institutional design.
As for Ethereum’s recent performance, the coin looked promising in mid-2018, although this has changed since then, and the coin even lost its rank of the second largest crypto multiple times. Each time, it was overtaken by XRP, and while at first it ETH managed to regain its position, XRP eventually managed to overtake it permanently.
Bulls are currently doing everything in their power to keep ETH above $100, and the coin’s current price is $113.36 per unit. Many experts believe that the coin will soon bounce back. Its resistance levels are believed to be at $136.12 and $167.32. On the other hand, if the coin sinks once again, it is expected that it might continue to fall down to $66.
A lot of people have lost their faith/interest in Litecoin, and do not expect its price to be able to hold. Despite this, the coin still has quite a number of supporters who believe that the fall is the best opportunity to buy before the surge arrives.
It is true that recent months were very damaging for Litecoin’s price, and even now, bulls are trying to prevent the coin from falling below $28. However, LTC has not had a noteworthy uptrend since April 2018. The coin has been oversold as well, so the possibility of a bounce still exists, and it is estimated that the first resistance level awaits at $47,246. However, in case of a further drop, two support levels are believed to be at $28 and $19.752.
TRON has also managed to make a move against Ethereum, only in a different way than XRP. Where XRP took over Ethereum by market cap, TRON became the most popular dApp platform in the world. In addition, TRON also announced the addition of privacy features in early 2019.
As for right now, TRON also dropped below what was believed to be its bottom. For months, the coin balanced between $0.01587681 and $0.02815521, only to drop to a new low of $0.014519. While it is believed that the target of the breakdown was much lower than this (likely at $0.00844479), the bulls managed to keep the coin from reaching it. Now, the old support level became a resistance level, and a rally is expected to come soon.
However, this will only happen if the coin breaks the next resistance level as well, and exceed the price of $0.02815521.
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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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Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…