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The Current & Upcoming Features of COPYTRACK

The cyber world is faced with two major challenges; users are not aware of the usage of images online and related licensing options, and rights holders are unable to prove ownership of their digital work or derivative content. They don’t have efficient tools to track the usage of their copyrighted images and spot the image … Continue reading The Current & Upcoming Features of COPYTRACK

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The cyber world is faced with two major challenges; users are not aware of the usage of images online and related licensing options, and rights holders are unable to prove ownership of their digital work or derivative content. They don’t have efficient tools to track the usage of their copyrighted images and spot the image theft. The current and potential features of COPYTRACK solve these key industry issues.

About COPYTRACK

COPYTRACK, a German anti-piracy company, brings the first online platform dedicated to photographers and agencies, letting them track image theft and online copyright infringements globally. COPYTRACK effectively handles the licensing of publishers, news agencies, and photographers online in order to protect their image rights. The platform’s coverage is huge since it is currently operating in more than 140 countries through its global network of lawyers to tackle image theft cases.

How does COPYTRACK work?

At the heart of COPYTRACK is the global, decentralized copyright register for digital content that verifies users and links digital intellectual property. The platform works using a unique engine that searches COPYTRACK’s clients’ images over the web. Users can sort the search outcomes and report the copyright violation if any. With every new claim, COPYTRACK’s legal team starts the enforcement process.

The Current Technical Features

COPYTRACK is the first online platform of its kind that has already launched various exclusive features for the users, even before its ICO that is going to start from January 10, 2018. While the pre-sale of COPYTRACK is going on, a lot of features are already developed and in use, including:

  • High-Performance-Web-Crawler: It searches an infinite number of websites every day.
  • Unique Image Matching: This engine compares users’ images with all the findings and detects all editing activities like cropping, color changes etc.
  • Automatic Evidence: The evidence of stolen images are secured on an auto basis so that enforcement can be done successfully.
  • Period of Use: Users can find out how long their image was being used online.
  • Compensation Value: Compensation value is calculated automatically via in-built evaluation matrix.
  • Rights Clearing Portal: It informs the violating party about the case and evidence, to prove legal licensing or potentially license the image including online payment.
  • Infringing Party Detection: The platform’s state-of-the-art bots gather all information about the infringing party and from targeted websites.
  • PCI compliance: The platform follows the highest PCI security standards (bank-level).

What’s Coming Up Next?

The on-going pre-sale and the upcoming main ICO of COPYTRACK intend to fund the development of more novel features for its users worldwide. In future, users will be enjoying the following features:

  • Global Copyright Register where Right owners’ information will be saved in a decentralized fashion as hashes in the blockchain.
  • Transparent Licensing Information to be stored as hash in blockchain and includes right owners, right users and licensing terms.
  • The right owners will get Digital Copyright Certifications for each image.
  • Copyright and License Control is ensured as all images will be controlled for authorized use as per licensing periods.
  • Automatic licensing, renewals and abonnements for images will be enabled.
  • Fully transparent and instant payment through CPY token will be enabled within COPYTRACK ecosystem, excluding current international bank fees.
  • External Services will be available for the external users to execute reverse image search, track licensing information and research of rights owners.
  • COPYTRACK is an Open System as its blockchain features are applicable to other kinds of digital content including music, video etc.

COPYTRACK has set an example as a transparent, global, decentralized register for copyrights of digital content, and it will be bringing new developments in near future to increase the “fairness quotient” of the internet.

To know more about the platform and to participate in its on-going pre-sale, please visit https://COPYTRACK.io/

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Ripple Price Technical Analysis – XRP/USD To Break $2.40?

Key Highlights Ripple price is moving higher once again and is currently above the $2.00 handle against the US Dollar. There is a crucial bullish trend line forming with support at $2.1000 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might continue to move higher and it could even … Continue reading Ripple Price Technical Analysis – XRP/USD To Break $2.40?

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Key Highlights

  • Ripple price is moving higher once again and is currently above the $2.00 handle against the US Dollar.
  • There is a crucial bullish trend line forming with support at $2.1000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might continue to move higher and it could even break the $2.40 resistance in the near term.

Ripple price is moving nicely higher against the US Dollar and Bitcoin. XRP/USD is gaining pace towards $2.40 and it may soon break it.

Ripple Price Trend

There was a slow and steady rise in Ripple price from the $1.9000 swing low against the US Dollar. The price was able to move back above the $2.00 hurdle and is currently placed nicely in the bullish zone. There was also a break above the 61.8% Fib retracement level of the last drop from the $2.50 high to $1.60 low. It has opened the doors for more gains and the price is likely to towards $2.50 in the near term.

On the downside, there is a crucial bullish trend line forming with support at $2.1000 on the hourly chart of the XRP/USD pair. The pair is currently testing the 23.6% Fib retracement level of the last wave from the $1.82 low to $2.39 high. However, there is a chance of it testing the $2.10 support area in the near term. The mentioned support is around the 50% Fib retracement level of the last wave from the $1.82 low to $2.39 high. Therefore, any major correction from the current levels toward $2.10 and $2.00 remains supported.

Ripple Price Technical Analysis XRP USD

On the upside, a break above the $2.40 would open the doors for an acceleration towards the $2.50 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed nicely above the 60 level.

Major Support Level – $2.1000

Major Resistance Level – $2.4000

 

Charts courtesy – Trading View, Kraken

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SEER – A Next-generation Blockchain-based Prediction Market Platform

SEER is a decentralized prediction market platform that enables users to express their judgments about future events by means of the market mechanism and makes effective predictions by gathering intelligence and ideas. The Graphene toolkits allow efficient multi-transaction processing (3,300 transactions per second), providing a high-performance blockchain experience. Equipped with multiple-hosts decentralized Oracles, SEER offers … Continue reading SEER – A Next-generation Blockchain-based Prediction Market Platform

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SEER is a decentralized prediction market platform that enables users to express their judgments about future events by means of the market mechanism and makes effective predictions by gathering intelligence and ideas. The Graphene toolkits allow efficient multi-transaction processing (3,300 transactions per second), providing a high-performance blockchain experience.

Equipped with multiple-hosts decentralized Oracles, SEER offers users credible decentralized prediction market service. Also, SEER Committee and a mechanism of arbitration have been set up to achieve high efficiency, impartiality, and self-government.

A beta version of SEER had been developed and the first minimum valid version will be released in the first quarter in 2018. The Power Fans team will participate in SEER as an investor, and they will develop DApps based on SEER.

“With the 2018 FIFA World Cup and other sports events held in 2018, it is estimated that there would be a great demand on the market of prediction applications.” The leader of SEER team said, “With the help and support from the Power Fans team, SEER will be able to release the product on schedule and will be able to reach users from the Power Fans project.”

Beside from basic functions of prediction markets, SEER  also provides blockchain-based encrypted private prediction markets and a protocol nerve center as well to avoid hard forks. For more information and technical details, please refer to the official website and the white paper of SEER.

Use Cases of SEER

Sports betting
Sports betting is an enormous market and SEER has provided an authentic decentralized sports betting solution. In addition to the general functions of a single-host Oracle, an advanced decentralized Oracle based on the multiple-hosts model is also available, which can efficiently prevent the failure in timely producing results due to frauds or single-point fault of the traditional centralized service.

Assets price prediction

Assets price including that of real estate and bulk commodities is closely associated with our daily life. A user may build a prediction market via SEER and invite other users to participate in the prediction about a specific type of assets where other users can intuitively learn the estimated price of those assets. For instance, in a market on the “prediction about the average housing price in Shenzhen in 2018”, users who intend to purchase houses in Shenzhen can adjust their plans according to the prediction results contributed by the market participants.

Financial market prediction

Presently, there are still drawbacks to financial market prediction that the tools are generally inaccurate, inefficient and expensive. To overcome these disadvantages, SEER offers a convenient, reliable and efficient prediction market tool. Getting rid of complicated settings, the tool enables users to build prediction markets on SEER and invite other users to participate in predictions about “U.S. GDP growth in 2018” or other issues. From SEER, fund managers and professional investors can learn various opinions about the coming events at a low cost, but in a more accurate way.

Event prediction

In addition to what’s mentioned above, SEER also allows predictions about political, social and other events, e.g., whether Trump has the chance to serve for another term of office, whether the box office of a film can reach RMB 1 billion, or when the next iPhone is coming.

Official Website: https://www.seer.best/index-en.html
White paper: https://www.seer.best/img/SEER%20White%20Paper%20.pdf

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Russia to launch cryptorouble to evade sanctions

In October last year Russia heavy-handedly clamped down on cryptocurrencies by blocking public access to exchange websites. The move was a strong indication that the Putin administration was unsupportive of the burgeoning industry however recent news suggests otherwise. The Financial Times reported yesterday that the Kremlin was working on its own cryptocurrency in order to … Continue reading Russia to launch cryptorouble to evade sanctions

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In October last year Russia heavy-handedly clamped down on cryptocurrencies by blocking public access to exchange websites. The move was a strong indication that the Putin administration was unsupportive of the burgeoning industry however recent news suggests otherwise.

The Financial Times reported yesterday that the Kremlin was working on its own cryptocurrency in order to circumvent western sanctions. As state-run institutions rush to embrace blockchain technology Putin has commissioned a team to start working on their own ‘cryptorouble’.

According to the report economic advisor to president Putin, Sergei Galzev, stated;

“This instrument suits us very well for sensitive activity on behalf of the state. We can settle accounts with our counterparties all over the world with no regard for sanctions. The cryptocurrency would be the same rouble, but its circulation would be restricted in a certain way”

The Russian government was ordered to come up with a framework for cryptocurrency regulation following a meeting last year with Russian co-founder of Ethereum, Vitalik Buterin. Similar to the internet which Russia has also restricted in recent years, there is a desire to control a technology that was originally conceptualized to be free from government intervention.

US and EU sanctions have been imposed in response to Russia’s blatant violations of international law and repeated humans rights abuses. These prevent Russian businesses and organization from using US and EU banks and currencies to conduct transactions. Russia has consistently urged to have all sanctions removed, and many believe they are hurting Putin personally by restricting his ability to move funds outside the country.

A Russian cryptocurrency would provide a means of sidestepping these restrictions however it has yet to be seen how it will be distributed. It is also unclear whether the new cryptorouble would be issued by the central bank or the country’s commercial banks. Availability to the public and determining who would be able to open an account was another vague issue.

Currently Russia’s central bank still views crypto trading as Ponzi schemes and financial pyramids. Russian crypto platform Waves creator Sasha Ivanov compared the crypto market to the unregulated financial market in 19th century America.

Control is the key for any state and this move is likely to result in more of it for Russians. Using a technology designed to be decentralized to create a centralized version of your own currency to avoid sanctions is just another twist in the ever evolving world of cryptocurrency.

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New Code Release Means Bitcoin Cash Addresses Are Just Around the Corner

New Code Release Means Bitcoin Cash Addresses Are Just Around the CornerThe bitcoin cash community moved one step closer to having their own address format today with the release of Bitcoin ABC 0.16.2. The full node implementation of BCH includes a switch to a proprietary address format to distinguish it from bitcoin core. It is hoped that this will eliminate issues of BCH being sent to […]

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New Code Release Means Bitcoin Cash Addresses Are Just Around the Corner

The bitcoin cash community moved one step closer to having their own address format today with the release of Bitcoin ABC 0.16.2. The full node implementation of BCH includes a switch to a proprietary address format to distinguish it from bitcoin core. It is hoped that this will eliminate issues of BCH being sent to Segwit BTC addresses in error and help further distinguish bitcoin cash from the rest of the cryptocurrency market.

Also read: The Bitcoin Cash Community Prepares for ‘Change the Address Day’

Moving to a New Address

As news.Bitcoin.com reported two weeks ago, the bitcoin cash community is gearing up for “Change the Address” day, which is scheduled to take place on January 14. That’s when the address format proposed by Bitcoin ABC developer Amaury Séchet will be adopted. Today, those plans were formalized with the release of Bitcoin ABC 0.16.2. It includes a number of improvements to the bitcoin cash protocol, but the most notable is the addition of Cashaddr.

New Code Release Means Bitcoin Cash Addresses Are Just Around the Corner

This utilizes the bech32 codebase and will apply benefits over and above a less confusing wallet address format. For instance, the new address system will make it easier to create QR codes and will pave the way for multi-party smart contracts to be added further down the line. A basic bitcoin cash address conversion tool is already in place, which demonstrates how the new address format will look. Security researcher Dean Pierce has also created his own version, which shows how legacy BCH addresses compare to their new bech32 counterparts.

The new Bitcoin ABC code is available for scrutiny now ahead of its implementation later this month. With the growth of Localbitcoincash, increased merchant adoption and codebase enhancements, 2018 looks set to be a good year for fans of the peer-to-peer cryptocurrency.

What do you think about ‘Change the Address Day’ scheduled for January 14? Let us know in the comments section below.


Images courtesy of Shutterstock.


Tired of those other forums on the subject of Bitcoin? Check forum.Bitcoin.com.

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How To Define The Bitcoin Bubble – Seeking Alpha

Seeking AlphaHow To Define The Bitcoin BubbleSeeking AlphaWhen I sat down to write my first 2018 column, I looked at one of my favorite sites, tradingeconomics.com. The opening page lists a summary table, which shows the daily moves in global stocks, b…


Seeking Alpha

How To Define The Bitcoin Bubble
Seeking Alpha
When I sat down to write my first 2018 column, I looked at one of my favorite sites, tradingeconomics.com. The opening page lists a summary table, which shows the daily moves in global stocks, bonds, currencies, and commodities. More often than not ...

Welcome the new blockchain where Innovators meet investors

The biggest companies on earth started with simple ideas. But many revolutionary ideas died down not because they were not good, but because of lack of funding. This is about to change now. iPRONTO is using the blockchain Technology to create a junction where innovators and startups meet investors. With iPRONTO, investors are poised to … Continue reading Welcome the new blockchain where Innovators meet investors

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The biggest companies on earth started with simple ideas. But many revolutionary ideas died down not because they were not good, but because of lack of funding. This is about to change now. iPRONTO is using the blockchain Technology to create a junction where innovators and startups meet investors. With iPRONTO, investors are poised to put their money into what they love and think will work whiles innovators and startups get to kickstart their projects and turn them into future companies. It is just a simple connection and iPRONTO is making that happen.

iPRONTO’s middleman platform is a global avenue for any investor to invest in a startup idea. Because of the blockchain technology used by the platform, security is going to be assured. Power would not be given to any single person, meaning each and every participant – be it an investor or a innovator, is the owner of their own data and information.

As a middleman between investors and startup founders, iPRONTO makes use of smart contracts to ensure that the system remains transparent. Tasks are automated to create a peer-to-peer relationship between the two parties. This saves time and money and ensures that investors know exactly what they are investing in and startup gurus know exactly where they are getting their funding from – identities do not really matter.

iPRONTO’s platform follows a simple procedure to satisfy investors and startups. Incubators and startup gurus with ideas will post their concepts and brands on the platform. Investors go through these ideas and chose the ones they love and would like to invest in. and just like that, a new investor-ideator relationship is created.

In order to ensure trust and give credibility to those who deserve it, there will be a social score for each member. Additionally, participants will be indexed and screened to ensure that every member is safe.

iPRONTO’s ICO

Tokens start at a value of $0.90, which will surely be increased as more investors and incubators get involved. iPRONTO’s token will be used for transactions on the platform, including membership fees, transaction fees, and other transactions.

All in all, a total of 45 million Token is going to be released with 27 million to represent public offering, ICO at 17.1 million, Pre-ICO 6.3 million and close group at 3.6 million. Don’t forget the 15% Pre-ICO discount.

 

 

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Ethereum Price Technical Analysis – ETH/USD Bullish Above $840

Key Highlights ETH price was able to move higher recently and it traded above the $850 resistance against the US Dollar. There are two key bullish trend lines forming with support at $840 and $790 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair is currently correcting lower, but it remains supported … Continue reading Ethereum Price Technical Analysis – ETH/USD Bullish Above $840

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Key Highlights

  • ETH price was able to move higher recently and it traded above the $850 resistance against the US Dollar.
  • There are two key bullish trend lines forming with support at $840 and $790 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently correcting lower, but it remains supported above the $840 level.

Ethereum price gained solid bullish momentum against the US Dollar and Bitcoin. ETH/USD is now eyeing further gains above the $860 level.

Ethereum Price Support

Yesterday, we saw a solid upside move in ETH price above the $850 level against the US Dollar. The price traded to a new all-time high at $879.51 before it started a downside correction. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $724 low to $879 high. There are very less chances of a substantial correction from the current levels below $810.

On the downside, there are two key bullish trend lines forming with support at $840 and $790 on the hourly chart of ETH/USD. The pair is currently consolidating above the first trend line and support at $840. It seems like the pair is preparing for more gains above $879. Once there is a break above the $879 high, the price could attempt a test of the $900 handle in the near term.

Ethereum Price Technical Analysis ETH USD

In terms of the support, the trend line support at $840 is important. Below $840, the price may test the 50% Fib retracement level of the last wave from the $724 low to $879 high at $801. Therefore, it is safe to say that ETH/USD remains well bid on the downside near $840 and $805.

Hourly MACD – The MACD is currently reducing the bullish slope, but remains nicely placed.

Hourly RSI – The RSI is currently moving lower from 65 towards the 50 level.

Major Support Level – $840

Major Resistance Level – $879

 

Charts courtesy – SimpleFX

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The bitcoin bubble will likely burst, and here’s why – The Boston Globe


The Boston Globe

The bitcoin bubble will likely burst, and here’s why
The Boston Globe
It is hard to see bitcoin’s price surge as anything other than a bubble that will ultimately collapse. Bitcoin’s ostensible social functions as an anonymous, nongovernmental means of payment carries big risks of its demise. And while blockchain, the
Bitcoin’s Path To $1 Million: Why This Bubble Is Not Bursting Anytime SoonSeeking Alpha

all 4 news articles »


The Boston Globe

The bitcoin bubble will likely burst, and here's why
The Boston Globe
It is hard to see bitcoin's price surge as anything other than a bubble that will ultimately collapse. Bitcoin's ostensible social functions as an anonymous, nongovernmental means of payment carries big risks of its demise. And while blockchain, the ...
Bitcoin's Path To $1 Million: Why This Bubble Is Not Bursting Anytime SoonSeeking Alpha

all 4 news articles »

Cats Went Crypto First, Now It’s Time for Consumers

CryptoKitties may have been the breakout blockchain game of 2017 – but it’s just the beginning according to one of the viral sensation’s creators.

CryptoKitties may have been the breakout blockchain game of 2017 – but it’s just the beginning according to one of the viral sensation’s creators.

Bitcoin Cash Price Technical Analysis – BCH/USD Moves Past $2500

Key Points Bitcoin cash price succeeded in moving above a major resistance at $2500 against the US Dollar. There was a break above a key contracting triangle with resistance at $2500 on the hourly chart of BCH/USD (data feed from Kraken). The pair is currently correcting lower and is testing the same broken resistance at … Continue reading Bitcoin Cash Price Technical Analysis – BCH/USD Moves Past $2500

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Key Points

  • Bitcoin cash price succeeded in moving above a major resistance at $2500 against the US Dollar.
  • There was a break above a key contracting triangle with resistance at $2500 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is currently correcting lower and is testing the same broken resistance at $2500.

Bitcoin cash price is gaining momentum above $2500 against the US Dollar. BCH/USD might continue to move higher after a minor correction from $2740.

Bitcoin Cash Price Support

There was a steady rise initiated in bitcoin cash price from the $2180 swing low against the US Dollar. The price was able to move above the $2200 and $2300 resistance levels. There was even a break above the 50% Fib retracement level of the last drop from the $2900 high to $2147 low. Therefore, it seems like the price is forming a steady bullish bias above the $2200 level.

There was also a break above a key contracting triangle with resistance at $2500 on the hourly chart of BCH/USD. It opened the doors for more gains above $2500. The pair traded above the $2700 level and formed a high at $2738. Later, a downside correction was initiated and the price moved below the $2700 level. It is currently trading near the 38.2% Fib retracement level of the last wave from the $2210 low to $2738 high. Moreover, the same broken resistance at $2500 is now acting as a support.

Bitcoin Cash Price Technical Analysis BCH USD

Overall, the price remains in a bullish trend above $2500 and it will most likely continue higher. On the downside, the next major support is around the $2475 level. It is near the 50% Fib retracement level of the last wave from the $2210 low to $2738 high.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower towards the 50 level.

Major Support Level – $2475

Major Resistance Level – $2700

 

Charts courtesy – Trading View, Kraken

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The Cream of the Crypto Crop: 10 Best Performing Assets in 2017

Bitcoin has garnered the lion’s share of mainstream media attention in the last year, but these altcoins have actually far outperformed Bitcoin. One of them, Ripple, increased in value 360-fold over the past year. #ANALYSIS

Bitcoin has garnered the lion’s share of mainstream media attention in the last year, but these altcoins have actually far outperformed Bitcoin. One of them, Ripple, increased in value 360-fold over the past year. #ANALYSIS

Altcoins chip away at Bitcoin’s dominance

Day three of the New Year and all is well in crypto land. The majority of altcoins are trading higher again in this morning’s Asian trading session with some posting 25% gains in the past 24 hours. Bitcoin itself has been slow to recover from its 40% slide last month and the king of crypto … Continue reading Altcoins chip away at Bitcoin’s dominance

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Day three of the New Year and all is well in crypto land. The majority of altcoins are trading higher again in this morning’s Asian trading session with some posting 25% gains in the past 24 hours. Bitcoin itself has been slow to recover from its 40% slide last month and the king of crypto is losing out to its smaller siblings.

Bitcoin’s market capacity has fallen from above 50% to below 37%, a low not seen since mid-June last year. Tumbling from an all-time high in December at a nudge over $20,000 Bitcoin has fallen to a low of $12,000 but recovered to just over $15,000 where it currently trades. It seems like crypto traders and hodlers are now channeling their funds into the altcoins which are surging at present.

Leading the pack is Ethereum which reached an all-time peak of $914 a couple of days ago. ETH has a total market share of 13% with a capacity of $85 billion; its latest spurt is in response to the release of the network’s alpha testnet for Casper on December 31. The Casper upgrade will being some long awaited solutions to scalability issues which have plagued the network under heavy load. Co-founder Vitalik Buterin recently addressed these issues in a Twitter post announcing plans for long term improvements by using grant programs and blockchain sharding, or taking the software off-chain.

Ripple has also hacked away at Bitcoin’s market share by surging to record highs in recent weeks. News of partnerships between the San Francisco based company and large banks and credit card companies in Asia have boosted XRP tenfold from $0.25 to over $2.50. Further news that Ripple could be listed on Coinbase have sent the altcoin even higher as it could reach $5 before the end of the month. Ripple currently has a 14% market share and is the second most popular crypto, usurping Ethereum a few days ago. Its market capacity just broke $100 billion and could go even higher.

Others gaining a larger slice of the crypto pie include Bitcoin Cash which sits at fourth place in the charts with 6.8%. Like its big brother it too slumped last month from highs of just over $4,000 however it is poised to make a recovery as the coin heads towards $3,000. Litecoin has been slow to recover but it is traditionally slow and more stable compared to other altcoins.

The top ten coins by market cap have all increased their overall percentages and could well go further. Dash, Neo, Cardano, Iota and Nem are all ones to watch out for as the total crypto market of $690 billion heads upwards.

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Bitcoin Price Technical Analysis for 01/03/2018 – Small Uptrend in Play

 Bitcoin Price Key Highlights Bitcoin price has formed lower highs and found support around $13,000, creating a descending triangle pattern. Price is currently testing the triangle resistance and might be ready for an upside breakout. Technical indicators, however, are signaling that the resistance levels might hold. Bitcoin price is testing the descending triangle resistance on … Continue reading Bitcoin Price Technical Analysis for 01/03/2018 – Small Uptrend in Play

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 Bitcoin Price Key Highlights

  • Bitcoin price has formed lower highs and found support around $13,000, creating a descending triangle pattern.
  • Price is currently testing the triangle resistance and might be ready for an upside breakout.
  • Technical indicators, however, are signaling that the resistance levels might hold.

Bitcoin price is testing the descending triangle resistance on its 4-hour chart but could slump back to support.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on this time frame, so the path of least resistance is to the upside. This means that the rally is more likely to resume than to reverse.

However, the gap between the moving averages is narrowing to suggest weakening bullish momentum. In addition, the 100 SMA lines up with the top of the triangle and appears to be holding as near-term resistance. In that case, bitcoin price could fall back to the bottom of the pattern.

Stochastic is heading north to show that there is some bullish energy left, but the oscillator is nearing overbought levels and could be due to turn back down. RSI is also on the move up but approaching overbought territory, so bullish momentum could weaken and allow bears to take over.

If selling pressure is strong enough, price could break below the triangle support and fall by around $700 or the same height as the formation. An upside breakout from $15,000 could encounter resistance at the record highs near $20,000.

Market Factors

The US dollar is starting the year off on weak footing as doubts on the Fed’s tightening track remain. Bitcoin price seems to be taking advantage of this weakness and the fact that the recent network upgrades have been a success.

Its rivals such as bitcoin cash are encountering some setbacks, rendering the core version superior. However, the South Korean government’s push for increased regulation could curb bitcoin activity in the country, which is actually one of the top markets of the cryptocurrency.

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