Crypto Analyst: Bitcoin (BTC) Whales in Heavy Accumulation Mode – Plus Ripple and XRP, Ethereum, Litecoin, Cardano, Tron, Maker
From major Bitcoin accumulation to a big step forward in the development of Ethereum 2.0, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Adamant Research partner and crypto researcher Tuur Demeester is expanding on his company’s recent report that says Bitcoin traders are in heavy accumulation mode. He predicts a new BTC bull run will push the coin’s market cap into the trillions.
According to the report, an analysis of blockchain data shows Bitcoin whales are accumulating BTC. The leading crypto asset’s price history parallels the 2014-2015 bear market, which preceded Bitcoin’s eventual rise to nearly $20,000.
In a new interview on What Bitcoin Did, Demeester talks about the report and why he believes Bitcoin is significantly undervalued.
“With Bitcoin, I think a big misconception is that the purpose of Bitcoin is payments. And so the way we measure success is by looking at what volume in payments is being done. And even though I don’t think that’s totally worthless to look at it that way, I think you miss a lot if you don’t look at Bitcoin as digital gold. Which is quite different.
It means that it’s being used as a store of value and the longer you hold it, the more you’re expressing your desire to make use of that function. And you can measure that in Bitcoin. And that’s why when you said the word ‘whale’, that’s what I think of. It doesn’t mean this individual has a lot of Bitcoin necessary. But just the fact that there’s evidence that they’ve held onto it for a long time, that becomes more and more meaningful.
So you can measure moves in altcoins on the blockchain. And so based on that, you can see that every time the previous all-time high is achieved again, that’s when Bitcoin whales in the aggregate start dishoarding. It doesn’t mean they sell all their coins, but they start selling coins… And so when whales’ selling is exhausted, what needs to happen is sufficient new demand to come in to create a bottom in the market.”
Ethereum
Ethereum scaling solution developer Prysmatic Labs just launched its Ethereum 2.0 testnet.
“Over the past months we’ve been preparing extensively, working every single day to deliver a public testnet for Ethereum 2.0’s proof of stake beacon chain to the community. We have it, it’s live, and you can stake! This is a non-trivial, critical step to take this technology to the next level, and we need you to be a part of it…
Our next step is to launch v0.6 of the official Ethereum 2.0 specification into our testnet. This is a massive improvement, as the research team aims to freeze the spec by June and have something that will represent a more polished version for mainnet release. Our short-term goal is to continue improving our testnet while picking up the pace on v0.6 faster in parallel within our team.”
Ripple and XRP
The latest edition of The Ripple Drop is out.
In this episode from Ripple Regionals in Dubai, Ripple’s global head of infrastructure innovation Dilip Rao talks about the company’s engagement with central banks, while the chief transformation officer of Al Ahli Bank of Kuwait shows off the bank’s RippleNet powered mobile app.
Litecoin
A new episode of The Lite Podcast has been released.
The podcast features an interview with BTCPay’s Britt Kelly, and looks at the challenges that come with creating open source crypto projects and merchant solutions for retailers.
Cardano
IOHK, the company behind Cardano, says an updated roadmap is coming. In a new blog post, the team says it will be released in a month or less.
“We are working on a redesign of the Cardano roadmap website that will do a better job describing our upcoming release phases, with themes and detailed functional components for each. You can expect to see it live in 2-4 weeks, with more content added over time. Aligned with the keynote speech from CEO Charles Hoskinson at the recent IOHK Summit, the new roadmap site will provide a clear definition of delivery phases, how they fit together, and what we’ll deliver when.”
Read the latest blog post on Cardano 2020: delivering on the vision –
New roadmap, product demos, and regular updates will highlight progress, check it out here: https://t.co/wAzQe76EkW #Cardano #cardanocommunity #blockchain pic.twitter.com/XTPe2w1Kex— Input Output (@InputOutputHK) May 7, 2019
Tron
Tron founder Justin Sun is making a bold prediction. Sun says his platform’s native cryptocurrency TRX will return to the top 10 coins by market cap this year.
#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let's wait and see! #BTT $BTT $TRX #TRX
— Justin Sun (@justinsuntron) May 7, 2019
TRX is currently number 11 on the list behind Cardano, according to CoinMarketCap.
Maker
The team at Maker says a major update is coming after the discovery of a critical vulnerability in the platform. A detailed description of the issue will be revealed once the fix has been implemented.
“You are not in danger of losing your MKR if you own one of the ~190 addresses who have staked MKR in the current MakerDAO Governance Voting Contract, but you are advised to move your MKR out of the old contract and back into your personal wallet immediately.”
In collaboration with @coinbase & @ZeppelinOrg we've engaged in a 2nd round of audits of the Voting Contract. During the process, we discovered the need to post a critical update, which is now live.
If you have $MKR in the old contract, pls take action: https://t.co/zY5IKReVXy
— Maker (@MakerDAO) May 6, 2019
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