The price of Ethereum continues to hold steady in spite of the downward price woes that bitcoin is currently experiencing.
As the second largest market cap coin in the cryptocurrency sphere, Ethereum has seen a substantial increase in its use as the Initial Coin Offering (ICO) world continues to grow and flourish. Recent reports put out by the Ethereum Foundation indicate that Ethereum is now processing more transactions than the Bitcoin Blockchain, showing the power of the Ethereum system.
For some traders and investors, the price fluctuations associated with Ethereum are much more tolerable than the wild price swings exhibited by Bitcoin. While Bitcoin does present all the desirable elements that traders need to effectively day trade a market, i.e. volatility, average daily range, and liquidity, a willingness to tolerate risk and weather a hefty draw-down will also be a necessary criterion for trading Bitcoin.
On the other hand, Ethereum presents a much more stable and tolerable risk profile for trading, at least for the time being.
A quick glance at the Ethereum daily chart shows a very obvious symmetrical triangle that has been forming since mid-May. The pattern is now approaching the apex of the triangle. Furthermore, both the downward trend line on the upper side of the triangle, and the upward trend line on the lower side of the triangle pattern have been touched by price action on more the three occasions after a price swing to the opposite side (Refer to Chart #1).
Chart #1: Daily Symmetrical Triangle Pattern
This triangle pattern is perfectly set-up for a breakout. While symmetrical triangles do signal a likely breakout, the pattern displays the uncertainty that traders are experiencing, consequently the direction of the breakout is also uncertain. However, a closer look at the near term may offer a clue as to the direction of the impending breakout.
Chart #2: 5-minute Ascending Triangle Pattern
Chart #2 shows an ascending triangle on a 5-minute chart that has been forming over the last couple of days starting on November 11th. An ascending triangle give strong indication that a breakout to the upside is more likely. Traders should watch for price to break through the resistance level at $329.36310, along with strong volume. Care should be taken in case a false breakout takes place. A stop-loss would be prudent at/or near the bottom of the last significant downward price swing of the pattern from the resistance level to the lower trend line (at about $324.00).
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Image courtesy of BTC Keychain via Flickr
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…