Crypto Whales Driving Huge Bitcoin (BTC) Rally, Says Analyst – Plus Ripple and XRP, Ethereum, Litecoin, Stellar, Tron
From a new take on what’s driving the price of Bitcoin to a big investment at Ripple, here’s a look at some of the stories breaking in the world of crypto.
A leading crypto analyst and economist says a small number of traders with deep pockets are pushing the price of Bitcoin higher. According to Alex Krüger, an analysis of volume, price action and other factors points to strategic buying of BTC in large amounts.
What drove $BTC up this week?
A handful of large players, that started buying in waves. Systematic buying.
Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.
Not retail driven.
— Alex Krüger (@krugermacro) May 12, 2019
Krüger’s analysis echoes findings on the cause of Bitcoin’s initial surge in 2019, which began on April 2nd when BTC suddenly jumped from $4,200 to more than $5,000 in the span of about an hour.
At that time, crypto market maker Cumberland reported a burst of 13 Bitcoin bids on BitMEX worth more than $4.9 million each, all traded in less than an hour, starting after midnight on April 2nd. The CEO of cryptocurrency firm BCB Group also called out a trio of simultaneous orders that purchased a total of $100 million worth of BTC, executed on three separate crypto exchanges on April 2nd.
Meanwhile, in a new note to clients, Circle CEO Jeremy Allaire says Bitcoin’s recent rally is linked to strong fundamentals and major new institutional players in the space – i.e. Fidelity – reports CNBC.
“Crypto fundamentals have been strong and building since early this year, when it was clear that we were oversold, and the continued parade of positive news and new retail and institutional offerings launching are firmly behind this bull market move.”
Ethereum co-founder and founder of ConsenSys Joseph Lubin says Ethereum is poised to scale dramatically.
According to Lubin, Ethereum 2.0 will allow the leading smart contract platform to process 1,000x more transactions than it can currently handle. The upgrade is set to launch in 18 to 24 months. Lubin tells Cointelegraph a fully operational test version could be up and running by the end of the year.
“In a small number of months, we should have a fully operational testnet, and possibly by the end of this year we’ll have a fully operational phase 0 Ethereum 2.0.”
Ripple and XRP
Meanwhile, Coinbase says XRP is now available in the Big Apple. New Yorkers can now buy and sell the digital asset on iOS, Android and at Coinbase.com.
XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on https://t.co/bCG11KMQ6s or using our iOS and Android apps.https://t.co/5VE1WklrWo pic.twitter.com/Zp5odgaoHs
— Coinbase (@coinbase) May 13, 2019
The Litecoin Foundation says it’s bringing LTC back into the ring at Glory 65 on Friday. Back in December, the Foundation became an official sponsor for the UFC match between the 31-year-old champion Jon Jones and the 31-year-old challenger Alexander Gustafsson.
This Friday Litecoin gets in the ring at #GLORY65. Tune in and support this awesome organization that is quickly taking the combat sports world by storm and making Litecoin a part of their push! https://t.co/q7gZhgoSuf @GLORY_WS @ufcfightpass pic.twitter.com/wg215fivLu
— Litecoin Foundation (@LTCFoundation) May 13, 2019
The Stellar-based decentralized exchange StellarX says it’s about to launch on iOS and Android.
StellarX gives users the ability to send euros, yuan, pounds, dollars and other fiat currencies via ACH transactions that can then be traded for crypto.
— StellarX (@stellarxhq) May 13, 2019
Tron’s latest overview on the network’s decentralized app (DApp) ecosystem is out. According to the report, 24 new games are now live on the network.