The global cryptocurrency market situation has been quite depressing for past few days and investors have been in a sort of havoc. Since yesterday some of the top 10 cryptocurrencies have shown a positive trend after the news of BlackRock’s growing interest in Bitcoin.
Current Market Position of ETH and EOS
The total market capitalization of Ethereum, placed just next to Bitcoin is close to $47.72 billion at the time of writing. Its individual price has reached $474.8 and is increasing at the rate of 4.7%. EOS is going through the same path as Ethereum, rising at a rate of 7.7% with its current individual price placed at $7.93 making it the 5th largest cryptocurrency in the world. By the time of writing it has accumulated $7.1 billion worth of total market capitalization while its 24-hour exchange value has crossed $770 million worldwide.
Price Analysis: (Data Feed Via Kraken)
Key Highlights of Today’s Ethereum Price Analysis:
a. Ethereum price has managed to climb through important resistances against the US dollar such as $450 and $460. The current bullish trend line has encouraged the crypto community and investors have returned into their game. Ethereum has added 7% in the past hour which has got the ball rolling for the top altcoins of the crypto space.
b. The ETH/USD pair is currently following ascending channel and it is expected to correct lower towards $480 level. The charts and bullish signals are indicating a significant uptrend against US dollar and Bitcoin. The resistance area for today is close to $500.3 as buyers seem to dominate markets. This development was to pause if sellers take a short-term control of the market and start a correction towards the $453.24 support area.
c. Ethereum has nicely gained against the US dollar since yesterday as it closed above the resistance $455 correcting a few points near the $445 level. Buyers appeared and have pushed the price above the last swing high and now we can observe a nice short-term ascending channel formation. The currency pair is on its way to this month’s high and it’s more likely to increase the present positive trend at hand in the near future.
Price Analysis: (Data Feed Via Bitfinex)
Key Highlights of Today’s EOS Price Analysis:
a. If we look at the present situation of EOS, it has managed to add more than 10% to the markets within the past 24 hours. EOS has marked its growth on Monday and it seems as though the EOS market is still progressing by the will of its buyers. Although it’s far from July’s high, the EOS/USD pair is developing as we wait.
b. EOS’ flag pattern has been moving higher and the currency pair has successfully broken through the $7.65 resistance area but it seems as though that the pair has failed to reach the next resistance area of $8.29.
c. Whether it’s ETH or EOS, growth scenario is developing considerably well today. It’s clear to see that both buyers and investors are hungry for a bullish breakout and hence targeting July’s highs if the EOS/USD pair reaches the resistance area of $9.03. Bears are unlikely to gain control of the market. Even if they do, then it would supposedly target the support area to $7.10.
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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 Pexels
Charts courtesy of tradingview.com
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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