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Numerous On-Chain Metrics Turn In Favor Of Ethereum – $500 Next?

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Numerous On-Chain Metrics Turn In Favor Of Ethereum - $500 Next?

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Ethereum price is currently $367 after establishing a renewed uptrend on the daily chart. The smart-contracts pioneer remains rank 2 by market capitalization with $41 billion and has experienced a notable rise in trading volume since July 1.

The ETH 2.0 release has been delayed several times, diminishing the confidence of investors. However, this major and fundamental upgrade will have a huge impact on the price of Ethereum. A successful launch can be the spark of a new and bigger bull rally towards the all-time high and above.

Ethereum Metrics Shift Bullish 

One of the biggest issues faced by Ethereum users is the high gas cost. Back in September 2020, ETH had two major price spikes in gas. Fortunately, it seems that October has cooled off prices, dropping from a high of 500 GWEI to a 3-month low of 48.123.

One of the most bullish on-chain metrics favoring buyers is the number of addresses holding at least 10 ETH coins. According to Glassnode, this number has reached a new all-time high at 289,081 indicating that the interest in the digital asset continues growing.

Furthermore, thanks to a chart provided by Santiment, we can observe a significant increase in the number of Ethereum whales as well. The number of holders with at least 100,000 coins and up to 1,000,000 ETH increased from a low of 159 on September 21 to 165, currently. That means that there are 6 more whales holding approximately at least $216 million worth of ETH.

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The good news doesn’t stop there. The number of ETH inside exchanges has hit a 10-month low. A high ETH balance on exchanges usually indicates strong selling pressure, in this case, it shows that investors are not interested in selling right now. It also seems that Ethereum’s realized price, which is the realized cap divided by the current supply, has hit a 21-month high of $244.44

Only 1 Final Barrier For Ethereum to Hit $500

With so many bullish on-chain metrics in favor of Ethereum, can we see the digital asset hit $500 again?  

Looking at the daily chart, we can observe a critical resistance level established at $390 and tested several times in the past. Although the 50-SMA, 100-SMA, and 200-SMA are all support levels, bulls still need to see a breakout above $390. 

Climbing over this point will easily allow Ethereum to at least reach the 2020-high of $488.8 which is extremely close to the price target of $500. 

The IOMAP chart seems to validate this idea as it shows only one strong resistance area between $368 and $378 but almost no resistance beyond this point. 


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/numerous-on-chain-metrics-turn-in-favor-of-ethereum-500-next/

Blockchain

I Like Bitcoin Even More, It’s The Best Inflation Trade: Billionaire Investor Paul Tudor Jones

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  • Billionaire hedge fund manager Paul Tudor Jones III has become an even bigger Bitcoin fan following the most recent price developments.
  • As CryptoPotato reported back in May, Jones bought an undisclosed amount of BTC to protect himself amid the rising fears of increased inflations.
  • In an interview with CNBC’s Squawk Box, the prominent investor doubled-down on his words that Bitcoin serves as a hedge against the failing traditional financial world.
  • Jones noted that “I like Bitcoin even more now than then [when he bought BTC in May]. It’s in the first inning and has a long way to go.”
    Paul Tudor Jones
    Paul Tudor Jones
  • He also clarified now that BTC has a single-digit percentage in his investment portfolio. However, he believes that Bitcoin could outperform all other traditionally regarded as safe-haven investment assets:
  • “The reason I recommended Bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being a long yield curve and I came to the conclusion that Bitcoin was going to be the best inflation trade.”

  • Jones is not the only representative of the traditional investment world to have come on board the Bitcoin bandwagon. The Former CEO of the insurance giant Prudential and current Chairman of Sanders Morris Harris, George Ball, recently said that BTC is an attractive long-term investment.
  • In addition, giant companies like MicroStrategy and Square recently purchased millions of dollars worth of Bitcoin.

Featured Image Courtesy Of CNBC

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Source: https://cryptopotato.com/i-like-bitcoin-even-more-its-the-best-inflation-trade-billionaire-investor-paul-tudor-jones/

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XRP Bulls Step in With a 5% Daily Increase, Is $0.30 Next? (Ripple Price Analysis)

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XRP/USD – Buyers Finally Break Above Symmetrical Triangle

Key Support Levels: $0.26, $0.251, $0.245.
Key Resistance Levels: $0.261, $0.271, $0.279.

XRP went through a rollercoaster of price action yesterday as it reached as high as $0.271 (bearish .618 Fib) and as low as $0.228 (.618 Fib) during the 24 hours.

The cryptocurrency had been trading within a symmetrical triangle and rebounded from the lower boundary at the start of the week. Despite the whipsaw like movement yesterday, the daily candle still closed beneath the triangle’s upper boundary.

Today, XRP pushed higher to break toward the upside of this triangle. It reached the resistance at $0.261, provided by a bearish .5 Fib Retracement level.

xrpusd-oct22
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Moving forward, if the buyers can break the current $0.261 level, higher resistance lies at $0.271 (bearish .618 Fib Retracement). Following this, resistance lies at $0.279 (1.414 Fib Extension), $0.286 (bearish .786 Fib), $0.295 (bearish .886 Fib), and $0.3.

On the other side, the first level of support lies at $0.26. Beneath this, support is expected at $0.251, $0.245 (100-days EMA), and $0.237 (200-days EMA).

The Stochastic RSI produced a bullish crossover signal, which helped the recent push higher.

XRP/BTC – XRP Briefly Penetrates Beneath 2000 SAT.

Key Support Levels: 2000 SAT, 1960 SAT, 1915 SAT.
Key Resistance Levels: 2050 SAT, 2127 SAT, 2200 SAT.

XRP has been struggling throughout the entire month of October against Bitcoin. Yesterday, the coin fell from 2050 SAT and broke beneath 2000 SAT. It continued to spike as low as 1915 SAT where it found support at a downside 1.618 Fib Extension.

The coin managed to close the daily candle at the 1960 SAT level (downside 1.272 Fib Extension) and it has rebounded back above 2000 SAT today as it trades at 2015 SAT.

xrpbtc-oct22
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the buyers continue higher, the first level of resistance lies 2050 SAT. Above this, resistance lies at 2127 SAT (bearish .236 Fib), 2200 SAT, and 2260 SAT (bearish .372 Fib & 100-days EMA).

On the other side, if the sellers break back beneath 2000 SAT, support lies at 1960 SAT, 1915 SAT, and 1900 SAT.

The Stochastic RSI is in extremely oversold territory as we wait for a bullish crossover signal to send the market higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/xrp-bulls-step-in-with-a-5-daily-increase-is-0-30-next-ripple-price-analysis/

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BitTorrent Launches BitTorrent X Ecosystem Following DLive Acquisition

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BitTorrent Inc., the firm behind the massively popular BitTorrent protocol and app, has announced its acquisition of blockchain-powered live streaming platform DLive.

DLive will now form part of the newly established BitTorrent X ecosystem, which also includes the BitTorrent File System (BTFS), a service used for distributed file storage and retrieval, as well as the BitTorrent client, which will be utilized delivering these services and more to users.

Transitioning to BitTorrent X

Since the BitTorrent protocol was first developed in 2001, it has become the most successful peer-to-peer data distribution system. It has already been used by well over 2 billion users globally — including massive enterprise users like Facebook, Twitter, and Blizzard.

The BitTorrent file-sharing protocol also appears to be an inspiration that edged Satoshi Nakamoto towards the development of Bitcoin (BTC), as described in a message posted by Nakamoto on the Cryptography Mailing List.

After being acquired by TRON CEO Justin Sun in 2018, BitTorrent has gradually been woven into the rapidly growing TRON blockchain ecosystem, with the BitTorrent File System (BTFS) now being used by the TRON blockchain and DLive as a decentralized storage solution.

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With the acquisition of DLive, BitTorrent is now ready to move into the next stage of its expansion: the launch of BitTorrent X — an ecosystem comprised of BTFS, the BitTorrent (and μTorrent) apps, the BitTorrent token (BTT), and now DLive.

DLive is a leading blockchain-powered live streaming platform and currently has more than 7 million users and 200,000 content creators.

Some of its top creators include PewDiePie, tugaygokyt, and enesbatur — each of whom has hundreds of thousands of followers thanks to their popular gaming and e-sports live-streamed content.

“BitTorrent X is the next step in establishing a truly decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent. “In one big step, the BitTorrent X ecosystem may drive blockchain-related tools to billions of devices. Hundreds of millions of users will have access to the next era of tools to share, store, and stream their content directly to anyone across the web.”

According to the announcement, the BitTorrent X ecosystem will be powered by the BTT cryptocurrency, which is already used for incentivizing users to share their storage space on the BTFS, and can be staked on DLive to earn rewards.

justin_sun_cover
Justin Sun, founder of TRON and CEO of BitTorrent

It is expected that the arrangement will allow potentially billions of users to access decentralized file sharing and live streaming services, with the same simplicity and ease of use users expect from BitTorrent and TRON applications.

“The acquisition marks a new start for DLive.tv. We are more than excited to join the BitTorrent ecosystem as the collaboration will provide us with more innovative solutions to empower content creators and reward communities.” says Charles Wayn, CEO of DLive, “Together with the BitTorrent team, we look forward to bringing disruptive innovations to the digital media space, and furthermore create value for our global community.”

The last few months have been packed full of news coming from BitTorrent and DLive. Last month, it was announced that TRON would now use the BitTorrent File System (BTFS) as the data storage solution for TRON nodes, making onboarding new nodes to the network much simpler and faster. Likewise, DLive recently completed its 2 million Lemon #StayAtHome giveaway, helping to supports its viewers and streamers during the COVID-19 lockdown.

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Source: https://cryptopotato.com/bittorrent-launches-bittorrent-x-ecosystem-following-dlive-acquisition/

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