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Cryptocurrency Price Analysis for This Week April 1 to April 7

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Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.

Cryptoslots

Bitcoin (BTC)

Reds are back as the bears take charge for Bitcoin. But the BTC still stays above USD 5000 which is a good sign. The prices hit the high point for Bitcoin were at USD 5,642.04     and the lowest point of USD 5,177.37 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (7.39%), Negocie Coins (5.09%) and Tidebit (3.39%)

price
Source: Coin360.com

Among prominent news around Bitcoin, Hamas’ Military Wing Raised $7,400 in Bitcoin While Experimenting With Crypto.

Ethereum (ETH)

Ethereum on the top, this week were at USD 176.85 and were at lows of USD 152.09. The markets that were more active, in volumes, with ETH across various pairs this week were LATOKEN (3.39%), ZBG (3.18%), DOBI Exchange (2.90%)

Among news surrounding Ethereum this week, Ethereum developers announced today that funding has been approved to audit the hotly-contested code change known as Progressive Proof-of-Work or ProgPoW.

Ripple (XRP)

XRP continues its struggle as the coin has been slow and steady on either side. On the top, this week the prices of XRP were at USD 0.329627 and towards the bottom, it quoted USD 0.287485. The exchanges that were more active, in volumes, with XRP across various pairs this week were, ZBG (13.41%) OOOBTC (7.33%) and ZB.COM (5.01%)

For XRP this week, Ripple in its ‘Q1 2019 XRP Markets Report,’ disclosed that Ripple Labs Inc. sold a total of $169.42 million worth of XRP in Q1 2019, an amount approximated to be 562 million XRP. 

The Other Movers and Shakers

The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on April 21 at 3:30 pm IST) were

Movers

  • Flexacoin [FXC] – Showing a rise of 153.82%
  • Evimeria [EVI] – Showing a rise of 150.35%
  • Bitcoin Gold [BTG] – Showing a rise of 119.70%

Shakers

  • Digitex Futures [DGTX] – Showing a drop of 77.85%
  • SuperEdge [ECT] – Showing a drop of 63.33%
  • Robocalls [RC20] – Showing a drop of 62.66%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.

Cryptocurrency Price Analysis for This Week April 1 to April 7

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Cryptocurrency Price Analysis for This Week April 1 to April 7
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Reds are back as the bears take charge for Bitcoin. But the BTC still stays above USD 5000 which is a good sign. The prices hit the high point for Bitcoin were at USD 5,642.04     and the lowest point of USD 5,177.37 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (7.39%), Negocie Coins (5.09%) and Tidebit (3.39%)
Abhinav Agarwal
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Smart contract platform Fantom chooses Binance Chain for interoperability

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Binance Chain, the blockchain from cryptocurrency exchange company Binance, and DAG-based smart contract platform, Fantom, announced today they will be working together to create a multi-asset and cross chain ecosystem.

The Fantom team said it will be supporting a multitude of tokens including the ERC-20 standard, native Fantom token (FTM) standard, along with the BEP-2 token standard on Binance Chain.

“Our reason for choosing Binance Chain as our interoperability partner over any other blockchain is simple, we’re seeing an increasing trend of great projects moving towards Binance Chain, and we want to contribute to the Binance Chain ecosystem so that all these great projects may garner added value from our contributions. Binance and Binance Chain are in a rare position of having the strongest centralized exchange and liquidity on one end, and a very cohesive decentralized ecosystem on the other end, and we believe that there is no better partner for Fantom in its push for greater interoperability within the industry.”

The Fantom Foundation

The collaboration will offer Fantom users a chance to transact and trade FTM while being in custody of their own tokens on Binance DEX.

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Robinhood Opens Trading for 7 Cryptocurrencies in New York

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Robinhood, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.

Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.

From the press release:

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.

New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others,” according to NYDFS.

Many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.

“Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here,” ShapeShift CEO Erik Voorhees complained in 2018 when asked about the controversial license at CoinDesk’s Consensus conference in New York.

Image courtesy of Robinhood

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Generation Bitcoin: 90% of Millennials Prefer Crypto to Gold: ETF Expert

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By CCN: The US investing industry stands on the precipice of a dramatic upheaval that could see bitcoin and other cryptocurrency assets replace gold in investor portfolios.

That’s according to Nate Geraci, president of the ETF Store, an independent investment advisor. He revealed in a Bloomberg TV interview that his millennial clients are clamoring to hold bitcoin in their portfolios – if only the SEC would let them.

Crypto in a Landslide: ETF Expert Says Millennials Plan to Kick Gold to the Curb

Responding to a question from Bloomberg analyst Eric Balchunas about whether he would ever invest client funds in a bitcoin ETF, Geraci stunned his fellow panel members when he said that millennial investors overwhelmingly desire to hold bitcoin instead of traditional hedge assets like gold.

How overwhelming? Ninety percent.

“When we talk to our younger clients – we have a core gold allocation in our portfolios, and they’ll ask about that and say, ‘What about crypto?’ And if you talk to, primarily millennials, and ask them which they prefer, bitcoin or gold, it’s a landslide. It’s not even close, it’s like 90% prefer bitcoin.”

Geraci’s bold claim was more anecdotal than scientific, but there’s plenty of hard data that demonstrates that younger investors are vastly more comfortable with holding cryptocurrency in their portfolios than investors who grew up in the pre-digital era.

In April, a Harris Poll survey found that 18 to 34-year-olds are “very” or “somewhat” likely to purchase bitcoin within the next five years. That might not seem overwhelming, but consider that only 37% of Americans in that demographic currently own stocks.

Similarly, a February eToro survey found that 43% of millennials trust crypto exchanges more than stock exchanges, even though crypto trading platform hacks dominate the mainstream news cycle.

ETF Would Reduce Crypto Investing Risks

bitcoin etf vaneck bitcoin price

ETF Store President Nate Geraci said that there is rabid demand for a bitcoin ETF, especially among millennials. | Source: Shutterstock

Nate Geraci further pointed to the success of the $1.5 billion Bitcoin Investment Trust (OTC: GBTC) as proof that there is sufficient market demand for a crypto ETF.

He noted that the over-the-counter product regularly trades at a staggering premium to the underlying value of its BTC assets. That’s because GBTC shares fluctuate based on supply and demand, not just the price of bitcoin. An ETF, he said, would flatten that premium and thus reduce investor risk.

“It seems a bit incongruent to me that we have that product out there trading, where investors really could get hurt if they don’t understand that premium, but we don’t have a bitcoin ETF.”

“The demand is there,” he concluded.

SEC Kicks the Bitcoin ETF Can Down the Road

Unfortunately for crypto bulls, millennials aren’t the ones manipulating the levers of the Securities and Exchange Commission (SEC), which holds unilateral authority to approve or deny bitcoin ETF applications.

The SEC, as CCN reported, continues to punt on the issue. Last week, the regulatory agency extended its long trend of delaying ruling on cryptocurrency products when it postponed its decision on the VanEck/SolidX Bitcoin ETF to August 19. Most industry insiders expect the SEC to delay the VanEck/SolidX product again, pushing its final ruling until October 18.

Dave Nadig, the managing director of ETF.com, said that he believes the SEC is still in “information gathering mode” but that there is a “reasonable chance” regulators approve the first bitcoin ETF before the end of 2019.

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Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?

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Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication. 

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.

xrpusd_may23-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.

xrpbtc_may23-min

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Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?

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Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication. 

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.

xrpusd_may23-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.

xrpbtc_may23-min

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