Bitcoin Exchange Rate: Using Charts to Predict the Price of Volatile Currency by Julia McGovern | Mar 5, 2015 | Crypto News Despite being the digital solution to a multitude of economic problems of the contemporary world, Bitcoin as a currency has some serious issues which stand in the way of its wide acceptance. The main reason is that Bitcoin is very volatile as a currency. The price at any given moment can be significantly different from what it was just a moment before. Fortunately, there are tools for checking out the current Bitcoin exchange rate and the charts to provide an outlook on Bitcoin exchange rate history. For Bitcoin to function as currency, there has to be some value behind it. While the gold’s value is determined by its use in industry, Bitcoin is nothing more than bits on one’s computer. However, these bits have been highly valued for some time already. The current price of Bitcoin is the proof. Generally, there are two main factors that affect the value of Bitcoin at a given moment. They are media events and (supply and) demand. The supply part of the supply-demand duo has been put in brackets, as the absolute Bitcoin’s supply is predetermined and limited. Only 21 million coins will be issued in the crypto’s lifetime. According to the creator Satoshi Nakamoto’s plan, In 2140, all of them will be mined. Such a limitation is a nice stimulus for enthusiasts to buy a Bitcoin and become ‘one in 21 million’. The “rare equals valuable” rule applies here quite well. Then, media coverage helps Bitcoin a lot. While the cryptocurrency community is not that numerous yet, Bitcoin-related news help raise awareness about the digital currency and its benefits. First of all, the demand gets stronger as more people are willing to try the new technology. They see that this ‘magic Internet money’ can be used as the payment for products and services that they know of (take AirBaltic, Overstock, or Microsoft), and they become convinced in its real value. Secondly, they see the approval of cryptocurrencies from the big market players and big media names. If you look at any Bitcoin exchange rate chart and define the main turning points, you will see that more coverage means more awareness and higher demand, which mean greater value and higher price. In simple words, Bitcoin’s value refers to what it’s worth as believed by people who use it. Being valuable, however, means little in the context of today’s global economy. People need a number to operate. Thus, the price is created. Partially, this price is related to Bitcoin being an asset or commodity – meaning that one can buy it for a certain amount of something. Bitcoin’s price seems like something absolutely unpredictable. It can rise or drop dozens of dollars in some 10 minutes (average time it takes for a block to be created). For example, the day’s difference on March 4th was $15, which is not that much. At the moment of writing, Bitcoin is priced at approximately $280. As the exchange rate grows, it gets valued more. And this current price follows a relatively long period of stability at $230 and around it. You can always stay updated on the current Bitcoin price by checking out CEX.IO Bitcoin calculator. It will also show you the amount of crypto you will get for a particular sum in fiat currency. If you want to follow the price variations of this extremely volatile entity, Bitcoin price charts come handy. Trading pages on many exchanges have charts that show the Bitcoin price changing over a certain period of time. If you are lost and confused when looking at a price chart on CEX.IO, you might find this recent article quite useful. One of the great ways to stay updated on all Bitcoin price changes is via installing a mobile app. For example, ZeroBlock from Blockchain.info provides a customisable Bitcoin exchange rate chart where you can watch the price changes over time. The periods to choose from are 24 hours, a week, a month, and a year. It also shows the most current price, which allows you being aware of the latest deal. When looking on such Bitcoin price charts, you might want to compare current Bitcoin exchange rate with the one that was at some point in the past. The history of Bitcoin’s price is an impressive sight to look at. If you remember the famous Bitcoin price bubble, which burst after the currency reached over $1,000, then you surely know what we mean. If you don’t, then you might find the old charts and look at them. Blockchain.info provides such an opportunity to view the Bitcoin exchange rate history from the price not exceeding $1 till the spring of 2011. While there is no way to know what the Bitcoin’s exchange rate will be for sure, you might make guesses based on the abovementioned charts and also by following the cryptocurrency-related news. Also, here is some information on how to apply your chart-reading skills to price prediction. You might consider it as your introduction to technical analysis. Apart from the general usefulness of such knowledge, making prognoses will help you as a Bitcoin trader. Bitcoin is a relatively new phenomenon with its wonders and challenges. While it may be regarded as a great payment system and revolutionary technology, its volatile price can drive just anybody crazy. On the other hand, such a volatility can be also explained by the simple supply-and-demand duo, as well as the general opinion of Bitcoin and attention to it. While the price difference on the same day may reach dozens of US dollars, there are tools to keep track of all those changes. They (for example, charts) can also help predict the direction in which the Bitcoin exchange rate will move in the future. New Payment Details for SWIFT Euro Deposits Verification Opportunity for Users from Michigan and Arizona Withdrawing Fiat Funds for Users From the United States Instructions for Users With Multiple Accounts

The list below shows exchangers where you can exchange Ontology (ONT) to Bitcoin (BTC). The exchangers are sorted by the rate, with the best rates on the top. To select an exchanger, you may want to check its reserves and reviews. To exchange money, click on the exchanger you choose and go to its website.

The first-time visitors of our exchanger monitor can check out the video demonstrating all exciting features of our service.

All exchangers specified in the list provide the service of exchanging Ontology to Bitcoin automatically. You can use our instructions in the FAQ section if you have never exchanged electronic money at our site before and you come across any difficulties with the exchange process.

Keep in mind that change rates Ontology Bitcoin can be better when you go to an exchange site from the BestChange.com monitor than when you visit exchangers in a regular way.

If you cannot find how to exchange the money after you go to the site, contact the exchanger operator (administrator). It is quite possible that no automatic exchange Bitcoin is available at the moment and your exchange will be processed manually.

If you fail to convert Ontology cryptocurrency to Bit Coin cryptocurrency in the exchanger you got interested in, let us know about it so that we can take the necessary measures in time (discuss the problem with the owner or exclude the exchanger from this exchange direction). You can also visit our forum in order to view offers about manual exchange from our other visitors.

Every exchanger present on our website has been thoroughly checked before listing, and BestChange team constantly monitors their due performance. This increases safety of financial transactions in exchangers listed in the monitor. When choosing an exchanger, please pay attention to the reviews left by other users, the condition of the exchanger's website, reserves, and the current status of the exchanger on our monitor.

The list below shows exchangers where you can exchange Qtum (QTUM) to Bitcoin (BTC). The exchangers are sorted by the rate, with the best rates on the top. To select an exchanger, you may want to check its reserves and reviews. To exchange money, click on the exchanger you choose and go to its website.

The first-time visitors of our exchanger monitor can check out the video demonstrating all exciting features of our service.

All exchangers specified in the list provide the service of exchanging Qtum to Bitcoin automatically. You can use our instructions in the FAQ section if you have never exchanged electronic money at our site before and you come across any difficulties with the exchange process.

Keep in mind that change rates Qtum Bitcoin can be better when you go to an exchange site from the BestChange.com monitor than when you visit exchangers in a regular way.

If you cannot find how to exchange the money after you go to the site, contact the exchanger operator (administrator). It is quite possible that no automatic exchange Bitcoin is available at the moment and your exchange will be processed manually.

If you fail to convert Qtum cryptocurrency to Bit Coin cryptocurrency in the exchanger you got interested in, let us know about it so that we can take the necessary measures in time (discuss the problem with the owner or exclude the exchanger from this exchange direction). You can also visit our forum in order to view offers about manual exchange from our other visitors.

Every exchanger present on our website has been thoroughly checked before listing, and BestChange team constantly monitors their due performance. This increases safety of financial transactions in exchangers listed in the monitor. When choosing an exchanger, please pay attention to the reviews left by other users, the condition of the exchanger's website, reserves, and the current status of the exchanger on our monitor.

The list below shows exchangers where you can exchange Bitcoin (BTC) to Ontology (ONT). The exchangers are sorted by the rate, with the best rates on the top. To select an exchanger, you may want to check its reserves and reviews. To exchange money, click on the exchanger you choose and go to its website.

The first-time visitors of our exchanger monitor can check out the video demonstrating all exciting features of our service.

All exchangers specified in the list provide the service of exchanging Bitcoin to Ontology automatically. You can use our instructions in the FAQ section if you have never exchanged electronic money at our site before and you come across any difficulties with the exchange process.

Keep in mind that change rates Bitcoin Ontology can be better when you go to an exchange site from the BestChange.com monitor than when you visit exchangers in a regular way.

If you cannot find how to exchange the money after you go to the site, contact the exchanger operator (administrator). It is quite possible that no automatic exchange Bitcoin is available at the moment and your exchange will be processed manually.

If you fail to convert Bit Coin cryptocurrency to Ontology cryptocurrency in the exchanger you got interested in, let us know about it so that we can take the necessary measures in time (discuss the problem with the owner or exclude the exchanger from this exchange direction). You can also visit our forum in order to view offers about manual exchange from our other visitors.

Every exchanger present on our website has been thoroughly checked before listing, and BestChange team constantly monitors their due performance. This increases safety of financial transactions in exchangers listed in the monitor. When choosing an exchanger, please pay attention to the reviews left by other users, the condition of the exchanger's website, reserves, and the current status of the exchanger on our monitor.

Bears have seized the initiative on the last day of the week. XRP remains the only coin trading in the green zone.

Top 10 coins by CoinMarketCap

Bitcoin (BTC) could not finish the week under bulls' dominance. The price of the main crypto has fallen by 5.66% over the last seven days.

BTC/USD chart by TradingView

On the daily chart, Bitcon (BTC) keeps trading above $56,000, which means that there are still high chances of seeing a restest of the peak around $62,000.

Only if bears push the rate below $59,000 will they seize the long-term initiative.

Bitcoin is trading at $57,000 at press time.

Cardano (ADA) is the top loser today. The price of the coin has gone down by almost 5%.

ADA/USD chart by TradingView

Despite the price decrease, bears have not seized the initiative as the altcoin keeps trading in a range between $1.18 and $1.33. At the moment, sideways trading is the more likely scenario, which means that the upper channel boundary may be tested.

Cardano is trading at $1.20 at press time.

Binance Coin (BNB) has lost the least today. The rate of the native exchange token has gone down by only 2%.

BNB/USD chart by TradingView

On the daily time frame, Binance Coin (BNB) is approaching the first resistance at $282. The selling volume is low, which means that there are chances to break it and go to the next zone around $300.

BNB is trading at $263 at press time.

Litecoin (LTC) is not an exception to our rule as the "digital silver" could not keep trading in the bullish zone.

LTC/USD chart by TradingView

Litecoin (LTC) has retested the MA 50 on the daily chart, confirming bulls' potential to keep the growth going. If buyers break the first obstacle at $208, they will move to the closest one around $227.

Litecoin is trading at $196 at press time.

Bitcoin is exchanging hands slightly above $58,000 in the wake of a key technical breakout. Price action has been consistently bullish since Visa Inc. announced that it would start accepting cryptocurrency transactions on its platform.

According to Visa, demand for cryptocurrency transactions has been growing and it was time to make a move. Initially, USDC will be used, allowing users to spend digital assets without converting to fiat.

Bitcoin pushed the uptrend further following the announcement made on Monday. Besides stepping above the 50 Simple Moving Average (SMA) resistance on the 4-hour chart, BTC lifted past the descending parallel channel’s upper trendline. Additionally, the ongoing liftoff was validated by a break above the 100 SMA.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart suggests the bellwether cryptocurrency is in the bulls’ hands. The bullish outlook has been reinforced by the MACD line (blue) crossing above the signal line. The indicator has also returned into the positive region, adding credence to the narrative.

It is essential to realize that establishing support above $58,000 will ensure market stability. Similarly, buyers will be encouraged to increase positions on the digital asset, speculating $60,000. Moreover, a break above $60,000 would trigger massive buy orders as BTC rolls to $62,000 and other higher price levels.

It is worth mentioning that the bullish outlook will be invalidated if Bitcoin closes the day under $58,000. This will increase overhead pressure on the 100 SMA support, while massive losses will be triggered if the price slices through this anchor zone. BTC could revisit the support between $50,000 and $52,250.

Spot rate: $58,050

Trend: Bullish

Volatility: Growing

Support: 100 SMA and 50 SMA on the 4-hour chart

Resistance: $60,000 and $62,000

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March 30 may go down in history as a day that Bitcoin (BTC) enthusiasts will recall for a long time. Aside from marking a 17 percent turnaround from the March 25 low of $50,300, PayPal has officially announced that it would facilitate crypto payments for US consumers. Furthermore, CME Group announced that its Micro Bitcoin futures contracts would be available on May 3rd, with contract sizes beginning at 0.1 BTC.

Additional bullish news came as Morning Brew, a daily business newsletter with 2.5 million subscribers, finally dropped gold and is now exhibiting Bitcoin price in its markets section alongside the S&P 500, Nasdaq, Dow, 10-Year Treasury and JPMorgan stock.

March 30 also marks the third week in a row that the Bitcoin price has seen a single candle near over $50,000. As a result, as the market signals a healthy consolidation cycle, traders should keep a close eye on the rate of leverage employed by buyers. Crashs have historically occurred when sellers are too bullish, and any sharp market change greater than 8% threatens to cause bigger cascading liquidations.

The open interest in Bitcoin futures reveals the scale of the new longs and shorts, and as this amount rises significantly, it indicates that buyers are more exposed to risk. As a result, it indicates growing investor interest in the asset, but this comes at the expense of potentially large liquidations.

Over the last two months, futures open interest has increased by 105 percent, as seen in the chart above. Meanwhile, the latest index of $22.6 billion is just 2% lower than its all-time peak.

While Bitcoin’s price rise can clarify a portion of this increase, it also indicates restored confidence, as longs on $7.4 billion is liquidated between March 14 and March 24.

The futures base rate can be used to assess whether skilled traders are bullish or bearish. The basis, also known as the futures premium, is a calculation of the disparity between longer-term futures contracts and existing spot market prices.

A 10% to 20% annualised premium (basis) is considered neutral, or a condition known as contango. This market disparity is exacerbated by vendors seeking extra money in order to postpone settlement for a longer period of time.

As the basis rate approached 35% on March 13, BTC markets entered an excessive-leverage scenario. Being upbeat, particularly during a bull market, should not be regarded as worrying. However, when the market plummeted 11% after the all-time high of $61,800, these ultra-leveraged buyers’ positions were terminated.

This moment, the basis rate is hovering about 29 percent, which is relatively high, although the figure may change itself over the next few days. These leveraged buyers can raise their margins or purchase BTC on standard spot exchanges to reduce their futures position.

While longs tend to be highly leveraged, there are no indicators of possible market turmoil that lead to a detrimental outcome if BTC falls to $53,000. Since the majority of the latest rise in open interest occurred in early March, the long’s average price is definitely not any higher than this.

Let’s look into some top Ethereum (ETH) news from last week.

According to CryptoQuant’s (an on-chain database) “ETH: All Exchanges Reserve” chart, there is roughly 19.6 million ETH in reserve. This means there are roughly 19.6 million ETH held in all the exchanges’ wallets. Also, looking at the chart, we can see that this has continuously been declining for the last six months. This comes as no surprise as we are in the midst of a massive bull run. Individuals/institutions are moving their ETH off exchanges and into some sort of cold storage wallet or maybe staking platform.

In conclusion, as you can see from the chart, a decline in ETH exchange reserves tends to usually coincide with an increase in the price of ETH (USD). This is bullish for the future ETH price as it seems that the overall sentiment towards ETH’s long-term price potential is looking bright. In other words, ETH holders are “optimistic,” and fewer holders are looking to sell their ETH.

According to Santiment (another on-chain database), Ethereum is now seeing its highest level of GitHub submission rate since the start of this year. Briefly, Github is a code hosting platform (usually for developers) where individuals can collaborate on projects together from anywhere in the world. All this means is that development activity is increasing again on the Ethereum blockchain.

— Santiment (@santimentfeed) March 28, 2021

Santiment finds that when projects have an increasing (or consistently high) development rate, there tends to be an increase in the long-term price of the underlying asset. Santiment sees this as a sign that those linked closest to the project believe in the project and are optimistic for its future.

Lastly, taking a look at the chart above, Ethereum development activity last floated around this current development rate back on January 20th. As a result, the price of ETH went on to surge roughly 45% and top out at around $2,040 exactly a month later on February 20th. If history is any indication, maybe we see something similar for ETH’s price in April.

Uniswap – a decentralized exchange (DEX) run on the Ethereum blockchain – announced that the highly anticipated v3 update is expected to launch on May 5th. The v3 update will focus on keeping the DEX the most flexible and efficient automated market maker (AMM) ever created.

Some features of the v3 update:

On March 26th, Optimism announced that it has officially delayed the launch of its mainnet Ethereum scaling solution to July. In their blog post, Optimism stated that they were “overeager” to give everyone the speed and cost savings that Synthetix users have been enjoying. As a result, the expedited timeline took many projects by surprise because they did not provide adequate notice for the community to prepare for the launch.

Optimism is a Layer 2 (L2) scaling solution that allows for the Ethereum mainnet to be relieved from a large number of transactions it has to process. Optimism uses optimistic rollups in order to achieve lower fees and latency.

Litentry (a cross-chain identity aggregation protocol) has partnered with Bondly Finance for verification mechanisms with Ethereum accounts and Twitter accounts. Litentry plans to launch a new crypto social network product that will allow users to connect their Ethereum accounts with Twitter to get verified. Thus, with this integration, owners of NFTs will be able to claim ownership over their NFTs on Twitter through the linking of their digital assets.

At the time of publication, ETH price is currently $1,825.87, with a market cap of $210,525,044,205 and a 24-hour trading volume of $32,567,252,351.

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The bitcoin dominance rate (BTCD) has decreased for the entirety of 2021 and is approaching a long-term support level.

Both technical indicators and the price movement support a continuation of the drop in bitcoin dominance.

The BTCD has been moving downwards since December 2020 when it was rejected by the long-term 71.30% resistance area.

It has been moving downwards since and has nearly reached the long-term 57.60% support area. 

It has not traded below this level since April 2019. A breakdown below here could trigger a sharp drop towards 49.80%.

Technical indicators in the weekly time-frame are bearish. The MACD is negative and decreasing. The RSI is also below 50 and decreasing and the Stochastic oscillator has made a bearish cross. 

Therefore, a decrease towards 57.7% is expected, while a drop towards 49.80% is possible.

The daily chart supports this possibility. The BTCD just broke down from a symmetrical triangle. In addition, it broke down below a minor support level at 60.80%. This level is now likely to act as resistance. 

Similar to the weekly time-frame, technical indicators in the daily time-frame are bearish. These signals support the continuation of the downward movement.

Cryptocurrency trader @altstreetbets outlined an altcoin market cap chart, which shows it moving upwards towards $950 billion.

The altcoin market cap has broken out from and validated the previous all-time high resistance area at $700 billion as support. 

It reached a new all-time high of $755 billion on March 31. 

Technical indicators are bullish. Therefore, the market cap is expected to continue moving upwards.

The bearishness in the bitcoin dominance rate and bullishness in the altcoin market cap suggest that altcoins are likely to increase at a faster rate than BTC.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

In yet another bullish announcement for Bitcoin this week, banking giant Morgan Stanley has filed a document with the Securities and Exchange Commission (SEC) to gain exposure to BTC. Per the document, 12 of Morgan Stanley’s investment funds will allocate capital in BTC financial products.

Morgan Stanley’s investment funds eligible to gain indirect exposure to Bitcoin include Counterpoint Global Portfolio, managed by Dennis Lynch, Asia Opportunity Portfolio, Growth Portfolio, Inception Portfolio, International Advantage Portfolio, among others.

The funds will be able to invest in Bitcoin futures contracts settled in cash or Grayscale Bitcoin Trust (GBTC) shares of the Grayscale firm. Investment in BTC will not have to be ongoing and will be made through a subsidiary that will operate as an exempted company governed by the laws of the Cayman Islands.

The document states that investment in Bitcoin futures may change if regulations on the underlying asset change. In addition, Morgan Stanley states that these financial derivatives have a relatively small trade with other futures and may be subject to manipulation.

On its possible GBTC holding, Morgan Stanley rates fluctuations in the fund’s premium as one of its potential investment risks. It has “historically” traded at a premium or discount to the price of BTC. In fact, during the entire month of March, the GBTC premium turned negative and reached a low of approximately -10%, as research firm Skew registers. Morgan Stanley’s document claims:

To the extent GBTC trades at a discount to NAV, the value of a Fund’s investment in GBTC would typically decrease, even if the value of GBTC’s underlying holdings in bitcoin does not decrease.

A few weeks ago, Morgan Staley revealed that it would give exposure to Bitcoin to its wealthiest clients via 3 funds created in cooperation with Galaxy Digital and FS Investments, and NYDIG. The bank’s decision was taken after receiving pressure from its clients.

The series of announcements from giants such as Goldman Sachs, Morgan Stanley, PayPal, and BlackRock making an expansion of their bet on Bitcoin or an entry into the crypto market seems to be rooted in the current macroeconomics conditions.

BlackRock CIO Rick Rieder recently said that investors have been forced to seek assets that offer yield and appreciation in an inflationary economic environment.

Along those lines, Senior Commodity Strategist for Bloomberg, Mike McGlone, stated that there is a “Commodity supercycle happening in Bitcoin.” This is due to the trend towards digitalization that exists in the world which has been exacerbated by the Covid-19 pandemic.

McGlone highlighted that BTC as a store of value is a solution that, for the first time in history, allows people to store, trade, transport, and transmit wealth with ease all year round. The analyst believes that the world has entered a “paradigm shift” and a situation of “falling dominoes.” McGlone added:

Any investor on the planet who has 100 units of any type of asset knows now that if they don’t allocate at least 1 or 2 of those units to Bitcoin, they are at greater of this digital global reserve asset just continue to do what’s been doing becoming the world’s benchmark digital global reserve asset (and missing it).

BTC is trading at $58,297 and has been moving sideways in the 24-hour chart. On the weekly chart, the benchmark cryptocurrency has gains of 11.4% and 17.5% in the monthly chart.

Bitcoin climbed higher ahead of the US trading hours Tuesday after dipping to $53,000 during the Asia-Pacific session.

The level also coincided with the cryptocurrency 200-4H moving average (the orange wave in the chart below). Its historical significance as support in capping Bitcoin’s downside attempts allowed traders to treat it as their accumulation level. As a result, the BTC/USD exchange rate rebounded by more than 2.5 percent during the European session.

As the New York opening bell neared, Bitcoin climbed above $55,000, a psychological price floor. That raised expectations that the cryptocurrency would hold above the said level to the further upside during the US session. A technical pattern supported the bullish forecast.

Bitcoin’s rebound off the 200-4H MA (and the $53,000-level) also coincided with a support confluence provided by a descending trendline. Meanwhile, another falling trendline capped the cryptocurrency from extending its gains. Together, these trendlines formed a Falling Wedge, a bullish reversal pattern.

BTC/USD has been fluctuating inside the Wedge since March 10.

After testing the pattern’s lower trendline as support, the pair rebounds to reach and test its upper trendline as resistance. After that, it pulls back again to retest the lower Wedge trendline as support. In total, Bitcoin has confirmed six rebounds and thirteen pullbacks.

Therefore, traders—psychologically—expect the cryptocurrency to reclaim Wedge’s upper trendline, which sits above the $57,000-level.

More short-term bullish confluence comes in the form of on-chain indicators. For instance, US cryptocurrency exchange Coinbase Pro alerted about massive Bitcoin outflows from its hot wallets on Tuesday. It suggested that traders withdrew their BTC holdings to hold them instead of selling them for other assets —fiat or crypto.

Meanwhile, some analysts advised traders to remain watchful of surprising declines. One of them, a pseudonymous entity on Twitter, referred to Bitcoin breaking below medium-term ascending trendline support, which pointed to risks of extended declines.

“[It] could be a fake-out but we’d need some strong buyback today,” the independent analyst noted. “I’ll probably sit out today and observe. Being cautious with longs.”

Macroeconomically, a recent surge in the US dollar index also risks declines for Bitcoin. Investors are flocking back to the greenback amid concerns over the renewed US-China geopolitical tensions and roadblocks in the European Union’s vaccination program that has reduced appetite for euro and euro-based assets.

After the initial market rally, the direct link between Bitcoin’s supremacy and altcoin price has been more common. According to coinmarketcap.com, Bitcoin’s domination is now at 60%, with the stock hovering at $56000.

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In past market periods, the new domination pace corresponded with a breakout in the alt rally. With big market cap altcoins like Ethereum and Litecoin trading higher and with rising exchange volume in the last 24 hours (up 14.89 percent), a breakout for large altcoins to reach their ATH is anticipated.

Despite the fact that altcoins – mid and large-cap – have been ranging, consolidating, and revisiting February lows based on price charts, there are signs suggesting that a breakout is imminent. At least in the case of Ethereum, there is a primary metric that indicates this. In the case of Ethereum, fundamental metrics and relative market value could have changed, which is possible given that the Ethereum network settles more than $13 billion in trades on average than Bitcoin.

Transacting on the Ethereum network is more costly than it was a few months before, but it is also less expensive than transacting BTC on the Bitcoin network.

The top ten altcoins in terms of trading value in the last 24 hours, rather than market capitalisation, are ETH, XRP, ADA, LTC, THETA, FIL, and BCH. FIL, a mid-market cap alt, ranks 20th in terms of market cap but ranks ninth in terms of trading rate, having increased by more than 100 percent in the last 24 hours.

The rally has been sparked by foreign investment inflows into altcoins such as FIL, which do not rate in the top ten. Grayscale added five additional crypto investment trusts, including LINK and FIL, a week ago. This shift in investment inflow from Bitcoin to alts by top institutions (also known as firm hands in the current business cycle) is important for retail traders searching for double-digit returns in a short time period.

In the last week, tokens such as FIL, LINK, THETA, and ADA have adjusted the ROI on the portfolio due to increased liquidity and uncertainty. This is not entirely attributable to Bitcoin’s decline in dominance; nevertheless, rising trading volume and investment inflows indicate that this may have played a part.

If BTC’s domination declines, altcoins have more space for a vertical market surge, instability, and changing hands, affecting retail wallets that help the commodity above the price level at which they purchase. The fall in Bitcoin’s supremacy is fueling a rise in altcoin rates.

The BTC price is struggling to get back to its recent highs above $60k. The flagship digital asset dipped to lows of $53K during the Asia-Pacific session but has since managed to gain some ground. 

Bulls temporarily took over bitcoin’s price action resulting in a recovery above $54,500. During the European session, the BTC/USD exchange rate rebounded by over 2.5% and revisited the psychological price floor at $55K.

There was a retest of $57K as investors flocked to re-accumulate the king coin. That uphill move raised expectations among traders that BTC would hold above the support at $55K during the US session. 

At the time of writing, the world’s leading cryptocurrency is down 3.43% at its price of $55,685. If bitcoin fails to correct higher above $56,000, there is a possibility of more downsides towards the $54K support in the near SD Chart By TradingView

Even though BTC has failed to extend its rebound towards $58K, bitcoin’s Energy Value Oscillator says that the current bull cycle still has plenty of room to grow.

The metric, designed by renowned crypto analyst and bitcoin expert Charles Edwards, measures the amount of energy pumped into the BTC network at any given time to keep it operational.

The network’s proof-of-work algorithm takes that energy and converts it into monetary power via a complex process involving specialized computers called miners.

Edward’s metric measures that activity and converts it into a technical indicator based on fundamentals. According to the analytics tool, BTC investors can look forward to another 350% increase in the price of the coin.

Should the prediction come true, BTC would gain an additional $200K to its current price level, bringing the value per coin to around $260,000. 

Bitcoin Energy Value Oscillator Says Bull Run Is Far From Over | Source TradingView

IOTA rose to its highest levels in over three years as traders anticipated the upcoming overhaul of its Internet-of-Things protocol, scheduled for next month. 

The IOTA CEO, Dominik Schiener, gave details of the imminent makeover in an interview with ZDNet. He explained that the new framework would introduce a distributed ledger that does not require electricity, miners, or even transaction fees.

Mr. Schiener added that the technology dubbed Chrysalis is “going to be production-ready” and billions of users will be able to utilize and benefit from it. 

Besides making the IOTA project more appealing to investors, Chrysalis will also get rid of the coordinator node, a controversial feature in IOTA that denotes the power to approve transactions to just a few nodes.

Following Schiener’s remarks, IOTA’s price exploded as market speculators pushed their bids for the token higher. The project’s native token is now up over 450% since the start of        IOTA/USD Chart by TradingView

Bitcoin price is struggling to get back to the $ 60,000 mark as rising US Treasury rates continue to cause havoc in global financial markets.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin continued to face stiff resistance at $ 60,000 yesterday as the bulls spent the day bouncing back from the early morning drop, which pushed BTC into a range below $ 56,500. in a short time.

After being rejected at $ 60,000 on March 18, Bitcoin’s price hit a low of $ 56,268 in the early hours of Friday before buyers returned to help lift the price back above $ 58,500.

Key figures on Bitcoin price show that despite struggles to get past $ 60,000, top traders are increasingly bullish as evidenced by the proliferation of long positions. leverage over the past week as the BTC trading range gets tighter. Signs of global adoption continued to emerge as the first Bitcoin ETF in Latin America was approved in Brazil, making it the fourth ETF approved in the Western Hemisphere after three ETFs recently launched in Canada.

Chad Steinglass, head of trading at crypto capital market firm CrossTower recently discussed the pressures Bitcoin faces at $ 60,000.

As Steinglass said:

“It will take some time to get past $ 60,000 but the recent strength shown by Bitcoin in the face of strong macro winds shows no reason for the bulls to stop.”

The $ 57,000 to $ 58,000 range is the new level of support Bitcoin needs to hold.

Rising interest rates on the US Treasury continue to put pressure on global financial markets, which ended Friday’s session mixed as traders began to worry about the possibility of rapid inflation. hampering economic recovery and causing the short-term change in the Reserve’s extremely consistent Federal Monetary Policy.

Top altcoins Ether (ETH) continues to face resistance above $ 1,800 with data showing that bulls can wait until the $ 1.15 billion worth of ETH options run out. March 26th for them to give a new performance.

The overall crypto market cap represents $ 1.82 trillion and Bitcoin’s dominance rate is 60.5%.

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Senior Product Manager for Decentralized Identity at Microsoft, Daniel Buchner, has confirmed the release of ION. Deployed on the Bitcoin mainnet, this solution is a permissionless public network for Decentralized Identifiers (DIDs).

Implemented on Bitcoin’s blockchain, it operates as a second-layer solution to support a DIDs/DPKI (Decentralized Public Key Infrastructure) at scale, according to its Github repository.

This project began four years ago, its purpose is to give individuals, organizations and others control over digital exchanges with DIDs. The ION uses a Sidetree protocol to anchor DID/DPKI transactions interacting on the network.

Each transaction is encoded with a hash that allows ION nodes to categorize, store, process, and fetch the transactions associated with a specific DID. Buchner stated in the official release:

We are excited to share that v1 of ION is complete and has been launched on Bitcoin mainnet. We have deployed an ION node to our production infrastructure and are working together with other companies and organizations to do so as well. ION does not rely on centralized entities, trusted validators, or special protocol tokens – ION answers to no one but you, the community. Because ION is an open, permissionless system, anyone can run an ION node, in fact the more nodes in operation, the stronger the network becomes.

The ION network is connected to Bitcoin with the InterPlanetary File System (IPFS) and does not require an additional consensus mechanism.  Its nodes can process “tens of thousands of transactions per second.” Interested users can start generating their DIDs without having to use BTC or run an ION node on their own.

In the project’s FAQ section, the ION team rates Bitcoin as the most secure blockchain on two metrics: production of a single, independent, immutable record with no way to reverse it; inexpensive cost of attacking the system. Microsoft’s ION team stated:

Bitcoin is so far beyond all other options, it isn’t even close – Bitcoin is the most secure option by an absurdly large margin.

In terms of cost, Buchner said the solution’s protocol “It’s skewed toward bandwidth and storage.” Thus, it can support 40 billion DIDs in 2 TB of memory space with a lightweight configuration for the nodes. Buchner said the following via his Twitter handle:

This is the culmination of 10 years of work, beginning in 2011 when a few of us at Mozilla set aside some of our time to explore the core concepts of Decentralized Identity. Microsoft ultimately provided the opportunity to realize this dream, and for that I am eternally grateful.

MicroStrategy’s CEO Michael Saylor welcomed the announcement and predicted that similar second-layer solutions will be released more frequently on Bitcoin. Their use cases will be broad and applied in people’s daily lives.

— Michael Saylor (@michael_saylor) March 25, 2021

Bitcoin trades at $52,347 showing a slight recovery in the 1-hour chart with 1.5% gains. On the 24-hour chart, losses are at 5.6% following an 11.1% correction on the 7-day chart.