Crypto Analyst Says Bitcoin (BTC) Indicator Signals 617% Altcoin Rally – Plus Ripple and XRP, Ethereum, Litecoin, Cardano, Tron, NEO
From the potential for a new altcoin bull run to a big push for the future of Ethereum, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin vs. Altcoins
Crypto analyst Nik Patel says a comparison between Bitcoin’s price history and the ebb and flow of altcoins indicates BTC’s momentum may be slowing down and setting the stage for a major altcoin rally.
Patel told his 71,000 followers on Twitter that BTC’s big rally in 2019 has pushed altcoins into new yearly lows in their ratios against BTC. When those ratios corrected over the last five bull cycles, Patel says average growth for altcoins was 617%.
Couple of fun facts:
– Of the previous 4 ALTBTC bear cycles, the average drawdown has been 69.7%. The current drawdown of this ALTBTC bear cycle is 66.5%.
– The average growth experienced across the past 5 ALTBTC bull cycles was 617%.
— Nik Patel (@cointradernik) May 14, 2019
Fellow analyst DonAlt has a similar outlook, telling his crew of 95,000 he expects altcoins to play catch up once Bitcoin’s surge cools off.
To all the people trying to snipe the Bitcoin top by shorting it:
Have you thought about longing altcoins instead? They've been / are capitulating and will very likely explode the moment BTC tops out.
There is more money in that than shorting BTC in my opinion.
— DonAlt (@CryptoDonAlt) May 11, 2019
Max Keiser’s crypto venture capital firm Heisenberg Capital is not on the same page.
The firm, which has invested in a number of leading crypto companies including Bitpay, Kraken, ShapeShift and Bitfinex, says that in the long run Bitcoin will rise to $100,000 at the expense of all other competing crypto assets.
Ethereum
Ethereum creator Vitalik Buterin and ConsenSys founder Joe Lubin are donating 1,000 ETH each to MolochDAO, reports CoinDesk.
MolochDAO is a crowdfunding platform designed to support projects working on Ethereum’s infrastructure and the creation of Ethereum 2.0.
Ripple and XRP
Crypto enthusiast Hodor has published a detailed overview of a number of recent developments for Ripple and XRP.
The highlights include XRP’s addition to the payment platform NowPayments and a comparison between Ripple, Swift and JPM Coin from payment research firm FXC Intelligence.
Litecoin
The Litecoin Foundation has published an overview on how crypto users can keep their LTC and other digital assets safe, including a look at hot and cold wallets, hardware wallets, paper wallets and how to recover lost funds.
The basics of cryptocurrency security, storage, and recovery ⚡️💪🔐https://t.co/1CDCflhWqN @theliteschool #Litecoin #Bitcoin pic.twitter.com/tIV8noszFO
— Litecoin Foundation (@LTCFoundation) May 13, 2019
Cardano
In an interview at Consensus 2019, Cardano creator Hoskinson offers his critique of the conference and talks about the shift in the crypto space since last year.
“I think there’s a lot more diversity in the space, and there’s a pivot to Asia and Europe. And the US is certainly an important market, but it’s not the only market in the cryptocurrency space.”
What's up @coindesk? It is about time you invite @IOHK_Charles to speak at #Consensus! We caught up with the @Cardano co-founder, who other than joking about being snubbed also talked about how #blockchain can change the world and a whole lot more. https://t.co/dTMWw06r7B pic.twitter.com/9pBpMiSDEx
— BLOCKTV (@BLOCKTVnews) May 14, 2019
Hoskinson also talks about his recent trip to Mongolia and says the country has the potential to launch several blockchain pilots. You can check out the full interview here.
Tron
Justin Sun says Tron’s integration with the file-sharing platform BitTorrent will go live in the second quarter of 2019.
Tron bought BitTorrent last year for more than $100 million, and plans to use BitTorrent Token (BTT), a Tron-based digital asset, to reward users who share files on the platform.
#BitTorrent is launching on #TRON in Q2. Glad to also announce another tech giant with hundreds of millions of users will be enabling #TRON ecosys in Q2 as well. Guess who? To be revealed soon on #Consensus2019
— Justin Sun (@justinsuntron) May 13, 2019
NEO
The team at NEO says it’s launching a new $100-million push to promote adoption on the smart contract platform.
The NEOEcoBoost fund will go toward developers and entrepreneurs looking to build on NEO.
Da: We are exhilarated to unveil #NEOEcoBoost $100M funding into NEO's ecosystem! The goal is to activate seed proj, support dApps growth, further dvlp infrastructure & bolster institutional collab. NEOEcoBoost extends beyond funding to tech support, community synergy & promotion pic.twitter.com/G9P8xnpwVo
— NEO Smart Economy (@NEO_Blockchain) May 14, 2019
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