Sometimes, after the 11th May, one of the most hotly anticipated events in the crypto space is set to occur – “the halving.” Happening twice before at four-year intervals the number of bitcoins (BTC) entering circulation every 10 minutes will drop by half from 12.5 to 6.25.
The reason that this is big news is that because the amount of BTC entering the system will reduce, the demand should, in theory, remain the same, possibly driving up the price fuelling numerous predictions on how the market will respond as a result. The number of BTC entering circulation are technically referred to as block rewards, and these are produced by “miners” who earn or “mine” them using electronic equipment.
Every 210,000 blocks (approx. every four years) the total number of BTC that miners can potentially win for solving the mathematical equation relating to the blockchain transaction is halved. The process of halving will end around the year 2140 with a total of 21 million coins in existence.
Because the future supply schedule of BTC in circulation is already known, (unlike national currencies where money can be added and removed from circulation to help stimulate their economy), Bitcoin’s predetermined number makes them scarce. And ultimately, it’s this scarcity along with their utility that impacts and influences BTC’s market value.
Many people believe that this halving will result in price increases, but despite vigorous speculation, there can be no absolute guarantee of this occurring. And, it may be the case that due to the predictability of BTC’s circulating supply, traders will have already purchased BTC in advance pushing the price up before halving. Whatever the case may be over the coming week, you need to look no further than DRGx to keep track of the market pairs which are visible on DRGx right now. And, when you are ready, log in and get hold of more Dragon Coin to ensure you are ready for what 2020 will bring for Dragon.
Cosmos, Dogecoin, XRP Price Analysis: 20 September
XRP, at the time of writing, was showing no signs of price movement in either direction in the near-term. Similarly, Cosmos was likely to be neutral or bearish, until overall market conditions took a turn towards the bullish side. Dogecoin, the popular meme-coin, was also stagnant across its price charts.
XRP is the fourth-largest cryptocurrency in the market with a market capitalization of $11.27 billion. It was trading at $0.25, at press time, with the crypto-asset’s level of resistance laying at $0.267, while the support was at $0.23.
The MACD highlighted a bearish crossover and gave a sell signal. However, the Signal line and the MACD line have been moving quite close to each other for the past few days, indicating a lack of strength in the market. The Awesome Oscillator concurred, as its histogram gave a sense of weak bullishness.
A strong move above or below $0.25 could set the stage for XRP’s next move.
In related news, a report compared the function of XRP in 2017 to USDT in 2020 and found that stablecoins like Tether have been adding $100 million in market cap each day for the past several months. Since its launch, XRP has aimed to be the future of digital payments in cryptocurrency, but it appears that Tether has surpassed it in both adoption and market capitalization.
At the time of writing, the latest candle on ATOM’s price charts was suggesting that a possible surge towards $5.45 may be forthcoming.
However, this is unlikely. The OBV showed the steady sale of ATOM, highlighted by the lower highs formed. Further, the Chaikin Money Flow was exhibiting significant fluctuations in recent days, flipping from bullish to bearish territory multiple times, as buyers and sellers wrestled for control.
Overall, it is more likely that ATOM will head south.
Ranked 51st on CoinMarketCap, Dogecoin appeared to have ended its slump from mid-August. It has been noting a period of consolidation since the first week of September and could continue to float languidly around $0.028 in the coming days.
The RSI was moving irregularly around the neutral 50 zone, a sign of the market’s choppiness and indecision.
Dogecoin took a baby step towards recovery after ending its downtrend from August. A close above $0.029 would be another bullish step.
Over 140,000 addresses have claimed their 400 UNI token airdrops
Nearly three-quarters of claimable UNI tokens have been obtained thus far.
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Mike Novogratz: ‘Bitcoin Price Would Be Way Higher’ If This Were to Happen
The bitcoin price has once again dipped below the $11,000 threshold, which according to some market leaders has created a buying opportunity. Bitcoin bull Mike Novogratz appears to be in the camp that the current BTC price is a gift. The Galaxy Digital chief on Twitter offered some analysis, suggesting that the bitcoin price is […]
The post Mike Novogratz: ‘Bitcoin Price Would Be Way Higher’ If This Were to Happen appeared first on BeInCrypto.
The bitcoin price has once again dipped below the $11,000 threshold, which according to some market leaders has created a buying opportunity. Bitcoin bull Mike Novogratz appears to be in the camp that the current BTC price is a gift.
The Galaxy Digital chief on Twitter offered some analysis, suggesting that the bitcoin price is only trading at the current level is because it remains early innings for the industry. He explained that if there were more understanding and belief behind the leading cryptocurrency, “the price would be way higher.”
Novogratz was responding to a crypto investor who is waiting for the BTC price to “moon” despite not being able to convince her family and friends about the benefits of bitcoin.
There have been green shoots of bitcoin adoption of late, the most recent of which being MicroStrategy upping its holdings from $250 million to $425 million. Similar to when Paul Tudor Jones jumped on the bitcoin train, the expectation is that MicroStrategy will inspire more companies to invest in bitcoin as part of their “treasury reserve strategy.”
Big Bitcoin Position
Novogratz has previously shared how he holds “big positions” in both bitcoin and gold. In an August interview on CNBC, the billionaire investor revealed that even after missing out on some gains in the stock market, rather than keeping him up at night he’s been “sleeping like a baby with bitcoin.”
While bitcoin price predictions aren’t as common as they used to be, crypto traders are sharing some analysis.
Rekt Capital, a crypto trader and technical analyst, in March outlined the conditions for which the bitcoin price would be poised to reach a new all-time high in 2021. He said at the time that BTC was trading in Phase 4 of a four-year cycle. He noted back then that in 2020, the bitcoin price would try to rally to close above $14,334, which would set the stage for a new peak in 2021.
On Sept. 20, Rekt Capital revisited the outlook, reminding their followers that the BTC price must surpass $14,300 before year-end in order to have a shot at reaching a new all-time high next year.
Twitter account “hodlonaut” pointed out some strong fundamentals. Hodlonaut noted that the “security of the network is now more than 10x higher than when” the bitcoin price reached its current all-time high at year-end 2017.
If another wave of FOMO hits, there could be more people stacking sats than ever before — if the market watchers are correct.
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