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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Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
Do or Die: 3 Crypto Projects that Really Need to Deliver Soon
Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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