Crypto Analyst Says Bitcoin (BTC) Back on Track to $100K – Plus Ripple, XRP, Litecoin, Ethereum Updates
From Bitcoin’s stock-to-flow ratio to a new proposal from the creator of Ethereum, here’s a look at some of the stories breaking in the world of crypto.
After nearly running off course, the popular crypto analyst PlanB says Bitcoin is back on track to hit $100,000.
The analyst, whose Bitcoin projections have made it all the way to CNBC, says BTC’s stock-to-flow ratio shows the leading cryptocurrency right on target after nearly running into a ditch.
— PlanB (@100trillionUSD) October 25, 2019
On Thursday, before the start of Bitcoin’s big rally, PlanB retweeted analysis from fellow Bitcoiner Rob Wolfram, who said BTC came “within one standard error of his stock to flow model.”
Stock-to-flow measures the amount of new supply that’s entering the market for a given asset against its current available supply. It’s often used to gauge the future price of precious metals like gold.
In the short term, Ched’s Trading, known as Big Cheds on Twitter, tells his 74,000 followers that Bitcoin is fighting to hold its 8-day exponential moving average – a sign that it may soon pull back.
— Big Cheds (@BigCheds) October 27, 2019
Ripple and XRP
The CEO of Xago, a newly launched XRP-exclusive crypto exchange in Africa, says his team is big on Bitcoin, but thinks XRP is the best digital asset for payments.
In an interview with NewsLogical, Jurgen Kuhnel says,
“We love Bitcoin and also love what Bitcoin stands for, but for retail payments Bitcoin in its current form is not suited to the task. The purpose of our exchange is to build liquidity for XRP in the countries we will be expanding to.”
Xago utilizes RippleNet, a decentralized network of financial institutions that use Ripple’s payments technology. The platform is also directly integrated with the XRP Ledger.
Crypto enthusiasts are telling Ethereum creator Vitalik Buterin that they don’t want the blockchain to be able to reverse transactions.
In a new poll on Twitter, 63% of respondents say it’s “never ok” to wind back the clock and undo transactions.
Suppose a popular smart contract wallet that a large portion of the ETH community uses gets hacked. This could be reverted by reverting all chain activity since the hack and doing a DAO-style HF to recover the funds. How much ETH must be at stake for you to support this?
— Vitalik Non-giver of Ether (@VitalikButerin) October 25, 2019
Litecoin creator Charlie Lee just sat down for an interview with Real Vision.
The discussion centers on Lee’s background, how he created LTC, and the impact crypto assets can have on global finance.