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The uncertain future of cryptocurrencies in 2018

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Cryptocurrency in 2018

2017 was the year of turbulence for the cryptocurrency market due to a lot of reasons. The year experienced a number of hacking instances which left the Crypto enthusiast to lose hope in it. Tons of initial coin offering were put forth to choose from, also the unexpected Bitcoin price variations.

Some of the notable cryptocurrencies have been observed to gain a lot of attention in the year of 2017. At the beginning of 2017 Ripple had a market price of about $0.0060 but eventually as the last quarter of the Year came nearer the prize started hovering around $1.00. This itself shows the unexpectedness and the uncertainty in the cryptocurrency world, therefore, it is not possible for almost anyone to predict the market situations in the future. As the cryptocurrency market is mostly driven by the people itself, the mindset of the people plays a major role in deciding the future of the market. Ripple shot up in the charts by almost 1000 % which was probably due to the rumor in the news. The rumor was that one of the largest cryptocurrency exchange Coinbase was about to incorporate it into itself, in order to facilitate the seamless exchange between the Fiat currency and Ripple. Following which the reaction of the people was as expected. Most of the uneducated investors in the field came forward to buy the cryptocurrency and hence increasing the market price.

Ripple

Ripple can be considered as a centralized form of cryptocurrency with ripple labs being at the center. However, it has never been proved that the company targets selected people in order to manipulate them in buying the cryptocurrency. Ripple is like the bank of the cryptocurrency world, which helps large companies and Enterprises for huge transactions in a simple and faster way. However, it can’t be denied that the Ripple technology is completely out of the track of Satoshi Nakamoto’s vision of decentralized cryptocurrency.

 

One of the key persons from the ripple labs came out of it and initiated the stellar network. The unseen reason behind this was the doubtful attitude towards Ripple Network, as the network was never tested for such large-scale usage. Hence the Stellar network has completely Re-architected the consensus protocol of Ripple and introduced a byzantine fault-tolerant blockchain.

TRON

Tron was also one of the major players of the 2017 and is further speculated to gain much popularity in the year 2018. The network has no actual working product but still, it is a $14 billion ICO. This is a clear indication that how the ideas and beliefs of the people can affect the Crypto market. The network managed to increase by 3650% in a duration of one month just buy its white paper and its token. The coin managed to enter the list of top 10 cryptocurrencies due to some brilliant marketing moves were taken by the founder of the network, Justin Sun.  John McAfee also played a major role in advertising it through his Twitter handle. His 500,000 followers were greatly influenced by his statement and the currency managed to rise from $0.04 to nearly $0.29 instantly.

 

Following such amazing experiences, the network had to experience a downfall due to a lot of negative news in the media regarding it.

 

Let us have a very positive speculation for 2018 and hope that the market price is not just fluctuated due to the news in the media but owing to its real potential in solving some problems.

#Bitcoin

Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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#Ripple Price Analysis

XRP price analysis and market updates

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XRP has overtaken ETH again by becoming the number 1 altcoin according to market capitalization. Crypto analysts believe that XRP can outrage bitcoin too.

XRP has overtaken ETH again by becoming the number 1 altcoin according to market capitalization. Crypto analysts believe that XRP can soon outrage bitcoin too and take the spot of the number 1 cryptocurrency while bitcoin is still more than 52% dominant. XRP had a downfall last Wednesday when XRP price fell to $0.43, but in the last 24 hours, XRP experienced a good bullish momentum with a 12% rise trading above $0.51. XRP is currently trading at $0.519 (at the time of writing this article).

 

XRPUSD 5 day chart

XRPUSD 5 day chart

 

One of the major reasons for the rise of XRP is the approval of cryptocurrency ETF by the Switzerland authorities and also the adoption of RippleNet by more and more financial institutions worldwide. Many other altcoins apart from XRP also experienced a bullish momentum in the last 24 hours. XRP is on the top of the list for gainers while Stellar and Monero are on the 2nd and 3rd position. The price of bitcoin showed little improvements by remaining above $5600 mark.

Many financial analysts predict a bearish future for cryptocurrencies in 2019, while many other cryptocurrency enthusiasts believe that the following predictions are just to create a feeling of fear amongst the cryptocurrency investors. What do you fell about the same? Tell us in the comments section below.

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#Ethereum Price Analysis

Ethereum Price Analysis: Can ETH cross 200?

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Ethereum price is likely getting ready for an all-encompassing remedy above $179. Upsides will in all probability confront sellers close $194.

MACD – Set in the bullish zone.

Relative Strength Index – Moving higher towards the 50 level.

Support Level – $165

Resistance Level – $194

 

Key Points

  • ETH price is shaping a not too bad support over the $165 level against the US Dollar.
  • There is a noteworthy bearish pattern line set up with resistance at $193 on the 4-hours diagram of ETH/USD.
  • The pair may gradually rectify higher towards the $188, $192 and $194 resistance levels.

Ethereum price could exchange higher towards the $192-194 resistance zone in the close term.

 

Ethereum Price Analysis

This previous week, we saw a noteworthy decay from the $223 swing high in ETH price against the US Dollar. The ETH/USD pair fell underneath the $212, $200, $196 and $180 support levels. Ethereum price exchanged near the $165 level and framed a month to month low. Afterward, Ethereum price began a transient recuperation and moved over the $170 resistance. In any case, Ethereum price attempted to break the $178-179 resistance. It speaks to the 23.6% Lie retracement dimension of the last drop from the $223 high to $165 low.

It appears as though Ethereum price may combine in the here and now over the $165 level. Afterward, it could outperform the $178-179 resistance to expand the recuperation. Be that as it may, there is a noteworthy resistance looking out for the upside, close to the $192-194 zone. Besides, there is a noteworthy bearish pattern line set up with resistance at $193 on the 4-hours diagram of ETH/USD. The pattern line concurs with the half Lie retracement dimension of the last drop from the $223 high to $165 low. Additionally, the 100 straightforward moving normal on a similar outline is likewise close $194-195.

 

ETHUSD 5 day chart

ETHUSD 5 day chart

 

The above diagram shows that the Ethereum price is likely getting ready for an all-encompassing remedy above $179. Be that as it may, upsides will in all probability confront sellers close $194. At last, the price could decay indeed towards $170 and $165.

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