Bitcoin and Crypto Markets
A key technical indicator suggests Bitcoin (BTC) has entered its longest buying streak since July.
According to a new report from Bloomberg, the GTI VERA Convergence Divergence indicator shows the price of BTC may continue to increase in the short term.
The GTI VERA Convergence Divergence is designed to identify market reversals and exhaustion. It utilizes typical Moving Average Convergence Divergence (MACD) and looks to remove excess noise, using a proprietary theory called Volatility Explosion Relatively Adjusted (VERA).
Senior Bloomberg intelligence analyst Mike McGlone says the bump may be tied to the new year. He expects the potential rally to be short-lived.
“The reduction of that selling is a good reason for the bounce. Now is about the duration of the bounce before resuming what is likely a longer-term bear market.”
EToro senior market analyst Matti Greenspan says he sees a lot of upside in the current price of BTC overall.
“Usually the best thing to do is to buy low and sell high. So if we are going by technical analysis we can very easily see on the chart that we are much closer to the bottom than we are to the top.”
XRP
XRP’s expansion as a base pair continues into the new year. Singapore-based crypto exchange Bitrue is adding five new XRP-based pairs: Tron, Stellar, NEO, GAS and OmiseGo.
XRP is already paired with Bitcoin Cash, Ethereum Classic, Gemini Dollar, Kyber Network, Chainlink, Litecoin, Gifto, Paxos, QuarkChain, TrueUSD, Bee Token, Wanchain, Waltonchain and 0x.
Tron
Tron’s head of protocol says the platform’s development team has grown exponentially.
According to Marcus Zhao, Tron had just two dedicated engineers nine months ago – a number that has now increased to 40.
“They mostly come from prestigious internet companies such as Alibaba and Baidu. At the very beginning, which is eight, nine months ago, our team only had two people…
Our team also broke down into three smaller groups, underlying architecture team, algorithm team and virtual machine and smart contract team. Since then, we’ve seen a big leap in the quality of our code and our public chain is becoming more stable each day.”
Zhao says the platform’s main focus is centered on increasing speed, scalability and creating a thriving network of decentralized applications (DApps).
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