A cryptocurrency is a fully decentralized, secure, digital currency whose creation is controlled. Cryptocurrency market analysis is not issued by central banks and their value does not depend on bank policies. Unlike regular currencies where new money can be introduced in the money supply through Quantitative Easing (QE), cryptocurrency prices are purely based on supply and demand. Bitcoin, created in 2009, was the first cryptocurrency. There currently are over 800 alternative cryptocurrencies, called Alt coins, such as Ethereum, Ripple and Lite-coin.
Bitcoin and popular alt coins can be found on Trading View, through the free, real-time data of 25 exchanges. Cryptocurrencies are somewhat similar to precious metals, in that their creation is controlled and most have a cap on the amount of units, just like precious metals, which have limited min-able amounts. One of our most popular chats is the cryptocurrencies chat where traders talk in real-time about where the Cryptocurrency market is going.
Another way to forecast cryptocurrency market analysis – price fluctuations is to use the fundamental method of quotes’ prediction. This technique more complicate as it requires skills, knowledge and experience. Classical Fundamental analysis is based on economic, political events as well as inner companies’ data.
As for cryptocurrency market analysis, this method studies project and technology behind any coin as well as the general situation on the crypto market. Fundamental analysis should be applied for a long-term period as it is impossible to see its impact in one hour or even one day.
For example- we have a new coin, which is in pre-ICO period currently. We need to understand whether it is promising or not. However, inner project analysis is not the only way to examine the price. You also need to understand the global picture of the cryptocurrency market analysis.
Top 5 Crypto Performers Overview: Litecoin, Binance Coin, Ripple, Bitcoin, Tron
Although Bitcoin (BTC) has managed to maintain its dominance throughout the bear market. We are seeing some major cryptocurrencies outperform it. This shows that the market has started to favor some coins and disregard the others.
We believe that some cryptocurrency market analysis might bottom out even before Bitcoin does. Due to that, it is necessary to be selective about coins if one wants to reap the benefits.
When larger traditional investment firms and exchanges get ready to take the plunge. It is an indication of underlying demand. Therefore, we expect increased involvement from the larger players who have been waiting on the sidelines.
The bear market is a difficult time for investors in terms of the prices. But it is also a period when the fundamentals improve and ultimately carry the prices out of the bear phase.
We believe that since last year, the fundamentals of the crypto asset class have been improving. It is only a matter of time before the prices reflect that improvement. Every bull market has its leaders. We want to identify the cryptocurrency market analysis that can lead the next move upward.
Litecoin (LTC) creator Charlie Lee wants to make the cryptocurrency more “fungible.” He plans to add confidential transactions through a soft fork. The update is expected to take place later this year.
The next Litecoin block reward halving is set to happen in early August. Crypto analyst and trader Moon Overlord tweeted that the digital currency had bottomed out approximately 200 days prior to its halving in 2015. The ensuing rally peaked roughly two years after the event.
After breaking down of the support at $47.246 in mid-November of last year, the LTC/USD pair found support at $23.090. The bulls have been attempting to push the price higher but faced selling close to the $40 mark.
Crypto exchange Binance has entered into a partnership with payment processing company Simplex to offer its customers the ability to buy cryptocurrencies with credit cards. The company has completed the sale of BitTorrent (BTT) tokens in under 15 minutes. Which shows strong underlying demand.
A breakout and close above the descending channel confirms a change in trend. After the breakout, the BNB/USD pair can either start a new uptrend or enter into a consolidation. In the case of an uptrend, it can rally to $12, and above it to $15. However, if a consolidation ensues, we expect it to hold above $5.4666.
Ripple (XRP) saw some wild movements this week due to various news and rumors. SWIFT, a major global banking payments network, announced plans to launch a proof-of-concept gateway in partnership with blockchain software firm R3.
This got the rumor mill churning, with some speculating that it might eventually lead to some kind of a tie-up between Ripple and SWIFT. This resulted in a sharp spike in the XRP price, which did not sustain for long.
If the price turns down and breaks below $0.27795. It can drop to the yearly low of $0.24508. A break below the yearly low will resume the downtrend.
The current bear market in Bitcoin (BTC) has become the longest in its short trading history, overtaking the 2013-2015 bear phase.
Just days after withdrawing its Bitcoin ETF application. The Chicago Board Options Exchange (CBOE), along with investment firm VanEck and financial services company SolidX has resubmitted the application to the United States Securities and Exchange Commission (SEC).
Both moving averages are sloping down, and the RSI is in the negative territory, which indicates that the bears are in command. If the bears reassert their supremacy and plummet the pair below $3,236.09, the downtrend will resume. The targets to watch on the downside are $3,000, which is a psychological support, and below it $2,600.
The TRX/USD pair triggered our buy recommendation when it closed (UTC time frame) above the top of the range last week. However, the bulls could not push the price higher.
The pair quickly gave up its gains and slumped back into the range. If the bulls push the price back above the range and scale the previous week’s high at $0.03128011, we can expect the rally to reach $0.04, and if this level is also crossed, the upward move could continue to $0.05218328.
On the other hand, if the bears sink the digital currency below $0.02352523, a drop to the support of the range at $0.0183 will be likely. Therefore, we suggest the traders maintain their stop loss at $0.021.