Bitcoin cracks $9,600 just hours after breaking $9,000 level

Bitcoin cracks $9,600 just hours after breaking $9,000 level

Bitcoin cracks $9,600 just hours after breaking $9,000 level

  • Bitcoin surged to yet another new record high on Monday
  • The cryptocurrency jumped to an all-time high of $9,671.84 hours after cracking the $9,400 level on Sunday
  • The digital currency has risen some 869 percent year-to-date
  • Bitcoin surged to yet another new record high on Monday, breaking a record set during the Thanksgiving weekend stateside.

The cryptocurrency jumped to an all-time high of $9,671.84 hours after cracking the $9,400 level on Sunday, according to industry site CoinDesk. It later pared some gains to trade at $9,631.21 at 10:00 a.m. HK/SIN, rising some 3.27 percent on the day.

"The move appears to be retail driven," said Brian Kelly, a CNBC contributor and CEO of BKCM, which runs a digital assets strategy.

The largest bitcoin exchange in the U.S., Coinbase, added about 100,000 accounts between Wednesday and Friday — just around Thursday's Thanksgiving holiday — to a total of 13.1 million. That's according to public data available on Coinbase's website and historical records compiled by Alistair Milne, co-founder and chief investment officer of Altana Digital Currency Fund. Coinbase had about 4.9 million users last November, Milne's data showed.

The surge in interest also comes on the back of CME's announcement that it will list bitcoin futures in the second week of December. The launch of a derivatives product for the digital currency will mark another step in establishing bitcoin as a legitimate asset class.

Still, with the digital currency having risen by some 869 percent year-to-date, plenty have taken to pointing out the potential pitfalls of what they see as a price bubble.

JPMorgan Chase CEO Jamie Dimon in October warned that those "stupid" enough to buy bitcoin will ultimately "pay the price for it." He added that he did not comprehend the value of currencies that were not backed by a government and that "[t]he only value of bitcoin is what the other guy'll pay for it."

Still, many others have offered a more moderate assessment for bitcoin and its ascent. Khaldoon Al Mubarak, the head of Abu Dhabi's Mubadala Investment Company, said people ought to be open-minded when looking at the digital currency.

More recently, a poll among chief financial officers on CNBC's Global CFO Council showed 27.9 percent of 43 respondents thought bitcoin was "real but in a bubble" while 27.9 percent thought the cryptocurrency was a "fraud." Just 14 percent of the executives said bitcoin was "real and going higher."
 

Author: Evelyn Cheng

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

 

David https://markethive.com/david-ogden

Bitcoin Price Tops $9,000 in Historic First

Bitcoin Price Tops $9,000 in Historic First

The price of a bitcoin has continued to rise overnight,

passing $9,000 for the first time this morning.

Since setting new highs yesterday, prices climbed more or less steadily until finally passing $9, The price of a bitcoin has continued to rise overnight, passing $9,000 for the first time this morning. Since setting new highs yesterday, prices climbed more or less steadily until finally passing $9,000 at 06:40 UTC today. The new record of $9,043.21 was reached roughly 35 minutes later, according to CoinDesk's Bitcoin Price Index. At press time, prices are at $8,970 levels – up 2.43 percent for the session.

CoinMarketCap data indicates that bitcoin has risen 6.16 percent in 24 hours, and 16.27 percent over the last seven days. Bitcoin's amazing gains have helped drive the combined market value for all cryptocurrencies to yet another at new high of $285 billion. Bitcoin's market capitalization is now almost $151 billion.

000 at 06:40 UTC today. The new record of $9,043.21 was reached roughly 35 minutes later, according to CoinDesk's Bitcoin Price Index. At press time, prices are at $8,970 levels – up 2.43 percent for the session. CoinMarketCap data indicates that bitcoin has risen 6.16 percent in 24 hours, and 16.27 percent over the last seven days. Bitcoin's amazing gains have helped drive the combined market value for all cryptocurrencies to yet another at new high of $285 billion. Bitcoin's market capitalization is now almost $151 billion.

Bitcoin, Ether Prices Surge to Fresh All-Time Highs

The top two cryptocurrencies by market capitalization,

bitcoin and ether, have continued their respective rallies, setting fresh record highs today. Soon before press time, the price of 1 BTC had set a new record of $8,470.73. Having traded more or less sideways since Monday, prices started to lift at 07:00 UTC, setting the new all-time high at 09:43, according to CoinDesk's Bitcoin Price Index. Bitcoin started the session today at $8,201, and is up 2.85 percent for the session. According to CoinMarketCap, bitcoin has risen 11.97 percent over 24 hours, and 39.25 percent for the week.

The sharp gains come as the combined market capitalization for all cryptocurrencies also peaks at new highs – currently standing at $267.6 billion. Bitcoin's market cap is now over $141 billion. Elsewhere in the cryptocurrency markets, ether also continues to set new highs. The native token of the ethereum project soared to $485.19 around 01:30 UTC this morning. Currently the token stands at $464, up 12 percent for the day and 39 percent for the last 7 days, also according to CoinMarketCap data.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-461

David https://markethive.com/david-ogden

Rise of Bitcoins causes stir but questions linger

Anthony Mburu and his fiancée Elizabeth John at Nation Centre on November 22, 2017 for an interview. Mburu paid part of his dowry using Bitcoin

Rise of Bitcoins causes stir but questions linger

Anthony Mburu and his fiancée Elizabeth John who recently attracted curiosity when he paid part of his dowry using Bitcoins, a form of digital currency, in Naivasha Kenya,considers himself a non-conformist.

Having quit university in 2010 after just one semester of his engineering course, 26-year-old Anthony Mburu does not fancy formal education, for instance.

“Formal education is good. It will give you an average life. You’ll eat, have your mortgage, car loan and all that — live an average life; struggle through life to the end,” he opined.

WALUBENGO: Kenya's uneasy dance with Bitcoin

DOWRY

He currently makes a living out of “mining” Bitcoins and he says that is the source of income that has enabled him buy a parcel of land in Naivasha, stay in a rented house and has given him something to buy and maintain his car among other fortunes.

“Everything is Bitcoin. Where I live, Bitcoin; what I drive, Bitcoin; investment, Bitcoin,” he said.

The computer-generated currency, he says, enabled him pay part of his dowry.

On November 11, as he headed to the home of his fiancée Elizabeth Chege in Naivasha, he had already negotiated with his in-laws that the goats portion of his dowry be settled with Bitcoins.

MOBILE APPLICATION

There are some components of the dowry process he paid for in hard cash.

His father-in-law, John Thion’go Chege, a retired KenGen employee, bought the idea.

They helped him download a mobile phone application that works as a Bitcoin wallet.

“We told him, ‘You just receive this and keep it. In a few months, you will have double the dowry. And if you keep [real] goats, they’ll still be the same goats,’” Mr Mburu said.

Ms Chege, the 6th born in a family of nine children, said her parents did not ask many questions despite the fact that Bitcoin is not a well-known concept in Kenya.

“They can’t refuse because they believe in me,” she said.

CBK

Mr Mburu’s unprecedented action has drawn mixed reactions since Bitcoin is a currency the Central Bank of Kenya has told the public to eschew because it is not backed by any regulator.

In a recent interview, Central Bank of Kenya Governor Patrick Njoroge reiterated his disdain for Bitcoin, saying the way the currency’s value has shot up is proof that it could be a Ponzi scheme.

“Our point is that there is risk and it is important that everybody knows that those risks can come back to haunt us and have financial stability concerns,” Dr Njoroge said.

VALUE

Those who are in Dr Njoroge’s school of thought have been criticising the Bitcoin dowry deal.

“Ikicollapse nayo? Give back the bride…” a commentator on NTV’s YouTube channel joked.

Another viewer wrote: “That family better cash in on those Bitcoins. The Bitcoin bubble will burst… Eventually.”

But the currency is fast gaining prominence in Kenya as many people try their luck with this fortune whose value has been sharply rising, much that by Saturday , one Bitcoin was selling for close to Sh900,000 locally.

The value was barely Sh10,000 a year ago.

On the global scale, one Bitcoin was selling at $8,480 (Sh875,984).

SELLERS

On Saturday afternoon on localBitcoins.com, one of the platforms where Bitcoins are sold by Kenyans to other Kenyans, there were at least 10 active sellers.

One in Nairobi was selling 0.150544 of a Bitcoin for Sh140,000, which they wanted to be sent to him via M-Pesa.

Another one in Nakuru wanted Sh250,000 sent to his bank account before he could load any willing buyer’s Bitcoin account with 0.26153363 of Bitcoin.

There are many ways of making money though Bitcoin, and Mr Mburu’s preferred way is through “mining”.

PURCHASE SHARES

He is a member of Bitclub Network, which helps Kenyans and other people across the globe buy shares in the Bitcoin enterprise.

The Kenyan chapter of the club, which has more than 1,000 members, meets in Nairobi every Tuesday, Thursday and Saturday.

Asked what one needs to do to get into mining, Mr Mburu replied:

“Just buy shares. The company dealing with that is Bitclub Network. And one unit is going for $599 (Sh61,876).

"So, you buy Bitcoins worth that much and buy that mining capacity; like you buy a machine. It’s a real machine called Antminer S9.”

He adds: “Once you buy it, it’s stored in our facility in Iceland, and there’s a 30-day period of paying that you’ll not be earning.”

GOATS

Ever since he discovered Bitcoin — which he says brings him at least $5,000 (Sh515,500) per month — he has not looked back and he is planning for a wedding in April 2018. “It will be a Bitcoin wedding,” he said.

Mr Mburu was also dismissive of those who say he might have taken his in-laws for a ride.

“They don’t know what it is. Bitcoin has been there, and it’s going nowhere,” he said.

The Bitcoins he paid were and equivalent of 25 goats. He still has 75 to go “which are yet to be paid in Bitcoins” as he put it.

GROWTH

His fiancée runs a clothes shop in Nairobi and she has also been accepting payment via Bitcoin, though the mode of exchange is yet to gain ground in Kenya.

Mr Michael Kimani, the chairman of the Blockchain Association of Kenya, has been dealing with cryptocurrencies since 2012 and says the field will grow exponentially.

“A lot of opportunities are going to emerge from this and I’m trying to position myself with this industry because I honestly think in the next five years, this is going to be so big that people will forget how we used to live without cryptocurrency,” he said.

 

Author: ELVIS ONDIEKI

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

 

David https://markethive.com/david-ogden

Small Players Turn To Other Profit Sources As Mining Becomes More Competitive

Small Players Turn To
Other Profit Sources As
Mining Becomes More Competitive

The days of mining Bitcoin in your bedroom

on a desktop computer are gradually becoming a thing of the past. It used to be that a small network of staunch Bitcoin supporters would mine the cryptocurrency on individual systems, more as a hobby than anything else. But as time goes by, the network grows more and more large and competitive, and mining becomes a challenge for smaller players.

At the end of 2009, the total hashrate of the Bitcoin network was 8 million hashes per second. By the end of 2010, it had grown to 116,000 million hashes per second. During 2014 the network surpassed 10,000,000,000 million hashes per second. These immense numbers mean that it is close to impossible for a regular Joe to set up a really profitable operation at home and make a living off mining Bitcoin.

Small-scale mining challenging

Powerful hardware costs a lot of money, and that is just the first challenge when starting an operation. Even for an entry-level machine that will be able to cope with the complex calculations, you can expect to fork out a few thousand dollars (including cooling systems). However, the likelihood of success with an entry level machine is slim at best. Most serious miners spend tens of thousands of dollars on strong hardware that can compete with other miners on the network. In fact, bitcoins are now mined almost exclusively in mining pools, with huge data centers running the latest mining hardware. This state of the art hardware is extremely power-hungry, and electricity bills escalate into the thousands.

Big mining pools take the electricity factor so seriously that they do one of two things: either move to operations where electricity is cheap, like China, or to colder countries, such as Iceland, were powerful data centers become more energy efficient. Between high entry cost, the necessity to competitively manage the overhead and the ever-improving new equipment entering the market on a regular basis, the profit margins grow extremely thin. So thin, in fact, that using the economies of scale is almost the only way to make a profit, which ultimately prices small-scale participants out of the market, basically turning Bitcoin mining into just a hobby for them.

Mining isn’t the only option

If you are absolutely set on mining, a good strategy is to mine altcoins, which have lower barriers to entry but a relatively good value against Bitcoin. Your mining efforts are likely to be more profitable, and once the specific token goes up in value you can trade it for Bitcoins. You can also directly invest in altcoins, without mining, and do the same. Wait for the price to go up and then trade it for Bitcoins. The money you save on mining equipment can be spent on additional tokens.

Another strategy is to hold or stake a token. There are a number of coins on the market that will actually compensate you for holding onto a coin for a period of time. Similar to getting paid dividends, token holders will get paid for helping to preserve the security of the network through Proof of Stake mechanisms. This will increase your holding of a specific coin over a shorter period of time, giving you the opportunity to trade against Bitcoin in the short-term. The value of Bitcoin is close to its all-time high at the moment and investing directly in the cryptocurrency can be risky and costly. An indirect investment route through altcoins with better growth potential can mitigate both the cost and the risk.

Easy to achieve on one platform

BitConnect is a self-regulated, decentralized financial system based on Blockchain technology that provides potentially profitable Bitcoin solutions through multiple investment opportunities. They offer BitConnect Lending, which allows users to invest or lend Bitcoins through the BitConnect coin (BCC). Investors will profit from the BitConnect Trading Bot and Volatility Software, paying out daily interest earnings.

High adoption rate

The platform has a large offline communities, providing education on digital tokens all over the world, including the BitConnect Annual Ceremony Event. In a first for the crypto community, they released a music video album to raise awareness of the potential benefits and opportunities cryptocurrencies afford investors and users. BitConnect has also seen a high adoption rate among cryptocurrency enthusiasts, with one of the highest mining hash rates for Scrypt cryptocurrencies.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-461

David https://markethive.com/david-ogden

It Takes a Village: Parenting on the Blockchain

It Takes a Village:
Parenting on the Blockchain

In 1996, former first lady Hillary Clinton published a book about parenting

and child-rearing called It Takes A Village. Clinton’s point was that parenting is a joint effort among many sources, and the ‘village’ is required to raise kids. While the book has since become a sort of joke among political insiders, there’s a subtle truth in Clinton’s concept – that where there are many caring eyes on children, safety is easier.

Never has this need for ‘crowd’ protection been greater than with the baby and children’s items market. Countless numbers of children’s items, with glowing reviews online, have since proven to be defective, dangerous, poisonous or harmful. When these problems are finally made public, the public has already spent money on these products – both a waste of funds and a massive risk for kids.

Enter the Blockchain

Where community and security are concerned, it seems that Blockchain technology has a solution for many problems. In the area of baby and child products, a group of family-focused business entrepreneurs has put together a trust-based platform using Blockchain technology called FamilyPoints. Parents can share real honest reviews about products and services.

Additionally, as parents share reviews and use discounts on products through the trust platform, they receive rewards and can use those rewards on additional discounts and services. These services include high-quality baby and child products without the huge margins of local stores, built in loyalty programs, and excellent educational content for parents and kids alike. As parent reviews and product knowledge grows on the ecosystem, the Blockchain ledger keeps everything immutable. Outside marketers and scam companies can’t influence the ways that products are reviewed. In other words, data and product knowledge are really honest – something that is almost impossible to achieve on traditional product sites.

Power in experience

The FamilyPoints group is not new to child products and education. They have already built one of the most successful content for parents on the internet called Babystep. Founded in 2015, Babystep has built the world’s largest video library of educational parenting content with over 1,150 videos in eight different languages. The company is a winner of the prestigious G-Startup award, China’s biggest startup competition, and has since launched its mobile video platform. Babystep generated 15 mln organic monthly views and has an established subscriber base of 1.5 mln in 2017.

Token sale

The Babystep success indicates that the FamilyPoints platform will follow suit and Clinton’s statement on child rearing may have somehow proven true. The company is planning to launch a new token sale in order to crowdfund the platform and to generate the internal cryptocurrency that will be used on the platform by subscribers. The tokens, FamilyPoints Tokens (FPT), will be generated in a one-time token sale for subscribers. These tokens will be used for reviews, purchases, advertising and more within the ecosystem. The pre-sale will start on Dec. 1, with the public sale following on Dec. 10 and concluding on Dec. 31. Early buyers will receive bonuses.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-461

David https://markethive.com/david-ogden

Holding Strong – Failed Price Breakdown a Boon for Bitcoin Bulls

Holding Strong - Failed Price Breakdown a Boon for Bitcoin Bulls

Holding Strong – Failed Price Breakdown a Boon for Bitcoin Bulls

Bitcoin has witnessed decent two-way business in the last 24 hours.

A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning.

At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index.

As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16.

The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.

4 hour Chart
Holding Strong - Failed Price Breakdown a Boon for Bitcoin Bulls
The chart above shows:

Failed breakdown: BTC witnessed a solid rebound from the upward sloping 50-MA and is back in the rising channel.

The relative strength index (RSI) holds above 50.00 (bullish territory).

1-hour chart
Holding Strong - Failed Price Breakdown a Boon for Bitcoin Bulls

The descending trend line seen on the chart above has been breached as well, suggesting there is scope for a rally.

View

The charts suggest a rally to new all-time highs around $8,600 (rising channel ceiling) is possible. The 10-day moving average (MA) is sloping upwards, suggesting dips below the same could be short-lived. Currently, the 10-day MA stands at $7,949 levels.

However, multiple 4-hour closes below $7,900 levels would warrant caution on the part of the bulls. In such a case, a deeper pullback to sub-$7,600 could be seen.

 

 

Author Omkar Godbole Nov 24, 2017 at 12:15 UTC

 

Posted by David Ogden Entrepreneur

David Ogden Cryptocurrency Entrepreneur

David https://markethive.com/david-ogden

Dnata Taps IBM for Air Cargo Blockchain Pilot

Dnata Taps IBM for
Air Cargo Blockchain Pilot

Dnata, provider of air and travel services in the Middle East,

has announced the completion of a proof-of-concept examining blockchain's potential in the Dubai air cargo industry. The pilot saw participation from project partners IBM, Emirates Innovation Lab and Flydubai Cargo, and looked at blockchain's potential to address issues across various aspects of airfreight, including security and operations, as well as legal aspects, a press release indicates.

The "successful" trial was conducted on a jointly developed logistics platform, utilizing blockchain for supply chain transactions, taking a purchase order from the origin to the final destination. Stating that blockchain technology and its potential is neither easy to understand or appreciate, Neetan Chopra, senior vice president for IT strategic services at

Emirates Group, said:

"It is imperative to carry out such business experiments and trials so that participants can experience the benefits of breakthrough technologies in a live environment."

The move follows the release of white paper by air transport IT firm SITA, detailing the use of smart contracts in the air transport industry. While, Air France is also testing blockchain technology for supply chain tracking.

Holding Strong:

Failed Price Breakdown a Boon
for Bitcoin Bulls?

Bitcoin has witnessed decent two-way business in the last 24 hours.

A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning. At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index. As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16. The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.

The chart would show:

  • Failed breakdown: BTC witnessed a solid rebound from the upward sloping 50-MA and is back in the rising channel.
  • The relative strength index (RSI) holds above 50.00 (bullish territory).
  • The descending trend line seen on the chart above has been breached as well, suggesting there is scope for a rally.

The charts suggest a rally to new all-time highs around $8,600 (rising channel ceiling) is possible. The 10-day moving average (MA) is sloping upwards, suggesting dips below the same could be short-lived. Currently, the 10-day MA stands at $7,949 levels.

However, multiple 4-hour closes below $7,9

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

David https://markethive.com/david-ogden

A New Debit Card Is Poised to Make Spending Crypto a Breeze

A New Debit Card Is Poised to Make Spending Crypto a Breeze

               

To make it easier for people in the United Kingdom to spend
their various cryptocurrencies, startup London Block Exchange is launching a new Visa debit card called the Dragoncard. It pays the retailer in pounds, then takes money from the consumer's crypto wallet.

Spendable Crypto

Cryptocurrencies such as ether and bitcoin are surging in popularity thanks to their many benefits over traditional currencies, but they still lag behind those currencies in one key way: they are not easy to spend in physical stores. People can spend USD and euros using a plethora of debit, credit, and gift cards, but their options are severely limited when it comes to spending bitcoin or ether using a cryptocurrency debit card. That’s starting to change, though. The Centra Card can be used just like a debit card to spend bitcoin, ether, dash, and several other popular cryptocurrencies. Token Card is another cryptocurrency debit card, and soon, London startup London Block Exchange (LBX) will launch a prepaid Visa debit card that will act in the same fashion.

The Dragoncard will allow people to convert their bitcoin, ether, ripple, litecoin, and monero to sterling (aka the British pound) at the time of purchase, thereby making it significantly easier for those currencies to be spent in stores throughout the United Kingdom, including ones that have yet to accept alternative forms of payment. Business Insider reports the cryptocurrency debit card will be issued by pre-paid card provider Wavecrest, and it comes alongside an app people can use to buy and manage cryptocurrencies on LBX’s own exchange. When someone uses the Dragoncard, LBX will pay the retailer in pounds first, then take the equivalent amount from the shopper’s cryptocurrency wallet.

Learn more about the future of mobile advertising and how to reach modern audiences

Before rushing off to get a Dragoncard when it debuts in December, though, interested crypto owners should know a few things. First, the card itself is £20 ($26.33). Second, they will be charged a 0.5 percent fee whenever they buy or sell cryptocurrencies on LBX’s platform. Lastly, provider Wavecrest charges a small fee for ATM withdrawals — it is a debit card, after all.

The Path to Acceptance

Despite the fees, the Dragoncard and other cryptocurrency debit cards have the potential to help crypto become widely accepted and, more importantly, understood. The Dragoncard also arrives at a time when bitcoin is experiencing quite a growth spurt. With schools, companies, and even nations starting to embrace bitcoin, the currency is poised to continue increasing in value and popularity, and with the Dragoncard, LBX is hoping to help Londoners join that ever-growing segment of crypto supporters.

“Despite being the financial capital of the world, London is a difficult place for investors to enter and trade in the cryptocurrency market,” LBX founder and CEO Benjamin Dives reportedly said in a statement. “We’ll bring it into the mainstream by removing the barriers to access, and by helping people understand and have confidence in what we believe is the future of money.” “We’re offering a grown up and robust experience for those who wish to safely and easily understand and invest in digital currencies,” said LBX’s executive chairman Adam Bryant. “We’re confident we’ll transform this market in the U.K. and will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike.”

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

David https://markethive.com/david-ogden

The current state of Bitcoin and Ethereum

The current state of Bitcoin and Ethereum

The current state of Bitcoin and Ethereum

While Bitcoin currently bears more resemblance to digital gold than digital cash — with its congested pending transactions log rendering it practically useless as a currency since the cancelled fork two weeks ago — the Ethereum network is looking healthier than ever and in a good position to come out of the ongoing currency war successful.

Bitcoin has been dominating both crypto and mainstream news lately, even more so than usual, with mad volatility due to its continuous fork drama and rumours of free money for anyone holding it. Bitcoin breaking new all-time highs almost on a daily basis certainly doesn’t do anything to decrease the attention.

With this one-sided media coverage, it’s no wonder no one outside the small crypto community knows that Ethereum is regularly handling around twice the daily transactions of Bitcoin, and more than most other leading cryptos combined, that Ethereum’s transfers are extremely fast compared to Bitcoin’s, or that its median transaction fees are nearly 59 times cheaper.

Some Bitcoin maximalists are calling the high transaction fees a feature. Some also say that the fact that BTC collects $1.5 million a day in fees, against ETH’s measly $200,000, is a clear indicator of real world value as it shows that people are willing to spend more money to get onto the BTC blockchain.

However, there is a difference in being willing to spend more money and being forced to. Lately, Bitcoin has lived up to its name as a great store of value, although not for the right reasons. Since the cancellation of Segwit2x, people have simply been unable to move their funds in or out. With a ridiculous number of transactions constantly waiting to be mined, you better be prepared to pay up if you want to get your transaction through in reasonable time.

In its current state, Bitcoin isn’t much more than a speculation vehicle, something to be bought and sold on exchanges (whose trades happen off-chain and therefore aren’t affected by the long confirmation times). Few people need to use it. There aren’t many companies building on it. It’s not even useable as payment anymore. But maybe it doesn’t have to be either. Maybe we should be looking at Bitcoin and other coins and tokens as an entirely new asset class, something we don’t fully understand the implications of yet.

While there are many other blockchains claiming to be able to supersede Ethereum on all of the above areas, with EOS being most vocal about it, personally I’m a bit tired of hearing about what all the projects out there could revolutionize some day.

The discussion should no longer just be about which blockchain can handle more transactions faster and cheaper, but also about which one is actually seeing the numbers required to prove its capabilities right now. There’s currently no other project competing with Ethereum when it comes to the sheer number of use cases, and developers and companies building cool stuff on top of it. Some of these teams will be building the new backend of the internet, nothing less.

The current state of Bitcoin and Ethereum
After months of poking Etherium with a stick it’s finally showing signs of life again.

If Metcalfe’s law and the high activity levels on the Ethereum platform can be used as any reference, the Ether price is currently heavily suppressed. Over the past week it has finally started to see some upwards movement though, moving from the safe haven that has been $300 for so long now, and just passed $400 at the time of writing.

Over the last few months, investors speculators have found comfort in the fact that price stability, consolidation, and steady long term gains are usually signs of strong fundamentals, however the past few days have regained confidence in the platform, bringing back the optimism from Ether’s last bull run back in May.

Considering that public Ethereum doesn’t have any major dapps live yet, it’s going to be interesting to see how the network scales with the increase in transactions that will come as more and more applications launch in 2018 — especially if traffic really starts picking up before Casper and other scaling measures get implemented. Right now though, the beloved and hated ICO is still arguably Ethereum’s killer app and ETH’s value is, just like BTC’s, purely a speculative one.

 

Author: TROND VIDAR BJORØY

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur
Bitcoin and Etherium Miner

 

David https://markethive.com/david-ogden

Flying High: Bitcoin Cash Rallies on Korean Volume Spike

Flying High:
Bitcoin Cash Rallies on
Korean Volume Spike

Bitcoin cash is flying high today and could gain more altitude in the near-term.

This morning, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate clocked an 11-day high of $1,623.80 at 08:14 UTC before losing some momentum. At press time, the world's third-largest cryptocurrency by market value is currently changing hands at $1,508 – up 21 percent for the last 24 hours, as per CoinMarketCap.

A look at the exchange data indicates that the rally is being fuelled by Korean desks. Trading volumes in BCH/KRW pair offered by Bithumb, one of the largest cryptocurrency exchanges in South Korea, have gone up by 42 percent in the last 24 hours. Driving the rise may be today's news that a South Korean financial regulator has said it has "no plans" to regulate cryptocurrency trading. Meanwhile, the total trading volume for the last 24 hours is well above $4 billion, the highest since Nov. 13. A high volume rally indicates an active market, and that a rally is likely to be sustained.

The price action analysis, too, suggests the rally could be extended in the near-term. The overbought nature of the relative strength index (RSI) could be responsible for the pullback from previous highs above $1,600. However, the 5-MA and 10-MA are curving up in favor of the bulls. On the daily chart, the moving averages (MA) are sloping upwards as well. The daily RSI, though close to the overbought territory, is well short of the highs seen in earlier this month.

View

  • The base appears to have shifted higher to $1,250.
  • Technical pullbacks could run out of steam around $1,250
  • BCH looks set to take out resistance at $1,550 (horizontal red line) and move higher to $1,800-$2,000 in the near-term.

 

Now You Can Invest in Bitcoin Without the Volatility, Apparently

Swissquote launches ETP that switches between bitcoin, dollars
Product will use algorithm to forecast market direction

Bitcoin: What’s Coming in the Year Ahead

Swissquote Bank SA upped its cryptocurrency game with the release of an exchange-traded product that will attempt to curb volatility by switching holdings between bitcoin and dollars. The Switzerland-based online trader called its offering the first actively managed bitcoin certificate. Funds will be shifted between the digital currency and cash based on an algorithm that will use “technical signals” and sentiment expressed on social media to try to forecast the market. Trading will take place on the SIX Swiss Exchange.

Online trading firms, hedge funds and foreign-exchange platforms are launching new bitcoin products to try to get onboard a rally that has seen the biggest cryptocurrency surge eightfold this year. Traders are hungry for ways to hedge downside risk and adopt flexible positions after three separate slumps of more than 25 percent this year and a raft of commentators warning of a bubble. “Investors are excited about the cryptocurrency but are unnerved by its volatility,” Peter Rosenstreich, the bank’s head of market strategy, said in an interview. “So we tried to build a trading algorithm that’s a protection against downside risks”

Swissquote said in a statement Thursday it will hold the cryptocurrency and a buffer of dollars that ranges from zero to 40 percent of the certificate’s portfolio, depending on its quantitative algorithmic trading strategy. The exposure is limited to bitcoin and cash, minus a 1.5 percent management fee and trading costs, it said. Investor Mike Novogratz, who’s setting up a $500 million hedge fund to invest in digital currencies, said this week bitcoin will end the year at $10,000. The cryptocurrency fell 1 percent to $8,123.36 at 11:05 a.m. in London on Thursday.

Chuck Reynolds


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