Surprisingly, it can be said that the first Altcoins season of 2018 has begun. Since the beginning of the bear market, the Alts plunged alongside Bitcoin. But, during the last two weeks, we witnessed an increase in the value in many coins. Bitcoin also had a positive story to tell us this week with a nearly 20% rise. Have we seen the floor? It is still too early to say.
However, we should remember that most of the trading is conducted against the Bitcoin and entering crypto trading usually requires buying Bitcoin.
Therefore, the value of Bitcoin increases when the demand for Alts increases and vice versa. Although one can enter the market using other currencies such as Ethereum, Bitcoin is still the most accessible for the public and takes up about 41% of the total market cap, which gives its investors confidence.
ICOs have shown to be relevant and interesting also during 2018. By comparison, during 2017 we had 514 ICOs and we have not been through four months yet and we have already seen 324 ICOs in 2018. More stats on this can be found here.
Despite the gains, we must not forget that crypto markets are still very volatile and a deep crash can occur any minute, as in the case of XVG, which rose in value and corrected sharply immediately afterward, classic “sell the news” event.
Crypto Worldwide News
Ex-Goldman Sachs Economist: Bitcoin Is Response to World Debt Bubble As part of a series of tweets posted on April 10th, Ex Goldman Sach’s economist Brendan Bernstein decried persisting claims that bitcoin has ever been in a bubble.
JP Morgan Gets Sued for Bitcoin Fraud JP Morgan is getting sued on allegations of tacking “unannounced layers of fees plus interest” to cryptocurrency investors.
Blockchain dreams do come true: A big Spanish bank’s customers can now use it to transfer money Santander, a major bank in Spain has a launched its distributed ledger technology that makes bitcoin possible for international payments of fiat currency.
Yahoo Japan To Officially Buy 40% Stake In Japanese Crypto Exchange, BitARG The Japanese crypto exchange BitARG announced that Yahoo Japan is buying a 40% stake in the exchange that will cost between 2 to 3 billion yen.
Bank of England Governor Admits ‘cryptocurrency Not a Risk’ The governor of the Bank of England, Mark Carney, stated that cryptocurrencies do not pose a risk to the global financial ecosystem.
Cryptocurrency declared Halal under Islamic law – Bitcoin [BTC] market opens to 1.6 billion Muslims An Islamic scholar declared bitcoin permissible under Sharia (Islamic) law, which could open to the market up to 1.6 billion Muslims around the world.
Pornhub Website Accepts Cryptocurrency as Payment Pornhub, one of the largest adult entertainment websites in the world has adopted the cryptocurrency Verge as a form of payment.
Japan Has Become a Cryptocurrency Haven, Multi-Billion Dollar Firms Launch Exchanges Japan has become a hub of crypto activity with multi-billion dollar investments from large crypto companies to launch exchanges.
Coinbase is buying Earn.com for about $100 million in a deal that is mostly about one key hire Coinbase has acquired Earn.com, a portal that allows people to make money by completing surveys and doing other tasks.
NFC and the Lightning Network Could Make Bitcoin Payments Practical Again The continued development of bitcoin’s lightning network could make the network profitable once again.
Report: Less Than 1% of Bitcoin Used for Illegal Purposes The foundation for Defence of Democracies released a report that found less than one percent of Bitcoin is used for illegal purposes.
As in the previous update, Bitcoin’s upward trend has continued since July 2017 (Green Line). Last week, we saw a sharp increase towards 8400$, and we returned to the pattern beginning early March by which support areas are around 7,300$. Resistance levels in this range are at 8300$.
Following Bitcoin, Ethereum also had a positive week against the dollar. The floor has been around 360$ and last week we saw an increase in value from the resistance areas at 400$ to 537$. Resistance lies around 540$ and support is around 490$.
Against the Bitcoin, we saw a strange “Flash Crash” in Poloniex exchange of around 20% drop and a quick correction. Currently trading around 0.063BTC. Resistance at 0.064-66 BTC and in this range support lies at 0.06 BTC.
Against the dollar, in the previous update we marked a triangle on the chart and it appears that the price broke the descending line, but it still does not indicate a significant change in trend since it is a daily graph and it seems that the bottom floor is not far off. Traded around 839$, resistance at 1,000$ and support is being built around 750$.
Against the Bitcoin, support held up around 0.09BTC and on the last day we saw a nice 7% rise, resistance level lies at 0.107.
Two weeks of gains since the downward trend against Bitcoin has ended. In the weekly graph we can see a reversal trend and a higher low. Are we on the way to visit the resistance zones around the 80 SAT? Support lies around 55SAT.
Against the dollar, It seems to be that that the bottom support we have marked in our graph managed to hold so far in the range of around 110$ (marked with a light blue rectangle). Last week we saw a nice upward trend, following Bitcoin. Resistance in this range is at 140$ and support around 125$.
Against Bitcoin, a double bottom is forming at 0.0155 BTC, where support is. Resistance lies at 0.0105 BTC.
The trading volume dropped significantly and the price of Ark had stabilized. Against Bitcoin the price met the support level (marked with a blue rectangle) and since then there has been a failed attempt to break the downward trend. So far we did not return to the low rates that were in the past, hence it appears to be a sign of a rising trend. Traded around 0.00033BTC resistance at 0.0004BTC and support is at 0.00028BTC.
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