Price Update: Litecoin (LTC) and Cardano (ADA) – BTC Ethereum Crypto Currency Blog

Litecoin breaks below $58 after testing a critical resistance line while ADA drops below $0.100

While Bitcoin (BTC) has traded higher over the past two days, several large – cap altcoins have struggled to piece together a similar trend. Ethereum broke above $400 but is back below the level, as is XRP that traded at highs above $0.25. Analysts say that the altcoin market will likely follow BTC if the king of crypto rallies to a new all – time high above $20,000.

Litecoin and Cardano are also struggling at the time of writing but could rally higher if bulls hold gains at key levels.

Litecoin price

LTC/USD recently broke above a horizontal resistance line and touched highs of $61. The cryptocurrency is, however, suffering selling pressure as liquidity rotates to Bitcoin.

At the moment,  LTC is trading just beneath a critical resistance area near the $60 area. If bulls push from current levels and break above the hurdle, a rally to highs near September 1 levels will confirm a potential bull run to highs of $84.

But the short term picture points to a decline before another leg up.

The price is above an inverse head – and – shoulders (H&S) pattern, but the daily MACD and Stochastic Oscillator suggest a bearish divergence. If bears take control, bulls will likely rely on the H&S neckline at $51 for refuge.

At the time of writing, LTC/USD is trading at $58, but despite a drawdown from highs of $61, bulls are likely to remain in control if they hold the level.

LTC price chart. Source: TradingView

Cardano price

The price of ADA token has dropped by more than 5% in the past 24 hours to see it trade at lows of $0.099.

Although bulls have hit highs of $0.103 on the day, the increased sell – off pressure means that ADA/USD still faces a major resistance line that is preventing a retest of $0.11.

The ADA/USD pair is capped at the 50 – SMA on the 4 – hour chart, and if the downward flip continues, a dip to lows of $0.098 and $0.095 will be more than likely.

The technical picture also suggests bears are fancying a retest of the 200 – SMA line at $0.0926 on the daily timeframe. If this happens, bulls will have their work cut out if they have to break higher.

The daily chart also features a bearishly inclined MACD and RSI to suggest that the downtrend is likely to persist.

ADA/USD daily chart. Source: TradingView

However, bulls can retake control if a key candlestick pattern forms in the next few sessions on the daily chart. The TD sequential has printed a red eight and the flip will be confirmed if a red nine appears.

Price Update: Litecoin (LTC) and Cardano (ADA)

Original Article
Author: btcethereumadmin

Market Wrap: Bitcoin Jumps to $13.7K, Nearing 2019’s High; Ether Volatility Reverses Course – BTC Ethereum Crypto Currency Blog

CoinDesk 20 Bitcoin Price Index

Market Wrap: Bitcoin Jumps to $13.7K, Nearing 2019’s High; Ether Volatility Reverses Course

Bitcoin made gains Tuesday toward its 2019 high while ether’s volatility rose after an October in decline.

  • Bitcoin (BTC) trading around $13,668 as of 20:00 UTC (4 p.m. ET). Gaining 5% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $13,008-$13,756
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
btcoct27
Bitcoin trading on Bitstamp since Oct. 25.
Source: TradingView

Bitcoin’s price was on a steady run upward Tuesday, hitting as high as $13,756.33 before settling down to $13,668, according to CoinDesk 20 data. It is now within reach of its 2019 high of $13,879.24; any point above that puts bitcoin prices where they were during the late 2017-early 2018 bull run and subsequent collapse. Increased spot bitcoin volume, at $840 million, helped lead the price higher Tuesday. That figure has averaged $432 million daily over the past month. 

Micah Erstling, trader at crypto liquidity provider GSR, said bitcoin has broken away from stocks, at least temporarily, not long after the world’s oldest cryptocurrency took a short dip Monday when stocks also fell. “Bitcoin quickly broke the correlation to stocks after yesterday’s plunge, rallying back even as stocks remained tepid,” he said. Indeed, major equity indexes were flat or down Tuesday.

“Most risk-on assets were impacted by news of a stimulus stalemate and rising virus numbers,” Erstling noted. “Traders are shaking off that sentiment today and returning to the long-term fundamentals that have propelled bitcoin to an over-85% gain” for the year to date.

btcvoloct27
Spot volume on major USD/BTC exchanges the past month.
Source: Shuai Hao/CoinDesk Research

“We’ve seen increased buying activity over the last two weeks,” said Michael Rabkin, head of Institutional Sales at crypto market maker DV Chain. “On top of that, the U.S. is close to approving a record $1.8 trillion stimulus plan. People are looking at alternatives like bitcoin to protect their wealth.”

Judging by the bitcoin options market’s open interest, positive sentiment seems to be picking up. Monday saw bitcoin options open interest crack $2.5 billion for the second time in October, with the first time being last Thursday, Oct. 22.

skew_total_btc_options_open_interest-17
Bitcoin options open interest on major venues the past six months.
Source: Skew

“Based on the bitcoin options data, a lot of traders are hedging and locking-in profits and current price levels,” Daniel Koehler, liquidity manager at San Francisco-based cryptocurrency exchange OKCoin, told CoinDesk. “Volumes are up across the board along with the price, so it is a sign of increased near-term bullish bias.”

Ether volatility up

The second-largest cryptocurrency by market capitalization, ether (ETH), was up Tuesday, trading around $406 and climbing 3.7% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Ether’s volatility, measured by the standard deviation of daily log returns on an annualized basis, has been much higher than bitcoin’s volatility in 2020. While ether’s volatility had been dropping in October, it crept back up again, going from 49.99% Sunday to 51.75% Monday.

btcvsethvolatilitoct27
Ether versus bitcoin volatility in 2020.
Source: Shuai Hao/CoinDesk Research

Ether itself is up over 210% in 2020, while bitcoin has risen over 88% this year so far. Quant trading firm QCP Capital on Tuesday noted ether’s market risks and its potential to underperform over the balance of 2020 due to exploitation of decentralized finance, or DeFi. 

“ETH has been hit yet again by DeFi worries after another smart contract platform exploitation/hack – this time Harvest,” QCP wrote in its weekly investor note. “This will weigh further on ETH and could cause it to underperform BTC in the near term.”

Other markets

Digital assets on the CoinDesk 20 are mostly green Tuesday. Notable winners as of 20:00 UTC (4:00 p.m. ET):

Notable losers:

Commodities:

  • Oil was up 2.1%. Price per barrel of West Texas Intermediate crude: $39.41.
  • Gold was in the green 0.32% and at $1,907 as of press time.

Treasurys:

  • U.S. Treasury bond yields all fell Tuesday. Yields, which move in the opposite direction as price, were down most on the 10-year, dipping to 0.774 and in the red 3.3%.
https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market

https://www.coindesk.com/market-wrap-bitcoin-jumps-nearing-2019-high-ether-volatility-reverses

Original Article
Author: btcethereumadmin

Litecoin jumps 18% to lock gains above $55 – BTC Ethereum Crypto Currency Blog

Litecoin is registering the biggest gains as crypto market turns bullish on PayPal adoption news

Litecoin (LTC) is trading higher on the day, jumping more than 14% in the past 24 hours. Litecoin’s upside momentum has gathered pace after an initial 11% spike came soon after the payments processing firm PayPal announced support for cryptocurrencies.

The cryptocurrency has broken above several hurdles, soaring from a low of $46 to touch highs near $56.50.

LTC price against the US dollar is currently around $55.50, up 5% on the day and over 18% in the previous session. Overall, Litecoin price is up 14% in the past 24 hours. LTC is also performing well against BTC, with the pair up more than 9% in the past 24 hours.

According to Asset Dash, a platform that tracks and ranks global assets by market cap, Litecoin’s $3.66-billion valuation has pushed it 71 places into 1306 globally. CoinMarketCap ranks LTC as the eighth largest cryptocurrency, behind ChainLink which has a market cap of $4.3 billion at the time of writing.

LTC/USD technical analysis

The daily chart has LTC/USD changing hands above the 50-day and 100-day simple moving averages. It is the first time the pair has traded above the moving average in over a month. If bulls hold these levels, the uptrend is likely to take it above $60.

LTC/USD daily chart. Source: TradingView

The outlook on this time frame suggests that slight resistance is expected at $59.42. The area is close to the 78.6% Fib retracement level of the swing low from $62.87 high to $44.63 low. A breakout above this area highlights the next hurdle around $64.79.

The MACD level (12, 26) is flashing buy signals at 0.94, but the RSI is currently trending within the neutral zone. This suggests that while the bulls retain the advantage, the short term picture may involve a retrace to prices below $55.

LTC/USD 4-hour chart. Source: TradingView

On the 4-hour chart, the RSI is trending up but not yet overextended. If it does, it’s likely to scuttle bulls’ plans, with prices dipping to accommodate an influx of selling pressure. However, the MACD is still bullish, indicating that any potential pullback for the LTC/USD might not be catastrophic to bulls’ plans.

If bears establish a foothold, healthy support around the SMA50 and SMA100 levels suggests that the bulls might still have enough power to withstand the downward pressure.

Litecoin jumps 18% to lock gains above $55

Original Article
Author: btcethereumadmin

Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops – BTC Ethereum Crypto Currency Blog

CoinDesk 20 Bitcoin Price Index

Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops

Bitcoin blows past its previous 2020 high while ether’s crypto market share dips from its 2020 high in September.

  • Bitcoin (BTC) trading around $12,709 as of 20:00 UTC (4 p.m. ET). Gaining 6.4% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,863-$12,916
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
btcoct21
Bitcoin trading on Bitstamp since Oct. 19.
Source: TradingView

Bitcoin’s price has been on a tear this week, rising for the third straight day and hitting as high as $12,916 on spot exchange Bitstamp on Wednesday. The recent development from payments firm PayPal confirming it will incorporate crypto for its users and merchants helped sparked the record 2020 high for the world’s oldest cryptocurrency, at $12,709 as of press time. 

“PayPal dropped the most important piece of news for large retail adoption this year, full support for bitcoin,” noted Henrik Kugelberg, an over-the-counter crypto trader based in Sweden. PayPal’s stock price (NASDAQ: PYPL) is also hitting record highs in 2020 and is up 92% this year so far. 

pypl
PayPal Holdings daily trading in 2020.
Source: TradingView

The potential for bitcoin to be inserted further into consumer finance is what is helping its bull run, noted Zac Prince, CEO of crypto lender BlockFi. “This coalescing of fintech and bitcoin is yet another bullish development for investors,” he said. “It’s going to be an exciting 12 months ahead as bitcoin continues to expand further into consumer finance.” 

It is not just the PayPal news helping bitcoin trend higher, noted Micah Erstling, a trader at GSR. “It’s promising to see bitcoin holding above the $12,000 mark with continued institutional interest and wider regulated adoption taking place,” Erstling told CoinDesk. Federal Reserve Chair Jerome Powell’s speech on central bank digital currencies (CBDC) “clearly demonstrates that digital assets are being taken seriously, while Square and PayPal headlines are fueling a better digital ecosystem via payments and treasury.”

btcsince19
Daily spot trading on Bitstamp since 2019.
Source: TradingView

The last time bitcoin hit this price level was back on July 10, 2019. The overall excitement has led to volume on major USD/BTC spot exchanges Wednesday that were much higher than normal, at $1,165,166,691 as of press time. In fact, the last time volume was so high was back on Sept. 4, when daily volume was $1,089,417,516.

volchartoct21
Volume on major USD/BTC spot exchanges the past two months.
Source: Shuai Hao/CoinDesk Research

Several market analysts see bitcoin heading much higher before 2020 is over, including Katie Stockton, a technical analyst for Fairlead Strategies. The breakout in July put the next major resistance on the chart at the 2019 high, aligned with a long-term Fibonacci retracement level near $14,000, she said. “We think a test of this level is likely in the months ahead.”

Constantin Kogan, a partner at cryptocurrency fund-of-funds BitBull Capital, echoed that sentiment. “Bitcoin has a good chance of reaching its $14,000 resistance mark for about a two-times gain this year as the market hasn’t fully absorbed all the positive news.”

As for derivatives, bitcoin open interest on CME, a venue for sophisticated investors that is often used to hedge risks, has been on an uptrend, noted William Purdy, a derivatives trader and founder of analysis firm PurdyAlerts.

skew_btc_futures__aggregated_open_interest-19
Bitcoin futures open interest on CME the past three months.
Source: Skew

“Futures open interest rising as price rising is a bullish trend that suggests the trend will likely to continue as fresh money is seen entering the market,” said Purdy. “CME volume surging shows strong institutional interest.”

However, quant trader QCP Capital highlighted some 2020 uncertainty still ahead in its investor note Wednesday. “We look to the U.S. elections as a medium-term risk still. With all the regulatory reminders we’ve already had this month, anything emanating from that department around election time would be a major cause for concern.” 

Ether dominance slips

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday trading around $391 and climbing 6.2% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

After hitting a 2020 high of 14% on Sept. 1, ether’s share of the cryptocurrency market cap has declined. A measure of an asset versus the larger crypto market capitalization, “dominance” is a metric traders watch to gauge sentiment. As of press time, the number was at 11.7% Wednesday. 

ethdomoct21
Ether dominance in 2020.
Source: TradingView

Despite the drop, George Clayton, managing partner at investment firm Cryptanalysis Capital, doesn’t put too much stock in ether’s dominance decline and remains ebullient on decentralized finance, or DeFi, deployed on the Ethereum network. “DeFi has Ethereum going gangbusters – lots of utility going on,” he said “I cannot be bearish ETH.”

Other markets

Digital assets on the CoinDesk 20 are all green Wednesday. Notable winners as of 20:00 UTC (4:00 p.m. ET):

Equities:

Commodities:

  • Oil was down 2.6%. Price per barrel of West Texas Intermediate crude: $40.03.
  • Gold was in the green 0.86% and at $1,924 as of press time.

Treasurys:

  • U.S. Treasury bond yields were mixed Wednesday. Yields, which move in the opposite direction as price, were up most on the 10-year, jumping to 0.811 and in the green 2.5%.
https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market

https://www.coindesk.com/market-wrap-paypal-powers-bitcoin-ether-dominance-drops

Original Article
Author: btcethereumadmin

Litecoin Surges After PayPal Includes It Among the Cryptos Customers Can Buy, Sell, Hold – BTC Ethereum Crypto Currency Blog

Litecoin (LTC) rose more than 10% on Wednesday, outperforming bitcoin (BTC) to top the list of the best-performing major cryptocurrencies after PayPal confirmed it’s entering the cryptocurrency market and included LTC on the list of cryptos its customers will be able to buy, sell and hold.

  • LTC, the ninth-largest cryptocurrency by market value, jumped more than 12% to $52.64, the level last seen on Sept. 3.
  • The surge came after PayPal, with 346 million active accounts around the world, pledged to make cryptocurrency “a funding source for purchases at its 26 million merchants worldwide.”
  • Initially, the service supports BTC, ether (ETH), bitcoin cash (BCH) and LTC, the payments giant said.
  • The announcement acted like rocket fuel to the crypto market overall as it may be a step to bringing crypto usage one step closer to the mainstream.
  • BTC, the crypto market leader, jumped 6% to a fresh 2020 high of more than $12,700 before settling down to $12.688, up 5.99%, while ETH and BCH rose 4% and 7%, respectively.
  • While LTC’s double-digit price rise is impressive, its relatively less liquid than BTC so a relatively big orders can have substantial impact on price.
  • “LTC markets are thinly traded and its largely spot, so traders don’t have many ways to express sentiment other than trade spot,” CoinShares CSO Meltem Demirors told CoinDesk in a Twitter chat.

UPDATE: 17:40 UTC: Adds commentary on litecoin’s lack of liquidity.

https://www.coindesk.com/litecoin-surges-after-paypal-includes-it-among-the-cryptos-its-customers-can-buy-sell-hold

Original Article
Author: btcethereumadmin

Bitcoin soars to $12.9K as PayPal proves crypto is ready for everyone – BTC Ethereum Crypto Currency Blog

Further gains in Wednesday trading come as mixed reactions flow in over PayPal’s decision to support four cryptocurrencies in 2021.

Bitcoin (BTC) hit highs of $12,865 during trading on Oct. 21 as news that PayPal would support cryptocurrency continued to boost markets.

Cryptocurrency daily market overview. Source: Coin360

BTC price closes in on 2019 highs

Data from Cointelegraph Markets, Coin360 and TradingView confirmed Bitcoin’s best day in over a year as 24-hour gains topped 7%.

At press time, hours after rising to $12,400, BTC/USD crossed $12,500 to only see resistance at just below $13,000.

BTC/USD 1-hour price chart. Source: TradingView

As Cointelegraph reported, PayPal plans to support Bitcoin and three altcoins — Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from next year.