International remittance service MoneyGram is once again dipping its toes into the blockchain pool. The company has just revealed a new partnership with the Stellar Foundation on October 6, 2021, to develop a payments bridge that streamlines money transfers and enables near-instant settlement in USDC, a stablecoin pegged to the U.S. dollar developed by Circle.
The announcement, which was released a few hours ago, highlights Moneygram’s innovative vision, assuring that the partnership “will revolutionize settlement flows.”
Moneygram Has Not Quit On The Blockchain
As explained in the Press Release, Moneygram would use a version of USDC running on the Stellar blockchain as a means to make transactions more efficient. United Texas Bank will serve as a settlement bank between Circle (USDC issuer) and MoneyGram (remittance service provider).
This would be Moneygram’s second attempt to leverage blockchain to improve its service. Stellar is a direct competitor to Ripple, born after Jed McCaleb – co-founder of Ripple – parted ways with the company due to conceptual differences and devoted himself entirely to creating his own project.
Stellar Lumens (XLM), Stellar’s native token, had an important jump, closing the day with a 12%+ rise also fueled by Bitcoin’s extraordinary performance during the day. XLM opened the day at $0.31 and closed it at $0.357 with a daily high of $0.364.
ADVERTISEMENT
Price of Stellar Lumens (XLM). Image: Tradingview
Moneygram shares, meanwhile, were more conservative. The company has been unable to stop a free fall from its July yearly high and barely posted 0.9% growth – going from $7.6 to $7.69 – with no apparent trend reversal.
Price of Moneygram shares. Image: Tradingview
Bye Ripple, Hello Stellar
This partnership is a clear signal that Moneygram wants to move forward and shake the bad experience it had with Ripple out of the way.
In 2019, Moneygram and Ripple announced a partnership. Moneygram would use the RippleNet as part of the exchange settlements process for international remittances, also receiving financial incentives in the form of XRP, in exchange for giving Ripple an equity stake in the company.
The partnership lasted nearly two years and ended in March 2021 after the SEC formally initiated a legal proceeding against Ripple, accusing it of using XRP as a way to issue unregistered securities.
In an official statement, Ripple assured that the decision to split was a joint one. Both parties committed to revisiting their relationship in the future after the SEC dispute was elucidated.
We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL).
But now that Stellar entered the game, perhaps Moneygram would not want to wait for Ripple in order to achieve its goal of becoming a blockchain-friendly corporation.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
The Stellar Development Foundation is more focused on building its protocol than the market conditions, said the organization’s Senior Director of Enterprise Ecosystems, Lisa Nestor. In an exclusive interview with CryptoPotato, Nestor also spoke about Stellar’s latest developments.
Stellar USDC Accessible Savings Products
The blockchain-based network for currencies and payments recently announced a significant milestone achieved by partnering with the payment processor – Wyre. The latter launched a new Wyre Savings API where “FinTechs can access yield-earning savings products leveraging Stellar USDC.”
CryptoPotato had the chance to speak with Nestor during the Miami 2021 Bitcoin Conference, where she provided more details about how the initiative will function.
Nestor believes the new partnership, that will facilitate fiat to crypto payments, would have a “really big impact in the market” because of Wyre’s reach to its giant customers from the Fintech sector.
Lisa Nestor, Stellar.
With the new initiative, “those same fintechs will be able to individually consume the savings products for their own enterprise treasury and offer it to their end customers via the API.
So that means that a crypto wallet anywhere in the world can suddenly enable their users to not only get access to a fast, cheap version of USDC, but they can also offer them this savings account where they can earn yield on it.”
Additionally, being a regulated financial services firm in the US with a license to operate in most of the country’s states and several other nations, Wyre can enhance the legitimacy of the project for those not involved in the cryptocurrency industry.
ADVERTISEMENT
At the same time, Stellar will provide its efficient platform and bring the USDC using its blockchain that is “liquid and reputable.”
The project was in beta for a few months and has displayed substantial results in the trials using BTC and ETH. However, USDC was just recently added, and Wyre and Stellar are yet to provide the initial usage numbers.
Lots of Dollars That Need To Go In Some Places
On the question of how did the late 2020 and early 2021 bull market impact Stellar’s product development, Nestor said it didn’t have as significant effects as some positive news in terms of regulations coming from the US.
For instance, she outlined the OCC’s decision to enable US banks to use stablecoins and public blockchains for payments. It had a “really good impact on the quality of the conversations we are having with US-based financial institutions.”
Nevertheless, Nestor outlined the massive price appreciations in the market, making it XLM popular among retail investors once again. However, she also believes “there are some much larger macroeconomic things that are going on right now that really have nothing to do with crypto.”
“There’s a lot of dollars in the world right now, and those need to go in some places. And, so just like we’re seeing – impacts the stock markets.
I think you can see impact on crypto markets too. I think that was part of the bull run, so recently, that inevitably has to pull off like any market has to cool off.”
As far as the company’s mission, Nestor said it has focused on cross-border payments:
“I think being able to execute a payment from one side of the world to the other, using an asset like USDC or Stellar’s native on and off ramps and being able to do that for fractions of a cent in a few seconds – that’s really what it’s about.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Elon Musk continues to drive volatility in the crypto market as bitcoin fell by $7,000 in a day before it recovered $3,000. Most altcoins are also deep in the red, with ETH dipping below $3,500 and BNB beneath $500.
Bitcoin’s 24H Wild Ride
It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t that long ago as it traded above $58,000 on May 12th. However, Elon Musk’s statement that Tesla had stopped receiving BTC payments for its electric vehicles caused massive disruptions immediately.
In just a day, bitcoin nosedived by $12,000 to a two-month low. Despite attempting to recover quickly, the asset stood beneath $50,000 for a while before another engagement by Tesla’s CEO sent it south again.
As reported earlier, bitcoin plummeted to a three-month low this time at just over $42,000 (on Bitstamp). The high fluctuations continued as the billionaire clarified that Tesla hadn’t sold any of its BTC portions, and the cryptocurrency added $3,000 of value in a matter of minutes.
These developments caused pain for traders as the total liquidations in the past 24 hours are $2.4 billion.
Thanks for subscribing, you will get your first report in the next hours!
As of writing these lines, bitcoin stands around $45,000. Its market capitalization is close to dropping below $800 billion, while its market dominance sits at 40%.
BTCUSD. Source: TradingView
Blood on the Altcoin Street
As it typically happens when there’s enhanced volatility with bitcoin, most alternative coins have followed suit. Ethereum led the adverse charge with a massive drop to $3,150 (on Bitstamp). Despite recovering some ground since then to $3,500, ETH is over $900 away from its most recent ATH registered earlier this month.
Binance Coin’s price drop brought it down to an intraday low of $485. Although BNB has bounced off, the asset is still 9% down on a 24-hour scale.
Cardano, which saw another record yesterday at $2,4, has declined by 8% and currently trades at $2.2. Ripple (7%), Dogecoin (-4%), Polkadot (-13%), Bitcoin Cash (-11%), Litecoin (-9%), Uniswap (-9%), and Chainlink (-10%) are also well in the red.
Further losses come from the lower- and mid-cap alts. Venus (-25%), Qtum (14%), Huobi Token (-12%), Stacks (-12%), Ontology (-11%), Stellar (-11%), Zcash (-11%), Bitcoin Gold (-11%), and OMG Network (-11%) are just a few of the double-digit losers.
The cumulative market capitalization of all crypto assets fell below $2 trillion for the first time in weeks. Despite recovering to $2.1 trillion as of now, the metric is over $400 billion down in five days.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
It took precisely a month, but bitcoin finally breached its previous all-time high yesterday and hasn’t looked back since. However, its dominance continues to decline as most altcoins have surged even more, with Ethereum touching $2,400 and XRP closing down to $2.
Bitcoin’s Latest ATH at $65K
The primary cryptocurrency seemed stuck beneath $60,000 for a while. Most attempts to break above it were met with violent rejections that drove its price south. However, the situation changed in the past few days as BTC finally reconquered its nemesis.
After standing above $60,000 for a day or two, the community speculated on when the next leg up will arrive, taking the asset to new highs above $61,800.
As reported yesterday, that day came precisely a month after setting the previous record. Bitcoin spiked above it and continued further north. The cryptocurrency marked a new ATH at over $63,700 yesterday but didn’t stop there.
Just a few minutes ago, another run-up drove bitcoin to its latest all-time high of just shy of $65,000 (on Bitstamp).
Thanks for subscribing, you will get your first report in the next hours!
Naturally, this impressive performance impacted BTC’s market cap as well, which went for a record of its own at over $1.2 trillion. Nevertheless, the asset’s market dominance has suffered and has dropped to 53.5% as the altcoins are even deeper in green.
BTCUSD. Source: TradingView
ETH to $2,400; XRP to $2
As mentioned above, green dominates the altcoin charts. Ethereum leads the pack with a substantial 9% increase. Furthermore, the second-largest cryptocurrency marked a new ATH of its own as well at about $2,400.
Ripple has surged by over 20% to nearly $2, a new 3-year high for XRP. Cardano went for a new record as well, following a 15% increase to over $1.5. Binance Coin (3%), Polkadot (8%), Uniswap (2.5%), Litecoin (10%), and Stellar (9%) have also jumped higher.
Nevertheless, the most significant gainer in the past 24 hours is Dogecoin (70%). DOGE has surged to a new ATH of about $0.13.
IOST (25%), EOS (22%), THORChain (21%), Bitcoin Cash (20%), VeChain (19%), Bitcoin SV (17%), TRON (16%), Polygon (15%), and Qtum (13%) follow.
Ultimately, the cumulative market cap of all crypto assets also saw a new record of well over $2.250 trillion. As such, the crypto market capitalization surpassed that of the world’s most valuable company – Apple.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Bitcoin has remained above its nemesis at $60,000 and even came less than 1% away from breaking its own ATH record. Some altcoins have marked substantial gains, including another ATH for BNB yesterday and a massive double-digit pump for Ripple to $1.6.
Bitcoin Came $450 Away From its Record
The primary cryptocurrency’s story with $60,000 continues. After finally breaking above it on Saturday, the asset dumped well below on Sunday. However, the bulls kept pushing upwards yesterday, which led to another breakout attempt.
This time, BTC reached $61,200 (on Bitstamp). Another retracement followed but bitcoin ultimately prevailed over $60,000 and kept going forward in the past few hours. This resulted in touching $61,350 – meaning that the first-ever cryptocurrency was about $450 away from its mid-March ATH at $61,800.
Nevertheless, the subsequent rejection drove the asset down by several hundred dollars and currently stands beneath $61,000.
As reported yesterday, though, several on-chain features suggest that BTC could be primed for a price surge soon. Namely, those are the declining coins held on exchanges, miners and long-term holders refusing to sell, and the growing adoption rate from institutional investors.
Thanks for subscribing, you will get your first report in the next hours!
BTCUSD. Source: TradingView
BNB’s Latest ATH; XRP Surges to $1.6
The altcoin world has been significantly more volatile in the past several days. Ethereum touched its ATH at $2,200 yesterday and, after retracing slightly, stands about $30 away from that level.
The third-largest cryptocurrency by market cap, Binance Coin, was off the charts in terms of daily fluctuations. Whether it’s the anticipation for the 15th BNB burn or Binance’s launch of tradable stock tokens, the asset skyrocketed from about $520 to its latest record at $640 in a matter of hours.
The retracement was just as impressive as BNB dumped by more than $100, but this time in minutes. As of now, Binance’s native coin has calmed around $560.
The altcoin show, however, continues with XRP. Despite, or maybe because of, the ongoing legal battle with the SEC, Ripple’s native token has been on a roll lately. It has only intensified in the past several hours as XRP has spiked by 15% and reached a new 3-year high at $1.6.
Uniswap is another massive gainer with a 13% surge to $35. Stellar (6%) has jumped to $0.612. In contrast, Cardano (-1%), Polkadot (-2%), and Chainlink (-1.5%) are slightly in the red.
Further gains are evident from Stacks (17%), Chiliz (15%), THORChain (12%), SushiSwap (12%), Harmony (12%), Nexo (11%), and Aave (10%).
The total crypto market cap also registered a new record at over $2.1 trillion.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Bitcoin’s prolonged story with the $60,000 price mark continues as the asset has spiked above it once again. However, its dominance keeps suffering as some altcoins have marked substantial gains. Binance Coin stands out with a massive double-digit price surge and yet another ATH at above $570.
Bitcoin Flirts With $60K Again
The primary cryptocurrency continues its fight with its round-numbered nemesis $60,000. As reported on Saturday, it seemed that the asset’s struggles were finally behind it as BTC spiked above it and even reached a 3-week high of $61,200.
However, Sunday turned out to be a different story as bitcoin rapidly retraced and even dumped to a daily low of $58,500. Nevertheless, the bulls have retaken charge and pushed the cryptocurrency north.
In the past 24 hours, bitcoin continued flirting with that line as it popped up to an intraday high of roughly $60,700 (on Bitstamp). Following a few more swings and dips beneath $60,000, BTC has jumped back above it and currently stands a few hundred dollars over that coveted level.
Despite its 1.5% daily increase, though, bitcoin’s dominance has suffered again. After reaching 2-year low days ago, the metric comparing BTC’s market cap with all other cryptocurrency assets has slumped even more to around 54%.
Thanks for subscribing, you will get your first report in the next hours!
BTC/USD. Source: TradingView
Binance Coin in a League of its Own
The situation of most alternative coins is somewhat similar. Ethereum leads with a similar increase to bitcoin (2.4%) and currently stands around $2,190.
Polkadot (2.7%), Uniswap (8.7%), Chainlink (4%) are in the green, while Ripple (-4.5%) and Stellar (-6.6%) are in the red.
As it has happened frequently in the past week or so, Binance Coin’s performance has trumped all other large-cap alternative coins.
Whether it’s the anticipation of the 15th BNB burn that Binance’s CEO CZ outlined yesterday or something else, the token has added another 20% of value in a day (and 65% in a week). Consequently, BNB has marked yet another ATH at about $575.
It’s worth noting that less than three weeks ago – on March 25th – BNB had fallen to $225, meaning a 155% surge in 18 days.
Similar bullish developments are evident for Voyager Token (33%), KuCoin Token (27%), Pancake Swap (15%), BTMX (15%), Holo (14%), Huobi Token (13%), Decentraland (12%), and Dogecoin (11%).
The cumulative market cap of all digital assets has added $80 billion since yesterday’s low and has neared $2.1 trillion once more.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Despite overcoming its nemesis at $60,000 yesterday, bitcoin’s struggles with that particular level continue as the asset has dipped beneath it. Most altcoins have also retraced slightly, with the apparent exception of XRP, which surged to a new 3-year high of $1.4 following more positive news in the ongoing legal battles with the SEC.
Bitcoin Dips Below $60K Again
After a three-week-long wait, bitcoin finally overcame $60,000 yesterday. Furthermore, the cryptocurrency kept going upwards and charted a high of $61,200.
However, the situation has changed since then. Just as the community was over joyous with the developments, BTC started to retrace.
In the following hours, the primary cryptocurrency lost roughly $2,000 of value to a low of $58,300 (on Bitstamp). The roller-coaster continued, though, and BTC spiked above $60,000 again before slipping to its current level of approximately $59,500.
According to the technical indicators, $60,000 remains the first major resistance line in BTC’s way up, followed by $61,170 and the ATH of $61,780. Alternatively, the support levels at $59,070, $58,355, and $57,695 could assist in case of a price breakdown.
Thanks for subscribing, you will get your first report in the next hours!
BTCUSD. Source: TradingView
XRP Heads Higher; XLM Enters Top 10
The altcoin market also enjoyed Saturday. Ethereum painted a new all-time high just inches away from $2,200. However, the second-largest cryptocurrency has lost a little more than 2% since then and is down to just above $2,100.
Binance Coin also marched to a new record at $485 but has calmed around $475. Nevertheless, BNB is up by over 40% in the past week.
Polkadot (-5%), Cardano (-3%), Uniswap (-4%), and Chainlink (-3%) have also retraced on a 24-hour scale.
At the same time, Litecoin has jumped by 10% to $250, and Stellar has surged by 25% to $0.61. Moreover, XLM has replaced LINK in the top ten coins by market cap.
Ripple’s performance, though, has trumped all larger-cap altcoins. The blockchain-based payment processor won another legal fight against the SEC as Judge Netburn halted the Commission’s attempts to gain personal financial records of the company’s executives.
The native token skyrocketed by about 40% in the following hours and marked a new 3-year high at $1.4.
More gains come from Elrond (15%), Reserve Rights (13%), Zcash (10%), IOTA (10%), and NEM (10%).
Despite some retracements from Dent (-16%), Holo (-15%), KuCoin Token (-15%), Pundi X (-15%), and more, the crypto market cap has remained above $2 trillion.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
After a sharp drop that led BTC for another retest of $32,000, the asset has recovered and climbed back up to nearly $34,000, as of now. However, its dominance continues to decrease as some alternative coins have outperformed their leader, including XRP surging above $0.60.
Bitcoin Eyes $34,000
The primary cryptocurrency went through a roller-coaster on Friday after Tesla’s CEO Elon Musk updated his Twitter profile to include “Bitcoin” as the only description.
The asset responded with an impressive leg up in which BTC gained nearly $7,000 of value in merely hours. However, the market’s highly volatile nature was exemplified once again as bitcoin correction just as sharply to its previous price tag, which turned to be a false breakout.
Although it seemed that the asset had calmed around $34,000, a sudden drop by more than $2,000 yesterday brought it to a daily low of $32,000 (on Bitstamp). Nevertheless, BTC has recovered most losses and currently trades just below $34,000.
From a technical perspective, bitcoin’s first resistance lines are situated at $34,000, $34,450, and $35,000 if it’s to resume the bull run. Alternatively, the support levels at $32,500, $32,000, and $31,200 support could assist in case of another abrupt drop.
BTCUSD. Source: TradingView
The Altcoins: The Ripple Show
Most alternative coins have stayed relatively calm since the start of the weekend with minor gains or losses. Ethereum has declined by less than 3% to $1,315. Chainlink (-3.5%), Polkadot (-3%), and Cardano (-2%) are also in the red from the top ten.
In contrast, Bitcoin Cash (1.3%), Binance Coin (3%), and Stellar (3%) have added some value.
However, Ripple has continued to outperform all others. After several weeks of adverse price developments following the SEC charges, XRP has exploded in the past few days.
Ripple’s native token has added 50% of value in the past 24 hours alone and 160% since Friday to $0.67, facing now the psychological level of 2000 SATs per XRP. While some argue that this remarkable surge is due to Ripple’s answer to the SEC, others speculate that there’s a coordinated pump similar to GameStop and Dogecoin.
More gains come from PancakeSwap (34%), Dogecoin (30%), Flow (30%), Siacoin (18%), The Graph (17%), Compound (15%), Ampleforth (12%), and EOS (10%).
The rising alts, led by XRP, have reduced BTC’s dominance to just above 62%. This is a 3% decline of the metric since Friday.
Additionally, the crypto market cap has remained slightly above the coveted $1 trillion mark.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Following the highly volatile few days in which BTC displayed $6,000 price moves in both directions, the cryptocurrency has calmed around $34,000. At the same time, XRP and a few more altcoins have exploded in value and reduced BTC’s dominance to 62.5%. Uniswap’s UNI token even hit $20.
XRP’s Massive Surge Reclaims #4th Spot
The past few days have been anything but boring in the cryptocurrency space – from the retail-driven hype for Dogecoin and up to four-digit gains, through the Elon Musk-prompted developments, to XRP’s impressive 24 hours.
As CryptoPotato reported, Ripple responded to the SEC’s charges saying that US agencies have already determined that the XRP token is a store of value, a medium of exchange, and a unit of account – not security. The asset’s price almost doubled in the following hours to a high of $0.52.
Although XRP has retraced to $0.45 at the time of this writing, it’s still 50% up on a 24-hour scale. Furthermore, these gains have pushed Ripple to overtake Polkadot as the 4th largest digital asset by market cap.
Stellar has also enjoyed a substantial increase of over 10% and has returned to the top 10 after surpassing Binance Coin (2%). Ethereum (1%), Bitcoin Cash (1%), Chainlink (2%), Polkadot (0.5%), Cardano (5%), and Litecoin (1%) are also slightly in the green.
Further gains are evident from Voyager Token (50%), 1inch (41%), Curve DAO Token (32%), Uniswap (25%), The Graph (23%), Loopring (22%), Ampleforth (20%) and more.
Consequently, the total market cap has managed to remain above the coveted $1 trillion mark.
Bitcoin Stalls At $34K, Dominance Reduced
While some alternative coins have displayed massive fluctuations in the past 24 hours, the primary cryptocurrency has remained untypically calm.
On Friday, bitcoin initiated a remarkable leg up after gaining almost $7,000 of value in a few hours following a Twitter engagement from Tesla’s Elon Musk. However, the asset retraced virtually as quickly and dropped to $34,000.
In the past 24 hours, BTC has been stuck in a range from a low of $33,000 to a high of $35,000. As such, the increasing altcoins have decreased bitcoin’s dominance to 62.5%. Just a few days ago, the metric comparing BTC’s market cap with the rest of the altcoins was at above 64%.
The technical indicators suggest that bitcoin has to overcome the resistance lines at $34,000, $34,450, and $35,000 to resume its bull run. Alternatively, the support levels at $33,000, $32,500, and $32,000 could contain another retracement.
BTCUSD. Source: TradingView
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Bitcoin is up by a cool 20% over the past week as it currently trades near the $35,700 handle. The number 1 ranked cryptocurrency had been trapped within a range for the majority of the week as it oscillated between $33,000 and $30,000.
Looking at the larger picture, Bitcoin was trading within a descending triangle pattern since hitting the new ATH price at $42,000 in early January 2021. It had spiked beneath the lower boundary of this triangle at $30,000 throughout the week but managed to close each daily candle inside it.
Yesterday, Bitcoin started to rebound from $30,000 as it broke the previous week’s trading range as it broke above $33,000 to hit $34,000. Today, the surge continued higher, allowing Bitcoin to break the upper boundary of the triangle and end the current consolidation phase.
Looking ahead, the first level of resistance lies at $37,151. This is followed by $38,000, $39,190, $40,000, and $40,732. Beyond $41,000, resistance is found at $41,836, $42,000 (ATH), and $43,445 (1.272 Fib Extension).
On the other side, the first level of support lies at $36,000. This is followed by $34,000, $33,000, $32,500 (.382 Fib), $30,756, and $30,000.
BTC/USD Daily Chart. Source: TradingView
Ethereum
Ethereum is up by a total of 23.7% over the past week as it currently trades at the $1370 level. It started the week by trading at the $1200 support (.236 Fib) as it started to push higher.
On Monday, Etherrum managed to clock in a new ATH price at $1472 but still could not close a daily candle above the $1390 resistance level. It dropped from there over the course of the week until it found support at $12000 again and rebounded to return to the $1390 resistance today.
Looking ahead, the first level of resistance lies at $1425. This is followed by $1472 (ATH), $1530 (1.414 Fib Extension), $1580, and $1600. Additional resistance lies at $16446 (1.618 Fib Extension), $1685, and $1768.
On the other side, the first level of support lies at $1350. This is followed by $1300, $1200 (.236 Fib), $1100 (.382 Fib), and the rising support channel. Added support lies at $1000 and $977 (.5 Fib).
ETH/USD Daily Chart. Source: TradingView
Against Bitcoin, Ethereum had pushed higher at the start of the week to create a 2021 high price at 0.045 BTC. It fell lower from there over the course of the week until support was found at 0.0405 BTC on Wednesday. This support was broken yesterday as ETH slipped into the lower boundary of the rising price channel.
Today, ETH plummeted beneath the channel as it dropped as low as 0.0361 BTC (March 2019 High). It has since rebounded slightly and is trading around 0.0376 BTC.
Looking ahead, the first level of support beneath 0.0376 BTC lies at 0.0361 BTC. This is followed by 0.0353 (.618 Fib), 0.0337 BTC (Nov 2020 Highs), and 0.0318 BTC (100-day EMA).
On the other side, resistance lies at 0.0390 BTC. This is followed by 0.0396 BTC (Feb 2019 High), 0.0405 BTC (2020 High), and 0.0416 BTC (2019 High).
ETH/BTC Daily Chart. Source: TradingView
Ripple
XRP is up by a small 6.5% this week but continues to trade within the symmetrical triangle pattern established in January 2021. The cryptocurrency was holding support at $0.263 (.618 Fib) for the majority of the past three weeks but slipped beneath here on Wednesday.
It managed to find support at the lower boundary of the triangle and rebounded from there. Today, XRP spiked higher above the triangle, reaching as high as $0.36 but has since dropped lower to trade back inside the boundaries of this triangle.
Looking ahead, if the bulls can break back above the triangle, the first level of resistance lies at $0.3. This is followed by resistance at $0.35 (Feb 2020 highs), $0.358 (bearish .382 Fib), and $0.4. Added resistance lies at $0.417 (bearish .5 Fib) and $0.45.
On the other side, the first support lies at $0.263 (.618 Fib). This is followed by the lower boundary of the triangle, $0.23 (.786 Fib), $0.219 (Nov 2020 lows), and $0.2.
XRP/USD Daily Chart. Source: TradingView
Against Bitcoin, XRP continues to trade in the narrow range that it has been trading within throughout January 2021. The boundaries lie at 867 SAT and 670 SAT.
XRP attempted to break the upper boundary today, almost reaching as high as 1000 SAT, but has since dropped lower to trade at 774 SAT.
Moving forward, the first level of resistance lies at 867 SAT. This is followed by 1015 SAT, 1200 SAT (Dec 2017 lows), 1425 SAT, and 1550 SAT (Nov 2020 low & 100-day EMA).
On the other side, the first support lies at 700 SAT. This is followed by 670 SAT, 600 SAT, 590 SAT, and 500 SAT.
XRP/BTC Daily Chart. Source: TradingView
Stellar
XLM is up by a total of 21.4% over the past week as the coin currently trades at $0.3. The coin started the week at $0.27 and started to head lower from there. It continued to fall until support was met at $0.225 (.618 Fib) on Wednesday, which allowed it to rebound.
After rebounding, XLM surged to $0.3 yesterday. Today, it surged as much as 50% to reach as high as $0.447 but quickly came back down to trade at the current $0.3 level.
Looking ahead, if the bulls kick into gear again, the first level of solid resistance lies at $0.35. This is followed by $373 (1.272 Fib Extnesion), $0.4, and $0.418 (bearish .382 Fib). Additional resistance lies at $0.442 (1.618 Fib Extension), $0.464 (April 2018 highs), $0.485 (1.272 Fib Extension – blue), and $0.5.
On the other side, the first support lies at $0.289 (.382 Fib). This is followed by $0.27, $0.257 (.5 Fib), $0.224 (.618 Fib), and $0.2 (100-day EMA).
XLM/USD Daily Chart. Source: TradingView
Against Bitcoin, XLM has traded sideways this week. Yesterday, it bounced from 775 SAT as it pushed higher into 900 SAT. Today, it surged as high as 1180 SAT before coming back down to trade at the current 836 SAT level.
Looking ahead, the first level of resistance lies at 900 SAT. This is followed by 935 SAT (bearish .618 Fib), 1000 SAT, 1091 SAT (Bearish .786 Fib), 1180 SAT (today’s high), and 1185 SAT (bearish .886 Fib). Added resistance lies at 1200 SAT and 1300 SAT.
On the other side, support is first expected at 832 SAT (.382 Fib). This is followed by 775 SAT, 741 SAT (.5 Fib & 200-days EMA), 700 SAT, and 650 SAT (.618 Fib).
XLM/BTC Daily Chart. Source: TradingView
Uniswap
Uniswap is up by an epic 88% over the past week as it trades around $14.90. The coin started the week by pushing higher from $8 as it started making a steeply ascending price channel. The cryptocurrency surge continued throughout the week until meeting resistance at $15.30 (1.272 Fib Extension & upper boundary of the channel) on Wednesday.
It stalled around $14 yesterday but pushed as high as $15.75 today. It has since dropped back beneath $15.
Looking ahead, the first level of resistance lies at $15.30 (1.272 Fib Extension). This is followed by $16, $16.52 (1.414 Fib Extension), $17, and $18. Added resistance lies at $18.20 (1.618 Fib Extension), $19.45, and $20.
On the other side, the first level of support lies at $14 (lower boundary of the channel). This is followed by $13.70 (.236 Fib), $13, $12.42 (.382 Fib), and $11.
UNI/USD Daily Chart. Source: TradingView
Against Bitcoin, UNI has also been surging this week. It started by breaking the 0.0003 BTC resistance level and continued to surge until resistance was met at 0.000504 BTC (1.618 Fib Extension) on Wednesday.
It has since dropped lower from there, spiking to 0.00035 BTC today before returning to the current 0.000409 BTC level.
Looking ahead, the first level of support lies at 0.0004 BTC. This is followed by 0.000364 BTC (.382 Fib), 0.00035 BTC, 0.0003 BTC, and 0.000277 BTC (.618 Fib).
Alternatievley, resistance lies at 0.00045 BTC, 0.000504 BTC (1.618 Fib Extension), 0.00055 BTC, and 0.000581 BTC (1.272 Fib Extension). Added resistance lies at 0.00062 BTC and 0.00065 BTC.
UNI/BTC Daily Chart. Source: TradingView
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
