How Bitcoin Distribution Is a Bullish Sign For Greater Adoption

 

There are a number of differing metrics analysts use to determine the health of the Bitcoin ecosystem. Hash rate and transactions are two of the most popular but distribution in terms of the number of addresses can also be used to determine adoption rates.

Bitcoin Addresses Increasing

Over the past two years the number of BTC addresses has surged indicating that the asset is undergoing greater adoption. The largest gain is the number of addresses with less than a million satoshis which also suggests a more even distribution that is not just a few whales or large exchanges.

According to director of research at The Block, Larry Cermak, this is a very bullish metric.

“This is probably the most bullish chart on Bitcoin I’ve seen to date. Even though a single person can own multiple addresses, this to me clearly indicates user growth and an improving distribution.”

The numbers of addresses holding very large amounts of BTC have not increased anywhere near the rate of the smaller ones. A major jump has occurred since 2017 in addresses holding just 100k satoshis despite the massive bear market of 2018. This could be a sign of mass accumulation of smaller amounts of Bitcoin.

In a similar observation, Coinbase CEO Brian Armstrong noted the increase in addresses holding 10BTC and that it too has hit a new high.

“Great charts from Coinmetrics, showing crypto industry growth. For instance, the number of addresses holding at least 10 Bitcoins recently hit an all-time high.”

Still Top Heavy?

It has often been suggested that a small number of whales can control a disproportionate amount of the supply of BTC, and thus influence its price. However, stats on Bitinfocharts.com suggest that the number of addresses holding just a dollars’ worth is also on the up.

The site suggests that almost half of all BTC addresses hold less than 100k satoshis. A quarter of addresses hold between 100k and a million satoshis and 17% contain between a million and ten million sats. Only ten percent or so of BTC addresses hold more than 1 Bitcoin according to the website, however it should be noted that there are a lot of coins being held in that ten percent!

 

 

Martin Young

 

David – http://markethive.com/david-ogden

Bitcoin (BTC) Price Weekly Forecast- Downside Thrust Before Fresh Rise?

• There was a steady rise in bitcoin price above the $10,500 resistance against the US Dollar.

• The price is currently correcting lower after it traded to a new monthly high close to $11,000.

• There is a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

• There could be a downside correction towards the $10,100 support area before a fresh increase.

Bitcoin price is trading with a bullish bias above $10,000 against the US Dollar. BTC remains buy on dips as long as there is no daily close below $10,000.

Bitcoin Price Weekly Analysis (BTC)

In the last weekly forecast, we discussed the importance of the $10,000 resistance for bitcoin price against the US Dollar. The BTC/USD pair remained well bid and managed to surpass the $10,000 resistance. Moreover, there was a break above the $10,500 resistance and the 100 simple moving average (4-hours). Finally, the price climbed above the $10,800 level and traded close to the $11,000 level.

A swing high was formed near $10,949 before the price started a downside correction. There was a sharp decline below the $10,800 and $10,500 support levels. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $9,300 low to $10,949 high. Finally, there was a break below the $10,400 level. However, the price stayed above the $10,000 support and the 100 SMA.

Additionally, the price is trading nicely above the 50% Fib retracement level of the last wave from the $9,300 low to $10,949 high. There is also a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line support, there could be a sharp decline below $10,000 in the near term.

On the upside, an initial resistance is near the $10,600 level. If there is an upside break above $10,600, the price could revisit the $10,800 resistance. Finally, a close above the $11,000 level may perhaps set the pace for a larger upward move towards the $11,700 level.

Looking at the chart, bitcoin price seems to be correcting gains, but it is trading nicely above the $10,200 support area. The main support is near $10,000, below which the price could turn bearish in the coming sessions. On the upside, the price might continue to struggle near $10,800 and $11,000. Overall, there could be another dip towards $10,100 before a fresh increase.

Technical indicators

4 hours MACD – The MACD for BTC/USD is about to move back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly rising towards the 55 level.

Major Support Level – $10,000

Major Resistance Level – $10,800

 

Aayush Jindal

David – http://markethive.com/david-ogden

Manny Pacquiao Releases His Own Cryptocurrency

The boxing prodigy from Philippine, Manny Pacquiao has announced the launch of his own cryptocurrency doing a concert in Manila city. The concert gathering had more than 2,000 fans to pimp up the fad for the new cryptocurrency. Sunday’s concert marked the unification of music with the virtual currency as Pacquiao recited songs from his hit album and abruptly announced the launch of his cryptocurrency right before the show came to an end.

“Pacquiao is idolized by many. People will be encouraged to check this innovation,” said Aaron Baetiong, a person who attended the concert, spoke about the “Pac” tokens.

In July, 40-year-old defeated Keith Thurman winning the Welterweight Super Championship of WBA. The man also boasts of being a Philippine senator, and endeavors earn through his brand new “Pac” tokens that let its users buy the merchandise as well as interact the celebrity through social media.

The token is also reported to be listed on GCOX, the Global Crypto Offering Exchange (GCOX) of Singapore with Pacquiao along with the ex-Liverpool & England soccer champion Michael Owen to be deemed as the private investors. They will also be accompanied by a person from the family of Abu Dhabi’s ruler, Sheikh Khaled bin Zayed al-Nahyan. Hence the stardom of the token is not just known to the world but also been back up by robust and powerful candidates.

This new token is right now acknowledged as the Pac token. Although, this token is reported to be listed on GCOX. Coming from a household name, the token will be a good acquaintance to global celebrities too.

Even the main website for the proprietary launch mentions that the champion’s status and fame will be promptly used to promote the adoption of the new tokens. Here are the exact words:

“PAC Token (PAC) rides on the advantage of blockchain by transforming the popularity and brand of Manny Pacquiao into crypto tokens, which are quantifiable and exchangeable. Millions of fans will now be able to get closer to their idol Manny Pacquiao by having access to his bespoke fan-celebrity programs powered by GCOX.”

 

 

BY SARA GILLARD

David – http://markethive.com/david-ogden

Bitcoin price prediction – BTC/USD key hurdles in the rearview ahead of the weekend-Bitcoin Confluence

 

• Bitcoin seems to be stuck in a range between $10,800 (range limit) and $10,400 (range support).

• A clear path exists between the immediate resistance ($10,791) and the next hurdle at $11,572.67.

Bitcoin bears pressed down on key support areas following the rejection around $10,800 but the buyers managed to keep the price above $10,500. Besides, Bitcoin seems to be stuck in range between $10,800 (range limit) and $10,400 (range support). A breakout is likely to take place ahead of the weekend session towards the coveted psychological level at $11,000.

 

BTC/USD 1-hour chart

As far as the confluence levels are concerned Bitcoin has pulled above the strongest resistance zones. In other words, the path of least resistance is to the upside in the short-term. Glancing upwards, $10,791 is the first hurdle. The various technical levels at the zone include SMA 10 15-mins, Previous High 15-mins, previous high 1-hour, Bollinger Band 4-h upper and the Bollinger Band 15-mins Upper.

A clear path exists between the immediate resistance and the next hurdle at $11,572.67. Highlighting this resistance area is the Fibonacci 161.8% 1-week and Pivot Point 1-month R1.

To the downside, immense support exists starting with $10,679: SMA 5 1-hour, Previous Low 1-h, Bollinger Band 15-mins Middle, Previous High 4-hour, BB 1-hour upper, previous low 15-mins and SMA 5 15-mins. The most significant support is the one at $10,567 while $10,456 and $10,121 will come in handy to give the bulls a breather in the event declines extend extensively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

John Isige  FXStreet

David – http://markethive.com/david-ogden

Bitcoin Price Continues to Eye $11K as Most Altcoins See Minor Gains

Market visualization. Source: Coin360

Bitcoin continues to show impressive price movement after trading close to $10,300 for the better part of the day. At publishing time, the No. 1 cryptocurrency is trading at $10,718 — up 2.9% on the day, according to data from Coin360.

Bitcoin’s 24-hour price chart. Source: Coin360

Bullish sentiments towards BTC seem to have won out once again as Bitcoin dominance hit 70.5%. Cointelegraph reported at the beginning of August that crypto perma-bull and former Wall Street trader Max Keiser had claimed Bitcoin dominance is heading towards 80% and that altcoins are dying — and will “never come back.”

The No. 1 altcoin, Ether (ETH), is showing a minor uptick of 1% and currently trading at $181 per coin.

Ether’s 24-hour price chart. Source: Coin360

Ripple’s XRP token continues to trade steadily and is showing minor gains of 0.1%. At publishing time, the world’s third-most popular coin is trading at $0.263.

Cointelegraph reported on Sept. 3 that, according to Whale Alert, a live tracker for cryptocurrency transactions, Ripple had moved 500 million of its native XRP tokens (worth about $130.1 million at publishing time) from its escrow wallet.

XRP’s seven-day price chart. Source: Coin360

Major losers and gainers among top 20 altcoins

Among the top 20 cryptocurrencies by market capitalization, Huobi Token (HT) is showing the biggest gains on the day — up more than 4% to trade at $4.11 at publishing time. Bitcoin Cash (BCH) is the second-best performer in the top 20 altcoins, showing gains of just under 4% to trade at $304 per coin.

The worst-performing top 20 altcoin is Tezos (XTZ) with a loss of 4% on the day. One Tezos is now being traded at $1 per coin.

Overall cryptocurrency market capitalization currently sits at $271 billion, with BTC’s share accounting for 70.5% of the total.

 

By Joeri Cant

David – http://markethive.com/david-ogden

Bitcoin And Crypto Market Rally Looks Real – LTC, BNB, BCH, TRX Analysis

• The total crypto market cap recovered nicely and broke the key $250.0B resistance area.

• Bitcoin price is up more than 7% and it recently climbed above $10,400.

• Binance coin (BNB) price is also gaining momentum and it recently broke the $22.50 resistance.

• Litecoin (LTC) price is facing a few solid hurdles near the $68.00 and $70.00 levels.

• BCH price is up more than 5% and it is about to break the $300 resistance area.

• Tron (TRX) price is slowly moving towards the $0.0160 and $0.0162 resistance levels.

The crypto market cap and bitcoin (BTC) are currently surging above key resistances. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS are also correcting higher.

 

Bitcoin Cash Price Analysis

BCH price formed a decent support base near the $280 level against the US Dollar. The BCH/USD pair started a solid upward move and broke the $290 resistance level. The price is currently up more than 5%, with an immediate resistance near the $300 level

If the price surges above the $300 and $305 resistance levels, there could be more gains in the coming sessions. On the downside, the $290 level may now act as a support in the short term.

 

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price is also showing a lot of positive signs and it recently climbed above the $22.00 resistance area. BNB price is up around 6% and it is trading above the $22.50 resistance level. The next key resistances are near the $23.00 and $23.20 levels.

Litecoin price is still facing a lot of hurdles on the upside near the $68.00 and $70.00 level. LTC price must settle above the $70.00 level to start a decent upward move. On the downside, the main supports are near the $65.00 and $62.00 levels.

Tron price is slowly moving higher and is trading above the $0.0155 level. An immediate resistance is near the $0.0160 level, above which TRX price could climb further above the $0.0162 resistance level. The main supports on the downside are near $0.0152 and $0.0150.

Looking at the total cryptocurrency market cap 4-hours chart, there solid recovery initiated from the $235.0B support area. The market cap broke the $240.0B and $250.0B resistance levels to move into a positive zone. Moreover, there was a break above this week’s followed bearish trend lines near $248.0B and $252.0B. The market cap is now placed nicely above $250.0B and the 100 SMA on the same chart. Therefore, there could be more gains in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.

 

 

Aayush Jindal

David – http://markethive.com/david-ogden

Kyrgyzstan to Impose Taxes on Bitcoin Miners

Kyrgyzstan, a formerly notorious anti-crypto country, is making some moves towards reversing a years-old negative stance on crypto assets.

According to a report from local news outlet Kabar, the Ministry of Economy in the Central Asian country submitted a draft bill to introduce a new taxation structure to cryptocurrency mining. The Kabar report revealed that earlier this week, the ministry submitted a draft bill titled “On Amending the Tax Code,” which seeks to outline its proposed method of taxing crypto miners

As the news medium pointed out, the Ministry of Economy is exploring two possible means of getting this done. The first will be to put a tax rate on incomes earned through mining, while the second will be to tax expenses being incurred by miners as they carry out the activity.

The taxation of crypto mining is a significant development in the country, especially for several reasons. The first of these would have to be the projected revenues that this could drive for the government. According to Kabar, the government of Kyrgyzstan is carrying this action out to primarily raise budget revenues, as it notes that they could see revenue increases over 300 million som (about $4.2 million).

Given that their annual budget stands at about $1 billion, this c#isnt such a terrible means of getting some cash to finance things. In addition to this, introducing taxes for mining is also a breakthrough for the crypto sector in the country.

The government of Kyrgyzstan imposed a sweeping ban on cryptocurrencies back in 2014, when the National Bank of the Kyrgyz Republic (the country’s highest banking institution) issued an official statement warning that the use of Bitcoin and other crypto-assets as payment methods was illegal under national law.

At the time, the bank warned that Bitcoin was an unregulated, highly volatile currency. In the release, the financial authority claimed, “Under the legislation of the Kyrgyz Republic, the sole legal tender on the territory of our country is the national currency of Kyrgyzstan som. The use of ‘virtual currency,’ Bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state.”

Essentially, this meant that Bitcoin and crypto assets had been banned in the country long before Bitcoin trading blew up, and the asset’s price very nearly reached $20,000 per token.

All of the potential earnings and benefits that Bitcoin and crypto assets have brought to favorable jurisdictions since then have essentially eluded Kyrgyzstan. It would seem that the government is tired of missing out on all this, and is now ready to accept the asset into its economic framework.

It is also worth noting that while the government banned virtual currencies, they remained in the country. Last year, Valery Tutykhin, Head of the Finance Centre Development Agency, spoke to news medium 24.kg and claimed that citizens of the country could still perform stock trading and investments with cryptocurrencies.

So, why wait? Embrace cryptocurrencies impose taxes on anyone looking to mine, and enjoy the benefits of a budding industry while you make money as well.

 

SEPTEMBER 1, 2019 Jimmy Aki

David – http://markethive.com/david-ogden