Crypto Trader Marks Bitcoin (BTC) Bottom, Says Pain Isn’t Over Yet – Plus XRP, Ripple, EOS, Cardano Updates
From new analysis on the price of Bitcoin to an update on the EOS vs. Cardano debate, here’s a look at some of the stories breaking in the world of crypto.
A crypto analyst known in the industry as The Cryptomist says a key indicator suggests Bitcoin may be poised for a temporary turnaround.
In a series of tweets, the analyst tells 42,800 followers on Twitter that Bitcoin’s relative strength indicator suggests bulls will regain control for a short while before the leading crypto tumbles to a target of $7,100.
“Don’t think it will be long until bulls in the short term take the wheel as RSI on various time frames look bottomed! I do think this will be short term, before further descend towards a final touch of wedge support.
Seeing on my timeline, a lot of trash talking for those calling for $7***. Meanwhile, I have been calling $7.1k since last month… Awkward.”
At time of publishing, Bitcoin is down 0.52% at $8,219, according to CoinMarketCap.
Ripple and XRP
Ripple co-founder Chris Larsen says he thinks digital assets like XRP will play a major role in the movement of money around the world.
In an extended interview on The Ripple Drop, Larsen talks about the role of digital assets in the economy and the regulatory environment that needs to exist in order to move blockchain and crypto forward.
“Digital assets, which of course are impossible unless you have a blockchain, those currencies are going to be extremely important for reducing liquidity costs and sort of just greasing the wheels of how all of these other things of value [move].
The dollar, yen, RMB, the euro, are always going to, in my opinion, be the dominant currencies of the world. But they need a digital asset to enable that easy translation from one thing of value to another thing of value. So we think [crypto assets] supplement the global economy in key ways…
The key thing is regulatory clarity. That’s the part that unfortunately I think is missing in the US market right now. It’s still too confusing. It’s too inconsistent. And there are just too many question marks. And that really hurts innovation because the funders of these technologies kind of hold back. The innovators hold back or worse, they go to another place.”
EOS and Cardano
Weiss Ratings, a private company that offers market research and analysis on stocks, ETFs, mutual funds, banks, credit unions and cryptocurrency, just completed its multi-day tweetstorm on EOS vs. Cardano.
Here’s a look at the firm’s comparison of the two smart contract platforms.
“Cardano is clearly superior to EOS. EOS was first to market, but it’s becoming increasingly clear that of the two, Cardano is vastly superior. More details on this in subsequent tweets…
Not only does EOS have problems with centralization, but lately, the network has also been unable to process any transactions for anyone who doesn’t have a substantial amount of EOS locked up and staked. This is a result of EOS trying to go with a feeless structure.
It reintroduced fees by introducing REX, which is also broken and stuck at maximum capacity. And we’re just scraping the surface here.
Here’s why Cardano is superior: none of these things would’ve happened if EOS took its time and did its research. When new features roll out in Cardano, they’re thoroughly tested, so you can be sure they’ll work with no unintended consequences.
Research is king in crypto, and very few are doing it.”
You can check out the full series of tweets here.