January 16, 2019

Crypto Market Update: Stellar (XLM), Crypto [BTC] Cash, Tron (TRX), ADA Price Analysis

The total crypto market cap failed to hold gains above $120.00B and declined to $115.00B.
Stellar (XLM) price is holding the $0.1000 support very well and it could gain traction.
bitcoin cash price may correct lower towards the $125 support level.
Tron (TRX) declined below $0.0250 and it could find support near the $0.0240 level.
Cardano (ADA) price is trading nicely above the $0.0420 and $0.0440 support levels.

The crypto market failed to hold gains and declined following Ethereum’s slide. Crypto [BTC], BCH, ETH, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA) also corrected lower.

bitcoin Cash Price Analysis

After a decent upward move, there was a bearish reaction from the $135 resistance in bitcoin BTC cash against the US Dollar. BCH/USD declined below $130 and it is currently consolidating losses. An initial support is at $125, below which it could revisit the $120 support.

On the upside, a close above the $132 and $135 resistance levels is must for an upside acceleration towards $140 and $145 in the near term.

Stellar (XLM), Tron (TRX) and ADA Price Analysis

Stellar price retreated from well above $0.1150 and declined below the $0.1100 support. However, XLM is still well supported above the $0.1050 and $0.1000 support levels, and it may soon bounce back.

Tron price started a downside correction below the $0.0280 support and tested the $0.0230 support. TRX is currently consolidating near $0.0240 and it may slowly climb above $0.0250 and $0.0262 in the near term.

Cardano price tested the $0.0400 support recently and bounced back. ADA is currently trading near $0.0440 and it may continue to rise towards the $0.0450 and $0.0472 in the coming sessions. On the downside, the main supports are $0.0432 and $0.0420.

Looking at the total cryptocurrency market cap hourly chart, there was a bearish reaction from the $120.00B-121.00B resistance zone. The market cap declined and tested the $115.00B support. It is currently correcting higher, but there are many hurdles on the upside near the $118.00B, $119.00B and $120.00B levels. Therefore, it seems like upsides might be capped in the short term, and bitcoin BTC (BTC), Ethereum, EOS, stellar, LTC, ripple, TRX and other altcoins may continue to consolidate.

Published at Wed, 16 Jan 2019 06:00:09 +0000

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December 16, 2017

Cruchbase Feels Bitcoin Lost Sight of Being a Medium of Exchange

The opinions on the current state of bitcoin are rather divided, to say the least. Some people think it’s doing well, whereas others grow increasingly worried. According to Crunchbase, bitcoin is no longer a means of exchange. Instead, it has become slow, expensive, and anything but convenient. This is anything but a popular opinion, mind you, but there is some truth to this statement as well.

For a cryptocurrency with such a high market cap, bitcoin lacks some basic functionality. Sending transactions is a bit of a gamble if it has to happen quickly. Including high fees is always an option but it shouldn’t even be necessary. Unfortunately, bitcoin is no longer a means of exchange, according to Crunchbase. The value of the world’s leading cryptocurrency certainly doesn’t represent the state of the ecosystem. At the same time, these issues are nothing new under the sun either.

Crunchbase Doesn’t Like the Current State of bitcoin

In its current form, bitcoin is slow and expensive to use as a means of exchange. It makes for a worthwhile store of value, though. In fact, it may outperform any other financial asset in existence today in that regard. Crunchbase confirms bitcoin shouldn’t be looked at a peer-to-peer version of electronic cash whatsoever. That situation may reverse again in the future, though. For now, it seems unlikely anything will change in the near future.

The first-mover advantage bitcoin has is slowly eroding, to say the least. It is evident this cryptocurrency still has plenty of potential if something changes. Pushing down the fees will be very difficult until SegWit adoption increases or the Lightning Network comes around. Either of those outcomes is still months away, at best. The amount of money one pays for the speed of confirmations imply doesn’t add up. Crunchbase also touches upon the growing transaction backlog. It has been another problem for bitcoin due to the lack of scaling.

Granted, one could easily adorable this to growing pains. It is evident bitcoin is still maturing in front of our eyes. However, the currency has been around for many years. These issues have been known for many years as well. A lot of time was wasted due to political bickering over how scaling should work. The community eventually settled on a solution which has an adoption rate of under 15% months later. An uneasy situation, to say the very least

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