Crypto currencies need the support of new projects
Friday morning will please investors in crypto currencies: almost all the coins from the TOP 100 of CoinMarketCap are in the green zone. The reference Bitcoin (BTC) adds in the last 24 hours almost 5% and is currently trading around $6,700, while a real star in the TOP-10 was the token XRP jumped in price by almost 45% to $0.47.
A number of factors have contributed to this momentum:
∙ hints guide Ripple on the launch of a new product xRapid-based token XRP in the next month;
∙ the company’s entry into the world’s largest Asian remittance market, including India, Sri Lanka, Malaysia, Indonesia and Vietnam;
∙ The company is also beginning to work in Africa and connects all these regions to Europe, which opens up a corridor to move through the company services a substantial amount of liquidity.
In addition, it is obvious that the community is desperately in need of positive news, whereas the rate of XRP allows you to invest in any size of budget. In addition to the XRP rise over 20% showed Stellar coins (XLM) ($0.24) and Cardano (ADA) ($0.08).
The Commission on securities and stock exchanges of the beginning of consideration of the application VanEck and SoildX on the launch of a Bitcoin ETF, there are no guarantees, but market participants renewed hope for a positive outcome, which will become a precedent and will mean the advent of the ETF.
However, what prospects await the market in the event of arrival of large institutional investors? On the one hand, it can be assumed injections of billions of dollars and the final output in the mainstream, on the other hand, large capital, using the huge volatility of the market could “shake” him so much that he would be unsuitable for retail investors, and the future of cryptocurrency and does will be under a big question, as it was with the launch of puchero. December’s launch of Bitcoin futures can be safely regarded as the unofficial starting point of large-scale collapse of the entire cryptocurrency market.
Was the explanation and increase the difficulty of cryptocurrency mining. At the conference, Coindesk Singapore 2018 Consensus of the heads of the largest companies in the production of equipment for mining was given to understand that not only are not going to “collapse”, but also believe that the current bearish cycle is “a great time to strengthen its position in the market.” It is likely that both among producers and among miners raging FOMO effect (fear of missing out), because in the medium term, the complexity of the algorithms will probably only grow.
At the moment courses cryptocurrencies are near the lows, however, trump unleashed a trade war, sanctions, tightening monetary policy and uncertainty create a favourable basis for the growth of cryptocurrencies in the long term, particularly within emerging economies.
From the technical analysis, Bitcoin has once again received support for the approach to the “bottom” around $6000. However, in the near future reference bitcoin will face an important test of the resistance level. The important resistance level has dropped in the region of $7000, which after taking the cautious bulls should also wait for confirmation in the form of overcoming the previous peaks at 7500. Without taking these levels will be difficult to talk about a major change of trend.