Forbes analyst Naeem Aslam has taken to Twitter to announce that, after reaching a new all-time high, the second largest cryptocurrency, Ethereum, has demonstrated a 91 percent rise in 2021 — even though the first month of the year is not over yet.

Earlier today, Ethereum broke above its 2018 all-time high over $1,430 and topped a new ATH across major exchanges after climbing back to its peak of three years ago.

According to analyst Naeem Aslam, who writes for Forbes, the second biggest crypto coin has demonstrated a 91 percent rise year-to-date.

Back on Jan. 3, ETH was changing hands in the $780 area but, since then, it has overcome the $1,000 mark. Now, it has topped a new all-time high above $1,439 across major exchanges.

The previous historical peak reached by ETH in 2018 amounted to $1,432.

Data shared by the Glassnode analytics firm shows that open interest in Ethereum futures on major exchanges (Binance, Kraken, BitMEX, Deribity, Huobi, etc.) has spiked to a new all-time high of $4.5 billion.

This shows an inflow of funds into ETH from financial institutions. Speaking of ETH futures, major crypto derivatives platform CME Group and the first to launch BTC futures in December 2017 (together with CBOE), has recently announced the approaching launch of ETH futures on Feb. 8.

As a reminder, CME is the number one exchange that offers crypto trading products to financial institutions.

Retail investors are also flowing into Ethereum. According to data shared by Glassnode, the number of wallets holding 0.01 ETH and more has been growing at a quick pace.

Bitcoin has broken $50,000 after speedily recovering from a Valentine’s Day dumping.

The new record high of $50,341.10 was recorded on Tuesday — and prices surged even higher on some exchanges.

But BTC’s time above this psychologically important milestone was rather short lived, with the world’s biggest cryptocurrency pulling back to $49,000 soon afterwards.

At the moment, many investors and traders are holding their crypto in dollar-backed tokens and waiting until the perfect time to buy. 

With investors increasing the volume of stablecoins they hold, analysts have predicted that whales are lined up to sell at and above $50,000. 

Data from the Binance order book supports this, by showing sell orders that have been set up in $1,000 increments up to $55,000. CryptoQuant CEO Ki-Young Ju tweeted:

It would seem that all signs point to Bitcoin soaring above $55,000 very soon, with rampant predictions about just how far it can go. 

The ever-increasing highs of Bitcoin in recent weeks are being compared with the bull run of 2017, but there are some sizable differences this time around. Now, there are several major institutions with chunky investments in Bitcoin, whereas 2017 was highly charged by retail investors. AvaTrade’s chief market analyst, Naeem Aslam, was quoted by Yahoo Finance as saying:

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A sharp and broad-based sell-off has hit the cryptocurrency market, piercing a recent bull run powered by corporate and retail interest alike.

The global cryptocurrency market has tanked 14% in the last 24 hours, according to CoinMarketCap.com. The slump was led by bitcoin, which accounts for 60% of the cryptocurrency market by value. Bitcoin (BTC-USD) was down 12.5% to $48,876.16 by 8.15am Tuesday in London.

READ MORE: Hedge fund billionaire backs bitcoin payment startup

The sell-off began on Monday, seemingly triggered by comments from US Treasury Secretary Janet Yellen. Yellen said bitcoin was "inefficient" as a means of payment and highly speculative.

Analysts also pointed to tweet from Elon Musk over the weekend saying bitcoin and ethereum prices "seem high."

"Tesla and bitcoin are increasingly tied together and the latter had a crazy day, trading down -16.53% at one point before closing -4.21% in its worst daily performance this month," said Jim Reid, a senior strategist at Deutsche Bank. "It’s not clear if the moves were prompted by a delayed reaction to an Elon Musk tweet on Saturday in which he said that the bitcoin did 'seem high'."

WATCH: 'Dr Doom' economist says 'retail suckers' with FOMO will eventually get crushed on Bitcoin

The slump follows a surge over the last few months that has propelled the market to new highs. Bitcoin has risen over 400% since the start of October and recently reached a new all-time record above $58,000.

READ MORE: 'Retail suckers' with FOMO will eventually get crushed on Bitcoin, says Roubini

"For bitcoin, this is certainly not the first major pullback during this cycle, nor is it even the most severe," said Mati Greenspan, founder of Quantum Economics. "We're up about 80% year-to-date, and even a normal bull market retracement from the peak right now would take us all the way back to $40,000 per coin.

"With the powerful narrative that bitcoin is good for hedge funds and multinational corporate balance sheets proliferating through the mainstream psyche, it certainly does seem more likely that this bull has more room to run, even if we are in for some volatility in the short-term."

Naeem Aslam, chief market analyst at Avatrade, said: "In terms of technical analysis, the Bitcoin price is still trading above the 50, 100, and 200-day simple moving averages on the daily timeframe.

"As long as this remains in place, there is little to worry about the bullish trend."

Around $200 billion (£148 billion) was struck off the world's cryptocurrency market after the value of bitcoin fell by more than 20 percent in a matter of days, causing widespread concern within the financial market.

Bitcoin prices had been on the up and up, moving up to a record high of $42,000 (£30,991) on Friday. That meant that the entire global coin - not just bitcoin - market was worth $1.07 trillion (£790 billion).

However, as of Monday evening, that value had plummeted back down to $31,000 (£23,000) meaning that the global crypto-coin market was back down to $880 billion (£649 billion).

Not everyone is so upset about this. Obviously, those with loads of money invested in bitcoin could be happier, but quite a few financial experts have referred to this slump as a 'healthy correction' after the cryptocurrency had reached up to some seriously unsustainable levels.

Whilst crypto experts will call it an example of traditional finance fearing the unknown, the Bank of America had warned last week that the stratospheric rise of bitcoin could be 'the mother of all bubbles', drawing comparison with the tech boom of the 1990s.

Chief market analyst at AvaTrade, Naeem Aslam, told CNN that the drop was a welcome one, and 'due a long time ago'.

James Putra, the vice president of product strategy at TradeStation Crypto, continued: "It's scary when the price of bitcoin just goes straight up. This pullback was needed."

At the beginning of the year, the world's most popular cryptocurrency was in the doldrums, with prices at a low of $3,850 (£2841) last March, before the Covid-19 pandemic had a huge impact on the global financial picture.

There were fears of rising inflation, and the possibility that the US dollar could be debased, meaning that investors flocked over to bitcoin in the search for a crash-proof investment.

Before that economic drop, JP Morgan predicted that bitcoin could rise to as high as $146,000 (£108,000) and even rival gold if seen as a safe option.

It grew to $20,000 (£14,758) by mid-December, and passed $30,000 (£22,137) in January, before hitting that record high and slumping backwards once again.

That said, many experts are still confident in bitcoin, as it remains up by 10 percent for the year so far, even after this crash.

Bitcoin was invented in 2009 by an anonymous person or persons acting under the pseudonym Satoshi Nakamoto.

According to research performed by the University of Cambridge, there were between 2.9 and 5.8 million unique users with a cryptocurrency wallet in 2017, with the majority of those using bitcoin.

Más de 200.000 millones de dólares se han evaporado del mercado de las criptodivisas durante este fin de semana, acompañados de una sangría en el bitcoin que, como cabía esperar, ha sufrido una fortísima corrección tras sus recientes máximos. La reina de las criptos cae hasta 33.000 dólares tras acariciar los 42.000 el viernes, presa de una fortísima volatilidad, según datos de CoinMarketCap.

La capitalización total del mercado, que cuenta con más de 8.000 activos se ubica por debajo de los 900.000 millones de dólares, tras dejar un hito en las inmediaciones de los 1,1 billones de dólares a finales de la semana pasada. En cuanto al resto de 'altcoins', el ethereum, que también dejó un máximo histórico por encima de 1.200 dólares, rectifica un 20%, porcentaje que también retroceden el ripple, litecoin y bitcoin cash.

Sólo un mes después de rebasar la marca de 20.000 dólares, el bitcoin ha llegado a doblar su precio y acumular un auge del 45% hasta el hito del 8 de enero, que se añade a la apreciación de casi el 300% de 2020 para la creación de Satoshi Nakamoto. Los expertos habían previsto claramente este 'crash' en los precios, dado que "las compras ya no obedecen a ninguna lógica" se exclama Craig Erlam, analista de Oanda.

"Se está llevando a cabo una corrección saludable que era necesaria hace mucho tiempo", comenta Naeem Aslam, analista de AvaTrade. "Es probable que los precios del bitcoin encuentren un apoyo entre 28.000 y 30.000 dólares", prosigue. "No es el momento de entrar en pánico, sino de mirar esta oportunidad desde un punto de vista más optimista, ya que la carrera alcista aún no ha terminado y es probable que reanude su viaje con miras a los 50.000 dólares", apostilla.

Dogecoin, a cryptocurrency originally created as a joke, has grabbed the headlines thanks to repeated interest from tech billionaire Elon Musk -- and despite doubts in the financial community.

The price of the virtual unit hit a record high over the weekend ahead of Musk's hosting of popular US sketch comedy show Saturday Night Live (SNL).

Dogecoin then tumbled because the Tesla and SpaceX founder joked on the show that dogecoin was a "hustle" -- or money-making scam.

Musk is also a vocal supporter of the world's most popular virtual currency bitcoin, adding to its soaring value earlier this year.

Founded in 2013, dogecoin's creators say it was intended as an ironic response to two big internet phenomena: cryptocurrencies such as bitcoin, and a meme image of a Shiba Inu dog.

That gave the unit its unique name.

"From 'that seems like it's funny' to actually doing it took about three hours," co-founder Billy Markus, a video game-obsessed software engineer at IBM, told the news website CNET.

Users of Reddit forums then began using dogecoin, thanks to its previously extremely low prices, to welcome posters' comments.

Dogecoin was boosted this year by the buying frenzy that surrounded the GameStop saga, and after multiple supportive tweets from Musk.

Dogecoin stood at just fractions of a cent for most of its existence, before breaching five cents earlier this year -- and striking a record pinnacle above 74 cents on Saturday.

However it slumped to as low as 49 cents during the SNL broadcast.

Dogecoin stood at 52 cents in Monday morning trades, according to website CoinMarketCap.

That gave dogecoin a market valuation of $67 billion (55 billion euros), making it the fourth biggest crytocurrency.

Elon Musk's SpaceX says it will launch a satellite to the Moon next year funded with dogecoin. Photo: POOL / Britta Pedersen

The world's most popular virtual unit bitcoin has a valuation of $1.1 trillion.

The second and third biggest are ethereum and binance coin, respectively.

Controversial multi-billionaire Musk praised dogecoin again during SNL -- but sent mixed messages.

Pressed on what dogecoin is, Musk called it "an unstoppable vehicle that's going to take over the world".

But then he agreed in a jokey tone during a sketch that "it's a hustle".

Investors were apparently not amused as the currency fell following the show.

"The word 'hustle,' which he used as a joke, made speculators dump the coin who were previously thinking of more optimistic language from him," said ThinkMarkets analyst Naeem Aslam.

Nevertheless, SpaceX announced Sunday that it would launch a satellite to the Moon next year funded with dogecoin.

The broader financial community is wary of dogecoin's volatility, which is attractive to retail investors but not major financial players.

That is in contrast to volatile bitcoin, which has won key backing from big-hitting banks on Wall Street.

OANDA anlayst Jeffrey Halley pulled no punches in his assessment of Musk's latest favourite crypto unit.

"Someone (who) bought Dogecoin before the SNL programme... was nursing 40 percent losses after it aired," he lamented.

"On the other hand, if you are stupid enough to stake a goodly portion of your net wealth on juvenile tweets and a comedy show, you probably deserve everything you get."

Halley also urged financial regulators to step in and bring order to the volatile world of cryptocurrency.

Touchless mobile payments are now available to select Circle users.The bitcoin wallet and payment service has integrated near-field communication (NFC),enabling users to transact with its Android App wherever bitcoin and NFC are accepted.Circleis a digital money platform that delivers streamlined, user-friendly functionality similar to that of traditional online payment tools like PayPal or Apple Pay, both key players in the fast-growing mobile payments movement.A growing number of developers in the digital currency space are looking to NFC to simplify and speed up secure payments. NFC transaction volume in the wider payments world has been forecasted to triple to $72bn this year alone. In November BitPay released a merchant app that allows customers to make contactless bitcoin payments at checkout by holding their smartphones or tablets over the point-of-sale device and tapping 'send'.Mobile apps byMyceliumandHiveare among other bitcoin wallets that offer contactless functionality. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. CircleNFCMobile PaymentsApr 17, 2018 at 17:09 | Nikhilesh DeNew York's attorney general is taking a closer look atsome of the most well-known cryptocurrency exchanges. Apr 17, 2018 at 04:00 | Alyssa HertigA new proposal explores the combination of the lightning network and NFC to move the layer-two bitcoin tech forward. Mar 26, 2018 at 20:10 | Nikhilesh DeCircle has hired Naeem Ishaq as its new chief financial officer, treasurer and executive vice president of risk as the startup expands globally. Mar 14, 2018 at 06:41 | Nikhilesh DeCircle made its Invest app widely available Tuesday. It offers commission-free trading of bitcoin, ethereum, and several other tokens. I would like to receive the following emails: CoinDesk Weekly - Insights for the week ahead CoinDesk Daily - Our snapshot of the day's news Subscribe to our free newsletter and follow us

The US Senate Committee on Homeland Security and Governmental Affairs (HSGAC) has revealed the list of witnesses who will speak at a hearing into bitcoin on 18th November.Titled 'Beyond Silk Road: potential risks, threats, and promises of virtual currencies', the hearing is to take place at15:00 (local time)in room 342 of the Dirksen Senate Office Building in Washington, DC.The hearing will feature two separate panels, one representing US law enforcement agencies and another representing bitcoin, extolling the virtues of digital currencies.Panel one consists of: Panel two consists of:An email from HSGAC announcing the witnesses also said:"The purpose of the hearing is to explore potential promises and risks related to virtual currency for the federal government and society at large.Witnesses will testify about the challenges faced by law enforcement and regulatory agencies in dealing with virtual currencies, like bitcoin.The hearing will also provide a perspective from non-governmental entities who can discuss the promises of virtual currency for the American and global economies."To watch a live stream of the hearing, visit the HSGAC website, and check CoinDesk for updates on the day.Featured image: Orhan Cam / Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Bitcoin FoundationCircleUS SenateBitcoin HearingsApr 17, 2018 at 17:09 | Nikhilesh DeNew York's attorney general is taking a closer look atsome of the most well-known cryptocurrency exchanges. Mar 26, 2018 at 20:10 | Nikhilesh DeCircle has hired Naeem Ishaq as its new chief financial officer, treasurer and executive vice president of risk as the startup expands globally. Mar 14, 2018 at 06:41 | Nikhilesh DeCircle made its Invest app widely available Tuesday. It offers commission-free trading of bitcoin, ethereum, and several other tokens.Feb 28, 2018 at 09:00 | Michael del CastilloCircle's big plans for crypto exchange Poloniex after acquisition include bringing cryptocurrencies and tokens of all kinds under one roof. I would like to receive the following emails: CoinDesk Weekly - Insights for the week ahead CoinDesk Daily - Our snapshot of the day's news Subscribe to our free newsletter and follow us

A Silicon Valley-based startup accelerator will host a bitcoin job exposition for those seeking employment in the cryptocurrency industry. The Bitcoin Job Fair will take place on 3rd May at the Plug and Play Technology Center in Sunnyvale, California, from 1pm-5pm (PST). Notable employers include Circle Internet Financial, BitPay and Blockchain, among others. Scott Robinson, who leads bitcoin efforts at Plug and Play, told CoinDesk: "The entire message is to show, effectively, that bitcoin is hiring right now." Robinson says that he expects over 250 job seekers to come talk with the major employers mentioned above, as well as smaller bitcoin startups that operate in Silicon Valley: "We've also paired with both the accelerator programs at Boost and 500 Startups, so a couple of their companies will be present." The employers at the fair will look for talent that can bring engineering and development expertise. Important skills, according to Robinson, include an understanding of the bitcoin protocol, the bitcoin client, and of the measures needed to secure people's cryptocurrency. Bitcoin companies want to become next-generation mainstream technology businesses embracing the new financial paradigm. People already working at established technology companies will be attractive to employers at the job fair. "I think we've moved from a fringe market [to one in which] people from Google and Apple are looking to jump on bitcoin." The Plug and Play Technology Center has been involved in the bitcoin space for some time now. It hosts the Silicon Valley Bitcoin Meetup every Tuesday at 6pm and is now accelerating bitcoin startups in its business incubator programme. Blockchain's head of security Andreas Antonopoulos is also expected to briefly speak to attendees of the fair around 3pm. Robinson believes that the event could be one of the largest gatherings of global job talent in the cryptocurrency currency industry to date. He said: "The type of people that are coming to Silicon Valley for bitcoin are being drawn from all parts of the world." Startup accelerators, software development expertise and venture capital investment is making Silicon Valley one of the epicenters for bitcoin companies. This job fair is validation of that, Robinson said: "There's definitely a [bitcoin] technology hub that is forming here. Not just because of the capital available, but because of the level of talent." Registration for the Bitcoin Job Fair is open and available for free for those interested in attending. Find a Bitcoin Job today with CoinDesk Jobs.  The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. BitPayCirclePlug and PlayBlockchainBitcoin Job Fair Apr 2, 2018 at 18:45 | Annaliese Milano Bitpay has raised $40 million in a traditional funding round led by Aquiline Technology Growth. A newly published patent application indicates that TD Bank may be considering the use of a public blockchain for certain kinds of transactions. Mar 27, 2018 at 20:00 | Nikhilesh De The latest version of AMD's Adrenalin Edition driver for its Radeon processors fixes an issue impacting blockchain processes. Mar 26, 2018 at 20:10 | Nikhilesh De Circle has hired Naeem Ishaq as its new chief financial officer, treasurer and executive vice president of risk as the startup expands globally. Who should be most fearful after the SEC’s DAO token sale ruling? I would like to receive the following emails: CoinDesk Weekly - Insights for the week ahead CoinDesk Daily - Our snapshot of the day's news Subscribe to our free newsletter and follow us

Bitcoin price is struggling to stay afloat at $10,000. However, the bounced from the support at $7,750 has remained pivotal at the same level ($8,000). The bears grip tightened following the flash drop on Tuesday. There was an immediate attempt to correct above $8,800 but bulls ran out of the energy to sustain the growth. The reversal under $8,500 culminated in losses below the critical $8,000.Yesterdays drop comes after Bitcoin price consolidation a pennant pattern gave way for the losses experienced. Meanwhile, a second short-term pennant pattern on the hourly chart hints another slide that may retest $7,750 and even correct lower to $7,500.BTC/USD 1-hour chart From a technical perspective, the Bitcoin has a higher risk of making lower corrections in the short-term. First, the price is below the moving averages whereby the 100 MA one-hour is currently at $8,800 while the 50 MA is struggling to hold at $9,421. The gap between these two MAs clearly shows that the sellers have the upper hand.Consequently, recovery is visible with the moving average convergence divergence (MACD) shows that the influence the bears on the price is gradually going away. However, developing negative divergence signals Bitcoin price retreat in tandem with the above-mentioned pennant pattern reaction.Most analysts, myself included are not convinced that Bitcoin downside correction is over. The gravitating prices must seek a credible bottom which will give way for fresh demand and convince buyers that recovery is possible. Forbes contributor and analyst Naeem Aslam in his recent tweet said that Bitcoin is likely to succumb to its biggest drop since November 2018.#Bitcoin on track to record the BIGGEST weekly DROP since Nov 2018A mean reversion trade is on the cards pic.twitter.com/zbHf5nrIgM Naeem Aslam (@NaeemAslam23) September 27, 2019Bitcoin Key Technical Levels Spot rate: $7,960Relative change: -80Open: $8,059.15High: $8,115.85Low: $7,937.57Trend: BearishVolatility: LowVolume: LowThe post Bitcoin Price Analysis: BTC Second Pennant Pattern Consolidation Eyes $7,500 appeared first on Coingape.

While it appeared that Bitcoin was on track to break its previous all time high of $20,000, a sudden crash of a few thousand dollars in a matter of hours have people second-guessing. The fall in the price of Bitcoin is not too unexpected but it has painted a new path for the cryptocurrency market in the short run.

Some analysts are calling this a healthy correction and a mere blip on the way to $20,000 and above. However, there are some who believe that the rally was driven by institutions who were happy to take their profit at $19,000 — a mark that has not been seen since 2017. 

This means that, like in 2017 and on to 2018, the next move may well be season brewing. This altcoin season would also be a very different one as some of the projects that rallied back then have managed to grow exponentially and have strong fundamentals. 

Naeem Aslam, Chief Market Analyst at Avatrade, is not worried at all with the price drop.

“Worry not, this is a healthy correction. Technical indicators have been long indicating that a correction is coming and now the price is retracing towards its 50-day SMA on the daily time frame. The pace of the current sell off is good news for Bitcoin because it has pushed the RSI in an oversold zone on the 4-hour time frame which hasn’t happened since September. So overall, we strongly believe that the current sell off is a very healthy correction,” he said in an email to followers. 

However: “The primary reason for the steady grind up in Bitcon has been the increased interest and aggressive buying activity from institutions,”  Nick Cote of gamified trading platform Hxro Labs. “A lot of investors are going through Grayscale.”

Rising institutional demand can be seen in heavy accumulation by Grayscale’s Bitcoin Trust, with the fund’s BTC holdings exceeding 500,000 earlier this month.

Cote also said that top American companies like Square and Microstrategy are “putting BTC on their books as a hedge against inflation and poor monetary policy management from the central banks.” He described this behavior as driving a “positive feedback loop” in the markets:

“There will be pullbacks of course, but as long as institutions believe in the narrative of Bitcoin being used as a store of value or hedge against inflation, it becomes a positive feedback loop.”

Bitcoin’s fundamentals are now stronger than ever before, pointing to post-halving supply dynamics, a rise in institutional adoption, and a number of “publicly listed U.S. companies moving 10% of their balance sheet into the asset,” said NEM head of trading Nicholas Pelecanos

Pelecanos is now looking to a rise in the altcoin markets, : “BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still 50% below their all-time highs.”

Ripple XRP price analysis reveals that XRP price has been declining since June when the price soared to 2019 highs of $0.50. Since then, the price has declined by almost and is trading at $0.27 at the time of writing. According to crypto market analyst Naeem Aslam, the altcoin is deep inside the oversold territory at a huge value at its current level.I personally think that #Ripple's $XRP is way OVERSOLD and it could be a good BUY at the current price pic.twitter.com/xYPVkBoDC5 Naeem Aslam (@NaeemAslam23) August 16, 2019According to the chart posted by Aslam, Ripples price is trading below the 200-period moving average while the relative strength index (RSI) reading is below the 50 levels. Both of these indicate that the bears have exhausted and price may stop declining soon.Currently, an altcoin apocalypse is expected to occur as the altcoins had diverged from Bitcoin and started declining with no signs of bouncing back or consolidating above support. Therefore, this news brings much hope to the sphere as a bullish reversal now could help price elevate to new 2019 highs.Moreover, Bitcoin dominance has increased significantly as just in March Ripple accounted for 10 percent market cap while it accounts for only 4 percent at the time of writing. Overall the market share has declined by 11 percent since January 2018.https://www.ccn.com/wp-content/uploads/2019/08/dl-816.pngRipple XRP Price Analysis: Experts View. Although the cryptocurrencys price action is issuing very strong buy signals, many analysts are saying that traders need to be very careful as the price may decline again. These include the head trader at Kanos Capital Management Cole Walton. Cole stated that many major participants had lost interest in Ripple as many other similar projects with better value proposition have appeared across the markets.Currently, Bitcoins market cap share is seventy percent; meanwhile, Ethereum accounts for slightly above one and a half percent.

According to the ThinkMarkets analyst named Naeem Aslam, Bitcoin has a massive potential to hit somewhere between $60,000 and $100,000 during the next bull run. Aslams statement was everywhere in the and first emerged in a Fox Business on June 24. For those of you who havent been following our cryptocurrency news site, Aslam has been already featured for predicting a $10,000 Bitcoin price on June 17 something which turned to be real past week. He then cited the institutional investment as a major driver for the BTC rally. However, the ThinkMarkets analyst is now again viral on many for a new Bitcoin price estimate. According to Aslam, the next mark for Bitcoin to reach is the $20,000 one after which $50,000 will follow. The ThinkMarkets analyst is sure that by hitting $20,000, Bitcoin will move the discussion away from conservative estimates exceeding the number one cryptocurrency and its all-tme high to forecasts of $50,000. From there, as he said, breaking $50,000 will move the price target to $100,000. Aslam also talked about the use of Bitcoin as a means to avoid risk, comparing the dominant cryptocurrency often known as digital gold with actual gold. He remarked that in the last two months, there has been a huge spike in price for the two assets which he attributed to lack of confidence in the stock market as well as the US and China trade war.The also show the ThinkMarkets analyst talking about a potential war in the Middle East as the biggest driver of recent growth in the diversifying assets. He said that BTC now has a reputation as a safe haven for storing wealth and said that there is evidence of investors parking their capital in the leading cryptocurrency. Naeem Aslam has been right about Bitcoin reaching $10,000 which is why his statements are more than just plain predictions right now. As we previously shared on our site, the Bitcoin podcast host Trace Mayer already said that the BTC price will likely close at $21,000 this year (based on current factors and the trajectory that BTC has right now). He also used his own Mayer Multiple price indicator as an equation that involves dividing the current BTC price by its 200-day moving average. The post appeared first on .

Since late June when theRipple (XRP) pricereached its 2019 high near $0.50, the cryptocurrency has plummeted nearly 50 percent.Currently, XRP is trading at $0.26, and at least one analyst believes its primed for a major recovery.According to the chief market analyst at ThinkMarkets,Naeem Aslam, the altcoin is way oversold and a tremendous value at its current level.I personally think that #Ripples $XRP is way OVERSOLD and it could be a good BUY at the current price pic.twitter.com/xYPVkBoDC5 Naeem Aslam (@NaeemAslam23) 16 Austos 2019Per the weekly chart Aslam posted, the XRP price is below the 200-week moving average, while its Relative Strength Index (RSI) reading has fallen below 37. These indicators demonstrate that the bears may have run out of steam.BITCOIN DOMINANCE GROWS AS ALTCOINS FALTER The bullish call comes at a time when there has been growing talk of analtcoin apocalypse,as demonstrated by Bitcoins rapidly-climbing market share.In March, Bitcoin Dominance washovering around 50 percent. In the five months since, it has ballooned to 69 percent its highest level in nearly two-and-a-half years.This level of Bitcoin Dominance has come at the expense of other cryptocurrencies. In March, Ripples market share was nearly 10 percent, but it is now just 4 percent. This is a steep decline from a dominance level of over 15 percent in January 2018.TRADERS SHOULD BE CAUTIOUS WITH RIPPLE But while the charts are screaming buy! for Ripple, some analysts are urging caution.Cole Walton, Head Trader at Kanos Capital Management and co-founder of Plouton Mining, cited the increasingly competitive crypto landscape as a reason to tread carefully when considering an investment in XRP.Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market.In the last 24 hours, the Ripple price has declined by 0.5%; Bitcoin, meanwhile,gained 3.52% following the news that Bakkt would launchits regulated futures platform next month.

Bitcoin prices were taking flight on Monday, pushing the digital currency to the highest level in about two months and ending the long dormancy of the world’s No. 1 virtual asset.

Bitcoin, the largest and most influential cryptocurrency, shot past the key $10,000 resistance marker—all eyes are now on the critical $10,500 level,” wrote Nigel Green, chief executive and founder of deVere Group, a financial firm, advising some $12 billion.

Bitcoin’s BTCUSD, +0.48% recent rally to $10,237 took it to around its highest level since June 1 based on spot prices.

Bitcoin futures BTC.1, -0.77% trading on CME Group were at $10,335, the highest since June 2, according to FactSet.

The move for the digital currency comes as gold prices have surged, amid a rush for assets that considered alternatives to cash and stocks fueled by the COVID-19 pandemic that has driven much of the developed world into a deep recession.

Gold prices rallied to an intraday peak at $1.941.90, up more than 2%, and taking out an intraday record for the most-active intraday at $1,923.70 an ounce that had stood since an ounce from Sept. 6, 2011.

Prices for gold and bitcoin have climbed as a gauge of the U.S. dollar hit its weakest level since 2018. The ICE U.S. Dollar Index DXY, -0.17% was trading down 0.7% at 93.736

As gold prices have neared a round-number record at $2,000, bitcoin has seen mostly listless trade even as concerns about the virus and outsize spending by governments to help prop up economies battered by pandemic have supported bullion prices.

Some digital-currency bulls believe that bitcoin is starting to benefit from some of the same dynamics that have lifted gold but in delay.

“Bitcoin is currently realizing its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin—which shares its key characteristics of being a store of value and scarcity—could potentially knock gold from its long-held position in the future as the world becomes evermore tech-driven,” Green said.

Some experts believe that the growth in so-called stablecoins, which tend to be pegged to a fiat currency or other asset like the U.S. dollar or the euro EURUSD, +0.02%.

“Well, one possible reason [for bitcoin’s gains] is the rising stablecoin market cap, wrote Simon Peters, cryptoasset analyst at eToro, in a Monday research note. “For example, Tether (USDT) crossed the $10 billion mark this month and USD Coin (USDC), Circle’s stablecoin, is also at its highest level, having reached a market cap of over $1 billion. Perhaps some of this liquidity has made its way into bitcoin,” speculated Peters, referring to the popular stablecoins Tether and USD Coin, which is managed by a consortium of companies, including Coinbase Inc. and Circle Internet Financial Ltd.

Stablecoins, which usually trade at a 1-to-1 ratio to the underlying asset, have become popular because they can smooth out the volatility typically associated with bitcoin and can make virtual assets more compelling as digital currencies.

Bitcoin’s brief breakout to above $10,000 in June didn’t amount to much, but some investors are now betting that the asset go touch $15,000 and beyond.

“The Bitcoin price crossed above the 10K mark and the price action looks bullish now as the price has cleared a major psychological level that has been there for a long time,” said Naeem Aslam, analyst at AvaTrade, in a research note.

“If the Bitcoin price does pick up the momentum, nothing else will be able to match it as Bitcoin is a different kind of beast. We believe, the next resistance for the Bitcoin price is 15K now,” he said.