Cryptocurrencies are in the spotlight again, as the pandemic exposed the weaknesses of today’s financial system, prompting retail and institutional investors to look for Store of Value (SOV), as well as high-yielding assets. The ongoing discussions about the need for digitalization in the context of lockdowns and the surging unemployment levels across many countries have stressed the need for decentralized and safe money along with better investment options. You can get a digital wallet bitcoin wallet like Bitamp.
Crypto assets are booming thanks to their unique characteristics related to decentralization, security, and immutability. Bitcoin skyrocketed well above its 2017 high, while DeFi tokens have consolidated as an independent crypto asset class. The new conditions attract many retail investors and traders that interact with cryptocurrencies for the first time.
Many novice investors are probably wondering whether it’s too late to join the crypto trend since Bitcoin is trading near $50,000. The truth is that there are many investment opportunities besides Bitcoin.
To that effect, we’ve compiled a shortlist of key aspects that will help you understand how to start trading cryptocurrency:
#1 Crypto Asset Categories
To begin with, cryptocurrency is a vague term today, as there are many types of digital assets. Learning about the different categories of cryptocurrencies will help you better understand what is best for you in terms of investment opportunities.
In general, you should know that cryptocurrency usually refers to a digital coin that has its own standalone blockchain and is meant to be used for payments and transfers. Elsewhere, a token is a digital asset with wider functionality that is built on top of an existing blockchain. For example, the overwhelming majority of tokens today are developed on Ethereum, which provides the so-called ERC-20 standard to facilitate token creation.
That being said, here are the main categories of crypto assets:
Cryptocurrencies — this group includes digital currencies built on public blockchains. The most illustrative example is Bitcoin, which is the oldest and by far the largest cryptocurrency by market capitalization. Other examples are Litecoin, Ripple, Stellar, and Bitcoin cash. There is a subgroup called privacy coins, which have an extra layer to ensure true anonymity. ZCash and Monero are the most popular privacy coins.
Utility tokens — these tokens have a special function within a given ecosystem. Some examples are Basic Attention Token and Golem.
Stablecoins — these tokens are pegged to fiat currencies, most often the USD, with a 1:1 ratio. They are used as a bridge between the crypto industry and traditional finance. If you plan to start trading crypto, you might convert your fiat deposit into stablecoins, and then buy any coin you like.
DeFi tokens — Decentralized Finance (DeFi) is the biggest trend right now. This is a group of blockchain projects whose aim is to move financial services to decentralized infrastructures. The native tokens of these projects are often referred to as DeFi tokens. Some examples are AAVE, SUSHI, UNI, and LRC (Loopring).
Non-fungible tokens (NFTs) — every NFT that exists on a blockchain represents something unique and usually cannot be replicated, though it is possible to issue any number of NFTs to represent the same object and thus have the same value. The point is that NFTs are not mutually interchangeable like Bitcoin, for example. These tokens can be implemented to tokenize real-world items. They are also used in collectible games and crypto art, among others.
#2 Building Your Cryptocurrency Portfolio
In any market, the main approach to reduce potential risk is diversification and hedging. Your crypto asset management operations should rely on those key goals.
While there is no allocation standard when it comes to building a crypto portfolio, it should include large cap (cryptocurrencies whose market cap is over $10 billion), medium cap (cryptos with market cap between $1 billion and $10 billion), and small cap digital assets. The latter usually have tremendous growth potential because, unlike large-cap coins, they have room to increase in value by several times in a short span. The greatest part usually goes to well-established cryptocurrencies, such as Bitcoin and Ethereum. They should keep your portfolio resilient. On the other end, you should also bet on several DeFi tokens — they are much riskier but have room for growth.
#3 Trading Styles and Forms of Analysis
If you create a portfolio with a long-term goal, you may consider yourself a crypto investor. However, if you want to be more active and speculate on the price of cryptocurrencies, you are trading crypto assets rather than simply investing. Trading requires more time and dedication.
The three main trading styles are day trading, swing trading, and long-term or position trading. The main aspect that separates these styles is the timeframe, which dictates the approach and position size. For example, if you are a buy and hold trader (long-term), you would be interested in investing a larger amount.
No matter the style you prefer, there are two main types of analysis that both traders and investors use:
Fundamental analysis — this is a method to assess the real value of an asset’s price based on the project’s potential, competition, the experience of the team, etc. For example, when you conduct fundamental analysis, you may browse through the latest news related to crypto-assets regulation, crypto integration by large companies, high-profile partnerships, and so on.
Technical analysis — this method is about analyzing the cryptocurrency’s price action alone. The main object of technical analysis is the chart. Traders can use indicators and patterns to analyze historical data and anticipate the next price moves.
#4 Risk Management and Setting Goals
One of the essential aspects of crypto assets trading is risk management. Unfortunately, it is often ignored by many beginners who want to experience success within days.
You should start by setting reasonable goals in the medium and long-term. Whenever you lose, don’t get disappointed. Instead, treat it as a learning experience.
While the crypto industry offers many opportunities, you should never invest more than you can afford to lose. Needless to say, it is not recommended to start trading crypto with borrowed funds.
If you are an active trader, the golden rule of risk management is to never invest more than 1% of your balance per trade.
#5 Choosing a Platform to Buy, Store, and Trade Crypto
The success of your trading journey might also depend on the trading platform or the digital wallet you use. Thus, you should make sure to deal with reliable services.
You can get a digital wallet and then use the funds to trade crypto assets on an exchange platform. A better alternative would be to use a product that integrates both a wallet and a trading venue. One good example is Eidoo. Its flagship product is a non-custodial DeFi-oriented wallet, but it represents an entire ecosystem that also integrates a DeFi exchange.
With Eidoo, you can easily create a crypto portfolio and implement DeFi strategies that go beyond trading, such as yield farming and staking. This is where you can both store your digital assets securely and make them work for you.
Cryptocurrencies bring major transformation to the financial system, and there are still many opportunities for retail traders.
The replacement of cash through online payment isn’t just a U.K. phenomenon; it is happening globally. More and more consumers worldwide depend on making online payments through their contactless cards, watches, or mobile wallets. A mobile wallet is simply a wallet for your mobile. The evolution of some popular eWallet app development in the market, such as Apple Pay, Android Pay, or Samsung pay, offer quick and secure ways of making payments at the point of sale. It would help if you placed your phone near the reader, and the payment will be made within seconds.
· The U.K. is considered a world-leading ecommerce market as its citizens are well versed in online shopping. E-commerce giant Amazon has set a high bar in the U.K. for incoming Merchants, delivery speeds and ease of returns.
· The country is continuously experiencing an increase in business-to-business e-commerce sales. The COVID-19 pandemic harmed consumer confidence.
· As the U.K. is a mobile First Nation, merchants in short that their websites are fully optimized to be accessed on mobile devices.
· One of the most popular payment methods in the U.K. is card payment. the use of digital wallet is also rising in the U.K. as it offers easy and flexible payment ways.
Multiple Payment Options
Mobile E-wallets are used mainly by travellers who frequently visit hotels. from room service and hotel rooms to all types of ancillary services such as booking cabs from airport to hotel, the use of mobile E-wallets is increasing. Businesses make sure that they are also offering E-wallet payment options for their services to attract as many customers as possible. eWallet service providers such as Alipay, PayPal and Google Pay Allow users to deposit funds into the app wallet from several sources. All the payment details are stored in the form of invoices and can be shared whenever needed.
Mobile Making Headway
In the U.K., in-app mobile payments rank high among consumers for making payments regarding utility bills, public transportation tickets, and digital content. This increase in E-wallets also increases the use of mobile banking apps and transport apps. The growth in mobile sales is providing further exposure to digital wallet payments. Digital wallets offer multiple payment options to customers for making payments quickly and smoothly. The way of shopping has also been enhanced due to the increase of digital wallet users.
Big Guns Jumping on the Board
In June 2016, Apple Pay was launched with an updated version of its passbook tool. Later Google launched Android pay, with tap to pay and in-app purchases on mobile devices. With the launch of Android pay and Apple Pay, eWallet app development was announced to the world, allowing smartphone users to make online payments through their mobile devices without needing to pull out cash or using a debit or credit card. A recent study from Aimia Loyalty Lens Revealed that more than 65% of consumers in the U.K. are using mobile wallets to store vouchers and coupons, around 56% use wallets to make cashless payments, and 63% keep loyalty cards.
Wickes Also announced that in the 21st century, customers crave instant gratification. “Consumers expect brands and businesses to keep up with their fast-paced lifestyles,” He says. He further added, “This Changes the way we order, receive, and pay for goods, services, and content. In the new economy, providing service with a sense of immediacy is no longer a preference- it’s essential.” Additionally, the report also revealed that BNPL products have emerged for consumers looking for an alternative for traditional credit cards that fit their lifestyle and financial means. Consumers are now looking for fictional and quick payments that can be completed with ease and on the go.
Currently, the U.K.’s ecommerce market is the third-largest in the world, and it is expected to grow by 37%, with the worth of U.S. $319.8 billion by the end of 2023. Also, it is forecasted that digital wallets will become the most popular mode of payment in the U.K., accounting for approximately 33% of the market. Due to COVID-19 social distancing is becoming more prevalent in-store, more and more consumers depend on cashless and contact freeways of payment. Digital wallets are becoming famous for making payment in stores, growing 20% annually as per the WorldPay report.
According to the FIS findings, the payment technology that is emerging and how Britishers pay for goods and services have also been shifted from traditional practices to more conventional methods. Buy Now, Pay Later Companies such as Clearpay, Layby, Klarna have taken over the digital market. They are not slowing down soon as British consumers great for alternative ways of making payments. According to reports, debit and digital wallets rule over most of the U.K. consumer purchases. Flexible BNPL options such as Klarna and straightforward pay are emerging as online payment methods in the UK. the BNPL schemes Revolving at 39% annually in the U.K. and is all set to double their market share by 2023.
It is almost impossible to see a future without mobile wallets as the technology is continuously emerging and cash is eventually phasing out. So, what does this tell us? This means that digital wallets will bring work and more secure ways to pay through their mobile phones, devices, or wristbands for consumers. as with credit cards that Charges a small processing fee, this is the best time for sellers to start accepting payments online through digital wallets. It is a win-win situation.
Over recent years, there has been a massive spike in the cryptocurrency trading in India. Considering the popularity, a lot of exchanges have rolled out their dedicated apps. These crypto exchange apps have simplified trading to a great extent. They have provided users an easy pathway to the world of trading.
Given below is the handpicked list of top apps that not only support trading in bitcoin but also in other multiple cryptocurrencies.
CoinSwitch Kuber is the leading cryptocurrency platform in India. It stands out from other apps for its vast cryptocurrency portfolio. It allows users to trade 100+ digital currencies and supports a variety of payment options. Moreover, the app enables you to enjoy the best rate in the market by pooling in liquidity from top exchanges in India. Considering the ease of use and friendly interface, the application is best for both the beginners and the pros.
If you want to have access to speedy withdrawals and deposits, then the WazirX crypt trading app is the best choice. It is one of the best cryptocurrency platforms with advanced trading facilities. It supports sell and purchase of currencies through a live open order book system. The app also provides an in-built wallet for storing digital assets. WazirX supports trading for Bitcoin, Bitcoin Cash, Litecoin, Zilliqa, Dash, Ethereum, XRP, and others.
Another renowned crypto trading platform on our list is Zebpay. This app connects to crypto traders across 130 countries. More importantly, it lets you buy and sell crypto assets at zero trading fees. The Zebpay platform also enables users’ trade-in pairs wherein you can trade one type of cryptocurrency for another. Besides Bitcoin, Zebpay supports trading for Ethereum, Ripple, Litecoin EOS, and multiple other cryptocurrencies. Moreover, the platform also provides 24*7 real-time market monitoring and price alerts.
When considering trading volume, Binance is the biggest trading exchange in the world. It allows users to trade more than 150 cryptocurrencies. Some of the popular cryptocurrencies this platform supports are Bitcoin, Ethereum, Litecoin, Link, Cardano, Tezos, and Binance Coin. Binance has millions of users globally. The immense popularity for this application is due to its attractive features such as dynamic price charts, single-tap price alerts, and recurring buy option. It also enables users to send and receive cryptocurrencies through the Binance wallet by simply scanning QR code.
Backed by the support from millions of users, Unocoin is one of the esteemed cryptocurrency exchanges in India. The app aims to simplify the bitcoin trading procedure for Indian users. It is the best choice for traders interested in buying, selling, and storing digital assets in INR. This app’s promising features include live price tracker, minimal transaction fee, a consolidated wallet for all crypto assets, free bitcoin on referral, and automated bitcoin buying with set amount and frequency.
Next time, when searching for a trusted trading app for multiple cryptocurrencies, pay heed to the list mentioned above.
With an increasing interest in the world of cryptocurrency, there has been a rising demand for their adoption. A number of people want to include them in their assets. Contrary to popular opinion, these are not just used to store value or run trades. They are increasingly common in day-to-day transactions of goods and services.
For example, a lot of casinos accept Litecoins as deposits. This is what is commonly called Litecoin casinos.
When you say cryptocurrency, the most obvious name that comes into one’s mind is Bitcoin. Recent times have seen an influx of cryptocurrency that gives Bitcoin a run for its money. One of them is the popular Litecoin. Even though Bitcoin is the highest value coin, Litecoin has definitely made a name for itself in the highly competitive crypto exchange scene. It is among the top 5 highest-valued cryptocurrencies as of now!
Like most cryptocurrencies, Litecoin is created by mining. There is no issuing government, neither is there a Federal Reserve that imposes rules. The most important part of crypto is the anonymity associated with it.
Those who process transactions via mining, called miners, are rewarded in crypto. There is a fixed supply of Litecoins, which is currently capped at 84 million Litecoins in circulation. A new block, or ledger of global transactions, is created every 2.5 minutes for Litecoin than Bitcoin’s 10 minutes.
Why is Litecoin A Preferred Method of Payment?
If you’re wondering why Litecoin transactions and trading are becoming prevalent now more than ever, that’s because people have realized the benefits associated with it. There are quite a lot of advantages associated with crypto transactions. While anonymity and security are definitely major factors, they are not the only driving forces!
Here are some reasons people prefer Litecoin transactions as compared to other means.
Litecoin has a long history in the crypto space. It is one of the largest players in the crypto exchange and has several interested parties. These include investors, miners, and users. This kind of interest doesn’t come easy for coins. This is largely due to its features.
One of the most important features is speed. Litecoin transaction speed refers to the time taken to create one block. This is 2.5 minutes, which implies quicker processing of transactions. For global corporations that involve multiple locations, this is a great way to transfer assets.
Simpler Algorithm and Accessibility
The use of the Scrypt algorithm by Litecoin makes it easier to solve mathematical puzzles on the supporting blockchain. This makes it easier to identify the next block and process it, earning you better rewards.
While most cryptocurrencies require the use of GPUs or graphical processing units, Litecoin uses CPUs or central processing units for mining. CPUs, although less speedy, are more accessible and affordable. This makes Litecoin affordable and accessible to people, and the mining process more democratic, rather than restricted to a select few.
The Verdict on Litecoin
These are just some reasons for many places, including Litecoin Casinos, to accept Litecoins as a viable option for payment and transaction. It definitely has its plus!
Banking and finance industry is neck –deep in problems. From frauds, credit risks, to data breaches, the industry is reeling under mounting pressure to increase customer satisfaction, outweigh competition, and improve its bottom line.
The invention of Bitcoin, cryptocurrency, was a trendsetter in the banking industry. Bitcoin allows peers to share currency across a network, without the need of a central bank. It made banks realize the usefulness of cryptography, transparency and more. Since 2008, when Bitcoin was introduced in the market, it has grown in value. At the time of writing this article, it is valued at $7,107.98
According to a report, 90% of European and United Sates banks experimented with blockchain-based solution in 2018.
Combining banking and blockchain
Blockchain, the technology underlying Bitcoin, is a promising technology for the industry. Blockchain poses solution to resolve several operational challenges, making them more efficient, faster, and result driven. Characteristically, Blockchain facilitates transparency, security, and immutability. Meaning any record on a network will be visible to the people on the network. Secondly, records on the network will be secured, eliminating possibilities of data theft and other data breaches. Further, data modification is an intensely scrutinized process on blockchain. Therefore, data remains unchanged until a consensus is delivered.
Not only this, blockchain has ushered in a revolution, marking entry of new job roles like blockchain engineers. The number of jobs software engineers with blockchain development skills has increased by 517% in the past year, according to Hired.
How does blockchain benefit banking and finance industry?
Banking and finance remains a sophisticated industry with complex processes. Blockchain presents a solution to simplify those processes, streamline operations and make them more convenient. Blockchain clearly has a promising side to it for banking and finance sector.
Blockchain is beneficial to banking and finance for the following reasons –
1. Security — Data security is a primary concern in retail as well as commercial banking. Banks have multiple levels of security layers – front office, middle office, and back office. Data is passed through these layers. Still chances of servers being hacked are still there. With blockchain, this problem is eliminated. As every time data is accessed, it is recorded. Further, chances of being hacked is reduced drastically.
2. Accessibility – To access data at a bank, there are multiple levels which are processed by legacy systems. With Blockchain’s decentralization, it would be easier to access information. This will make the process of accessing information faster. Whether this will lead to any monetary benefit or not can be answered after a period of time.
3. Auditing – Auditing is an expensive and time-consuming process, where compliance officers and executives decide which information to keep and what to share with regulatory bodies to suit the bank’s narrative.
With a decentralized database, government and regulatory agencies can see exactly what the bank has done. As modification of data isn’t permissible on blockchain, it would compel banks to stay honest and ethical in their approach to work.
4. Jobs – Working with blockchain-based solutions requires a particular set of skills, except banking. These skills are hard to come by unless you are taking a blockchain certification or a course. So blockchain is driving an all-new workforce toward banks. People who are equipped with the skills can find opportunities at banks.
Perhaps, Bitcoin, the first of blockchain-based financial entity would continue its legacy and we will see new trends set banking and finance sector on a progressive path. Let’s wait and see what the future holds for blockchain and BFSI.
Cryptocurrency is finally receiving the attention it deserves, and even though some has been negative, the majority understands the importance of a decentralized currency. Another addition to the cryptocurrency bandwagon is JJ Richman- a private asset management company.
This company has been at the forefront of Bitcoin and Blockchain investments even before the 2017 boom, but increased client demand has pushed them to increase investments in cryptocurrencies.
James Richman lead this family-run company that invests in diversified assets and sectors globally. This exclusive asset management company only includes ultra high net worth individuals (UHNWI) as their clientele. This elite clientele demanded crypto investments that led to the Richman’s increasing their private investment funds in this industry.
Bitcoin, the most popular cryptocurrency, is valued over $8,000, and despite its occasional volatility, most investors are bullish about the cryptocurrency sector.
Crypto is more convenient, faster, and secure as compared to traditional banking systems. Decentralization is the most significant benefit of this digital currency, and it’s no surprise that its demand is growing.
This firm’s investments are focused on real estate, equities, digital media, and bonds and include cryptocurrency as well. JJ Richman has ensured the clients of their credibility by investing their own money in the fund. James’ private nature has contributed to his and the company’s success.
JJ Richman and their clients realized the potential of crypto, and this motivated them to increase investments in the cryptocurrency sector.
Tuesday, March 26 — a lot of the high 20 cryptocurrencies are reporting slight losses on the day by press time, as Bitcoin (BTC) has fallen beneath $4,000 once more.
Market Visualization Courtesy of Coin360
Bitcoin is down over a p.c on the day, buying and selling at round $3,967, based on CoinMarketCap. its weekly chart, the present worth is over two p.c decrease than $4,060, the value at which Bitcoin began the week.
Bitcoin 7-day worth chart. Supply: CoinMarketCap
Just lately, crypto bull Tim Draper has given recommendation to the president of Argentina to legalize Bitcoin with the intention to enhance the financial scenario within the nation.
Ethereum (ETH) is holding onto its place as the biggest altcoin by market cap, which is at about $14.2 billion. The second-largest altcoin, Ripple (XRP), has a market cap of about $12.6 billion by press time.
ETH is down by about one p.c over the past 24 hours. At press time, ETH is buying and selling round $134, after having began the day at $135 and reporting a mid-day low of $133. On its weekly chart, Ethereum has seen its worth improve almost 4 and a half p.c.
Ethereum 7-day worth chart. Supply: CoinMarketCap
As Cointelegraph reported yesterday, Ethereum co-founder Vitalik Buterin has argued that the crypto neighborhood ought to evolve past the individualism related to its early cypherpunk days, and harness know-how to create new, equitable and progressive methods with constructive social impression.
Second-largest altcoin Ripple has misplaced about one and a half p.c within the 24 hours to press time, and is at present buying and selling at round $0.301. Wanting on the coin’s weekly chart, its present worth is over 5 and a half p.c greater than $0.318, the value at which it began the week.
Ripple 7-day worth chart. Supply: CoinMarketCap
Among the many high 20 cryptocurrencies, the one ones reporting good points are Cardano (ADA), which is up over two p.c, and EOS (EOS), which is up about half a p.c.
The full market cap of all cryptocurrencies is at present equal to $137.4, which is over two p.c decrease than $140.Four billion, the worth it noticed one week in the past.
In conventional markets, the inventory market is seeing discreet development thus far right now, with the S&P 500 up 0.56 p.c and Nasdaq up 0.65 p.c. The CBOE Volatility Index (VIX), then again, has misplaced a stable 5.51 p.c on the day at press time.
Earlier right now, CNBC reported that United States Oil rose 2 p.c because the OPEC provide was minimize.
Main oil futures and indexes are displaying combined actions right now, with WTI Crude up 1.84 p.c, Brent Crude up 0.84 p.c and Mars US down 0.19 p.c. Opec Basket can be down by 1.64 p.c, and the Canadian Crude Index has seen its worth improve by 2.26 p.c, based on OilPrices.
Bitcoin.com is giving you the chance to win one of six tickets to attend the Anon Blockchain Summit Austria 2019. Winners will be picked randomly and announced via social media channels on Friday.
6 Tickets Are up for Grabs
To take part, you need to visit Bitcoin.com’s giveaway page. Each winner will be sent a code that can be redeemed at the summit’s Eventbrite site. To do so, click “Enter Promotional Code” in the top right corner of the ticket box. Each code will provide one ticket.
a Rafflecopter giveaway
Bitcoin.com, which is a media partner of the conference, will also surprise guests and participants with giveaway packs that will contain cool prizes such as Bitcoin.com’s Golden Tickets.
The Anon Blockchain Summit will be held on April 2 – 3 in the Austrian capital, Vienna. Over 80 speakers have been invited to share their knowledge and views on how crypto-related technologies can change the world.
Conference to Welcome 1,500 attendees
The organizers expect Austrian and EU officials, representatives of 20 innovative projects from the industry, and more than 100 investors. Around 1,500 attendees will visit the Gösserhalle venue that will host the event.
The conference will focus on real life blockchain use cases and applications of the technology in areas such as business and government, banking and finance, energy, science, and healthcare.
Multiple workshops, an innovation challenge, and the Blockchain in Mobility Hackathon will provide numerous opportunities for startup teams to meet with renowned advisors and potential investors.
At least 340 cryptocurrency or blockchain companies were dissolved or liquidated this year in the United Kingdom (UK), British news outlet Sky News reported on Dec. 22.
UK crypto companies in 2018. Source: SkyNews
The aforementioned article also reports that last year, the number of companies in this industry that had been liquidated amounted to 139, nearly two and a half times less than this year. Moreover, 60 percent of the companies dissolved this year ceased activity between June and November.
According to the reported data, more than 200 of the now-dissolved companies “were incorporated with Companies House during 2017.” This year, according to the article, newly-registered crypto companies were growing slower than the number of dissolved businesses for the first time.
The data upon which Sky News reportedly based its article has been gathered from OpenCorporates, a website sharing data on corporate entities, and Companies House, the U.K.’s registrar of companies.
The current downward crypto market movement in 2018 has taken its toll on some of the biggest companies in the space as well.
Chinese crypto mining giant Bitmain reportedly closed its Israeli development center in mid-December, laying off 23 employees.
And ConsenSys, a global community made to create and promote blockchain infrastructure and decentralized applications (DApps) closely tied to the Ethereum (ETH) ecosystem, has laid off a substantial portion of its employees.
As Cointelegraph recently reported, the number of employees to be laid off could be anywhere between 50 and 60 percent of the total company’s workforce.
However, Joseph Lubin, the co-founder of Ethereum project and founder of Consensys, has pointed out that the company “remains healthy and is engaging in a rebalancing of priorities and activities which started about nine months ago.”
Also, as pointed out by a recent Cointelegraph analysis — even after the recent slump — a LinkedIn study has down blockchain developers are in high demand on the platform, becoming one of the fastest-growing emerging jobs in the United States.
The cryptocurrency ecosystem has grown dramatically in just a few years, with the number of crypto markets increasing from 59 in 2013 to over 2,000 today. Looking at historic snapshots of the cryptocurrency markets from Christmases past also shows a significant turnover in the leading altcoins by market cap.
Number of Crypto Markets Increases by 10x During 2014
While many point to 2017 as the year in which the cryptocurrency markets saw their most dramatic growth, 2014 saw the number of virtual currencies increase by nearly 1,000%. As of Dec. 28, 2014 there were 506 active markets according to Coinmarketcap, up from just 59 on Dec. 22, 2013.
Despite the impressive growth in the number of active markets, the price performance of many of the leading cryptocurrencies by market cap was extremely bearish, with six of the top 10 cryptocurrencies losing more than 80% in one year.
Between Dec. 22, 2013 and Dec. 28, 2014, BTC lost nearly 50%, falling from $619 to $316. Litecoin (LTC) fell from the second ranked market by capitalization to fourth, posting an 84% loss from roughly $17.10 to $2.74. Ripple (XRP) was the only top market to gain year over year, up 7% from $0.022 to $0.024. XRP climbed from third to rank as the second largest cryptocurrency by market cap.
Peercoin (PPC) fell from the fourth largest crypto to rank 19th, posting an 81.5% loss as prices dropped from $3.12 to $0.58. Fifth-ranked namecoin (NMC) dropped to 13 with price falling 82.5% from $4.13 to $0.72. Quark (QRK) went from the sixth largest crypto to rank 27th with a price drop of 92.6%. Nxt (NXT) posted the second strongest performance among the top-ranked crypto markets of late 2013, climbing from seventh to ninth despite an 18% drop in price from $0.02 to $0.017.
At the end of 2013, bitshares PTS (PTS) comprised the eighth largest crypto by market cap with a token value of $12.45. One year later, PTS was ranked 45th after suffering a 99.99% drop from $12.45 to $0.00049. Ninth-ranked worldcoin (WDC) dropped to 53rd, posting a 98.5% loss from $0.4 $0.006. Megacoin (MEC) fell from 10th to 48th by market cap, producing a 96.8% drop from $0.52 to $0.017.
Of 2014’s Top Markets, Only BTC and LTC Posted Price Gains 1 Year Later
BTC gained 32% from Dec. 28, 2014 to Dec. 27, 2015, up from $316 to trade for $416.50. Ripple was able to retain its position as the second largest crypto market despite losing 94% from $0.024 to $0.0062. Despite ending 2014 as the third-ranked crypto market, Paycoin (XPY) would close 2014 as the 48th-ranked cryptocurrency after posting a 99.6% loss from $10.74 to $0.038.
LTC gained 25% during 2014, moving from fourth to third alongside a price increase from $2.74 to $3.43. Fifth-ranked bitshares (BTS) dropped to eighth, posting an 80% loss from $0.016 to $0.003. maidsafecoin (MAID) moved from sixth to tenth, producing a 72% drop in price from $0.05 to $0.014.
Seventh-ranked stellar (XLM) finished 2015 as the ninth-ranked crypto market, falling 70% from $0.0058 to $0.0017. Despite dogecoin (DOGE) falling 23% from $0.00018 to $0.00014, doge ascended from the eighth largest cryptocurrency to rank sixth at the end of 2015. Ninth-ranked NXT fell from the top ten rank 11th alongside a price drop of 63% from $0.0161 to $0.006167. While PPC posted a yearly loss of 31% following a drop from $0.578 to $0.4, PPC ascended the market cap rankings from 10th to seventh.
Eight of the dominant markets from Christmas 2014 held their top 10 ranking as of the end of 2015. The number of active markets increased 11% from 506 to 562.
BTC, ETH, DASH, and MAID Posted Triple-Figure Gains for 2016
BTC gained 111% from $416.50 on Dec. 27, 2015 to $878.80 on Christmas Day 2016, following a year of bullish action for the cryptocurrency markets. XRP posted slight gains during 2016, up 3.4% from $0.00617 to $0.00638, resulting in a drop from second to third, ranked by market cap. While LTC posted a 27% gain from $3.43 to $4.35, LTC also shifted down one rank, finishing 2016 as the fourth largest cryptocurrency.
Fourth-ranked ethereum (ETH) was the top performing market of 2016, gaining nearly 760% from $0.85 as of late 2017 to finish the year as the second largest crypto asset with ETH trading for $7.29. Despite dash gaining nearly 270% from $2.69 to $9.91 between the Christmases of 2015 and 2016, it moved from the fifth ranked cryptocurrency to seventh as of Dec. 25, 2016. Sixth-ranked doge fell from the top 10 during 2016, finishing the year as the 13th largest market after posting a 42% gain from $0.00014 to $0.00023.
PPC was the only top market of late 2015 to post a loss one year later, dropping from seventh to 38th in market cap ranking after producing a 43% loss from $0.41 to $0.23. BTS posted a 26% gain from $0.0034 to $0.0042, however fell from eighth to 25th ranked cryptocurrency by capitalization. Despite posting a 55% gain from $0.0017 to $0.0026, XLM slid from ninth to finish the year ranked 16th. Maid moved from 10th to finish the year as the eighth largest cryptocurrency following a massive 620% gain from $0.014 to $0.10.
Six of the leading markets from late 2015 maintained their position in the top 10 as of Christmas 2016. The number of active markets increased by 15% from 562 to 644.
2017 Bull Trend Drives Record Prices
Santa delivered a bountiful Christmas to the cryptocurrency community in 2017, with nine of the top 10 markets posting four-figure or five-figure gains between Dec. 25, 2016 and Dec. 24, 2017.
BTC gained 1,500% last year, increasing from $879 to $14,057. ETH held its position as the second largest cryptocurrency by market cap, gaining 9,345% from $7.29 to $688.59 in a single year.
Ripple posted the second strongest price gain among the top markets for 2017, growing 17,140% from $0.00638 to $1.10. Despite the enormous increase in price, XRP slipped one rank to finish the year as the fourth largest cryptocurrency. LTC moved from the fourth to the fifth-ranked crypto asset by market cap alongside a 6,255% increase in price from $4.35 to $276.49.
Monero (XMR) moved from the fifth ranked cryptocurrency to 10th, gaining 3,455% from $9.63 to $342.43. Sixth-ranked ethereum classic (ETC) dropped to 17th during 2017, however gained 2,725% from $1.10 to $31.10. Despite gaining 12,140%, dash dropped one rank by market cap, moving from seventh to eighth.
Eighth-ranked maidsafe fell out of the top rankings during 2017, finishing the year in 55th after gaining 670% over the dollar but falling significantly against BTC. Nem (XEM) retained its position as the ninth-ranked market after gaining 24,345% from $0.004 to finish the year as the strongest performing leading market, with XEM trading for $0.88. Despite posting a gain of 2,280% from $2.89 to $68.83, 10th-ranked augur (REP) moved from 10th to 36th ranked cryptocurrency.
Seven of the top 10 markets from 2016 retained their leading rank one year later. The number of active markets increased by roughly 100% from 644 to 1,334 at the end of 2017.
All Leading Markets Post Heavy Losses for 2018
BTC has dropped 70% in the last 12 months, falling from $14,057 on Dec. 24, 2017 to trade for roughly $4,230 today. ETH dropped from the second to the third ranked cryptocurrency by market cap following by a yearly drop of 77% from $688.60 to $156.80. Bitcoin cash (BCH) moved from third to fourth, accompanied by a 93% loss from $2,956 to $206.
XRP posted the weakest loss of the top performing markets over the last year, moving from fourth to second ranked market cap alongside a 60% drop from $1.10 to $0.44. LTC fell by 87% from $276.49 to $36.11 while moving from fifth to seventh by capitalization. New entrant cardano (ADA) moved from fifth to 11th this year, shedding 87.5% of its value from $0.39 to $0.05.
Seventh-ranked iota (MIOTA) now sits at 12th, following an 89% drop from $3.45 to $0.38. Dash moved from eighth to 14th this year, in the process losing 91.5% from $1,212 to $102. After ranking ninth for two consecutive Christmases, XEM appears poised to greet Santa as the 16th largest cryptocurrency, having lost 91% from $0.88 to $0.079. 10th-ranked XMR fell 83% from $342.43 to trade for $57.65 over the last year, currently positioned as the 13th largest market by capitalization.
Six of the dominant markets from last Christmas have held their position in the top 10, three of which have consistently held their leading position since 2013. The number of active markets has increased from 1,334 to 2,067 over the last 12 months.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
Christmas has brought some cheer to the crypto traders. The total crypto market capitalization has spiked by about 29 percent from just under $101 billion on Dec. 15 to $143 billion on Christmas Eve.
Though it is still way below its all-time-high, the growth over the past few days is showing signs of a bottom formation. In a recent tweet, co-founder of Ethereum, Joseph Lubin, has called a cryptobottom of 2018.
The current bounce can only continue until a certain level, after which the market participants will wait for the fundamental factors to improve.
One of the most closely watched metrics is the level of institutional interest in the industry. Though a number of big names have expressed their interest, not much has happened on the ground.
The markets are pinning their hopes on new product offerings, clarity in regulations and a bottom in cryptocurrencies to attract the larger players in 2019. Any evidence of a major player entering the markets will act as a strong catalyst for an upward move in digital currencies.
Should the traders hold their positions after the recent upswing or should they book profits? Let’s find out.
Bitcoin is currently facing resistance at $4,255. However, the positive thing is that it has held above the 20-day EMA since breaking out of it.
A break out of $4,255 can result in a move to $4,500. The falling 50-day SMA is also located just above this level, so we anticipate the bulls to offer a strong defense of this level.
We recommend short-term traders to book profits on more than 75 percent of their positions closer to $4,500, and trail the remaining allocation with a close stop loss. If the bulls break out of the 50-day SMA, the rally can extend to $4,914.11. Nonetheless, we give it a low probability of occurring.
The next move down will find strong support at the 20-day EMA and below it at $3,787.33. A breach of this zone will weaken the recovery and increase the probability of a retest of the lows.
The long-term trend on the BTC/USD pair is still down, but the short-term trend has changed. If the next dip stays above $3,787.33, and the next move up forms a higher high, we can confirm that the Dec. 15 low was the bottom. The next few days are going to be critical for the leading cryptocurrency.
Ripple has broken out of the $0.4 level, which is a bullish sign. It can now reach the resistance line of the descending channel, which is likely to act as a stiff resistance.
The 20-day EMA has turned up and the 50-day SMA has flattened out. The RSI has also risen close to the overbought levels. This shows that the trend is reversing, and the bottom at $0.24508 is unlikely to be breached.
On the upside, the XRP/USD pair might face a roadblock closer to $0.5 where the traders can book partial profits and raise the stops on the remaining position. A break out of this can extend the rally to $0.565 and then to $0.625. Therefore, we are not suggesting to close the entire positions at $0.5. Our bullish view will be invalidated if the price reverses direction and plunges below the 20-day EMA.
Ethereum has broken above $136.12 with ease and is close to the major overhead resistance of $167.32. Traders who have booked profits at $136.12 can close the remaining positions near $167.32. We anticipate a pullback or a consolidation at this level. Conversely, if the digital currency breaks out of $167.32, it can rise to $211.
The 20-day EMA has turned up and the 50-day SMA is flattening out. The RSI has risen from deeply oversold to overbought levels. This shows that the short-term trend has changed.
If the next dip finds support at one of the moving averages, it will confirm a bottom at $83. We expect the ETH/USD pair to spend some time in a range before starting a new uptrend.
Bitcoin Cash has been consolidating near the swing highs for the past three days. The bears have not been able to push the price down, which shows that the bulls are in no urgency to book profits and are buying every minor dip.
If the price stays above the 20-day EMA for the next 2–3 days, we anticipate another attempt to break out of the 50-day SMA. If successful, the pullback can extend to $307.01, which is the 61.8 percent Fibonacci retracement of the recent decline. The traders should continue to trail their stops higher.
On the other hand, if the BCH/USD pair turns down from the 50-day SMA, it might find support at the 20-day EMA. Any break of the moving averages will disrupt the upside momentum and result in a range bound action for a few weeks. The downtrend will resume if the bears sink the pair below $73.5.
EOS is attempting to break out of the 38.2 percent Fibonacci retracement level of $3.0510. Overhead, we anticipate a strong resistance at the 50-day SMA and at $3.8723.
If these two levels are scaled, the recovery can extend to the next major resistance at $4.493. We expect the $3.8723–$4.493 zone to act as a major hurdle.
The next leg down is likely to find support at the 20-day EMA. Any break of this support can result in consolidation for a few days. The EOS/USD pair will resume its downtrend if it plunges below $1.55.
Stellar has broken out of the 20-day EMA and $0.13427050. This is a bullish sign that opens the gate for a move to the 50-day SMA and $0.184.
The 20-day EMA has flattened out and the RSI has risen into the positive zone, which shows that demand has overtaken supply in the short-term. However, the 50-day SMA is sloping down. It implies that the long-term trend is still down.
The pair remains an underperformer, so we do not advise any trades in it. The recovery will weaken if XLM/USD slides below $0.11196656.
Litecoin has reached the overhead resistance of $36.428, as we had anticipated. We expect the bears to pose a stiff challenge at this level. If successful, the price can dip back to the 20-day EMA.
However, if the bulls pierce through the overhead resistance, the LTC/USD pair can extend the recovery to $47.246. Therefore, traders can trail their stops on the remaining positions.
The 20-day EMA has turned up and the RSI has jumped into the positive territory. This suggests an advantage for the bulls in the near term. We expect $23.1 to be the bottom as long as the price sustains above $29.349.
Bitcoin SV is range bound between $80.352 and $123.98. The attempt to break out of the range failed on Dec. 20 and 21. Nevertheless, the bulls have held the price above $100 for the past three days, which shows buying on every small dip.
We anticipate another attempt to break out of the range within the next 3–4 of days. If the breakout sustains, the recovery can extend to $167.608. While the traders holding partial positions can ride the move higher, fresh positions can also be initiated on a close above $123.98 with a stop loss not far behind.
On the other hand, if the bears defend $123.98 on a closing (UTC time frame) basis, the BSV/USD pair might remain range bound for the next few days. We might suggest long positions once again if the price bounces off $80.352. The trend will weaken if the bears push the price below $65.031.
TRON is not giving up ground, which indicates sustained buying by the bulls. The moving averages are on the verge of completing a bullish crossover, which denotes a trend change. If the bulls scale $0.025, the next move higher is likely to reach the overhead resistance of $0.02815521.
The TRX/USD pair has turned down three times from $0.02815521, so we expect a strong defense of this level by the bears. The RSI in the overbought zone shows that a pullback is around the corner.
We anticipate the cryptocurrency to consolidate in the range of $0.0183–$0.02815521 for the next few weeks. A break out of this range will start a new uptrend. We might propose long positions if the next dip holds above $0.0183 or the 20-day EMA. Our view of a trend change will be invalidated if the pair breaks down of the moving averages.
Cardano is attempting to break out of the 50-day SMA and rise to the next overhead resistance at $0.060105. Traders who have about 50 percent of their positions left can either book the rest of the profits at this level or trail the stops very closely.
The 20-day EMA has turned up while the RSI has risen from the oversold zone to the overbought zone. This shows that the bulls have the upper hand in the short-term. However, the 50-day SMA is still sloping down, which means that the long-term trend is still down.
We anticipate another leg down, so the recommendation is to book complete profits close to $0.060105. Traders can re-enter on dips. Any correction is likely to find support at the 20-day EMA and below that at $0.033065. Our bullish view will be invalidated if the ADA/USD pair breaks below the Dec. 7 low.