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According to a tweet by Santiment, the Chainlink token dipped below the $10 mark for the first time in the last 18 months. At press time, the token stood at rank 28 at a price of $10.16. However, on 8 May, the price of the token did fall to $9.89 as per the UTC +5:30 […]
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In a death knell to the dollar, Peter Brandt says the goal should be to stockpile Bitcoin. The renowned trader admitted his previous trading goal, to accumulate dollars, was the wrong strategy to have. But in the last year, Brandt said his mindset has shifted to favor the leading cryptocurrency.
.@PeterLBrandt says he used to trade to acquire USD, which he now sees as accumulating a depreciating asset. However, he now uses Bitcoin as a way to measure his wealth.
How do you think about your wealth? In USD or BTC? pic.twitter.com/5VfhpDjG3q
— Laura Shin (@laurashin) April 13, 2021
Speaking to Laura Shin, Brandt said he previously measured his wealth in U.S. dollars. His attitude was to stack dollars at the exclusion of everything else. However, within the last year, his mindset has shifted. He now sees Bitcoin as the asset to stack over everything else.
“And so, Bitcoin was just a trade, but I think really within the last year, my mindset has really changed… Bitcoin is where I would have wanted all my wealth at some point in time.”
His reasons for the flip? Like many before him have pointed out, Brandt said he wised up to the fallacy of measuring wealth in a depreciating asset. Even going as far as calling the dollar “the most depreciating asset in the world.”
With his new outlook, instead of trading Bitcoin for dollars, Brandt now sees Bitcoin as the measure of wealth, not dollars.
“what that now tells me is that I had a wrong goal because my goal was to accumulate the weakest asset in the world. The most depreciating asset in the world, and that’s U.S. dollars. And so, my mindset has really changed within the last year in terms of moving from Bitcoin as a trade to Bitcoin as a measure of wealth.”
A year ago this week, the first wave of stimulus check was deposited in the bank accounts of eligible Americans—the $2.2tr stimulus package aimed to help those struggling from the effects of the panic situation. Qualifying individuals received $1,200, with couples getting $2,400.
Analysis of the change in U.S. dollar value of Bitcoin bought at the time illustrates Brandt’s point to a tee.
On the day, Bitcoin was priced at $6.8k. $1,200 would have purchased 0.17549 BTC at the time.
At today’s BTC price, that $1,200 has grown to $11,332 – a whopping 844% increase in a year.
Yesterday BTC posted another new all-time high as it pushed past $62k. Today sees a continuation of momentum, gaining an additional 6% over the last 24-hours to $64.6k at the time of writing.
The big news of today is the Nasdaq debut of Coinbase. As the largest U.S. crypto exchange, hopes are high that this event will trigger what many crypto advocates want – to finally go mainstream.
With a market cap of $1.2tr, Bitcoin’s seemingly unstoppable rise will no doubt force others to re-evaluate their mindset on dollars versus BTC.
Source: BTCUSD on TradingView.com
Litecoin as a cryptocurrency has longevity behind it, digital scarcity, and a code that’s just like Bitcoin’s. Yet the reputation of the altcoin has been so tarnished, it has long lagged behind the rest of the market after being the once clear leader.
Signs are mounting that this could soon reverse, and according to a fractal from past market cycles, time is running out to accumulate the silver to Bitcoin as digital gold at such low prices.
When talking precious metals, the conversation might focus on gold but silver is always part of it. In crypto, Bitcoin definitely steals the limelight, but its Ethereum, Chainlink, and an army of DeFi tokens that capture the interest and excitement. All while the digital version of silver mostly sits out.
Litecoin was popular during past bull markets, but this one – not so much. Whether it was due to the asset’s founder selling the top of the last rally on his followers, or the fact it has barely moved since its halving, Litecoin has stayed in the dark.
Related Reading | Five Reasons Why Litecoin Is Ready To Shine Once Again
Technicals are lighting up once again, however, and it appears as though things are about to change for Litecoin. Grayscale Investments has been loading up on the altcoin, and according to a fractal from the last cycle shared by a highly accurate crypto analyst, time is running out to buy some this cheap.
Layering previous Litecoin price action over the current cycle produces shock-worthy results | Source: LTCUSD on TradingView.com
Before writing off fractals as a fallacy, this same analyst predicted the Bitcoin bull run from the $10,000 breakout to beyond using a similar setup. The trajectory puts each Litecoin at a couple thousand dollars.
Making things more interesting, another well-respected crypto analyst joined in the conversation suddenly happening surrounding Litecoin. They shared a chart highlighting the altcoin’s Bitcoin trading pair, which lacks a breakout compared to past cycles.
LTC is also ready to pop against Bitcoin, according to past cycles | Source: LTCBTC on TradingView.com
While this might immediately present as bearish for Litecoin, all reversals start somewhere – and the current level appears to be where they start.
Related Reading | Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception
Is it finally Litecoin’s time to shine? Technical analysis also supports a bullish breakout in the making. Litecoin has been forming a massive bottoming structure, and there’s a bullish divergence on the RSI along with the MACD flipping bullish. For more reasons to be bullish on Litecoin, go here.
Featured image from Deposit Photos, Charts from TradingView.com
Bitcoin’s price action as of late has been incredibly bullish, but altcoins like XRP and Ethereum have continued their descents as traders and investors alike both set their sights on the benchmark cryptocurrency.
One trader is now noting that XRP – which is currently trading at multi-year lows against its BTC trading pair – could be on the cusp of seeing some massive upside.
He believes that the prolonged bout of consolidation seen by the embattled altcoin could mark an accumulation phase followed by a parabolic move higher.
On-chain data seems to confirm that this is a realistic possibility.
According to one analytics platform, XRP’s whale count has started climbing higher, indicating that some large buyers are beginning to gain exposure to the cryptocurrency.
Despite this trend, the lack of any fundamental shifts in the cryptocurrency’s underlying strength indicates that any immediate price pumps will be fleeting and potentially followed by serious downside.
Until Ripple can direct more utility to the token, it may continue facing some immense inflows of selling pressure with every pump.
At the time of writing, XRP is trading down marginally at its current price of $0.24, which is around where it has been trading throughout the past few days, weeks, and months.
Bulls have been virtually non-existent as of late, unable to spark any sustainable uptrends as it remains caught within a multi-year consolidation phase.
According to the analytics firm Santiment, there have been inflows of new whales to the cryptocurrency, suggesting that a small group of wealthy buyers expects it to see some upside in the near-term.
“Ripple’s whale count has spiked the past 6 months, with many in high-tier brackets of XRP held. Since April, holders with: 100K – 1M: 14,525 to 17,387 whales (+19.7%). 1M – 10M: 1,307 to 1,336 whales (+2.2%). 10M+: 280 to 309 whales (+10.4%)”
Image Courtesy of Santiment.
While sharing his thoughts on where XRP might trend next, one analyst explained that he is watching for a move significantly higher in the days and weeks ahead.
“Expecting one of those scamp pumps on XRP very soon. Definitely room for 100%+,” he said while pointing to the below chart.
Image Courtesy of Livercoin. Source: XRPUSD on TradingView.
Where altcoins like XRP trend in the weeks ahead will undoubtedly depend largely on Bitcoin.
Featured image from Unsplash. Charts from TradingView.
Image Credit: Refer to Source
Author: Refer to Source Cole Petersen
The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, suggest that regular users are returning to Ethereum in response to lower transaction fees.
Several influential Ethereum cohorts — including miners and some of Ethereum’s largest non-exchange addresses — have been showing signs of ongoing accumulation and increased confidence in the coin’s long-term potential.
After a period of redistribution and short-term selloffs by Ethereum’s block creators throughout August, the combined balance of Ethereum mining pools is once again on the rise, growing by 50,000 ETH (~$18,200,000 at the time of writing) over the last 30 days.
In the past, major drop-offs in the collective holdings of Ethereum miners frequently coincided with rising sell-side pressure and price regression, while periods of miner accumulation often boded well for Ethereum’s price in the near term.
A similar accumulation pattern has been observed by the 100 largest non-exchange Ethereum addresses, aka Ethereum’s biggest whales. Since the September 5 bottom, the combined balance of these 100 addresses alone has grown by 2,050,000 ETH (~$749,000,000 at the time of writing), pointing to rising confidence among ETH’s deep-pocket investors despite shaky market actions over the past 30 days.
In addition to miners and whales accumulating ETH, last month, Ethereum’s exchange-related metrics have indicated an ongoing decline in sell-side pressure and short-term exodus of ETH holders.
Daily ETH deposits (addresses used to transfer ETH to exchanges) have shrunk from 55,027 on September 1 to a 3-month low 23,821 on September 28, marking a -56.7% decline and indicating a network-wide reduction in sell-side pressure. Furthermore, the amount of ETH moving to known exchange wallets daily has plunged from 298,000 on September 5 to just 80,350 on September 28.
Read the full newsletter edition here to get the entire scoop, complete with charts and images.
Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics and derivatives.
We also review the industry’s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Cointelegraph Consulting
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