From new analysis on Bitcoin and the altcoin market to a billion-dollar prediction for Ethereum, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A pair of crypto analysts are warning traders to be cautious as volatility returns.
Veteran trader Tone Vays tells his 88,000 subscribers on YouTube that although BTC has already posted a major correction from its 2019 highs, the daily and weekly charts look mostly neutral, and he’s not convinced that this is the start of a new bull run.
“If I go over to the daily chart so you can see the percentage, we fell 47% from the swing high. That’s pretty damn good. That’s good. Am I convinced that the sub bear market within the big bear market is over? No. I’d rather be cautious…
I would not be trading right now. I know there’s a lot of volatility. I know everybody wants to trade. But right now, this thing could be in a bull market and still pull back to the $8,500 range. This also could have been bullshit and we’re still going to make new lows.”
Meanwhile, a crypto analyst known as Satoshi Flipper says China-based altcoins are poised for a major pullback.
Flipper tells his 39,000 followers on Twitter that he expects coins like NEO, which rallied from about $7.00 on Friday to a high of $12.98 on Saturday, to fall at least 20%.
“All this talk about buying Chinese coins is silly.
They are pumping because smarter traders are playing with the emotions of not so smart traders.
Next few days, I suspect they will all be down 20%. If you’re scalping or day trading, just enjoy the trend.”
NEO has already pulled back from its Saturday high and is now at $10.74, according to CoinMarketCap.
Ripple and XRP
The XRP army is buzzing over a new commercial from Ripple partner and international payment platform TransferGo.
The commercial touts TransferGo’s cheap, affordable and fast transfer speeds and features a “Runs on Ripple” logo at the end.
Although TransferGo is not using XRP, the company’s CEO Daumantas Dvilinskas says it is exploring the use of the digital asset.
Ethereum
Ethereum’s upcoming switch from proof-of-work to proof-of-stake will create billions of dollars in rewards, according to a new report from Binance Research.
Proof-of-stake replaces Bitcoin’s proof-of-work mining structure, allowing ETH holders to “stake” their coins to gain trust, validate transactions and earn rewards.
Reports Binance Research,
“Currently, staking accounts for $8 billion in crypto activity, and $15.4 billion of all crypto tokens can be staked. Staking happens in many prominent crypto platforms, like Binance Staking, and is an increasingly popular activity.
Binance Research estimates that the volume of staking activity will more than double once Ethereum, the second-biggest cryptocurrency in the world, introduces staking.”