Top 5 cryptocurrencies to watch this week: BTC, LTC, FIL, FTT, MIOTA

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Cointelegraph 05 September, 2021 - 02:30pm 42 views

BTC bulls are still trying to flip $50,000 to support and if this occurs LTC, FIL, FTT and MIOTA could rally higher.

However, Bitcoin’s hesitation in the past few days has not altered the outlook of Bloomberg senior commodity strategist Mike McGlone who has retained a $100,000 target on Bitcoin and $5,000 on Ether.

Apart from the top two cryptocurrencies, the nonfungible token (NFT) sector had been attracting investor’s attention since July. Cointelegraph contributor Jordan Finneseth recently suggested that the recent drop in transaction volumes and a few other reasons could be signaling a rotation of capital from NFTs to the decentralized finance sector.

Let’s study the charts of the top-5 cryptocurrencies that may outperform in the short term.

Bitcoin broke above the $50,500 resistance on Sep. 3 to hit $51,000 but the long wick on the day’s candlestick suggests a lack of buying at higher levels. That was followed by a Doji candlestick pattern on Sep. 4, indicating indecision among the bulls and the bears.

The negative divergence on the relative strength index (RSI) suggests that the bullish momentum may be weakening but the upsloping moving averages indicate that the path of least resistance is to the upside.

If buyers drive the price above $51,000, the BTC/USDT pair could resume its uptrend. The first stop could be $55,000 but if this resistance is crossed, the up-move could reach $60,000.

Conversely, if the price turns down from the $50,500 to $51,000 resistance zone, the pair may drop to the 20-day exponential moving average ($47,998).

This is an important support for the bulls because if it cracks, the pair may remain range-bound between $46,200 and $50,500 for a few days. A break and close below $46,200 could sink the pair to the 50-day simple moving average ($43,291).

The price has been trading between the 20-EMA and the overhead zone. This tightening of the range is likely to result in a strong breakout soon. If buyers push the price above $51,000, the bullish momentum could pick, signaling the resumption of the uptrend.

Alternatively, if the price slides below the moving averages, it will suggest that bears are aggressively defending the overhead resistance zone. That could pull the price down to $46,200. A bounce off this support could keep the pair range-bound for some more time but a break below it will indicate that bulls may be losing their grip.

The bulls are attempting to push and sustain Litecoin (LTC) above the overhead resistance at $225.30. If they succeed, it will complete a rounding bottom pattern that may start a new uptrend.

The long wick on the Sep. 4 candlestick showed selling near the overhead resistance but the positive sign is that bulls did not cede much ground. They are again attempting to overcome the overhead hurdle.

If they can sustain the price above $225.30, the LTC/USDT pair could start an up-move to $300 and later to the pattern target at $347.30. The rising 20-day EMA ($184) and the RSI in the overbought zone indicate the path of least resistance is to the upside.

This bullish view will invalidate if the price turns down from the current level and breaks below the 20-day EMA.

The 4-hour chart shows the bears tried to stall the up-move at the overhead resistance at $225.30 but the bulls did not give up much ground. This suggests that buyers continue to accumulate on any minor dip.

Both moving averages are sloping up and the RSI is in the overbought zone, indicating that bulls are in command. A break and close above $225.30 could open the doors for a rally to $250.40. Conversely, a break and close below the 20-EMA will be the first sign of weakness.

Filecoin’s FIL token has broken above the overhead resistance at $98 today. This completes a rounding bottom pattern, suggesting the start of a new uptrend. The bottoming formation has a pattern target at $156.

The 20-day EMA ($79) has turned up and the RSI has soared above 81, indicating a possible trend change. Usually, the breakout from a major pattern retests the breakout level. In this case, the price may drop to $98.

If bulls flip the $98 level into support, the FIL/USDT pair could resume its uptrend. On the contrary, if bears pull and sustain the price below $98, it will suggest that the recent breakout was a bull trap. The pair may then drop to the 20-day EMA.

If the price rebounds off this support, the bulls may once again try to propel the price above the overhead resistance and resume the uptrend. The bears will have to sink the price below the 20-day EMA to gain the upper hand.

The 4-hour chart shows a strong momentum in favor of buyers. That has pushed the RSI deep into the overbought territory, indicating the possibility of a minor correction or consolidation in the short term.

If bulls do not give up much ground, it will suggest that traders are not booking profits as they anticipate another leg higher. That will increase the likelihood of the resumption of the uptrend.

However, the bears are likely to have other plans. They will try to pull the price back below $98 and trap the aggressive bulls.

FTX Token (FTT) broke above the previous all-time high at $63.13 on Sep. 1 and followed it up with a new all-time high at $70.72 on Sep. 2. A new all-time high is a sign of strength but the bulls have not been able to sustain the price above the breakout level at $63.13.

This suggests that bears have not yet given up and are attempting to stall the up-move. The negative divergence on the RSI suggests that the bullish momentum may be slowing down.

If bears pull the price below $57.93, the FTT/USDT pair could drop to the 20-day EMA ($53). A strong bounce off this level will suggest that bulls are accumulating on dips. The buyers will then again attempt to push the price above the $63.13 to $70.72 resistance zone. If they manage to do that, the pair could rally to $84.

This positive view will invalidate if the price breaks below the 20-day EMA. Such a move will suggest that the recent breakout above $63.13 was a bull trap.

The 4-hour chart shows the formation of a descending triangle pattern, which will complete on a break and close below $59. This bearish setup has a pattern target at $47.50. The flat 20-EMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.

If buyers drive and sustain the price above the downtrend line, it will invalidate the bearish pattern. The price may then rally to $65 and later to $70.72. A breakout and close above this level could start the next leg of the uptrend.

Related: Nigeria plans CBDC rollout, Salvadoran retirees protest Bitcoin Law, Twitter to add BTC and ETH tipping feature: Hodler’s Digest, Aug. 29-Sept. 4

IOTA (MIOTA) rallied sharply from $0.96 on Sep. 1 to $2.08 on Sep. 4. This up-move pushed the RSI above 82, suggesting that the rally was overextended in the short term.

The MIOTA/USDT pair is currently witnessing profit-booking and it may drop to the first support at the 38.2% Fibonacci retracement level at $1.64. A strong rebound off this level will suggest that traders are buying on minor dips.

The bulls will then make one more attempt to push the price above $2.08. If they succeed, the pair could pick up momentum and rally toward $2.40 and then $2.67.

Alternatively, if bears pull and sustain the price below $1.64, the next stop could be in the zone between the 50% retracement level at $1.51 and the 61.8% retracement level at $1.38. A deeper correction could delay the start of the next leg of the uptrend.

The long wick on the 4-hour chart above the psychological barrier at $2 shows that bears are attempting to defend this level. Profit-booking may pull the price down to the 20-EMA, which is likely to act as a strong support.

If the price rebounds off the 20-EMA with strength, it will suggest that the sentiment remains positive and bulls are accumulating on dips. The buyers will then try to resume the uptrend by thrusting the price above $2.08.

A break and close below the 20-EMA will be the first sign of weakness. That may open the doors for a further decline to $1.50.

Read full article at Cointelegraph

Top WWE star teases return, cryptic tweet creates more buzz for tonight's AEW All Out PPV

Investing.com 05 September, 2021 - 01:30pm

Sasha Banks has always been one of the best people in WWE to follow because she is great at getting people talking with cryptic tweets.

The latest tweet has fans talking about Bryan Danielson, who is expected to debut tonight on AEW All Out. Banks did not mention his name but she posted the number “12” with a glowing star emoji and a link to “The Final Countdown” by Europe.

Of course, “Final Countdown” is the song that Danielson used in Ring Of Honor before he signed with WWE and fans expect him to use that song tonight at All Out.

What is more likely is that she is teasing her return to WWE TV and 12 days from now would be Friday, September 17, the date for Smackdown in Knoxville, TN. Banks was reportedly backstage at SmackDown on Friday but there is no word yet on what the creative plans are for her. Belair recently said that she was ready to have her rematch with Banks at a later date.

This coming Friday on “Super SmackDown” at Madison Square Garden, SmackDown Women’s Champion Becky Lynch, and Bianca Belair will sign their contract for Extreme Rules so it doesn’t look like Banks will be back on that show.

Banks was scheduled to challenge Belair for the SmackDown Women’s Championship at SummerSlam but she was not cleared and WWE was forced to change plans. Lynch made her return on that show and won the title from Belair.

Check out Banks’ cryptic tweet below.

12 🌟https://t.co/j7W6f5hV2d

— Mercedes Varnado (@SashaBanksWWE) September 5, 2021

Copyright © 2021. WrestlingNews.Co. All Rights Reserved.

Top 5 cryptocurrencies to watch this week: BTC, LTC, FIL, FTT, MIOTA

Quartz 05 September, 2021 - 01:30pm

BTC bulls are still trying to flip $50,000 to support and if this occurs LTC, FIL, FTT and MIOTA could rally higher.

However, Bitcoin’s hesitation in the past few days has not altered the outlook of Bloomberg senior commodity strategist Mike McGlone who has retained a $100,000 target on Bitcoin and $5,000 on Ether.

Apart from the top two cryptocurrencies, the nonfungible token (NFT) sector had been attracting investor’s attention since July. Cointelegraph contributor Jordan Finneseth recently suggested that the recent drop in transaction volumes and a few other reasons could be signaling a rotation of capital from NFTs to the decentralized finance sector.

Let’s study the charts of the top-5 cryptocurrencies that may outperform in the short term.

Bitcoin broke above the $50,500 resistance on Sep. 3 to hit $51,000 but the long wick on the day’s candlestick suggests a lack of buying at higher levels. That was followed by a Doji candlestick pattern on Sep. 4, indicating indecision among the bulls and the bears.

The negative divergence on the relative strength index (RSI) suggests that the bullish momentum may be weakening but the upsloping moving averages indicate that the path of least resistance is to the upside.

If buyers drive the price above $51,000, the BTC/USDT pair could resume its uptrend. The first stop could be $55,000 but if this resistance is crossed, the up-move could reach $60,000.

Conversely, if the price turns down from the $50,500 to $51,000 resistance zone, the pair may drop to the 20-day exponential moving average ($47,998).

This is an important support for the bulls because if it cracks, the pair may remain range-bound between $46,200 and $50,500 for a few days. A break and close below $46,200 could sink the pair to the 50-day simple moving average ($43,291).

The price has been trading between the 20-EMA and the overhead zone. This tightening of the range is likely to result in a strong breakout soon. If buyers push the price above $51,000, the bullish momentum could pick, signaling the resumption of the uptrend.

Alternatively, if the price slides below the moving averages, it will suggest that bears are aggressively defending the overhead resistance zone. That could pull the price down to $46,200. A bounce off this support could keep the pair range-bound for some more time but a break below it will indicate that bulls may be losing their grip.

The bulls are attempting to push and sustain Litecoin (LTC) above the overhead resistance at $225.30. If they succeed, it will complete a rounding bottom pattern that may start a new uptrend.

The long wick on the Sep. 4 candlestick showed selling near the overhead resistance but the positive sign is that bulls did not cede much ground. They are again attempting to overcome the overhead hurdle.

If they can sustain the price above $225.30, the LTC/USDT pair could start an up-move to $300 and later to the pattern target at $347.30. The rising 20-day EMA ($184) and the RSI in the overbought zone indicate the path of least resistance is to the upside.

This bullish view will invalidate if the price turns down from the current level and breaks below the 20-day EMA.

The 4-hour chart shows the bears tried to stall the up-move at the overhead resistance at $225.30 but the bulls did not give up much ground. This suggests that buyers continue to accumulate on any minor dip.

Both moving averages are sloping up and the RSI is in the overbought zone, indicating that bulls are in command. A break and close above $225.30 could open the doors for a rally to $250.40. Conversely, a break and close below the 20-EMA will be the first sign of weakness.

Filecoin’s FIL token has broken above the overhead resistance at $98 today. This completes a rounding bottom pattern, suggesting the start of a new uptrend. The bottoming formation has a pattern target at $156.

The 20-day EMA ($79) has turned up and the RSI has soared above 81, indicating a possible trend change. Usually, the breakout from a major pattern retests the breakout level. In this case, the price may drop to $98.

If bulls flip the $98 level into support, the FIL/USDT pair could resume its uptrend. On the contrary, if bears pull and sustain the price below $98, it will suggest that the recent breakout was a bull trap. The pair may then drop to the 20-day EMA.

If the price rebounds off this support, the bulls may once again try to propel the price above the overhead resistance and resume the uptrend. The bears will have to sink the price below the 20-day EMA to gain the upper hand.

The 4-hour chart shows a strong momentum in favor of buyers. That has pushed the RSI deep into the overbought territory, indicating the possibility of a minor correction or consolidation in the short term.

If bulls do not give up much ground, it will suggest that traders are not booking profits as they anticipate another leg higher. That will increase the likelihood of the resumption of the uptrend.

However, the bears are likely to have other plans. They will try to pull the price back below $98 and trap the aggressive bulls.

FTX Token (FTT) broke above the previous all-time high at $63.13 on Sep. 1 and followed it up with a new all-time high at $70.72 on Sep. 2. A new all-time high is a sign of strength but the bulls have not been able to sustain the price above the breakout level at $63.13.

This suggests that bears have not yet given up and are attempting to stall the up-move. The negative divergence on the RSI suggests that the bullish momentum may be slowing down.

If bears pull the price below $57.93, the FTT/USDT pair could drop to the 20-day EMA ($53). A strong bounce off this level will suggest that bulls are accumulating on dips. The buyers will then again attempt to push the price above the $63.13 to $70.72 resistance zone. If they manage to do that, the pair could rally to $84.

This positive view will invalidate if the price breaks below the 20-day EMA. Such a move will suggest that the recent breakout above $63.13 was a bull trap.

The 4-hour chart shows the formation of a descending triangle pattern, which will complete on a break and close below $59. This bearish setup has a pattern target at $47.50. The flat 20-EMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.

If buyers drive and sustain the price above the downtrend line, it will invalidate the bearish pattern. The price may then rally to $65 and later to $70.72. A breakout and close above this level could start the next leg of the uptrend.

Related: Nigeria plans CBDC rollout, Salvadoran retirees protest Bitcoin Law, Twitter to add BTC and ETH tipping feature: Hodler’s Digest, Aug. 29-Sept. 4

IOTA (MIOTA) rallied sharply from $0.96 on Sep. 1 to $2.08 on Sep. 4. This up-move pushed the RSI above 82, suggesting that the rally was overextended in the short term.

The MIOTA/USDT pair is currently witnessing profit-booking and it may drop to the first support at the 38.2% Fibonacci retracement level at $1.64. A strong rebound off this level will suggest that traders are buying on minor dips.

The bulls will then make one more attempt to push the price above $2.08. If they succeed, the pair could pick up momentum and rally toward $2.40 and then $2.67.

Alternatively, if bears pull and sustain the price below $1.64, the next stop could be in the zone between the 50% retracement level at $1.51 and the 61.8% retracement level at $1.38. A deeper correction could delay the start of the next leg of the uptrend.

The long wick on the 4-hour chart above the psychological barrier at $2 shows that bears are attempting to defend this level. Profit-booking may pull the price down to the 20-EMA, which is likely to act as a strong support.

If the price rebounds off the 20-EMA with strength, it will suggest that the sentiment remains positive and bulls are accumulating on dips. The buyers will then try to resume the uptrend by thrusting the price above $2.08.

A break and close below the 20-EMA will be the first sign of weakness. That may open the doors for a further decline to $1.50.

What August's record breaking month for crypto flows means for bitcoin

Yahoo Finance 05 September, 2021 - 11:40am

Last week, Bitcoin (BTC-USD) breached $50,000 for the second time in two weeks, extending a rally that put a grim sell-off that started in May further in the rear-view mirror. While notable for its volatility, gains in the the largest cryptocurrency may have gotten lost in the swell of rising prices across the entire asset class.

With a majority of decentralized finance and non-fungible token (NFT) trading happening on the Ethereum (ETH-USD) blockchain, the second largest cryptocurrency by market capitalization rose by a third from $2,700 to $3,900, a growth rate 17 percent higher than BTC.

And other blockchain-based currencies such as the third highest valued cryptocurrency, Cardano (ADA-USD) has more than doubled while a newer one, Solana (SOL-USD), has more than tripled in value over the past month. ADA and SOL have continued to notch almost daily all time highs for the past two weeks.

Bitcoin IRA, an investment platform that helps retail investors gain crypto exposure in their retirement accounts, saw “record-breaking inflows” of new accounts over the previous month.

“We broke our record in the first quarter right before Bitcoin ran from $45,000 to $65,000,” the company’s Chief Operating Officer, Chris Kline told Yahoo Finance. “We’re seeing the same pattern happen again. So this past month [August] felt a lot like April, but about twice as big.”

Currently, Bitcoin IRA has close to 120,000 client accounts, with approximately $2 billion in assets on the platform. Although platform's heft doesn’t move the market, the swell of retail investors opening new accounts — especially for tax-advantaged IRA accounts — is an indicator of how curious investors are as they seek more traditional ways to participate in this market.

By rough approximation across all accounts, Kline said his clients hold 43% of their portfolio in bitcoin, 27% in ethereum, and the remaining 30 percent in a mix of other cryptocurrencies. The company offers 10 different cryptocurrencies in total, and is planning to more than double their crypto offerings in the fall.

Back in early May when Ethereum started rising to its all-time high above $4,000, the company saw a large influx of swaps or pairing from BTC to ETH. It signaled many of his clients were shifting their portfolios from BTC to ETH. 

However, in recent weeks? “Not so much this time,” Kline told Yahoo Finance. 

To be sure, there could be a lag. “Retail buyers are looking for percentage growth. While bitcoin reigns supreme, it has relatively stable growth while there is exponential growth happening on ethereum. That’s what really gets their attention,” Kline explained.

Bitcoin's August peak at $50K served as a “key technical and psychological level,” according to Will Clemente, an analyst at crypto mining and hardware broker Blockware Solutions.

Clemente told Yahoo Finance that for the last seven days, bitcoin’s price has remained in what he called a “volatility squeeze.” The idea being that buyers and sellers have balanced each other out, thereby reducing the asset’s typically high volatility.

But the analyst suggested that could be about to change. A volatility squeeze for bitcoin usually takes a week to two weeks to resolve.

“That’s not telling you the direction, it's just telling you that there’s going to be a big move soon,” said Clemente.

Analyzing price action alone remains a dominant, more contested method for predicting buyers and sellers around a cryptocurrency. But Clemente’s specialization, on-chain analysis, has quickly become a crucial tool kit of metrics for investors hoping to gleam some clarity into the nascent asset-class.

Similar to technical analysis, the on-chain technique tries to forecast future moves based on supply and demand. However, it relies on a far larger quantity of data only available for assets operating on publicly available blockchains.

While Clemente cannot predict the price shift of Bitcoin, he pointed to a handful of supply shock ratios, such as the movement of coin supply from speculators to long term holders and the exchange supply ratio, which shows the number of Bitcoins available to buy on exchanges relative to the overall circulating supply. 

Each of these metrics continue to rise higher after Bitcoin crested above $50,000, according to Clemente. Historically, supply shocks begin before the Bitcoin price moves upward.

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Bitcoin Market Dominance Dips Down to 40% While Ethereum and Other Crypto Market Caps Swell – Market Updates Bitcoin News

Bitcoin News 05 September, 2021 - 08:36am

by Jamie Redman

It is well known that between the first time bitcoin (BTC) prices were calculated by market capitalization, and all the way up until February 2017, BTC had more than an 80% market dominance among all the other coins, for a majority of the time.

There was an instance in 2014, where BTC dropped to 77.9% in December and again in March 2016 to 76.42%. After the March 2016 dip, there were a few quick instances of dominance levels dipping under 80%, but nothing like what happened in February 2017.

On February 19, 2017, BTC’s dominance levels slid from 85.4% to a low of 37.84% in June 2017. From here bitcoin has never managed to move above the 80% handle since then and in September 2019, it rose above the 70% handle but for only a few days.

On March 1, 2021, BTC again tapped the 70% handle, but has since lost the market dominance again. One of the biggest markets eating into BTC’s cap is ethereum (ETH), which holds a 19.4% market dominance according to Coingecko stats.

Messari.io says ETH’s cap is 19.99% and coinmarketcap.com says the dominance level is 20.1%. Ethereum’s market valuation is around $460 billion on Sunday, September 5, 2021. During the last 24 hours, these three aggregators show BTC’s dominance has fluctuated between 39.99% to 41.52%.

Bitcoin’s market valuation at the time of writing on Sunday, September 5, is an aggregate total of around $940 billion. Other coin market caps have seen massive gains and this has furthered their dominance levels, and more specifically the top ten digital currencies by market capitalization. Today, all ten coins in the top ten list command 80% of the entire $2.36 trillion crypto market economy.

The top ten markets by market capitalization today include bitcoin (BTC), ethereum (ETH), cardano (ADA), binance coin (BNB), tether (USDT), XRP, solana (SOL), dogecoin (DOGE), polkadot (DOT), and usd coin (USDC).

While ADA has more than 4% of the entire crypto-economy in terms of market dominance, BNB has 3.71%. The stablecoin tether is nearing the three percentile mark with 2.98% of the whole crypto economy. XRP is a bit lower than tether at 2.21% and the new top ten contender solana (SOL) has 1.79%.

In terms of the remaining top ten coins and the rest of the cryptocurrency market caps below them ($472 billion) are also contributing to the swelling value of the overall $2.36 trillion crypto economy. Crypto coins like fantom (FTM), iota (MIOTA), kusama (KSM), and iost (IOST) all saw significantly-sized double-digit gains during the last seven days.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The Most Interesting Price Charts Of The Week: Gold, Bitcoin, Ether, Analyzed

Forbes 04 September, 2021 - 11:38am

Let’s start with the price of gold because hardly anyone cares anymore and that might be a sign of something, emphasis on the “might.” When you’ve got a hot, new cryptocurrency every hour and a blazing stock market that just won’t stop, why would you even be looking at something as so-last-century as a boring precious metal?

It brings to mind that old Jonathan Sacks quote about investing: “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don't, so we buy. Then people start selling, panic sets in, and we sell too.”

Here’s the monthly gold chart:

From the 2008 low of 85o to the current price of 1833 is more than a double. This used to be considered a decent return but now, compared to a cryptocurrency, it amounts to “ho-hum.” Note that, despite the selling from mid-2020 to here, gold remains in an uptrend, well above the Ichimoku cloud (a mix of moving averages).

Here’s the daily chart for gold:

2 items of interest here to the price chart analyst: 1) the early August price low reaches the lows of March and April but...the MACD indicator (below the price chart) is diverging from price, positively. That moving average convergence/divergence measure may be giving off bullish vibes.

And 2) that downtrend line (dotted red) which connects the early June high with the mid-June high is finally broken through this week. Is it a wake-up call or a false signal? Anything can happen — these are volatile global markets — but the price action here is changing.

Ethereum’s daily chart shows an example of the violated downtrend line:

Connecting the 2 summertime highs gives us the downtrend line. You can see that it’s broken above in late July. Take a look at the subsequent price action. Artificial intelligence, machine learning and actual human beings take note of this kind of movement and it all has an effect.

Ethereum’s monthly chart is even more fascinating:

The May to July sell-off is definitely over. That August closing price is a new all-time high for the cryptocurrency and we’re already above that in early September. The previous mid-May high up there above 4250 is likely to be a significant resistance area. That is, some holders may find it comfortable to sell since they missed it last time around.

Compare this to the Bitcoin monthly price chart:

No new monthly high, either on a closing basis or otherwise, for Bitcoin. When you hear that Ethereum may now be overtaking it as the prime cryptocurrency, you can double-check this chart and the above charts for confirmation. The money seem to be choosing one over the other.

Not investment advice. Do your own research and always consult with a registered investment advisor before making any decisions.

My Marketocracy work is profiled in The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of by Forbes Investments Editor Matt Schifrin. I'm a

My Marketocracy work is profiled in The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of by Forbes Investments Editor Matt Schifrin. I'm a graduate of the University of North Carolina. Not investment advice.

The Most Interesting Price Charts Of The Week: Gold, Bitcoin, Ether, Analyzed

The Daily Hodl 04 September, 2021 - 11:38am

Let’s start with the price of gold because hardly anyone cares anymore and that might be a sign of something, emphasis on the “might.” When you’ve got a hot, new cryptocurrency every hour and a blazing stock market that just won’t stop, why would you even be looking at something as so-last-century as a boring precious metal?

It brings to mind that old Jonathan Sacks quote about investing: “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don't, so we buy. Then people start selling, panic sets in, and we sell too.”

Here’s the monthly gold chart:

From the 2008 low of 85o to the current price of 1833 is more than a double. This used to be considered a decent return but now, compared to a cryptocurrency, it amounts to “ho-hum.” Note that, despite the selling from mid-2020 to here, gold remains in an uptrend, well above the Ichimoku cloud (a mix of moving averages).

Here’s the daily chart for gold:

2 items of interest here to the price chart analyst: 1) the early August price low reaches the lows of March and April but...the MACD indicator (below the price chart) is diverging from price, positively. That moving average convergence/divergence measure may be giving off bullish vibes.

And 2) that downtrend line (dotted red) which connects the early June high with the mid-June high is finally broken through this week. Is it a wake-up call or a false signal? Anything can happen — these are volatile global markets — but the price action here is changing.

Ethereum’s daily chart shows an example of the violated downtrend line:

Connecting the 2 summertime highs gives us the downtrend line. You can see that it’s broken above in late July. Take a look at the subsequent price action. Artificial intelligence, machine learning and actual human beings take note of this kind of movement and it all has an effect.

Ethereum’s monthly chart is even more fascinating:

The May to July sell-off is definitely over. That August closing price is a new all-time high for the cryptocurrency and we’re already above that in early September. The previous mid-May high up there above 4250 is likely to be a significant resistance area. That is, some holders may find it comfortable to sell since they missed it last time around.

Compare this to the Bitcoin monthly price chart:

No new monthly high, either on a closing basis or otherwise, for Bitcoin. When you hear that Ethereum may now be overtaking it as the prime cryptocurrency, you can double-check this chart and the above charts for confirmation. The money seem to be choosing one over the other.

Not investment advice. Do your own research and always consult with a registered investment advisor before making any decisions.

My Marketocracy work is profiled in The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of by Forbes Investments Editor Matt Schifrin. I'm a

My Marketocracy work is profiled in The Warren Buffetts Next Door: The World's Greatest Investors You've Never Heard Of by Forbes Investments Editor Matt Schifrin. I'm a graduate of the University of North Carolina. Not investment advice.

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