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Crypto Market Watch: BCH and XRP retains a relatively stagnant position as LINK tests $14

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Cryptocurrency Market Watch

In Brief:

  • BCH found support around $309 after crossing the $305 level, and may look to break the $310 level soon.
  • XRP struggles to keep its head above the water, after failing the price test at the $0.3 level.
  • ChainLink takes the lead in crypto markets with 100℅ within a week.

As oracle tokens take over crypto markets, much attention has been shifted towards the oracle tokens in terms of substantial business propositions. 

ChainLink continues to take the lead among a good number of other altcoins, as it secures the identity of the top gaining cryptocurrency of the last two months.

Contrastingly, XRP which has been gaining valiantly in the last 3 weeks, appears to fail the price test at the $0.3 level, as it retreats to $0.29. This top altcoin is noticeably struggling to keep up as an effect of this little withdrawal.

On another hand, Bitcoin Cash overcomes the $305 level without much difficulty, and finds support around $309.

However, BCH and XRP seem to be on a gaining break when compared to the gains incurred by LINK. Bitcoin Cash is a major competition for Ethereum which has already made appealing gains along with other significant altcoins.

1. ChainLink (LINK 7.2%Gain)

On the list of today’s record of gainers is ChainLink. The top coin is still reporting more gains, even after having accomplished more than a 50% gain within the last week.

Chainlink

ChainLink is up by around 120% within the last month and over 500% in the last year. The controversial coin looks positive in the daily timeframe.

Price may act exceptionally bullish in the short term, as a considerable multitude of traders are bullish on LINK.

Technical Indicators

Next key resistance level is at $15

Next key support level is at $13.5

Prices may drive down in a likely correction, as RSI reached the 70.0 overbought conditions.

LINK is presently trading at $13.96 and its market cap is varying around $4.0 billion

2. Bitcoin Cash (BCH less than 1% Gain)

Bitcoin Cash maintains the second position on the list with a gaining record of less than 1%. 

Bitcoin Cash

In the last year, BCH has been down 2.7%, whilst the one month timeframe looks bullish at 28.4%. The coin gained around 23.6% within the last 2 weeks.

Presently, BCH is trading at $269.02 with additional upside evident in the short term.

Technical Indicators

Prices are almost above the top of the Bollinger Band Indicators. This demonstrates a bullish ride further, which may support price at the $310 level.

The Resistance Strength Index (RSI) is steady at the 60.0 level. RSI may speed further up in the short term as it approaches the overbought condition.

  • RSI is approaching 70.0
  • BCH/USD now trades above the Bollinger Band top which implies a bullish move.
  • Next major resistance level is at $310.
  • Next major support level is at $305.

3. Ripple’s XRP (XRP 1.43% Gain)

Ripple’s XRP seems to have taken a slight leap on the list of top gainers with an upward trend of 1.43%

Ripple XRP

With around 0.1% gain, XRP’s chart peaks in the one-year timeframe. Although the coin is up through 50% in the one-month timeframe, it incurred more gains within the last two weeks, at around 40%.

XRP has gained an enormous community that has consistently stayed positive about the coin, with about 62% bullish votes for the continuous trading day.

XRP is currently trading at $0.296 and its market cap continues to grow towards $10 billion.

Technical Indicators 

  • Prices failed resistance at $0.3, and will look to retest the area shortly. 
  • RSI fell below the oversold condition at 30.0
  • XRP trends above the midline of the Bollinger indicator. 

Disclaimer: The views and opinion provided in this article is for educational purposes. It’s neither financial advice nor a recommendation from Decentralize Africa. References made to any cryptocurrency or upcoming events does not constitute an endorsement or recommendation.

The cryptocurrency market is suspectible to high volatility, ensure you do your own research or consult a financial advisor before you invest your money.

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Crypto Assets

Crypto prices drop as global market fear increases

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Top cryptocurrency prices have fallen amidst a drop in stocks and fears over China’s Evergrande debt crisis. In the last 24hour, Bitcoin dropped from $47,772 to $42,630 shedding about 8.58%. this is the lowest in price since another bull run began on Sept 5 after the April crash.

El- Salvador’s President, Nayib Bukele sees the fall as an opportunity to invest more. Recall that the country adopted Bitcoin as a legal tender on September 7. Despite the adoption, the price of Bitcoin has fallen by almost 14% since then.

Other coins have experienced dramatic crashes within the last 24hours. Solana, a coin that has experienced 355% growth within the last 3 months fell from $162 to $130 shedding about 11.39% within the last 24hours. Solana’s fall may be categorized by the 17-hour outage which the founder, Anatoly Yakovenko said was caused by bots “flooding the networks”

Ethereum fell by 9.37% while Dogecoin and Axie Infinity fell by 11.22% and 14.14% respectively within the last 24hrs hours. While crypto experiences dark Monday, El-Salvador keeps investing more money in Bitcoin.

A look at the global market

The global market is experiencing fear due to the Evergrande debt crisis. A report published by the University of Michigan shows that consumer’s sentiment is beginning to decline. This trend alone may impact the crypto market as well.

On the other hand, the global market downturn must have been spurred by the Evergrande debt crisis. The company grew to be one of China’s biggest companies by borrowing more than $300bn. Last year, Beijing made rules to control the debt owed by big real estate developers. This led Evergrande to offer its properties at major discounts to raise more money to keep the business afloat. Right now, the company is struggling to meet the interest on payment of debts.

Why would it matter if Evergrande fails?

The collapse of the multi-million dollars company would affect the global market; including the crypto market. Many people bought properties from Evergrande and they expect to make gains. If Evergrande falls, crypto investors will be forced to withdraw more money to keep their business running without the means to invest more. When one business fails, the other gets affected indirectly. This also applies to other firms that do businesses with Evergrande.

The potential impact on China’s financial system is another effect of Evergrande’s fall. In his statement to BBC, Mattie Berkink, the Economist Intelligence Unit (EIU), said that “the financial fallout would be far-reaching. Evergrande reportedly owes money to around 171 domestic banks 121 other financial firms” if the company fails, other lenders or businesses may be forced to lend less. Thereby leading to a credit crunch- a situation where companies struggle to borrow money.

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Crypto Assets

6 Cryptocurrencies to leverage for Building Personal Wealth Long Term

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“Investing in Crypto should be viewed as another path towards financial independence that can help people beat inflation over time.”

—Alex Mashinsky (CEO, Celsuis)

The Crypto market is blooming. Nearly 1 in every 3 individuals in Africa, particularly Nigeria, currently trade cryptocurrencies for one purpose or the other. For more than a decade now, blockchain technology has pervaded the financial markets and persistently received traction from various quarters. Its adoption rate in Africa is a force to be reckoned with. The reports are glaring enough. This has then cultivated the growing appeal of the people in trying to employ crypto as a viable tool to build wealth, albeit long term.

Recently, thousands of cryptocurrencies were known to exist in the market and the numbers keep expanding. It is, therefore, imperative that these digital coins are closely observed to identify the favourable ones for a long-term game. We, at Decentralize Africa, know this. You don’t need to make any emotional rush. This is why we’ve put together highlights of sustainable cryptos that can help you build a fortune over time if you play your cards right.

  • Ethereum (ETH)

Coming first on the pack is Ethereum. The reason for this is not far-fetched. Earlier this year, ethereum was said to have amassed a market capitalization running into billions of dollars. As if that is not enough, Ethereum pointed out its plans to remake its consensus algorithm. This will in no small measure help the crypto network perform several seamless operations and that too with reduced energy. 

The major change that was done to Ethereum’s network, i.e, a modification to Proof-of-stake, will enable players in the system to pitch ethers in a more protected and also rewarding account. This is quite comparable to the bitcoin system. So, yes, Etherum is something that should be in the plans. 

  • Stellar (XLM)

Of course, Stellar has to find a place here, innit? For one, the cryptocurrency holds promising potential for those interested in the long shot. It is more or less a fertile space in the string of blockchain networks. Most of us are privy to how tedious, cross-border transactions tend to appear. This is where Stellar comes in. The versatile platform is capable of completing payments in a matter of seconds at a meagre fee; which is payable using the Stellar coins. Stellar’s efficiency is no doubt commendable. Although like most coins, it has had its share of a downward trend in prices, there is no doubt that Stellar is yet to reach its peak. As such, analysts have observed that there’s room for expansive growth as the year’s roll by. 

  • Bitcoin (BTC)

This sequence is deliberate though. We all know the mighty bitcoin will be here, don’t we? Bitcoin has amassed a wild price range, an ever-growing market capitalization and its prospects for investment opportunities speak loud enough. Although there is an influx of cryptocurrencies today, Bitcoin embodies a large percentage of the market value. 

Investing in bitcoin is never a bad business. It has its lows of course, but it jumps pretty back in most cases. Its wide acceptability is a testament to this fact. Several companies are integrating bitcoin in their payment structure, and business-men, banks are not left in the loop as well.

  • Solana (SOL)

Interestingly, Solana is one of the few digital coins to maintain a steady rise in value. It came up the pack in 2017 and has since improved its value system over time. It offers enticing packages, by being used to complete rapid transactions and every other thing that makes it a good catch. Solana might seem a bit obscure at the moment, but it is certainly one of the best to look out for.

  • Chainlink (LINK)

More accessibility means more acceptance, right? Chain-link is that cryptocurrency that’s relatively available to most people. It’s inexpensive and a good store of value as well. This is one of the reasons that attracts many investors to it. If you are looking to invest in a cryptocurrency in this context, this is one of the coins that can help build your financial portfolio in the long run. 

  • Cardano (ADA)

It is observed that the Cardano network holds a somewhat appealing impression for myriads of reasons. It consumes far less energy which then translates to a faster transaction rate. Also, it proves to be secure and it is one blockchain network that is quite keen on developing its systems.

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Bitcoin in Africa

ICE3X, One Of South Africa’s Oldest Crypto Exchange Cease Operations

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ICE3X

ICE3X, one of the first and oldest crypto exchanges in South Africa and across Africa which was founded in the year 2013 with roughly 80,000 clients ceased operations permanently due to low liquidity.

Earlier this year, ICE3X announced that they noticed some discrepancies in the balances pertaining to Bitcoin and Litecoin held on the platform on March 16. After several consultations and deliberations with their partner Merkeleon.com and subsidiary Coinspaid.com, no satisfactory conclusion was reached.

But on the advice of their auditing and legal team, ICE3X suspended deposits and trading of cryptocurrencies on their platform. In addition, Bitcoin (BTC) and Litecoin (LTC) withdrawals were also suspended pending the outcome of a full investigation and reconciliation.

ICE3X said that clients holding cryptocurrencies on their platform excluding Bitcoin (BTC) and Litecoin (LTC) will be able to withdraw their funds. They further said that this was done in protection of their clients.

On March 23, withdrawals from ICE3X platform by clients were totally disabled, and it was announced that withdrawals would now be done manually – clients would have to submit their withdrawals request via a Google Form.

The homepage URL of ICE3X which is ice3.com. Users will now be redirected to https://ice3x.co.za/status-update/ with no withdrawals support for Bitcoin (BTC) and Litecoin (LTC) yet, but clients were advised to place their withdrawals request for both.

On April 6, according to the website of 1CE3X, the South African Crypto Exchange will not be returning back to operations and advised to start their liquidation proceedings. Also, there are no longer withdrawal requests pending for any currencies except Bitcoin (BTC) and Litecoin (LTC).

At the point of writing this article, the latest update from ICE3X, shows that all withdrawal requests submitted up to April 6 have been rectified and all the remaining assets either cryptocurrencies or fiat are held in trust by Manong Badenhorst & Badenhorst Attorneys. Also, liquidation proceedings have been initiated and clients are advised to download the requisition form, which should be sent as a mail to avj@natliq.co.za.

Recently, Binance announced that ZAR trading pairs was delisted from their platform, according to the official Twitter handle of Binance Africa on March 31. It was recommended that users either trade out of their ZAR positions or withdraw all their ZAR balances before April 2, 10:00 AM (UTC). The affected trading pairs are USDT/ZAR, BTC/ZAR, ETH/ZAR, BUSD/ZAR, BNB/ZAR.

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