In today’s article we talk about Bitcoin hitting $9.6K as bullish sentiment has returned. XRP isn’t exciting crypto Traders this year, and three reasons why DeFi tokens are outperforming Bitcoin. We also go over the current top cryptocurrency prices as well as a brief analysis on bitcoin to see where it’s going to go in the future. So sit back, relax and enjoy the show.
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The current prices of Bitcoin is at $9,628.00 up 2.43%
The current prices of Ethereum is at $241.86 up 2.95%
The current prices of EOS is at $2.57 up 0.35%
The current prices of Litecoin is at $43.00 up 0.53%
The current prices of XRP is at $0.188641 up 0.28%
As always this publication is sponsored by CoinCasso cryptocurrency exchange. So if you’re unsatisfied with your crypto currency exchange, like Coinbase that crashes every single time that the price drops or goes up, consider checking out CoinCasso in the link.
Now let’s jump into Tradingview and do a little bit of analysis on Bitcoins price. As you can see here from about June 11th. We’ve been literally trading sideways on this $9,300 line with a few moves up and down but not too dramatic.
In the last 24 hours. However, we did see a really nice Spike up to $9,800 but immediately dropped back down and sitting at about that $9,600 Mark right now.
Now for those of you that are crypto beginners, I want to explain how candles work really quickly.
The reason I would not expect this to go up any further as we are seeing a quick downtrend right here because this huge Candlestick this bottom part is where the price opened and it shot all the way up to about 9,800, but then the Bears came in and rejected the price pushing it back down and having it closed at about 9600 to 9400.
So this long Wick means this is a very bearish Candlestick and as you can see when the next Candlestick opened up the Bulls Tried to push it up a little bit higher. But again, the Bears rejected it pushing it back down to this 9648 level.
Then again the Bears kept pushing it down. This is why this is considered a bearish Candlestick because the price went up and then the Bears rejected it pushing the price back down and now we are seeing a downwards Trend.
Also, if you look at the RSI right here, you can see it actually broke above the threshold meaning that it’s actually over bought, causing the price to drop back down.
Bitcoin’s price is rallying and traders also increasingly see investment opportunities on the Ethereum network.
Bitcoin (BTC) was trading around $9,563 as of 20:00 UTC (4 p.m. ET), gaining 2.5% over the previous 24 hours.
At 00:00 UTC on Monday (8:00 p.m. Sunday ET), bitcoin was changing hands around $9,298 on spot exchanges such as Coinbase. It began making gains around that time, appreciating 3% to over $9,600. The price is now well above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Despite the pop Monday, Van Huis continues to expect selling pressure to affect the bitcoin market due to competition in the mining sector. “If we start to make a move up, it could really be interesting as the race for mining equipment comes into focus. This will play into access to financing or sale of bitcoin to cover new costs,” he said.
XRP, the fourth-biggest digital asset by market value, has been left out of 2020’s rally in cryptocurrencies, marking the second straight year of underperformance compared with its larger and more popular rivals, bitcoin and ether.
The token is down 2% in 2020, while bitcoin is up 30% and ether, the native token from the Ethereum blockchain, has gained 76%.
Cryptocurrency analysts and investors say XRP is likely underperforming this year because of regulatory pressure, slow growth as a payments solution and a lack of classic proof-of-work mining that generates fresh supply for the trading market. Such negatives have outweighed bullish factors that include a reduced pace of sales by the XRP software developer Ripple and signs of progress in a partnership with the payments transmitter MoneyGram (NASDAQ: MGI).
“Even throughout this most recent bull crypto market run, there has rarely ever been anyone discussing XRP,” said Jack Tan, managing partner at Taiwan-based trading firm Kronos Research, told CoinDesk in a Telegram chat.
XRP’s lagging returns follow an abysmal 2019, when the price fell 45% while bitcoin more than doubled. The token’s share of the overall digital-asset market capitalization has tumbled to 3%, from 12% early last year, according to metrics compiled by TradingView.
Decentralized Finance (DeFi) has been a rapidly growing sector in the crypto space and although the volume of the DeFi ecosystem yet to surpass that of the general crypto market, the new way of lending and saving has garnered positive media coverage and “praise”.
DeFi shows great promise and the market is starting to reflect this, as many DeFi-based tokens have been pumping strongly in 2020, with some tokens showing gains above 60% in the past 5 days.
According to a report provided to Delphi Digital’s clients, tokens for popular apps in the DeFi space have been showing great gains in the long and short terms periods. For example, Aave, a London-based DeFi lending platform, strongly outperformed Bitcoin this week with a 66.46% gain over the past week. MakerDAO, another popular DeFi-based token, also gained 25.60% in the last week.
Decentralized exchange (DEX) tokens like Kyber, Loopring and Bancor prices have also risen by double-digits. Although this general growth in the DeFi space comes with thin trading volume when compared to Bitcoin’s (BTC) daily trading volume, it still begs the question, what is making these assets’ prices rally in such an accentuated way?
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