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Filecoin Enters Crypto Trading Market With Wild Swings 101
Source: Adobe/Zechal

Following the much-anticipated mainnet launch, in less than 24 hours decentralized storage network Filecoin‘s FIL token went up nearly 100%, while its trading volume also jumped sharply.

As Cryptonews.com reported, at around UTC 15:00 yesterday, Filecoin Mainnet went live. From yesterday afternoon until 9:28 UTC this morning, FIL reached the price of nearly USD 61.

This is actually a drop in the price since last night. To be more precise, FIL jumped 272% from USD 30 to USD 114 in a couple of hours last night, per CoinGecko. It fell 47% since, but all in all, between the launch and the press time, FIL appreciated 98%.

Furthermore, its market capitalization is USD 922m, placing it at the 27th spot among other cryptoassets. Its trading volume surpassed USD 365m in less than 24 hours.

Filecoin Enters Crypto Trading Market With Wild Swings 102
Source: coingecko.com

The team behind the project made the official launch announcement yesterday, also stating that the network at the launch time was stable with community members “reporting successful operations.” They added that the network has entered “a quiet post-launch monitoring period” that will allow the team “to ensure the network is operating smoothly.”

Also as reported earlier, crypto exchanges had been ready to list the coin as soon as it launched.

For example, Cameron Winklevoss, the founder of crypto exchange Gemini, announced upon the mainnet launch that the deposits and withdrawals are available on the exchange, and that the FIL/USD trading pair is live, adding that “the future of data storage has just begun.”

CoinGecko shows 27 market pairs offered so far, with bitcoin (BTC), tether (USDT), ethereum (ETH), binance coin (BNB), USD, EUR, and others altcoins and stablecoins on Huobi Global, Binance, Gate.io, Kraken, Hotbit, Coinlist, Bitfinex, Bithumb, Bittrex, KuCoin, and Virgox.

Among these, Huobi Global – which announced the launch of FIL/USDT margin trading – has taken the first place per 24h volume, with recorded nearly USD 124m at the time of writing.

And though, as said yesterday, many have been anticipating this launch, others are still critical of some of the project’s aspects, such as its fully diluted market capitalization, especially when compared to BTC and ETH which have been around for much longer. Messari Director of Research, Eric Turner, for example, said that Filecoin’s fully diluted market capitalization could be around USD 38bn. Returning to CoinGecko, however, their estimates are even higher, currently standing at nearly USD 121bn.

In comparison, CoinGecko has bitcoin’s market capitalization at USD 208bn, and fully diluted valuation at USD 236bn, while ethereum’s market capitalization is USD 41bn.

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Learn more: Airbnb For Data, Filecoin, Begins Space Wars With Google Cloud

Sead Fadilpašić , 2020-10-16 13:13:25 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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