TechnologyBitcoin’s Surge Means Smaller Rivals May Be Due for Rallies

18:40  28 august  2019
18:40  28 august  2019 Source:   msn.com

Bitcoin consumes more energy than Switzerland, according to new estimate

Bitcoin consumes more energy than Switzerland, according to new estimate Though researchers acknowledge that reliable estimates are ‘rare’

Bloomberg reckons it might be due to "enhanced interest and acceptance from established financial companies" as firms have taken interest in Bitcoin ' s Some commentators have pointed out the recent surge is just part of a cycle we've seen before. Jameson Lopp, an engineer at Bitcoin security

Although Bitcoin ' s on-chain volume certainly looks positive, it remains unclear as to whether or not this is Although many traders and analysts alike are currently looking towards relatively small Bitcoin price Although this massive upwards surge did lead to a bullish upwards momentum, recent news

(Bloomberg) -- In the crypto world, Bitcoin continues to reign supreme.

The largest digital asset is outperforming the next three biggest alternatives this year. It’s managed to hold above the key $10,000 level in the face of increasing headwinds. In times of recent market turbulence, it’s even taken on somewhat of a safe-haven accreditation.

But technical indicators show the price action between Bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon. Alternative coin prices appear to be mimicking Bitcoin nearly one-to-one, with the highest correlation happening between Bitcoin and Ether, according to data compiled by Bloomberg.

A Goldman Sachs Analyst Is Bullish on Bitcoin. But Is Goldman?

A Goldman Sachs Analyst Is Bullish on Bitcoin. But Is Goldman? In a packet of slides sent to clients yesterday, Goldman Sachs Group Inc. technical analyst Sheba Jafari said that Bitcoin could go up by 23% in the short term, and that later the coin could go even higher. That doesn’t mean the bank is bullish on Bitcoin, though. The views “are not an ‘official view’ of Goldman Sachs,” cautions a note introducing the 28-page packet of slides titled “The Charts That Matter Next Week.” The bank sends such packets to clients weekly to highlight market trends to watch out for.

The Rally Might Be Part Of A Plan By Investors To Short Bitcoin And Then Sell Their Bitcoin Holdings. Coinbase, the most popular cryptocurrency exchange platform, has gone offline multiple times in recent weeks due to surges in traffic from prospective buyers.

The value of Bitcoin has been somewhat turbulent since it reached its record high in 2013, but it' s surging The increasingly widespread acceptance of Bitcoin has been fascinating to watch. Lopp added that the good news coming out of the Bitcoin ecosystem this year means that the currency is

Bitcoin’s Surge Means Smaller Rivals May Be Due for Rallies© Bloomberg Bitcoin and alternative tokens have become highly correlated

The correlation can be “attributed to the consolidation pattern we have seen in the crypto space,” said Ed Moya, chief market strategist at Oanda Corp. “Volatility has eased quite a bit over the past couple of weeks as regulatory concerns and future hurdles have somewhat eased.”

Cryptocurrencies have rallied across the board this year thanks to expectations of greater institutional adoption and plans by Facebook Inc. to launch its own stablecoin. Bitcoin has gained about 175% in 2019, outperforming tokens including Litecoin, up close to 150%, and Bitcoin Cash, which has more than doubled. Ether has gained about 40% in that period.

Bitcoin’s outperformance can be tied to its overall dominance, which has increased to levels not seen since April 2017, according to Ryan Alfred, president of Digital Assets Data, a data platform. The trend could indicate a consolidation in the crypto space of money from alt coins flowing into Bitcoin. The correlation may be short-lived, he said.

Even Cryptocurrencies Are Now Getting Clobbered In This Market

Even Cryptocurrencies Are Now Getting Clobbered In This Market Bitcoin is quickly losing the refuge designation bestowed by some advocates in recent weeks as the largest cryptocurrency joins the global slide in riskier assets. Smaller rivals tumbled even further. After rallying while U.S. equities plunged earlier in the month, Bitcoin has followed stocks lower, with the digital asset tumbling about 14% this week to push it’s price to around $10,200. The token, which last traded below $10,000 on Aug. 1, had climbed as high as $13,852 on June 26.Ether slumped as much as 12% Wednesday, while XRP slumped as much as 20% in a sudden early afternoon sell-off.

An abrupt surge in Bitcoin sent the world’ s most popular cryptocurrency to the highest level since November, jolting Traders struggled to pinpoint reasons for the rally , though some noted a flood of activity after Bitcoin this link is to an external site that may or may not meet accessibility guidelines.

Bitcoin ' s gains followed an uneventful split last week into bitcoin and bitcoin cash, an upgrade proposal supported by a minority of developers. This week, an overwhelming majority of developers signaled their support for a more popular upgrade called Segregated Witness, or SegWit.

CoinCorner, a crypto exchange, is seeing a similar trend. More than 90% of the company’s customer transactions are related to Bitcoin. Ethereum, Litecoin and Ripple make up about 7%, said Danny Scott, the firm’s chief executive officer.

“Altcoins are slowly dying out in respect of interest when compared to Bitcoin,” he said. “As always in this industry, it eventually comes back to Bitcoin.”

--With assistance from Kenneth Sexton.

To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Brendan Walsh

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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Bitcoin treads water around $8,000 after its worst week of the year .
The price of bitcoin struggled to remain above the $8,000 level Sunday, following its worst weekly price loss of the year. Bitcoin (BTCUSD) was above $10,000 as recently as last Sunday, but has since fallen about 20%. As of Sunday night, bitcoin was around $8,020, according to CoinDesk.The leading cryptocurrency has fallen about 34% over the past three months. In June, bitcoin topped the $10,000 mark for the first time since early 2018.“Bitcoin’s recent price drop is a result of technical and fundamental factors,” Bitbull Capital CEO Joe DiPasquale wrote last week, according to Barron’s.

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