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Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP post-bloodbath predictions

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Bitcoin Ethereum Ripple

The cryptocurrency markets have stayed shaky for a good number of days now, again, with top 3 cryptocurrencies Bitcoin, Ethereum and Ripple (XRP) not being a difference from the rest of coins. The situation has left many wondering about price forecasts of these top-ranked virtual currencies, here in this post we’ll do some short-term price analysis of the three.

Bitcoin (BTC)

Bitcoin’s most recent peak was around $8,500 and, by definition, it’s been going down ever since. It’s lost almost 25% against the dollar. A lot has been said about SEC’s decision to leave the ETF decision for next month, and that surely didn’t help at all, but the current lows owe more to speculation than to the day’s news.

The usual technical market analysis tools suggest that if Bitcoin doesn’t go back up to at least $6,700 mark, then it will keep dropping against the USD slowly. If the current bearish trend keeps dominating Bitcoin’s trade, then it’s unlikely that the downward spiral will stop until it reaches $6,000 because that’s the point at which the price could make new buying orders tempting for speculators.

So no good news for Bitcoin, it will keep going down very quickly for some more time yet. That is terrible news not only for Bitcoin but the whole market as most other coins usually mimic BTC’s market behavior closely. But the number one cryptocurrency my market cap, Bitcoin has started to show some resistance already, went up by 2% in the last 24 hours. We need it to hit $6700 as quickly as possible to enter a mid-term rally.

Ethereum (ETC)

Things have not been any better for Ethereum, the market’s second digital asset regarding market capitalization. Half of the last week, the cryptocurrency lost around a tenth of its value every day. It’s below $340 right now, and market indicators characterize this position as entirely bearish which means that it can keep losing value.

The market is expected to start buying again when the coin reaches $330, but it’s possible that they won’t until it falls to $315 or $320 (is trading at $321 currently) which could be reached quickly as things stand.

If it were to go up again (which is tough in the current market conditions) even if Ethereum is the coin that is most independent from Bitcoin’s performance, it would face trouble when reaching $388. While reaching that level is possible according to technical indicators, nobody really expects this token to go up quickly now. Will take some time.

That is good news for users of the Ethereum network as the gas price (which has become one of the most common complaints about Ethereum over the last months) will be less expensive thus retaining users, decentralized apps, and developers that have been looking to adopt other blockchains to save costs. But this is a band-aid and not a long-term solution. Also, holders won’t be happy.

Ripple’s XRP

The bears have also been playing with Ripple’s XRP. The “unthinkable” happened as it went below the 0.35 USD mark, which was considered to be basically impossible by many observers and analysts. Some days of last week, it lost 15% on a daily basis. 

A selling order of ten million tokens is suspected to have had a lot to do with that drop. But in a market that sees a hundred new tokens every month, and the way things are going for all tokens right now, blaming a ten million transaction for such a significant change in price seems a little silly.

XRP’s markets are expected to start moving again when the price drops to 0.325 USD, but if such response fails to materialize, then it’s anybody’s guess what comes next as the token moves into an uncharted area that allows for no predictions at all. Below this pivot point, anything could happen from a recovery to a continued downward spiral.

If, on the other hand, XRP goes up quickly (unlikely to happen anytime soon), it will probably hit the wall when it reaches $0.365. Under the current conditions, XRP can overcome the bearish trends if it finds a way to get back to $0.40.

To wrap things up: there’s no great news on the horizon for any of the three big boys Bitcoin, Ethereum, and XRP. Even after seeing little greens, they are all still feeling the bear’s hug, and it just won’t let go. The current bearish trend is sure to end, but while the current market developments point to the final stages of the bearish run, there is still no sign that it could be that imminent now. In the current climate there are only two possibilities: be patient or buy.

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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.

Image courtesy of Pixabay.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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