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Crypto Market Cap Could Rise 40% To $225B If Key Resistance Is Broken

Crypto market cap could rise 40% to $225b if key resistance is broken

Crypto Market Cap Could Rise 40% To $225B If Key Resistance Is Broken

Crypto market cap could rise 40% to $225b if key resistance is broken

The crypto market has seen a resurgence in recent months, as Bitcoin price bounced off what appears to be its final bear market bottom, and rallied to $5,000 where it’s currently consolidating.

The most recent move took the overall crypto market cap, which includes all altcoins and Bitcoin, from $140 billion, to $180 billion where it was rejected at strong resistance. Should the total market cap break the current resistance level, one analysts believes a nearly 40% rise is in the cards, taking the crypto market cap potentially to $225 billion.

Crypto Market Cap Could Reach $225 Billion If Resistance Is Overcome

Price action in the crypto market is heating up once again, as bullish sentiment and an apparent alt season made a return. While bitcoin’s rejection at $5,400 has caused the overall market to bleed out a bit during the pullback, the potential for further upward movement is high given the fact that many indicators are pointing toward a new uptrend.

If the uptrend does continue, one crypto analyst and trader has shared his thoughts on what level the total crypto market cap might reach should strong overhead resistance be broken by bulls. Professional harmonic and wave trader, Mind Trader, believes that a break of resistance at $180 billion in the crypto market cap chart – an area that was just violently rejected – will result in a push over $200 billion toward $225 billion in total market capitalization.

Related Reading | Crypto Analyst: Higher High In bitcoin Price Confirms Bear Market Bottom Is In 

Such a move would represent an over 38% rise in value, and likely confirm that the crypto bear market of 2018-2019 is done for.

Altcoin Market Cap Provides Insight on Where bitcoin Price Could Go Next

Mind Trader also shared his perspective on the altcoin market cap, which is essentially the total crypto market cap, sans Bitcoin. bitcoin makes up the majority of the cryptocurrency market cap, so traders often remove it from their analysis to get a more accurate picture of what’s going on with altcoins directly.

The analyst suggests that the next target for the altcoin market cap, should resistance be taken out by bulls, would be roughly $115 billion. This would mean that to reach the total market cap of $225 billion he’s projecting, bitcoin’s total market cap would need to reach $100 billion also.

Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value

This would take bitcoin price to roughly $5665, and it would mean that bitcoin dominance feel below 50% for the first time in 2019. A break of bitcoin dominance below 50% could cause an all out alt season to occur. However, the price of bitcoin would still be below resistance at $6,000, which is likely to prove as difficult to break as it was when it acted as support throughout 2018.

A break of $6,000 is likely the barrier to truly igniting the next bull run for bitcoin and its altcoin brethren.

Published at Thu, 11 Apr 2019 20:00:53 +0000

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CryptoKitties Creates Massive Backlog on the Ethereum Network

The new decentralized game CryptoKitties launched last week, with the purpose of the game to collect, bred, and trade electronic cats. Due to the game’s unbelievable popularity, the Ethereum network has been seeing record rates of transaction backlog.

Cat-Based Trading Game

CryptoKitties launched at the end of last month as one of the first games based on a decentralized blockchain. A kooky combination of Pokemon meets Beanie Babies on the blockchain, the goal of the game is to buy virtual cats and collect them. Each cat has is unique and has its own “DNA” that is recorded on the blockchain. Once you start acquiring a decent number of cats, you can start breeding them to create new, rarer cats. These cats have a value on the open marketplace, with the first cat created dubbed the “Genesis Cat” fetching upwards of $110,000 in ether.

Image result for crypto kitties

These cats are traded via Ethereum transactions, and it is quickly taking over the network. At the beginning of the weekend, CryptoKitties trades amounted to roughly 4% of the network’s transaction volume. Today they account for almost 15% of the transaction volume. It has gotten to the point where the team behind the game has announced that they are doubling the fees needed to birth a new cat to make sure the transaction can get processed in a timely manner.

We’re beginning to see cracks in the second biggest blockchain in the world, adding an urgency to scaling solutions that blockchain technology desperately needs. bitcoin has been experiencing full or near full blocks for over a year now. With Ethereum soon to be hitting its capacity, research into new options to help decentralized technology scale are needed soon.

Fixing the Problems at Hand

Some people are requesting that miners increase what is known as the gas limit, which is like blocksize in bitcoin. Gas is a measure of computational effort, and each operation has a set amount of gas attached to it. Operations can be things like adding numbers together, calculating a hash, or sending a transaction. The limit is the maximum amount of gas that can be included in a block. With this limit in place, it can cap the block size and the speed of propagation around the network. These two things are essential to maintain the decentralized nature of blockchain technology.

Unfortunately, miners are unlikely to change this parameter as it has its own adverse effects as well. A statement made on Reddit by the operator of EtherChain, a large Ethereum mining pool, has stated

The network uncle rate has already reached levels (~30%) comparable to the Network DoS attacks during October 2016. This means that currently every 3rd Block get orphaned. Increasing the gas limit will likely make the current situation even worse. Without substantial improvements on how those large blocks are processed by the current implementations and distributed through the network I don’t think increasing the gas limit further is feasible right now. While high end systems are still able to validate heavy blocks within several 100 ms, low end systems already take up to a few seconds to validate and distribute a block.Bottom of Form

A solution is needed for the current levels of congestion, as some transaction fees are hitting close to a dollar, a level that the Ethereum Network was never supposed to hit.

What do you think about this new game? Do you own any crypto kitties? Let us know in the comments below!

Images courtesy of CryptoKitties.co, BitInfoCharts

The post CryptoKitties Creates Massive Backlog on the Ethereum Network appeared first on Bitcoinist.com.

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