“The store of value generation” is what entrepreneur Mark Cuban termed young crypto investors as. In a blog explaining this narrative, the billionaire today seemed to caution older generations and Wall Street stalwarts. He stated why the idea “that a crypto asset could be a store of value” is not “crazy.”
Old Schoolers say that you need to have something “tangible” in order for there to be value and we will deal with fraud after the fact. The New Generation…has known their entire lives that what has been of greatest value to them has been digital .
According to Cuban, a stock was also a “digital store of value” and further said:
They also know that the more they work together , the less power Wall Street has. They know that fat and happy Wall Street has become slow, stale and set in their ways.
Cuban believed that Bitcoin “having a decade-plus long history of transactions and wealth generation’’ was a store of value. Young investors don’t find it any different in getting advice from peers on social media hubs or from an influencer speaking on mainstream media. He believed that the modern investors know how a smart contract and the digital asset it reflects “are a better investment than the old school narrative of “STFU” or see, touch or feel uses.
Cuban’s opinions are in stark contrast to gold advocate Peter Schiff’s who has often criticized Bitcoin as a bubble and a Pyramid scheme. In a recent tweet he implied that the investors in the digital were actually falling for a “Bitcoin scheme.
Bitcoin is neither a Ponzi Scheme, a Pyramid Scheme, nor a Chain Letter, though it incorporates elements of all three. It’s really a more sophisticated version modernized for the digital age. My guess is that in the future similar schemes will be referred to as a #Bitcoin Scheme.
— Peter Schiff (@PeterSchiff) January 28, 2021
Mark Cuban’s evolving beliefs about crypto assets, Bitcoin in particular began in 2019 when Cuban referred to the asset as a collectible. At the time, he gave Bitcoin “no chance” of becoming a reliable currency. However, he recently claimed that as long as people accepted Bitcoin “as a digital version of gold,” it was investable. He still maintained that such assets “are rarely used as currency” such as Bitcoin, Ether and “tokens” that “support DeFi.”
3 Factors Which Affect Cryptocurrency Price
Cryptocurrencies are playing an ever greater role in the way we live our lives, including how we spend our free time online. Increasingly, people are logging on to sites like nolimit casino to enjoy the strategy of blackjack, the thrill of roulette and the entertainment of slots, all while funding their enjoyment using cryptocurrency as a form of payment.
But unlike traditional means of currency, crypto is often subject to volatile price fluctuations, meaning that it can be worth significantly more (or less) one day than it is the next. This can make managing a crypto wallet a difficult endeavor for those who favor the payment system when gambling, shopping and browsing online – so how can they stay abreast of the latest developments in the sector and better understand the factors which affect the market? Here’s a quick run through some of the biggest contributors to the rises and falls of cryptocurrency valuations.
Supply and demand
As with any commodity, a cryptocurrency is only worth what others are willing to pay for it. Some, like Bitcoin, have benefited from the fact that there is a finite supply – some 21 million Bitcoins in total, with around only four million that have yet to be mined. This means that the supply will never increase above that figure, even as demand continues to grow. By contrast, Ripple has a cap of 100 billion XRP coins, over half of which had yet to be mined at the time of writing. This surplus of supply means that Ripple is a lot cheaper than Bitcoin – at least for now.
Because it’s a very new technology, there is understandably a considerable amount of hesitancy among the investment community when it comes to trading in cryptocurrencies. As they become more commonplace and widely accepted in society, that trepidation is likely to ebb away in the long term – especially if they come to be formally recognized by national governments. Of course, the inverse is also true, as was recently witnessed with the news that China has banned financial institutions and online payment companies from accepting cryptocurrencies earlier this year. The shockwaves from the announcement saw crypto prices come tumbling down around the globe.
It isn’t just a country’s official stance on crypto which can have a huge bearing on its value, either. Public perception of a commodity is shaped by a wide variety of factors, including the views and actions of societal leaders. A prominent example of this kind of factor occurred earlier this year, when tech billionaire and CEO of Tesla Elon Musk said that he would be dropping all use of Bitcoin until the technology behind the currency became more eco-friendly. The ramifications of Musk’s announcement not only put a squeeze on the price of Bitcoin, but also had a knock-on effect on the valuations of almost all other cryptocurrencies, as well.
Due to their volatility and unpredictability, cryptocurrencies can represent a risky investment. However, the factors which affect their fluctuation in price can be clearly traced, allowing savvy investors to make informed decisions on when to buy and sell crypto.
Bitcoin Cash, Ethereum Classic, Filecoin Price Analysis: 21 May
Bitcoin Cash targeted its 50% Fibonacci level ($1,075.5) to enable swift recovery on the charts while Ethereum Classic threatened a 30% fall if it failed to hold on to the $65-support. Finally, Filecoin’s comeback fared better than most alts, but its gains were limited to the $95-resistance level.
Bitcoin Cash [BCH]
Bitcoin Cash’s bearish turnaround epitomized the change in fortunes of the broader cryptocurrency market. On 12 May, BCH formed a local peak at $1,642, but fell as low as $500 post the crypto sell-off. This represented a staggering loss of over 70% in just eight days. While BCH was able to recover above its 78.6% Fibonacci level ($747.4), the candlesticks remained below their 20-SMA (red), 50-SMA (yellow), and 200-SMA (green), at the time of writing.
With capital slowly moving back into crypto, recovery for most alts is expected to be a gradual process and BCH was no exception.
A key resistance zone lay at the 50% Fibonacci level ($1,075.5) and close to the 200-SMA. Reclaiming this area could trigger a price hike moving forward. Lower highs on the RSI pointed to a weakening for BCH even prior to the broader market pullback. A fall below $747 could open up some long opportunities. Some bullish momentum was visible on the Awesome Oscillator, but not enough to warrant a breakout just yet.
Ethereum Classic [ETC]
On the 4-hour charts, Ethereum Classic was at a crossroads between its 20-SMA (red) and 200-SMA (green). The press time level was of significance as it also clashed with the 50-SMA on the hourly and daily timeframes as well. The threat of a breakdown was just around the corner, one that could trigger a 30% retracement towards the $47.8-support.
If the present support level is maintained, some sideways movement can be expected over the coming sessions. If ETH manages to claw back above $3,000, a corresponding effect would be noticeable for ETC. This outcome could result in a 20% hike towards the $88-mark.
Bearish momentum was on the decline, according to the Squeeze MomentumIndicator, but this worked as a hedge against breakdown rather than a price rally. The RSI was being traded at around 40, at press time, and indicated weakness.
Filecoin’s bounce back from the $65.3-support triggered an impressive 42% price hike towards $95, but a breakout was denied by the sellers. However, the state of its technicals was slightly bullish when compared to most alts. The RSI stabilized just below 50, while the MACD line maintained itself above the Signal line.
If the buyers prevail and push FIL above its $10.5-resistance, expect another 17% surge towards the $124.4-resistance. This upper ceiling presented the cut-off point for the bulls but if it is breached, FIL could see gains all the way up to $164.5.
Litecoin, BAT, Compound Price Analysis: 16 April
Litecoin suffered from the recent wave of bearish pressure as it was stopped just short of the $300-mark, and could be set to retrace as far south as $260 and $244. Basic Attention Token was heading toward its range lows once more, while Compound moved almost vertically north. It could note a steep drop back towards the $530-level, especially if Bitcoin is unable to defend the $60,400-area.
A pitchfork tool highlighted some dynamic levels to watch out for. LTC broke out of its month-long symmetrical triangle over the past ten days but faced resistance at the $296-mark. Following the same, it fell rapidly and looked like it would test the median line of the pitchfork (red).
The MACD was a long way above zero, underlining the extreme bullish momentum of the past three weeks. LTC might be able to find support in the $260-area, but closing under the median line will likely foreshadow a move to the $244-level.
Basic Attention Token [BAT]
BAT was trading within a range, with some candlewicks going to either side of the range boundaries. Nevertheless, BAT had some demand at the $1.4-area over the past week, and it has consistently been unable to climb past the $1.58-zone.
The RSI formed a series of lower highs in the time period BAT was within this range, and slipped beneath neutral 50 even as the price fell beneath the range’s mid-point at $1.48. Alongside the falling Stochastic RSI, this showed bearish pressure and could take BAT to retest the range lows.
Since breaking out of the descending triangle, COMP has reached a high of $612. It had been rejected sternly at $550 earlier this month, and after consolidating for a few days around the $450-area, COMP made strong gains once again. This was accomplished backed by rising trading volume, with the same showing market conviction.
This conviction can drive the rally further and COMP would need some time to gather steam for its next move. $550 and $526 were the levels of support for the price. The Volume Profile Visible Range showed the Point of Control lay at $451 and some support can also be expected at $480-$490.
Bitcoin Cash Price Analysis: 16 April
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Bitcoin Cash has seen strong bullish momentum right from the last week of March, with BCH noting a steady uptrend which resulted in a price surge of over 120 percent. However, in the last 24 hours, some of BCH’s upward movement has been arrested, with the altcoin coming in contact with a strong resistance level.
At the time of writing, Bitcoin Cash was trading at $905 with a registered market capitalization of over $17 billion, making it the 11th largest cryptocurrency in the market. BCH had a 24-hour trading volume of $6.5 billion, with its price going up by over 47 percent in the last week alone.
Bitcoin Cash 1-day chart
Bitcoin Cash’s uptrend finally came across a bit of resistance around the $984-level and if the coin fails to breach this range in the coming 24-hours, then a trend reversal cannot be discounted for BCH over the coming week. In such a scenario, the immediate support at $801 may be its target. There was also another strong support around the $701-price range, however, such a steep drop seemed unlikely given the present market scenario.
If the immediate resistance remains untouched, traders can benefit from long positions and take profit around the $800-price level.
While BCH’s prospects on the charts have seemed quite bullish for over two weeks, a trend reversal may be in the works. As per the coin’s technical indicators such as the MACD indicator and the RSI, both look bullish in the short term. However, if one were to take a closer look at how the market has responded, it will give us a clearer picture of what to expect in the next 7 days.
The RSI, at press time, was well into the overbought zone and interestingly, the last time it occupied such a level was back on 21 February. The following day, the altcoin registered a massive price correction, one that negated a lot of its bullish momentum.
The MACD indicator, on the other hand, underwent a bullish crossover. A reversal to a bearish crossover didn’t look imminent, at the time of writing.
Important levels to watch out for
Entry point: $886
Stop loss: $968
Take profit: $811
Risk/Reward Ratio: 0.91
Bitcoin Cash may see a slight trend reversal, one resulting in a price correction if the immediate resistance isn’t breached in the coming day’s time. In such a scenario, the altcoin may head towards $800 in the coming week and give traders with short positions an opportunity to profit.
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