The Bitcoin has initially held over 9000 US dollars in the past week. At the end of the week, it fell below this mark in part. Already in the middle of the week the price broke through the 200-day line, which had proved to be a resistance downwards in the previous two weeks. Now it has mutated into resistance to the upside. The death cross formed at the end of October initially proved to be a complete false signal for the Bitcoin. At the end of March 2018 this was the same with the last Death Cross, also here the prices jumped up by 50 percent afterwards. Here is a list of the best altcoin trading sites: https://www.luckycoiner.com/altcoin-trading-sites/.
In the following months they successively crumbled and finally halved. The current situation now shows some astonishing similarities to the course of that time. However, the probability of a price slide of the same magnitude as one and a half years ago also appears to be rather low in view of the halving in May.
Contradictory from the East
While in Russia there are obviously considerations to make crypto currencies confiscable by law, in Ukraine there is a partnership between Binance and the Ministry for Digital Transformation. Ukraine could thus transform itself into a crypto- and blockchain-friendly country. Overall, the environment seems to be getting friendlier again, the cops are coming out of their holes again.
Crypto entrepreneur Bobby Lee, for example, once again made people sit up and take notice. In the wave movement of the Bitcoin, each wave is a bubble that causes the Bitcoin price to rise ten to 20 times higher than the previous high. According to Lee, these waves will bring the Bitcoin to a level of 100,000 to 200,000 dollars in the next few years and ultimately even up to one million dollars. According to Lee, the Bitcoin will outperform gold’s market capitalization. Such optimistic price targets have been heard again and again. Even the Bayerische Landesbank recently described a Bitcoin price of 90,000 dollars as possible over the next few years.
Altcoins continues Outperformer
After the exorbitant price jump of the Bitcoin, the outperformance of the Altcoins turned for a few days. However, this trend, which has been observed since mid-September, is now continuing. Last week, the Bitcoin was around two percent negative. In contrast, almost all large old coins recorded more or less clear plus signs. EOS and Stellar, for example, had two-digit plus signs. Top performer of the largest 20 Altcoins was Tezos with a weekly plus of over 40 percent. Therefore the question arises, which Altcoins could be particularly interesting in the near future.
The Istanbul Hard Fork from Ethereum, which is intended to make the crypto currency more resistant and efficient and has already been postponed three times, is now scheduled for 4 December. Ethereum also benefits from the hype about the Decentralized Finance Apps, which are based on the Ethereum blockchain. Therefore, Ethereum’s relative strength in the crypto market could continue.
Besides Chinese or in Asia popular Coins such as NEO, Ontology, TRON or OmiseGO could belong to the favorites. This is due to the fact that China’s President Xi Jinping has described blockchain technology as an important building block on China’s path to becoming a high-tech superpower. The development of a digital Chinese state currency, which is probably close to market maturity, is also going in this direction.
Although this has nothing to do directly with Bitcoin and Co, the interest of investors has grown by leaps and bounds. The jump in Bitcoin’s share price at the end of October is mainly attributed to this. While the Bitcoin jumped by 40 percent, the Asian Coins partly made even bigger gains. Thus the prices of NEO and Ontology doubled within one day. As with the Bitcoin, they then crumbled again somewhat. If the Bitcoin stimulates the entire crypto market again in the event of a possible rise above 10,000 dollars, these “China Coins” could benefit disproportionately from this.
- Litecoin is often referred to as digital silver and is a Bitcoin spin-off from the year 2011. With the MimbleWimble protocol, it is increasingly focusing on high anonymity and scalability and is thus moving in the direction of privacy coins.
- However, some of the well-known privacy coins such as Monero and Zcash had regulatory problems, which in Japan even led to delistings on the local crypto exchanges.
- After the halving at Litecoin on August 5, the already clearly declining interest of the miners sank further. The Hashrate returned by more than 60 percent.