This article provides: an overview of how BTC, XRP, BCH, USDT, and TRX have been doing over the past 24-hour period; a recap of interesting recent news that might have affected their prices (or might do so in the future); and recent useful observations from Crypto Twitter regarding these cryptocurrencies.
All market data used for the price charts in this article was taken around 08:00 UTC on 30 October 2019 from CryptoCompare, which also generated the price charts shown in this article.
Bitcoin went above $10K to reach $10,094 on October 26, mostly as the result of the Chinese media reporting on October 25 the very positive comments President Xi Jinping had made about blockchain technology on October 24. Although the Bitcoin price has come down 8.6% since then, Bitcoin is still up around 23% in the past 7-day period.
Bitcoin’s current market cap is around $166 billion, and its market cap dominance is around 67%.
Could we see Bitcoin rising above $10K again in the near future?
Well, here is prominent crypto trader Josh Rager with his technical analysis of Bitcoin’s recent price action:
$BTC – Lower time frame chart shows price in a few hundred dollar range
Daily support below, while overhead is the weekly and monthly open (resistance) with a break and close above these areas on higher time frames will likely be a signal to move up in the $10ks
— Josh Rager 📈 (@Josh_Rager) October 30, 2019
In the past 7-day period, XRP has gone up 9.07%, partly due to the general excitement in the crypto markets caused by China’s enthusiasm for blockchain technology and partly because of the anticipation over the upcoming two-day Ripple conference—Swell 2019, which is held November 7–8 in Singapore—where we are likely to hear from Ripple how well the company in signing up new customers and more specifically, how many of its customers are using Ripple’s liquidity solution, xRapid, which uses XRP as the bridge currency for cross/border payments.
Another interesting bit of news, reported by Cointelegraph earlier today, is that, according to BitInfoCharts, “XRP’s daily transactions now account for more than 50% of all the cryptocurrency transactions during the last 24 hours.”
Bitcoin Cash (BCH)
The past few days have been great for Bitcoin Cash; in fact, its performance in the past 7-day period has been even more impressive than that of Bitcoin: +39.06% vs. +23.53%.
Around 10:00 UTC on October 25, around the same time that Bitcoin’s price started going up, Bitcoin Cash was trading at $218.41. By 02:00 UTC on October 29, the BCH price had reached $265.31. This seems to suggest that last Friday’s news out of China helped Bitcoin cash to register a gain of 21.47%.
However, an important piece of news came out around this time that seems to have helped Bitcoin Cash enjoy another 9.3% price rise: rumors started flying around Crypto Twitter that Jihan Wu, a Co-Founder of Chinese crypto mining giant Bitmain had ousted Micree Zhan, the other Bitmain Co-Founder. What is even more interesting is that there was another Bitcoin rumor about Micree Zhan considering dumping his BCH holdings (around 1.6 million BCH):
#BitmainDrama episode 2
Chinese news reported: according to who’s close to the matter, Micree was outcasted in an ugly way, he may consider dump $BCH he owns .. which is 1.6M BCH total 🤯🤯
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 29, 2019
One would think that the chaos currently going on at Bitmain (with the two co-founders at war) would have had a negative impact on the Bitcoin Cash price, but in fact the opposite has happened.
Yesterday (October 25), Cointelegraph reported that crypto exchange OKEx had announced that it was “planning to launch Tether (USDT) futures trading, offering a linear futures contract with leverage of up to 100x.” Apparently, there will be daily-settled contracts against Bitcoin (BTC), EOS, Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP, Ethereum Classic (ETC), Bitcoin SV (BSV), and TRON (TRX).
In the past 7-day period, the TRX price has gone up 47.20%. Although China’s blockchain announcement has helped not just Bitcoin, but most altcoins as well, 47.20% is still a pretty impressive number. Some of the gain might be due to the partnership between TRON Foundation and Samsung, which TRON Founder and CEO Justin CEO is expected to officially announce later today (12:30 PDT or 19:30 UTC) at the Samsung Developer Conference (SDC).
TRON is integrated through the updated Samsung Blockchain Keystore SDK, where developers can build applications running on TRON blockchain. Through these applications, users have direct access to TRON blockchain from their devices, as well as other best in class features that TRON blockchain offers.
Featured Image Credit: Photo via Pixabay.com