Bitcoin

Top Two Crypto Buys: Monero (XMR) and Ethereum (ETH)

Published

6 years ago

January 30, 2018

The cryptocurrency space has taken something of a hit over the last twenty-four hours, with many of the major assets currently in the red as compares to pricing this time yesterday. In fact, take a look at the top thirty coins by market cap and only one – Tether (USDT) – currently sits in the green, with even that gaining less than 1% and, in all honesty, Tether isn’t really a coin that can be looked at from a movement/implications perspective as its supposed to stay still.

When markets dip across the board like this, it serves up an opportunity to pick up cheap coins in anticipation of a turnaround. Sure, we would’ve loved to have seen a turnaround earlier in the month (and to some extent, we did) but so long as the major assets stay above the January 27 lows, things look set for a longer term reversal to the overarching upside momentum that brought the cryptocurrency market to trade at record highs mid to late December.

We’ve been on the hunt for a couple of coins that might present the best discount buy opportunity at current prices, and we’ve found some.

The two we think are the best bets right now are Monero (XMR) and Ethereum (ETH).

Let’s start with Monero.

This one is currently priced at a little over $293, commanding a market cap of $4.59 billion at that price. It’s down just shy of 8% over the last twenty-four hours and close to 40% on its January 7 highs.

Against a backdrop of this price action, however, which looks decidedly bearish, Monero as an entity has been making strides towards commercial success. The coin has grown to become one of the (if not the) industry gold standard privacy coin, and has gained traction based on its utility as a dark marketplace coin – something that won’t please everyone and that certainly isn’t going to support a long-term upside revaluation, but as a kicker, it’s a nice thing to have in place.

XMR Daily Chart

Anyway, over the last few weeks, one of the Monero team’s biggest names, Riccardo Spagni, has been making the rounds on the crypto circuit, pushing for adoption and preaching as to why Monero can be the next big thing. He’s even got a bit of a bromance going with Litecoin creator Charlie Lee.

We agree with him – Monero can be huge and right now, at the above market cap and a ranking of number 13 against its peers, it looks undervalued.

Next up, Ethereum.

This is sort of an obvious pick but it’s really hard to find a better opportunity in the crypto space right now. Ethereum is currently available at $1128, down 6% on yesterday’s pricing and close to 20% off highs recorded earlier this month.

This is a coin that’s maintained a degree of resistance to the wider industry decline and we think that this resistance demonstrates the difference in utility between ETH and something like BTC, which in turn demonstrates its potential for long-term growth.

ETH Daily Chart

To put this another way, because ETH is more of a utility coin than it is a transaction coin (transaction, that is, in terms of value transfer), sector-wide sentiment isn’t going to have as high an impact on its market capitalization as it might for other coins.

This doesn’t mean it’s immune to crypto industry developments, of course, far from it, but it does mean there’s a degree of risk mitigation associated with a position in Ethereum and – at current levels – there’s a pretty solid reward on offer based on nothing more than a return to the most recent swing high.

We will be updating our subscribers as soon as we know more. For the latest on XMR and ETH, sign up below!

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.

Image courtesy of Ethereum.

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

4 months ago

December 18, 2023

Crispus

Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

4 months ago

December 14, 2023

Crispus

Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

5 months ago

December 6, 2023

Crispus

Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…