Bitcoin (BTC) leads the market again, after setting a new all-time high. Binance Coin and others found new strength after a brief cool-off yesterday.

At press time, Bitcoin (BTC) is above the $58,000 mark for the first time in the top cryptocurrency’s decade-long history.

The rally to the new all-time high solidifies a week of impressive performance from BTC. The coin has seen over 30% gains since Monday.

As is now widely accepted in the market, the bulls are firmly in control, with the next significant level for BTC being the $60,000 mark.

Indeed, last week’s top-performing alts are also experiencing the “pull-up” effect of the top cryptocurrency. After settling down yesterday, Binance Coin (BNB), is back above $300 at press time, after dipping to the low $250s.

Moreover, the newly-famous alternative to the Ethereum-based Uniswap, PancakeSwap (CAKE), is on its way back to the $20 levels.

In fact, the strong performance comes as the total value of the cryptocurrency market (as measured by the global market capitalization), sits at just under $1.8 trillion at press time.

Crypto-bulls are confident that at some point next week, the $2 trillion level will be surpassed.

Accordingly, traders and investors alike are re-balancing their portfolios to reflect the high-performing altcoin market. As reported earlier, Tether (USDT) lost three places in terms of market capitalization rankings as investors opted for BNB, Polkadot (DOT), and Cardano (ADA) instead of stability.

This is despite Tether minting record amounts of the stablecoin in recent months.

Moreover, although the market is optimistic, there is reason to believe the euphoria stage has not yet kicked in as traders choose to buy cryptocurrencies outright instead of using leverage.

This suggests they plan to “hodl” for the long run.

In other news, YouTube star Logan Paul released his own non-fungible tokens (NFTs) this weekend. In just one day, the star raised over $3.5 million in an auction held on the NFT marketplace Bondly.

As Ripple Labs prepares for its first hearing tomorrow, it was revealed that former U.S. Securities and Exchange Commission (SEC) head Mary Jo White will represent the company and its executives in the case.

In an interview with Fortune Magazine, the former head called the SEC decision to bring charges against the decentralized payments processing company “dead wrong”.

In Canada, analysts expect several newly launched BTC ETFs to attract even more investment than they did in just two days.

So on the whole, the market is looking at a bright week ahead.

Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

As Bitcoin set new highs this week, derivatives traders kept the average funding rate for Bitcoin perpetual swaps low. This suggests that they are expecting BTC to climb further.

According to data from blockchain analytics firm Glassnode, the average funding rate for Bitcoin (BTC) perpetual swaps across major cryptocurrency exchanges remains at 0.05%.

This is despite BTC rallying over 21% this week, breaking the $50k mark to set a new all-time high of $57,752.78 at press time.

The lack of any marked increase in funding rates for the novel swaps suggests a couple of things. First of all: investors and traders are buying BTC in the spot markets rather than using leverage.

Moreover, the average funding rate remaining slightly above zero indicates that traders doing BTC perpetual swaps are not ready to enter short positions just yet, despite the top cryptocurrency’s record high price. In other words – they don’t see the price dropping.

Compounded together, these two observations suggest the market expects BTC to go even higher.

A perpetual swap (or future) is an advanced form of financial instrument. It allows traders to bet on the future price of an underlying asset, in this case, BTC.

A normal future obligates a trader to buy its underlying asset at a pre-agreed price at a specific date in the future. This date is called the future’s “expiration” or “settlement” date.

Traders can also trade futures in a futures’ market before the settlement date. This means the price of futures can change. However, as the settlement date approaches, the future’s price normally converges to the price of the underlying asset.

Perpetual futures differ in that they have no settlement date; traders can hold them in perpetuity unless liquidated. Accordingly, their prices can diverge drastically from the underlying asset (if traded) as they have no settlement date to anchor them.

Therefore, major cryptocurrency exchanges use a funding rate mechanism to help keep the price of perpetual futures close to the price of their underlying assets.

The funding rate comprises of an interest rate, set by the exchange, and a premium (the price difference between the future and the asset), set by the market.

When the price of the perpetual future is significantly higher than its underlying asset, the funding rate increases and vice versa.

The funding rate is paid between traders depending on whether it is positive or negative. In other words, long position holders pay short position holders when the funding rate is positive and vice versa.

On most exchanges, the payment occurs after a set interval (e.g. on Binance, traders make payments every eight hours).

Perpetual swap traders inevitably make decisions based on the market of the underlying asset. However, their decisions often provide an insight into the level of risk the market is willing to assume.

In this case, as Bitcoin soared past the $40,000 mark and then the $50,000 mark, traders seemingly opted to buy and hold BTC itself rather than use leverage.

As a result, the funding rate remained low. Moreover, historically, as BTC rallied without a break in sight, short traders came out in droves.

However, this time, perhaps due to BTC’s growing interest from “smart money” or public endorsement from celebrities, they seem to be non-existent.

Whether this will continue, only time will tell. But with the five-figure territory now solidly covered, $100,000 per Bitcoin seems very possible.

And the market seems to expect as much.

Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

Ether (ETH) soared to new record highs Thursday, but an overheated derivatives market may suggest higher volatility is on the way for the short term. 

In the derivatives market, the average level of the “funding rate” across major exchanges offering ether perpetuals (futures with no expiry) has risen sharply from 0.069% – just short of the early January record high of 0.21%, according to data source Glassnode. 

“It shows the derivatives market is overleveraged,” Patrick Heusser, head of trading at Swiss-based Crypto Finance AG, told CoinDesk. “With this current structure, I do not feel comfortable in running a lot of long exposure.” 

The funding rate is calculated every eight hours and represents the cost of holding long positions. When perpetuals trade at a premium to spot price, the funding rate is positive (longs pay shorts). Hence, a very high funding rate is considered a sign of leverage being excessively skewed to the bullish side (overbought conditions) and often injects volatility into the market. 

In such situations, holding longs at high costs is attractive only if the bullish momentum remains strong. A pullback or consolidation can trigger an unwinding of longs, leading to a more profound price drop and a pick-up in price volatility. As of press time, ether is showing no signs of price congestion.

However, the case for a continued steep rally looks weak, with spot market volumes falling on major exchanges such as Coinbase.

With the 10-day moving average of daily volume trending south, there’s a question mark on the sustainability of recent gains. A low-volume price rise is often short-lived. 

That said, a pullback, if any, could be shallow and brief, as on-chain fundamentals are biased bullish. 

The number of coins held on exchanges has declined by 10% to 20.77 million in the past three months, according to data source CryptoQuant. It shows investors are either taking direct custody of coins or staking them into decentralized finance protocols, creating a sell-side liquidity shortage. 

“In the long-run, [the] ETH rally would keep going as long as ETH holdings in all exchanges are decreasing,” Ki-Young Ju, CEO of CryptoQuant, told CoinDesk. 

Other metrics also paint a bullish picture. For instance, the 90-day average of active addresses on Ethereum’s network has increased to a new lifetime high of around 450,000, surpassing the 2017 peak, according to Glassnode.  

“When there’s greater usage, there’s more demand for the cryptocurrency, and that drives the price up,” Philip Gradwell, chief economist at the blockchain intelligence firm Chainalysis, told CoinDesk.

Also read: Ethereum’s Favorite Lossless Lottery Will Airdrop Its POOL Token Today 

The price of cryptocurrencies rallied overnight as investors remained optimistic about the industry. The price of Bitcoin crossed $52,000 for the first time while ETH rose above $1,900. In total, the market capitalisation of all cryptocurrencies rose to more than $1.4 trillion. The recent rally was because of the rising number of companies interested in Bitcoin. For example, a unit of Morgan Stanley said that it was considering buying Bitcoin while Tesla has already bought Bitcoin worth $1.5 billion. 

The price of crude oil rose in overnight trading as investors reacted to the latest inventories data by the American Petroleum Institute (API). The data revealed that the number of inventories declined by another 5.8 million barrels. This was a sharper decrease compared to the previous week's 3.5 million barrels. The Energy Information Administration (EIA) will publish its latest inventories numbers later today. The price of oil has also risen because of the ongoing cold season in Texas and the strike in a Norwegian port. 

The Australian dollar rose slightly against the US dollar even after the relatively mixed jobs numbers. According to the Australian Statistics Bureau, the economy added 29k jobs in January after adding 50,000 in the previous month. This increase was lower than the median estimate of 40k jobs. The unemployment rate dropped from 6.6% to 6.4% while the participation rate dropped from 66.2% to 66.1%. The Aussie rose mostly because of the overall weak US dollar and the rising commodity prices.

The EUR/USD dropped to an intraday low of 1.2021 after upbeat US retail sales numbers. This price was the lowest it has been since February 8. On the hourly chart, the pair has moved below the 25-period moving average and the important support at 1.2080. The pair is also forming a bearish flag pattern that is shown in white. Therefore, there is a likelihood that the price will break-out lower as bears target the next support at 1.2000.

The GBP/USD price has been falling after it reached a multi-year high of 1.3952. On the four-hour chart, the price has already formed the left shoulder and head parts of the H&S pattern. It is now in the process of forming the right shoulder. It has also formed a bearish flag pattern and is slightly below the 25-day EMA. Therefore, the pair may break-out lower as bears target the next support at 1.3900.

The BTC/USD price moved above $52,000 for the first time. On the four-hour chart, the price is above the moving averages while oscillators like the RSI and Stochastic have continued to rise. The pair is also above the ascending trendline. Therefore, the pair may continue rising as bulls target the next key resistance at $52,000.

Ethereum price Today – Could ADA or DOT Replace ETH for DeFi?

In this episode of the BeInCrypto video news show, host Jessica Walker addresses the continued rise in Ethereum’s (ETH) gas prices and considers potential alternatives in Cardano (ADA) and Polkadot (DOT).

ETH continues to test all-time highs (ATH). Earlier in February, BeInCrypto reported on a parallel spike in gas prices. As of today (Feb 18), an average ERC-20 (Ethereum token) transfer would cost $15.15, according to Etherscan’s Gas Tracker.

Will these rising costs be enough to drive users away to other alternatives? The immediate answer is unlikely, given that Ethereum has become the industry standard with the largest community of developers. The network has also become the rock on which Decentralized Finance (DeFi) has largely been built.

Nevertheless, alternatives are starting to look appealing to many. Jorge Gomes Durán, the co-founder of SmartRights, points out,

“Many people are unable to execute their transactions due to a sharp increase in the price of ether and gas, a price that any user has to pay for their transaction to be validated, and are starting to look for alternatives on other networks.”

With the successful implementation of the Mary hard fork on Feb 3., Cardano is hoping to position itself as a natural alternative to Ethereum for DeFi projects. Cardano Foundation’s Elliot Hill highlighted in a blog post that this would significantly boost decentralized applications (DApps) and native tokens.

On Feb 14., the Venus Protocol, a platform for users to lend and borrow cryptocurrencies, announced that it would add Cardano (ADA) to its money market, making the cryptocurrency available as collateral for borrowing and lending. It emphasized that Cardano “has rapidly accelerated to being a part of the top four cryptocurrencies by market cap.”

The Cardano team also plans to launch its own lending and liquidity provision protocol. The first-ever DApp to be built on the Cardano blockchain, called Liqwid Finance, was initially introduced in October 2020. However, the program is only about to start, following a final upgrade.

However this program, much like DeFi development on Cardano’s network, is only in its nascent stages. The main question is whether Cardano will outperform Ethereum and Polkadot as a platform for DeFi protocols.

Another exciting alternative elbowing its way to the top has been Polkadot. The protocol seeks to enable interconnections between different blockchains. By achieving this, it could compete with Ethereum in terms of versatility, and as a bridge between different platforms.

As it approaches its final development goals, the buzz surrounding the rollout has seen the DOT token surge in price. On Feb 18, DOT reached an ATH of $30.22, an almost 300% increase year-to-date. This surge in price and optimism has seen Polkadot compete with Cardano for the top five spot in terms of market cap.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Ethereum price Today – Could ADA or DOT Replace ETH for DeFi?

Peercoin (PPC) has advanced from $0.20 above $0.69 since the beginning of November, and the current price stands around $0.50. The cryptocurrency market continues to trade in a buy zone, the price of Bitcoin is trading above $51800, and Peercoin price could advance even more.

Sunny King and Scott Nadal invented the Peercoin project in 2012, it is very similar to Bitcoin, but it requires less amount of energy to support the network. Peercoin does not have a hard limit on the number of possible coins, and instead of using a mining process, it selects nodes based on how many coins are being held in an individual’s virtual wallet.

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New coins are generated based on the holdings of individuals, so if you hold 1% of the currency, you will be able to generate 1% of all proof-of-stake coin blocks. According to the official website, Peercoin the first blockchain that allows its protocol rules to be governed directly by its users.

Peercoin price is advancing this February, and for now, there is no trend reversal sign. The whole cryptocurrency market is supported by the rally of Bitcoin, as the BTC advanced another $2,000, a day after breaking above $50,000 for the first time in history.

It is also important to mention that Tesla invested $1.5B in Bitcoin while Mastercard announced support for the alternative assets.

“I think that starting in March of 2020, you saw institutions start to arrive, and I think in 2021, you’re going to see that trend continue. They’re enthusiasts for bitcoin as a medium of exchange… but I believe that the compelling use case is a store of value,” said Michael Saylor, CEO of enterprise software firm MicroStrategy.

Peercoin’s trading volume remains high, the price of this cryptocurrency could advance even more in the ongoing bull market, and as long the price is above $0.40, it remains in a buy zone.

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This cryptocurrency has made a big jump in a short-time period and, if you decide to buy Peercoin, you should consider that the price could also weaken from the current levels.

The current support levels are $0.45 and $0.40; $0.55 and $0.60 represent important resistance levels. If the price jumps above $0.55, it would be a signal to buy Peercoin, and the next price target could be around $0.60.

On the other side, if the price falls below $0.40, it would be a firm “sell” signal and probably a trend reversal sign.

Peercoin price is advancing this February, but traders should use “stop-loss” and “take profit” orders when they are opening their positions because the risk is very high. Peercoin could advance even more in the ongoing bull market, but if the price falls below $0.40, it would be a firm “sell” signal and probably a trend reversal sign.

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Bitcoin (BTC) is gradually gaining ground on gold, the traditional store of value. Data shows that one ounce of gold can only buy 0.0352 Bitcoin as of Feb. 17, the lowest amount of BTC ever. This shows that Bitcoin has been rewarding its investors much more than gold.

Bitcoin has massively outperformed gold over various time frames. Even if the latest one-year data is considered, Bitcoin’s risk-adjusted return is 270%, while gold's is only 24% as of Dec. 28, 2020.

The result further skews hugely in favor of Bitcoin if longer time frames of four years or eight years are compared.

And there are no signs of a slowdown in the number of institutions showing interest in Bitcoin. Elliptic co-founder Tom Robinson told The Telegraph that many United States financial institutions “are seriously considering launching some type of cryptocurrency service.”

If institutional adoption continues to grow, the sentiment is likely to remain positive. Let’s analyze the charts of the top 10 cryptocurrencies to spot the levels on the upside that may act as significant resistance.

The psychological level at $50,000 saw only minor resistance to Bitcoin, which shows that the bulls are firmly in command and not hurrying to book profits, as they anticipate the bull run to continue.

A new all-time high above $51,000 is a sign of strength. The upsloping 20-day exponential moving average ($43,451) and the relative strength index (RSI) in the overbought zone suggest bulls are in control.

If the bulls can sustain the price above $50,000 for three days, the BTC/USD pair could rally to $60,974.43 where the bears may step in.

On the downside, the first support is the 20-day EMA, and if the bears can sink the price below it, the decline could extend to the 50-day simple moving average ($37,415). This is an important level to watch because a break below it will suggest a momentum shift to the bears.

Ether (ETH) is currently range-bound between $1,658.572 and $1,869.473. The long tail on the Feb. 15 candlestick shows the bulls are buying on every minor dip. The buyers will now try to propel the price above $1,869.473.

If they succeed, the ETH/USD pair could start the next leg of the uptrend, which has a target objective of $2,000. This is an important resistance, but if the bulls can drive the price above the channel, the momentum could accelerate. The next target objective on the upside is $2,515.

Contrary to this assumption, if the price fails to rise above $1,869.473, the pair may consolidate in the range for a few more days. A break below the 20-day EMA ($1,658) will be the first sign of weakness, and a trend change will be signaled if the bears sink the price below the support line of the channel.

Polkadot's DOT rose to a new all-time high on Feb. 16 and followed it up with another new high on Wednesda, which shows that the bulls are firmly in command. However, the bears are defending the resistance line of the channel.

If the bulls can thrust the price above the ascending channel, the momentum could pick up and the DOT/USD pair could rally to $42. On the other hand, even if the price sustains in the upper half of the channel, the uptrend may gradually continue.

The first sign of weakening momentum will be a break below the midpoint of the channel. If that happens, the pair may decline to the support line of the channel. This is an important support level because a break below it could indicate a trend change.

After the sharp rebound from the lows on Feb. 15, Cardano's ADA formed an inside day candlestick pattern on Feb. 16 and a Doji candlestick pattern today, which shows a balance between supply and demand.

The bulls will now try to push the price to $0.9817712. This level is likely to act as a stiff resistance, but if the bulls can drive the price above it, the ADA/USD pair could rally to $1.25 and then to $1.50.

On the other hand, if the price turns down from the current level or the overhead resistance, the pair may drop to $0.687. A bounce off this level could keep the price range-bound between $0.687 and $0.981.

XRP price attempted to bounce off $0.50 on Feb. 14 and 15, as seen from the long tails on the candlestick, but the bulls could not sustain the rebound. This suggests that demand dries up at higher levels.

The failure to achieve a strong rebound off a critical level suggests the momentum has weakened. The XRP/USD pair could now consolidate between $0.50 and $0.65 for a few days. A breakout of $0.65 could push the price to $0.78068.

Contrary to this assumption, if the price dips and breaks below the 20-day EMA ($0.48), the pair may decline to the 50-day SMA ($0.35).

Binance Coin (BNB) broke out of the $117.7289–$141.32 range it had been stuck in for the past few days. The momentum picked up today, and the buyers easily propelled the price above the all-time high at $148.40.

A breakout to a new all-time high after a shallow correction shows that traders are buying on every minor dip and not waiting for a deeper correction to get in. The BNB/USD pair could now rally to $200.

However, traders should keep an eye on the RSI, as it has been trading in the deeply overbought levels for the past few days. This suggests that the pair remains vulnerable to a correction or further consolidation.

The first sign of weakness will be a break below $141.32, and the trend may favor the bears if the $117.7289 support cracks.

Litecoin (LTC) completed a successful retest of the $185.5821 level on Feb. 15, and the bulls are now attempting to resume the uptrend by pushing and sustaining the price above $230.5305. If they manage to do that, the altcoin could rally to $256 and then $272.

The upsloping moving averages and the RSI in the overbought zone indicate that bulls are in command. However, if the bears defend the overhead resistance, the LTC/USD pair may consolidate between $185 and $230 for a few days

This positive view will be invalidated if the pair turns down and breaks below $185.5821. Such a move would suggest that the supply exceeds demand. The next support on the downside is the 50-day SMA ($156).

Bitcoin Cash (BCH) formed a long-legged Doji candlestick pattern on Feb. 15 and an inside day candlestick pattern on Feb. 16. Both these formations indicate indecision among traders about the next directional move.

If the uncertainty resolves to the upside and the bulls drive the price above the $745.39–$773.32 overhead resistance zone, the BCH/USD pair could resume the uptrend and rally to $900. The upsloping moving averages and the RSI in the overbought territory suggest that the path of least resistance is to the upside.

Conversely, if the price turns down and slips below $670, the next stop could be the breakout level at $631.71. If this support also cracks, the decline may extend to the 20-day EMA ($563).

Chainlink's LINK recovered sharply from the intraday lows on Feb. 15, but the bulls could not build upon the strength and push the price above the resistance line of the ascending channel. This attracted profit-booking from short-term traders, and that pulled the price down to the midpoint of the channel.

The long tail on today’s candlestick shows the bulls are buying on dips. If they can sustain the recovery, the price may again rise to the resistance line of the channel. A break above the channel may start the journey toward the next target objective at $44.

On the contrary, if the price again turns down from the resistance line, the LINK/USD pair may continue its journey inside the channel. A breakdown and close below the channel would tilt the advantage in favor of the bears.

Stellar's Lumen (XLM) also formed an inside day candlestick pattern on Feb. 16, which shows indecision among the bulls and the bears. The bulls are currently attempting to push the price above $0.517.

If they succeed, it will suggest that demand exceeds supply, and that could result in a retest of $0.600681. A breakout of this resistance will indicate the resumption of the uptrend. The rising moving averages and the RSI near the overbought zone suggest that bulls have the upper hand.

Contrary to this assumption, if the price turns down from the current level and slips below $0.409, it will suggest weakness and open the doors for a possible drop to $0.35 and then to the 50-day SMA ($0.31).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC.

Bitcoin has finally made a 'meaningful' spike above $50,000. The recent move occurred after the flagship token tested support at $48,000. Meanwhile, bulls are focused on higher levels towards $60,000, but BTC is dancing slightly above $50,500.

The leading smart-contract token, Ethereum seems to have settled above $1,800, but the rest of the journey to $2,000 remains bleak. As for Ripple, recovery of the lost ground beyond $0.6 is another uphill task. On the other hand, Dogecoin's technical picture continues to look bearish, implying that the 'Elon Musk' effect is gradually fading away.

Coinbase, the most prominent cryptocurrency exchange in the United States, is listed on Nasdaq. According to Arcane Research's statement, FTX Official has given the company an "implied valuation of $92.2 billion." Note that this valuation is nearly 10% of the prevailing Bitcoin market cap.

Coinbase Implied market cap

Bitcoin is hovering above $50,500 as bulls remain glued on the anticipated upswing to $60,000. The Relative Strength Index shows that the trend has a bullish impulse. Besides, the price has just broken above the ascending parallel channel, insinuating price discovery toward $60,000 is catching momentum.

BTC/USD 4-hour chart

As explained, Bitcoin is primed for a leg up because it is yet to hit overbought conditions. However, the MVRV Z-Score shows that a spike above $50,000 will quickly bring Bitcoin to this level, leading to a correction before another all-time high.

Ethereum has made little progress since it broke above $1,800. The path to $2,000 is becoming challenging by the day, but the recent upswing appears to have secured support at $1,800. At the time of writing, Ether is doddering at $1,810 while bulls focus on lifting the price higher.

On the downside, Ethereum is sitting above the 50 Simple Moving Average (SMA), cementing the bull's position in the market. Holding above this key indicator will allow buyers to focus on levels heading to $2,000.

For now, the least resistance path is upward based on the RSI (4-hour chart). Movement into the overbought region will validate the much-awaited upswing.

ETH/USD 4-hour chart

It is worth keeping in mind that Ethereum staying above $1,800 does not guarantee price action to $2,000 because more resistance may hinder movement at $1,880 (an all-time high). On the other hand, losing ground above $1,800 will be detrimental to the progress made, perhaps may lead to losses eyeing $1,700.

XRP bounced off short-term support at the 4-hour 100 SMA, allowing bulls to take control over the price. This led to a spike above $0.5 while paving the way for potential gains past $0.6.

At the time of writing, Ripple is teetering at $0.54 as bulls fight the crucial resistance at the 50 SMA in conjunction with the descending parallel channel's upper boundary. If XRP slices through this zone, action may intensify, sending the price toward $0.65.

XRP/USD 4-hour chart

On the downside, Ripple is supported by the channel's midline as well as the 100 SMA. Rejection from the 50 SMA will force Ripple to retest the near-term support. If declines extend, buyers will be looking toward $0.45 (lower boundary of the channel) and $0.4 for refuge.

Gold bug Peter Schiff has revised his bitcoin prediction after the price of the cryptocurrency exceeded his expectations, reaching an all-time high above the $50K level. He now says, “I must admit that a move up to $100,000 can’t be ruled out.” Nonetheless, the long-term bitcoin skeptic warns that the price can also drop to zero and one should buy gold instead.

Euro Pacific Capital CEO and host of the Schiff Radio show, Peter Schiff, was mocked by the bitcoin community on Tuesday after the price of bitcoin crossed the $50K mark. The gold bug thought leader had predicted and emphasized repeatedly that bitcoin’s price would never reach that level.

After he was proven wrong on Tuesday, Schiff revised his stance, tweeting:

Now that bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out.

Nonetheless, he warned: “A move down to zero can’t be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable.” Schiff proceeded to recommend: “If you don’t want to gamble buy gold.”

The quintessential bitcoin skeptic elaborated: “A financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low. At $50K bitcoin is the biggest bubble of them all.”

Schiff had been saying since 2019 that the price of bitcoin would never reach $50K. However, he insisted on Tuesday that he was “not wrong” about his prediction, claiming that he only said that “it was highly unlikely.” He tweeted explaining: “I never said it was impossible. Sometimes things that are unlikely to happen, happen.”

However, many users on Twitter accused Schiff of lying, reposting his 2019 tweet as evidence that he did say bitcoin’s price would never get up to $50K. “From the guy who had a $50,000 price target on bitcoin for the year end 2018. My gold forecast came alot closer than your bitcoin forecast. Plus at least gold will eventually hit 5K. Bitcoin will never hit 50K,” Schiff wrote on Aug. 21, 2019.

His son, Spencer Schiff, chimed in and commented on his dad’s 2019 tweet: “Yeah you’d have to be nuts to think bitcoin will ever hit 50K.” Spencer then presumed that Peter Schiff’s next tweet about bitcoin’s price might be:

Future tweet: ‘Now that bitcoin has hit $500,000 I must admit that a move up to $1,000,000 can’t be ruled out. However…’

The $50K bitcoin price has long been the subject of debate between Schiff and Max Keiser, a popular television personality and bitcoin proponent. Keiser has publicly said many times that bitcoin’s price hitting $50K will “trigger” Peter Schiff to panic buy the cryptocurrency. Peter Schiff has so far rejected the notion.

What do you think about Peter Schiff’s bitcoin prediction? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

This rally could now extend to $63,000. Meanwhile, altcoins are feeling some pain in their BTC pairs as a result while Bitcoin dominance is crawling back up. The primary questions are if Bitcoin can sustain this run and if altcoins will drop in their BTC pairs.

Bitcoin’s price has been grinding up in the past few weeks, establishing some potential areas of support in the event of a pullback.

After the breakout above $40,000, the $43,000–$43,500 area quickly became the new level of support as a launchpad for more upside.

The chart above shows this continuation is seen as BTC rallied toward the next point of interest. This area is found at the 1.618 Fibonacci level around $50,000. This key level is also an important psychological barrier. Bitcoin’s price has successfully cleared this resistance zone and is currently trying to climb higher.

Now, the critical area to watch is between $47,250 and $48,000. As long as that sustains support, Bitcoin’s price can continue running towards$54,000 to $55,500.

The daily chart for Bitcoin shows the next points of interest if the rally continues. During such an upward grind in price discovery — as the current price of Bitcoin is 150% higher than the all-time high in 2017 — the Fibonacci extension tool is useful for determining the next key levels to watch.

The first 1.618 Fibonacci level has been reached, while the second is at the 2.618 Fibonacci level. If the price of Bitcoin continues moving up, a rally toward $63,000 to $66,000 is on the table as long as $47,000 to $47,750 holds, as previously mentioned.

The weekly Bitcoin dominance chart shows a clear breakdown since the peak high in December 2020. Historically, Bitcoin dominance tops out in December, after which altcoins rally in January and February.

This is exactly what happened in January and so far in February. However, after such a monster run, a correction in altcoins is very likely. The BTC pairs of those altcoins should now see a consolidation period for some potential support/resistance flips.

However, altcoins may see a pullback if BTC continues to climb. In other words, the altcoins' U.S. dollar values may stay the same, but they’ll go down in value against BTC. Traders and investors should be aware of this cryptocurrency market phenomenon. A heavy correction for altcoin-BTC pairs is very possible, especially if Bitcoin’s price runs to the next target at $63,000.

The four-hour chart for Bitcoin shows one critical level to watch. Once again, the region between $47,250 and $48,000 is a must-hold area for higher prices. If that level fails to sustain support, a significant correction is likely to happen, possibly to the next major support zone between $43,000 and $44,000.

For the bulls, $55,000 and possibly even $63,000 to $65,000 will be the next targets if BTC price continues its rally.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Bitcoin’s growth story this season has been fueled by low Bitcoin supply on exchanges and high stablecoin supply. Historically, these two factors have been a recipe for a price rally. With Bitcoin’s exchange-traded volume up and dominance gradually resuming older highs, the altcoin craze is also on its way.

Consider this – At the time of writing, Bitcoin’s dominance was up from 60 percent to 61.4 percent. As for the market’s altcoins, double-digit growth for Polkadot, Cardano, XRP, BNB, LTC, and BCH, etc. has been the norm lately. Nearly all top metrics point to an extended price rally for Bitcoin.

Apart from the metrics that point to Bitcoin’s bullish narrative, behind the scenes of the spot and derivatives exchanges, institutions and crypto-trusts are locking up huge volumes of Bitcoin and Ethereum. As of 16 February 2021, the Grayscale Bitcoin trust had effectively removed 650,000 Bitcoins from the circulating supply, bringing the liquid supply down to 14 million.

Based on data from CoinMetrics, Bitcoin’s free float supply is a little over 14 million, against the current supply of 18.6 million. Though Bitcoin’s actual or native supply is 18.6 Million, the free float is available for trading on exchanges and for institutions. Of the top institutions with Bitcoin trusts, Grayscale has over $31 billion worth of Bitcoin. Furthermore, a huge portion of Bitcoin’s supply is held dormant for the long-term.

Less than 45 percent of the total Bitcoin supply has moved on the network since 2020. Despite the price hitting new highs of $50,000 on top exchanges, over 55 percent of Bitcoin remains dormant. While the percentage of active supply 5Y – 7Y increased significantly over the past few weeks, the number still remains low at 45 percent.

It should also be noted that the supply active for less than 1Y – 2Y dropped over the past three weeks, based on data from Glassnode alerts, with the same fueling the bullish narrative supporting the price rally.

Apart from the trust’s activity and dormant Bitcoin, CME Futures have offered institutional investors exposure to Bitcoin derivatives and this has opened up new avenues for institutional clients. They can opt for depositing BTC into the Grayscale Bitcoin trust and at the same time, short Bitcoin on CME. This would offer them free Bitcoin, basically the premium from Grayscale.

This may be one of the top reasons why Grayscale continues to attract institutional clients, as long as the premium remains relatively high. As exchange-traded volumes climb up on both spot exchanges and CME, the likelihood of an extended price rally increases in the current market cycle.

Polkadot, Basic Attention Token, IOTA Price Analysis: 17 February

Ahead of Coinbase public listing, company valued at $77 billion

Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets. Currently pursuing her MBA, she is passionate about trading, fintech, and everything decentralized.

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Last Updated February 19, 2021, 00:016 GMT

At the moment, Bitcoin Cash’s price is up $0.28 (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Bitcoin Cash. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin Cash entered today at $717.22, up 1.53% ($10.84) from the day prior. This move happened on lower volume, as yesterday’s volume was down 24.2% from the day before — and down 59.18% from the same day the week before. On a relative basis, Bitcoin Cash was the worst performer out of all 7 of the assets in the Top Cryptos asset class during the day prior. Below is a daily price chart of Bitcoin Cash.

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days.

Over on Twitter, here were the top tweets about Bitcoin Cash:

Bitcoin Cash is not a pump and dump coin. Bitcoin Cash is here to change the world by addressing the $90 trillion global cash use case and facilitate financial inclusion for the majority of human in the developing world.

We need to see more #BitcoinCash #BCH on @tiktok_us So I am offering up to $1000 USD in #BCH in prizes for GREAT Bitcoin Cash tiktok videosPost here and be tipped 👇👇🤑

#Binance Most 🚀⛽ Burnt (Last 1H)Rocket fuel is 🔼 buyer volume Market is currently slow 🐌Bitcoin Cash | $BCH | 2 Kava | $KAVA | 2 Ravencoin | $RVN | 2 Viberate | $VIB | 2 Verge | $XVG | 2 KyberNetwork | $KNC | 1 Chiliz | $CHZ | 1 Dash | $DASH | 1 Dogecoin | $DOGE |2

For a longer news piece related to BCH that’s been generating discussion, check out:

Bitcoin Cash Price Prediction: Is BCH Heading Towards $1,000?

Bitcoin – BTCUSD The Bitcoin cash price is hovering near its highest point in July 2018 as investors react to the strong performance in the cryptocurrencies industry….Bitcoin cash is often viewed as a proxy for Bitcoin.

IOST price has increased by 650% in 2021, propelled by DeFi integrations, NFT functionality and staking support from major exchanges.

Keeping up with the latest trends in cryptocurrency is a must for projects that want to stay relevant and continue to gain market share. The hype is currently swirling around decentralized finance (DeFi) and nonfungible tokens (NFTs) — and IOST is one protocol that has been capitalizing on these growing movements to help expand its community.

Data from Cointelegraph Markets and TradingView shows that the price of IOST, the 78th-ranked digital asset by market capitalization, has risen 650% since Jan. 8, from $0.0058 to $0.045 on Feb. 17, its highest level since June 2018.

IOST/USDT 4-hour chart. Source: TradingView

Three reasons for the strong price performance thus far in 2021 include its entrance into the DeFi arena, the addition of NFT functionality combined with a new marketplace where users can buy and sell items, and increased support for staking from top exchanges, which led to a significant increase in the token's trading volume.

DeFi’s central role in expanding the cryptocurrency ecosystem is now undeniable, and the developers at IOST recently took steps to capitalize on this growing trend.

Network congestion and high gas fees on Ethereum have led cryptocurrency traders to seek alternatives outside of the Ethereum network, and IOST is now emerging as one of those options as a result of its partnership with the new DeFi platform Donnie Finance.

The partnership was initially announced on Dec. 4, 2020 and is now preparing for its official launch on Feb. 18, which will enable IOST holders to stake their tokens in the protocol to participate in platform governance as well as earn native DON tokens.

IOST token price also received a boost after it was announced that 10% of the total supply of DON would be airdropped to IOST tokenholders as a way to help get them involved in the newly launched DeFi platform.

Similar to the CryptoKitty craze in the bull market of 2018, NFTs have again emerged as a hot topic in the cryptocurrency space.

Following the release of its IRC-722 NFT standard in April 2020, IOST jumped into the NFT arena through a partnership with the Japanese blockchain game developer and consultancy company Platinum Egg and the creation of the TokenLink NFT marketplace.

TokenLink was designed to allow IOST gamers to trade NFTs and game items in a secure manner.

The beta version of the marketplace launched in January and is available for community members to try out by trading items from CrossLink, a GPS-linked strategy game developed by Platinum Egg that was released in September 2020.

IOST has also been chosen by Japanese regulators to demonstrate how NFT technology can be applied to peer-to-peer electricity trading and medical data sharing by utilizing NFTs to serve as liquid intellectual property in secondary markets.

The third driving force behind the recent price growth of IOST is the addition of staking on several top cryptocurrency exchanges including Binance and Huobi.

As DeFi grows and offers ways for tokenholders to earn a yield on their holdings in a decentralized manner, centralized exchanges have increasingly had to offer higher-yielding investment products in order to attract liquidity and users.

During the month of January, several top exchanges announced that they would be adding support for IOST staking, with an annual percentage yield ranging from 20% on Huobi to a high of 54.49% on some Binance contracts.

The partnership with Huobi also included the addition of the HUSD stablecoin to the IOST ecosystem, an important development, as it is the first stablecoin on the IOST blockchain, which should bring fresh liquidity to its DeFi ecosystem.

According to data from Cointelegraph Markets Pro, market conditions for IOST have been favorable for some time.

For instance, the VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Cointelegraph Markets Pro - VORTECS™ Score (green) vs. IOST Price

As seen in the chart above, the VORTECS™ score for IOST began to pick up on Feb. 15, around 48 hours before the price increased 80%.

Since Jan. 8, trading volume for IOST has also seen new record daily volumes, which have surpassed $1 billion as interest in the protocol continues to grow.

Article source

Bitcoin’s price reached an all-time high in the early hours of Tuesday, February 16, 2021. The ever-volatile cryptocurrency is slowly creeping to a $50,000 benchmark as it peaked at 49,998 dollars. CoinMarketCap’s portal stated that the value of bitcoin rose to 5.43% at the wee hours of Tuesday (4:22 GMT)

Traders have been watching the procession of Joe Biden’s recent move to pass a steep stimulus package that rakes up to $1.9 trillion.

Biden’s Stimulus Package 

On Monday, the Financial Times reported that the President of the United States of America would be embarking on some official trips outside the capital city to publicize the proposal of the aid package. He hopes that doing this will mount a bit of pressure on the congress members into reaching a concession in the current negotiations towards the coronavirus package. The Republicans on Capitol Hill, however, are wary of the economic impact of this move. It would be adding on to the nation’s debt without real foreseeable hope of returns. 

However, the public support via polls towards the stimulus package has been massive. The fact that individuals stand to benefit $1,400 and additional aid for the aged, parents and the unemployed made the public all the more enamoured with the stimulus package idea. Democrats hope that some Republicans will be swayed, by the public pressure, to veto the President’s proposal.

Bitcoin’s Upward Boom 

The Bitcoin market has seen a renewed bearish bias since the beginning of the week as the stimulus package news caused a headwind. Bitcoin’s price saw a surgeon Sunday to $49,700 but dipped about 5.79 per cent the next day.

But the early hours of Tuesday saw an intense bid in the BTC/USD exchange rate push Bitcoin’s price to as high as $49,998. However, it is now on the benchmark of $49,872.

Role of firms in Bitcoins Price Boom

The Chief Economic Adviser of the Allianz, Mohamed A El Erian, opined that the current rally was driven by fears that there would be an inflation of goods and services among retailers and those who are willing to invest. He pointed towards a few companies like Tesla, who have recently invested massively in Bitcoin, causing the price bubble to go even higher.

Mr Erian told CNBC that there is now an incredible prospect of fiscal injection at the top, coupled with the central bank’s liquidity injection. This causes the investors’ confidence to soar as they believe that they are riding on an incredible liquidity wave. 

He added that we would begin to see more firms injecting bitcoin into their balance sheets as they do not have the innate ability to manage risks. Therefore, the financial market will continue to experience a distortion in general.

Crypto analysts are of the mindset that there is a high probability that Bitcoin’s price will reach the benchmark of $50,000 this week even though it has failed to achieve this benchmark after various attempts.

Want to jump straight to the answer? You can buy BNT on Coinbase and Changelly.

Bancor Network is a decentralized exchange on Ethereum’s blockchain. Its token — Bancor — was among the first tokens to be released in the DeFi industry. DeFi is short for decentralized finance –– DeFi replaces traditional banking operations with code on the blockchain. 

This code, called smart contracts, can hold cryptocurrencies on Ethereum’s blockchain. The terms of the smart contract are set in code, allowing a secure and trustless transaction without a 3rd party.

Bancor offers a new and innovative way to exchange cryptocurrencies without the need for a centralized cryptocurrency trading platform. Using a Dex (decentralized exchange) can be more secure, liquid and less expensive than a traditional cryptocurrency exchange. 

Bancor Network is a series of smart contracts on Ethereum’s blockchain. These smart contracts are what allow you to exchange your crypto without using a centralized exchange. 

Bancor Network’s smart contracts are used to provide liquidity for investors that want to exchange their tokens. Anyone can put ERC-20 tokens into a liquidity pool on Bancor and earn interest on their deposit. This interest is generated by transaction fees on Bancor’s exchange.

Traditional crypto exchanges use order books to match buy and sell orders between users. This works well for large market cap coins that are highly liquid, but this kind of market making creates it hard to exchange less liquid cryptocurrencies. 

With Bancor liquidity pools, there is always a constant liquidity for all supported ERC-20 tokens. Since Bancor is a smart contract protocol on Ethereum, you can only exchange Ethereum-based tokens on the network. To trade bitcoin on Bancor, you need to purchase Wrapped Bitcoin (WBTC) which is just bitcoin on Ethereum’s blockchain. 

Bancor has an in-depth explanation of how liquidity pools work on its website.

Bancor released its initial coin offering (ICO) in December 2017. As one of the most promising ICOs of the year, Bancor raised $153 million in capital in the first 3 hours of its ICO. Bancor was founded by Eyal Hertzog, Guy Benartzi, Yudi Levi and Galia Bernatzi.

Bancor Network got its name from the idea of a supranational currency proposed by John Meynard Keynes in 1944. Keynes proposed the idea of a supranational currency to be used as a measure for international inflows and outflows of assets.

Bancor Network Token (BNT) is an ERC-20 token built on Ethereum’s blockchain. BNT has 2 main functions: to provide liquidity and govern the protocol. Currently, BNT is trading for $3.52 with a total market cap of $446 million.

Because Bancor is decentralized, no single entity owns the protocol. Instead, Bancor is used as a governance token to vote on upgrade proposals on Bancor’s network. Users who own BNT have voting rights proportional to the amount of BNT they own. 

Bancor Network Token is paired with other ERC-20 tokens in liquidity pools. BNT acts as an intermediary currency, similar to Keynes’ idea of a supranational currency. If you want to exchange Ethereum for Wrapped Bitcoin, for example, the smart contract would sell your Ethereum tokens for BNT, then buy Wrapped Bitcoin with the newly purchased BNT.

You don’t have to use Bancor’s exchange to buy BNT. Some centralized exchanges like Coinbase, Binance and Bittrex support Bancor. Centralized exchanges are easier to use, especially if you already have a crypto brokerage account. Most investors that don’t want to use Bancor’s decentralized exchange choose Coinbase to buy BNT. 

When you make an account with a cryptocurrency brokerage you need to give them your personal information. Typically, exchanges will want a record of your address, Social Security number, phone number and email address. If you choose to use a decentralized exchange like Bancor or Uniswap, all you need to do is connect an Ethereum wallet. 

Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. 

You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.

Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.

No matter which exchange you choose to buy Bancor on, it’s a good idea to store them in a cryptocurrency wallet. You could keep your tokens on the exchange you purchase BNT on, but this is less secure than storing your investment in a cryptocurrency wallet. Software wallets like Coinbase Wallet and Metamask are good choices for many investors, but hardware wallets offer the highest security.

If you’re investing a significant amount of money into cryptocurrency, you should purchase a hardware wallet. Hardware wallets are physical devices that store your cryptocurrency offline, so there’s no way for hackers to access your funds. 

The Ledger Nano S is a small USB-shaped device that stores bitcoin and several other cryptocurrencies. Holding your cryptocurrency on this and holding it in a safe is just as safe as holding precious metals or cash in a safe, as your cryptocurrency will be inaccessible to hackers.

Ledger offers a variety of hardware and software products, but the Ledger Nano S is the best wallet for the price. If you want the best Ledger wallet on the market, look to the Ledger Nano X. No matter what Ledger wallet you use, they all offer industry leading security features. All Ledger products can be used with Ledger’s app which you can use to easily track your crypto holdings. 

Coinbase Wallet is a software wallet app made by Coinbase. Coinbase Wallet is a great choice for investors who use Coinbase’s exchange, as they have similar user interfaces. 

Using Coinbase wallet is more secure than storing your funds on an exchange, and the wallet allows you to interact with decentralized applications (dApps) to earn interest on your crypto holdings. 

Once you choose a software or hardware wallet to store your crypto on, you need to purchase your Bancor Tokens. You can either use a centralized exchange like Coinbase or Binance, or you could use a decentralized exchange like Bancor or Uniswap. 

The benefit of centralized exchanges is their ease of use. All you need to do is make an account with the brokerage and then place a buy order. To use a decentralized exchange, you need an ethereum wallet extension on your google browser. The most popular wallet extension is MetaMask. 

Just like purchasing a stock on the stock exchange, you can place your order as either a limit order or a market order. When you place a limit order for BNT, you set the price you want to buy BNT at, and if a sell order is placed at that price then your order will be filled. Alternatively, you could buy BNT with a market buy order, which buys BNT at its market price

Your Bancor tokens will be credited to your account shortly after your buy order is filled. Once you see your funds in your account, you can send your BNT to any Ethereum wallet using your wallet’s address.

If you’re planning on actively trading your BNT, you may just want to keep it on the exchange you purchased it on. Every time you transact on Ethereum you have to pay a transaction fee called ‘gas’. With more people transacting on Ethereum’s network, gas prices are commonly over $10 per transaction. 

If you’re investing in BNT for the long term or with significant amounts of money, you should use a hardware wallet to keep your funds safe. There have been several cryptocurrency hacks throughout history, and your funds are at risk if they’re kept on an exchange. 

You’ll want to familiarize yourself with the cryptocurrency markets before purchasing BNT. Cryptocurrency markets are generally much more volatile than the stock market, and most cryptocurrencies move up and down together. Even just watching Bitcoin will give you a general idea of how the cryptocurrency market is doing. 

Here are some of the top cryptocurrencies to give you an idea of how the markets are moving:

Many other decentralized exchanges have entered into the market since Bancor Network’s release in 2017. Uniswap is the largest decentralized exchange by market volume, doing more transactions on some days than Bitcoin. More people use Uniswap than Bancor because of Uniswap’s competitive fee structure. 

Other competitors like 1inch have taken some market share from Bancor. 1inch is a DeFi protocol that aggregates liquidity from different decentralized exchanges to find you the best rate to exchange your tokens at.

Bancor Network’s niche is small market cap and less liquid tokens. These coins are often inefficient to trade on exchanges, as buy and sell orders affect the price of the coins too drastically, and many exchanges don’t support these smaller coins. With Bancor, users can make their own liquidity pools, so any Ethereum-based token can be supported on the platform. And you don’t have to worry about exchanges de-listing your coin, like U.S. based exchanges have done with Ripple (XRP) following the SEC filings.