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Bitcoin Cash – The Bull Run Resumes
Bitcoin Cash has continued to defy the odds, with the market readiness for Bitcoin Cash’s hard fork on the 15thMay that pushed Bitcoin Cash into a bullish trend. BCH started its bullish trend at 6th April’s low $600.1 and, trailblazed its way through April to its current price at $1486.
Market sentiment towards Bitcoin has seen a decline since the beginning of the year, as concerns continue to linger over its adaptability in the real world, transaction speeds and fees making it a cumbersome alternative to fiat money. Last year, disagreements between Bitcoin core developers and community over the speed at which to increase its block size ultimately led to the Bitcoin hard fork and, while Bitcoin continues to struggle with its existing block size, the Bitcoin Cash community is at it again, not only looking to ramp up the block size from 8MB to 32MB, but to also introduce a number of other enhancements, including the reactivation of the blockchain’s smart contract feature that allows the network to share, archive and track and record assets that have been digitalized.
A multi-functional cryptocurrency that provides a more viable alternative to fiat money, with significantly faster transaction times and negligible fees relative to Bitcoin, and also a document and asset warehouse capability can only be a positive factor for Bitcoin Cash and its outlook.
The news of the 15th May hard fork was not new, but with increased references across the crypto news wires, speculative investors will have moved into Bitcoin Cash on hopes of receiving a free Altcoin in event that the hard fork does not garner the necessary support. However, the current fork will not create a free altcoin for Bitcoin Cash holders.
We’ve seen Bitcoin Cash ease back from its 24th April swing high $1,578.3, on the back of a combination of profit taking and a realization that a creation of an Altcoin will be unlikely.
Having rallied 111.3% in the month of April, leaving Bitcoin in the dust with its measly 35.1% gain, the recent reversal will not be of particular concern for longer-term investors who are seeing an increasing adoption of blockchain technology and the use of cryptocurrencies in the real world.
In addition, the fact that the Bitcoin Cash community having far fewer disagreements than the world of Bitcoin makes it a safer coin and a better investment.
On the Technical and the Day Ahead
Following a start of the week wobble that saw Bitcoin Cash give up 6.43%, Tuesday’s consolidation of April’s gains supported a resumption of the current bullish trend formed at 6th April’s swing low $600.1, Bitcoin Cash ending Wednesday up 7.83% at $1,461.2.
At the time of writing, Bitcoin Cash was up 1.21% to $1,478.6, with BCH holds around an important support level at $1474.
A break above the 9 days Moving Average can signal the next bullish leg towards the previous high at $1534.
We will expect Bitcoin Cash to move within the upper end of a $1,300 to $1,600 range, with a breakout from April’s swing high $1,578.3 bringing $2,000 levels into play ahead of the 15th May hard fork.
Any pullback through to $1,300 levels will see Bitcoin Cash test the day’s first major support level of $1,337, its 23.6% Fib retracement. support at the $1,400 psychological level likely to be dictated by sentiment across the broader market.
For long-term investors, a stop loss at $1,200 low would protect from a bullish trend reversal that could see Bitcoin Cash slide through to $1,100 levels to bring sub-$1,000 and 6th April’s swing lo $600.1 into play.
This article was written by FXEmpire
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
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…
Altcoins
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…
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