Cryptocurrency Market Update: Ethereum Bites Back Surging 25% in Two Days

Markets are recovering this Friday; Ethereum, EOS, and Tron rising higher.

 

Markets have continued with their recovery from yearly lows as we end the week. Media outlets have been talking about a dead cat bounce, especially for Ethereum, but at the moment it is rallying again. Total market capitalization has climbed back over $200 billion and signals are bullish.

Bitcoin has made another 2.5% again today to send it up to $6,570. Analysts predict that BTC will form a double top at the $6,600 resistance level. Ethereum has surged almost 13% on the day to take it back to $213. From its massive low of $170 on Wednesday ETH has clawed back 25% in just two days pushing its market cap back over $20 billion again.

Mainstream media FUD harping on about the death of ETH has not deterred investors and traders who have got back in at rock bottom levels. There is no disputing though that Ethereum is down and still has a long way to go for a true recovery to be acknowledged. Right now $400 seems a long way away.

Altcoins are mostly green at the moment with Ethereum being the top performer in the top 25. EOS has made the second most in the top ten with an 8% rise on the day to $5.37. Bitcoin Cash and Monero are close behind with over 6% gains each. Stellar has not moved much with just 1.5% in the past 24 hours.

Looking further down the list Tron is doing well with a 7% bounce back to $0.020, followed by Iota and Nem gaining over 5% each. Dogecoin has cooled off and has actually declined after days of good gains, it is down 6% on the day.

Rchain is topping the top one hundred surging 50% on the day to $0.30. Aurora and MOAC have pumped 30 and 25 percent respectively, and Dropil, Decred and Maker are also in double figures over 13%. Emercoin is getting bashed at the moment with a 14% dump on the day.

Total crypto market capitalization is climbing out of its big dip and has gained 4% on the day to $202 billion. Trade volume has risen to $14 billion but there are still no significant indicators that a big bull run is imminent. Bitcoin dominance has dropped back a percent to 56 as Ethereum makes a recovery.


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Author: MARTIN YOUNG 
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Ethereum and Bitcoin Prices Jump After SEC Official Says Ether Is Not a Security

A grey cloud hanging over the heads of cryptocurrency investors lifted Thursday after the Securities and Exchange Commission (SEC) ruled that Ethereum is not a security.


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The price of Ethereum shot up 10% to $514 in response to the decision, revealed on Thursday in prepared remarks from SEC Director of Corporate Finance William Hinman at the Yahoo Finance All Market Summit: Crypto.

“Putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions,” Hinman said.

Ethereum wasn’t alone in its rise. In total, the market capitalization of all cryptocurrencies tracked by CoinMarketCap rose by $18 billion on Hinman’s comments. The value of Bitcoin also climbed 5% to $518, while Ripple jumped 6% to 56 cents.

Previously, investors had been put into a nervous state of mind following reports in May that regulators were debating whether the asset, the world’s second-largest cryptocurrency by market capitalization, could be considered an equity. And even ahead of that, the crypto space had been shaken by comments in April by SEC chief Jay Clayton that he believes “every ICO I’ve seen is a security.” Bitcoin buyers however were offered some reprieve, with Clayton noting that he did not consider Bitcoin an equity offering.

Hinman explained his Thursday rationale about Ethereum as such: Because the Ethereum network is “sufficiently decentralized,” no single party is expected to make managerial decisions about the enterprise. And since decision-making is spread out, no single party or person will receive key information that could be used to an unfair advantage—for example, to conduct insider trading.

“As a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosures becomes difficult, and less meaningful,” he said Thursday. “As with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value. ”

Though he also emphasize that while Ethereum is not classified as a security now, the classification is “not static.”

Still, the price of Ethereum is down 31% for 2018 amid a broader slowdown in the cryptocurrency market. The value of Bitcoin too, has fallen to $6,600, down from $13,860 at the start of the year.



Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
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Author: Lucinda Shen
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Nano the next to Boom? Price Prediction

In a little less than 24 hours, Nano (NANO) was listed on the popular exchange known as HitBTC.com. This exchange is ranked 8th on coinmarketcap.com and using the criteria of exchanges that charge transaction fees alone. HitBTC is currently doing $340.6 Million in daily trade volume at the moment of writing this. The HitBTC addition makes 31 exchanges in which Nano is listed in.

With respect to the market performance of Nano, the coin is currently trading at a value of $7.24 and down just 1.76% in the last 24 hours. However, there was a notable spike yesterday that can be attributed to the addition of Nano on HitBTC. The coin did a slight pump from $7.13 to $7.32 in a period of less than 20 minutes.

This slight pump is grounds to investigate the numerous Nano price predictions that have been active on the web.

$121.46 per Nano One Year from now!

This price prediction has been done by a custom algorithm that predicts future prices of all crypto listed on coinliker.com. This means that Nano is predicted to grow by 1,500% in the next 12 months. This might sound like a huge percentage growth, but anything is possible in the exciting domain of cryptocurrencies.

$25 By December 2018

This price prediction is brought to you courtesy of coinfan.net. This prediction is very realistic given that the total marketcap of the cryptocurrency market has grown by a factor of 10 in the last 12 months. At a date similar to today back in 2017, the total market cap was valued at $40 Billion. The same market cap is now at $422 Billion. Therefore, $25 per Nano might be right on the money come December.

$40 Per Nano by End of 2018

This price prediction is based on the premise that Nano had traded at the levels of $34 earlier on in the year. This then places the coin at a possibility of surpassing this by the time we get to the end of the year.

In conclusion, the good thing about the known crypto markets is that more and more traditional stock investors are looking into, or are already investing in crypto. They in turn are bringing in much needed external funds to boost the market cap of the entire crypto-verse. This follows the same trend witnessed by top notch wallstreet firms (Soros Fund Management), embracing crypto trading with open arms.

This means that the only direction is up for the value of all coins and tokens in the markets.

 


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: John P. Njui
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