Ripple Continues to Rebound, While Most Major Cryptocurrencies See Mild Wave of Red.
By Helen Partz.
Saturday, Nov. 17: crypto markets have seen another mild decline, with losses across the top 20 coins by market cap reaching 4 percent over the past 24 hours.
In contrast, Ripple (XRP), which is still holding strong as the second coin by market cap, continues to see sufficient gains as of press time, according to data from Coin360.
After seeing a small rebound yesterday, the largest cryptocurrency Bitcoin (BTC) is very slightly down over the past 24 hours. As of press time, Bitcoin is down less than 1 percent on the day and trading at $5,560. The major cryptocurrency has seen some volatility during the day, with its price declining to as low as $5,490, while its intraday high reached $,5,616.
According to Bloomberg's research arm Bloomberg Intelligence, the cryptocurrency market “drama” is “just starting,” with analysts predicting that Bitcoin’s price would take a further dip to as low as $1,500. Such a decline would mean a 70 percent drop from current market levels, while Bitcoin has already lost more than 60 percent of its value over the year.
Ripple, which overtook Ethereum (ETH) in terms of market share on Thursday, Nov. 15, continues to hold its place as the top altcoin, with a market cap of $19.9 billion, while Ethereum’s market cap amounts to about $18 billion.
Ripple is also the leader in terms of daily performance, with its price up almost 6 percent to trade around $0.49. The coin is, however, still well below its price point of $0.52 before the market dip Nov. 14.
Wall Street's crypto bull Tom Lee slashes year-end bitcoin price forecast nearly in half.
———————————— Fundstrat's Tom Lee is lowering his bitcoin price target to $15,000 from $25,000.
A key driver for the year-end revision was bitcoin's "break-even" point, the level at which mining costs match the trading price.
"While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism," says Lee. "But we believe the negative swing in sentiment is much worse than the fundamental implications."
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Wall Street's best-known cryptocurrency bull just cut his bitcoin price target nearly in half.
Tom Lee, co-founder of Fundstrat Global Advisors, lowered his year-end target to $15,000 from $25,000 — still well above where the cryptocurrency was trading on Friday.
A key driver was bitcoin's "break-even" point, the level at which mining costs match the trading price. That level is down to $7,000 from an earlier estimate of $8,000 for the S9 mining machine by Bitmain, according to Fundstrat's data science team. Based on that, Lee estimates that fair value for bitcoin would be roughly 2.2 times the new $7,000 break-even price.
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Coinbase Custody Announces Support for Ripple’s XRP
by Alex Tomzack November 17
As declared a month earlier [Oct 15th] by Coinbase Custody, it has officially added RippleLabs’ speedy coin XRP support for the custodian services.
With the target towards institutional investors-custodian services, the project condition before a user or group/firm is welcomed as a user/client is a minimum virtual asset holding of $10 mil and a in-detail research process.
Beginning of August, the Coinbase Custody storage service made an announcement that it was exploring a range of new digital assets – as posted on their blog.
”Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.”
The team at Coinbase Custody went on to explain to their users that they might see public-facing APIs and other signs that indicate they are conducting engineering works to support these new digital assets. This however will not be an indication of 100% commitment of adding the digital assets and they will provide updates to their customers about the process and what to expect via their Twitter page.
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Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, DASH: Price Analysis, Nov. 16
by Rakesh Upadhyay.
Bitcoin saw its third worst drop of 2018 on Nov. 14, as it broke down to new year-to-date lows. In doing so, it broke through the critical support of $5,900, which had held throughout the year. Prior to the breakdown, Bitcoin had entered a period of low volatility not seen in years.
We were expecting the resolution of the tight range in cryptocurrencies to be to the upside, hence, our bias was on the long side. However, with the fall, the technical picture has weakened, and our assumption was proven wrong. We need to reassess our strategy in this new backdrop.
So, what should traders do?
A new year-to-date low shows weakness, hence, long positions should not be initiated until a bottom is confirmed. As the RSI is deep in the oversold territory, a short position is also not advisable, because a sharp pullback can occur at any time. Due to the uncertainty, it is best to sit out and wait for a few days.
Ripple is showing considerable strength and is well above its year-to-date lows. In fact it did not even fall to its first major support at $0.37185 in the recent carnage, which shows strength.
The bulls are trying to keep Ethereum above the year-to-date lows of $167.32 from Sept. 12. On Nov. 15, the price dipped to a low of $171.36, where buying emerged.
Stellar continues to trade inside the ascending channel. However, its intraday low of $0.21494424 on Nov.15 triggered our suggested stop loss of $0.22. For the past two days, the bulls have bought aggressively on sharp dips, which is a positive sign. This shows that the buyers are using lower prices to add to their position.
Read more here.
If you follow the crypto market at all you already know the bear has been hugging us all year, and, despite a few fluctuations, not just Ripple’s XRP, value for most tokens has been going steadily down since last December. We all know that every market alternates between bullish and bearish runs, which means that the current bearish trend is bound to finish. It’s just that we don’t know when that will happen.
What do you think?