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Time For Altcoins to Shine As Bitcoin Dominance All Set to Break Support

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The altcoins have finally arrived at the Bull run party that Bitcoin initiated a couple of weeks ago, bringing back the memory of 2017.  Bitcoin’s bull rally started after the king coin broke past the key resistance of $13,000 and $15,000 and is currently trading at $18,658 registering more than 17% gains over the week. Altcoins remained fairly quiet for the past week except for litecoin which made 33% gains over the past week.

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Bitcoin Dominance played a key factor in triggering the alt season where the market cap dominance of the king coin broke below the key support of 66.37. Popular Twitter analyst who goes by the name of The Wolf of All Streets has predicted that if BTC breaks past its key support then it could be the alt season for 2020.

XRP Awakens From a Prolonged Winter Market

XRP
Source: TradingView

XRP, the third-largest cryptocurrency by market cap has become the biggest gainer for the day and even the week because of its mammoth rally of over 30% today to break past the key resistance of $0.40 to set a 52-week high of $0.4366.

The altcoin has remained quite inactive in terms of price movement over the past two years and failed to break past the psychological level of $0.30 even when other coins went through many price fluctuations. The third-largest cryptocurrency has made 53.25% gains over the past week.

Ethereum Price Peaks New Yearly Highs Other Altcoins Join The Bulls Too

Ethereum quite similar to bitcoin is recording new yearly highs after breaking past the key resistance of $500 and registering 2.5 years high. The second-largest cryptocurrency has even left bitcoin behind when it comes to year-to-date returns at over 284% returns against 155% for Bitcoin. Ethereum is currently trading at $531.02 with a 4.6% rise over the past 24-hours.

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Apart from XRP and Ethereum, the biggest gainer among the top 10 coins is Cardano seeing a 16.1% rise over the past 24 hours followed by recently forked coin BCHABC with a 12.77% rise over the past 24 hours.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Author: Prashant k Jha




An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Source: https://coingape.com/altcoins-shine-bitcoin-dominance-break-support/

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Bitcoin shoots past $19,000 as new ATH awaits

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It would seem that there’s no stopping Bitcoin right now. A few days after the world’s largest cryptocurrency breached the much-anticipated $18,000-mark, BTC has crossed yet another milestone – $19,000. The latest development on Bitcoin’s price charts came on the back of a 6% surge in a matter of 3 hours with its current trading price at $19,060.

Source: TradingView

At the time of writing, Bitcoin was very close to its ATH of $19,665, a price level it last noted on 16 December 2017. Further, according to Messari, BTC was recording YTD returns of +158.70 percent, at press time.

Some in the community are expecting the cryptocurrency to be due for a correction soon, however, with TokenMetrics’ Ian Belina telling AMBCrypto,

“BTC is performing better than expected. While still bullish long-term due to macro-economic factors and large corporations getting into crypto, we expect BTC could correct back to around $14k by the first week of December.”

On the contrary, others are optimistic that the much-longed bull run is finally gaining steam. While the pace of BTC’s surge over the past few weeks has taken some by surprise, it should be noted that back in 2017, the world’s largest cryptocurrency took only 10 days to climb from $10,000 to near-$20,000.

The aforementioned optimism was highlighted by Fundstrat’s Tom Lee in a recent interview during which he argued,

“[BTC] It’s killing it this year, it’s just crushing all other hedges and asset classes this year [2020].”

That’s not all, however, as Lee went on to add that he expected fireworks in 2021, claiming that “the best is probably yet to come.”

Interestingly, Bitcoin isn’t the only crypto-asset surging on the charts. In fact, Ethereum, the world’s second-largest cryptocurrency, crossed the $500-mark a few days ago, with its own surge also fueled by the news that the United States’ Securities and Exchange Commission [SEC] had approved the Grayscale Ethereum Trust [ETHE] as the first public quoted ETH investment product in the country.

A few hours before Bitcoin’s $19k-breach, ETH had broken above $600 too.

Source: https://eng.ambcrypto.com/bitcoin-19000-new-ath

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XRP short-term Price Analysis: 24 November

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Disclaimer: The findings of the following article attempt to analyze the emerging patterns in XRP’s short-term market and its impact on the price

The XRP market has been grabbing all the attention in the market after being pronounced dead on multiple occasions. The cryptocurrency has reclaimed its third spot on the CoinMarketCap list, as its market cap reached $31.841 billion.

The current price of the digital asset was at $0.7704, and this point could prove a good level to open a short position.

XRP 1-hour chart

Source: XRP/USD on TradingView

The above hourly chart of XRP noted the sudden surge in the value of the asset. After being stuck under the $0.30 level for the longest time and just consolidating, XRP’s price has finally witnessed a sharp rise to the $0.7 level. However, this could also be a point of reversal for the digital asset.

Reasoning

The sudden buying of the digital asset has pushed its short-term bullishness to an extreme as indicated by the MACD indicator. The MACD line was trending higher than the signal line, noting the short-term bullishness was on the rise and has been reaching a value unseen in a long time.

Similarly, the Relative Strength Index has moved above in the overbought zone. The asset has been trending in this zone for quite some time now, and its time it noted a reversal to equalize the pressure in the market. Thus, a strong sign for the price to drop and a short position to make a profit.

Positions

Entry for Short Position: $0.7750
Take Profit: $0.4778
Stop Loss: $0.81
Risk/Reward Ratio: 9.74

Conclusion

The short-term market of XRP has been overbought and subsequently, an increase in the buying pressure is imminent. This would provide the traders with a good opportunity to short the token and benefit from the falling price of XRP. The fall may take the price till $0.4808, the visible immediate support.

Source: https://eng.ambcrypto.com/xrp-short-term-price-analysis-24-november

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Tradelax Aims to Simplify Safe Trading for Beginners

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Tradelax Aims to Simplify Safe Trading for Beginners

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Over the last couple of years, the digital financial market has grown exponentially. Multiple trading platforms have now appeared, many of which promise advanced trading tools that aid investors in achieving an appropriate degree of profitability.

Despite this aspect, numerous platforms lack sufficient openness, transparency, and security. One bad experience is bound to throw many people off, which is why it is quintessential to only work with trustworthy platforms. 

Introducing Tradelax

Such an example is Tradelax, which has often been referred to as the ultimate online trading solution for both beginners and advanced users. The platform has invested considerable resources into creating a trading interface boasting the ability to invest in over 200 financial instruments. These include, but are not limited to stocks, indices, commodities, cryptocurrencies, and fiat currencies. 

Since Tradelax aims to cater to novice users, the team is always happy to guide newcomers in making the right trades. Users are still expected to carry out their own due diligence when choosing an instrument to invest in, but this guide provides a starting advantage.

How Tradelax Is Getting Ahead of Its Competition

By leveraging Tradelax’s Stock Screener feature, users can easily filter out unnecessary data on specific companies. In doing so, traders can learn more about instruments they’re considering investing in. For instance, companies can be arranged in specific orders, either by their growth rate, market capitalization, or stock value for a predetermined period.

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The Live Market Data function provides users with a detailed overview of numerous global markets, thereby aiding efficient comparisons and decision-making. Customers can learn more about the current open, high, low, and closing values of companies they follow. 

Forex enthusiasts will certainly come to appreciate the Forex Heat-Map tool, which provides a real-time overview of global forex trading activity. This map becomes incredibly useful, especially when users need to learn more about which currencies are becoming more valuable and which ones are weakening. A side-by-side comparison can therefore be made, thus aiding confidence-based trades. 

The trading interface is well-designed and features multiple tools that can be used to make quick and secure trades. As expected, the platform also features cryptocurrency trading. Capitalization on positive and negative market developments is highly-efficient, but users must carefully consider their positions due to the inherent volatility associated with the cryptocurrency market. While the risk factor is definitely higher, Tradelax customers can also expect a much better return whenever they make smart trades. 

Introducing a Fully-Fledged Account System

At this point in time, the platform supports four different account types. These are a starter, advanced, expert, and VIP. 

Each account type comes along with its own advantages and disadvantages. For instance, the starter account is best suited for beginners, since users obtain floating spread, a lucrative bonus policy, alongside a personal account manager that’s ready to offer appropriate guidance. On the other side of the spectrum, the VIP account provides multiple other benefits, such as negotiable spread, one-on-one trading, and the undivided attention of an executive account manager. 

How Safety and Security Are Constantly Assured

Tradelax values customer privacy and security. In response, the platform has adopted a plethora of security protocols meant to ensure that customer funds remain safe at all times. Furthermore, the site features a 128-bit SSL Encryption, so all data sent through the platform is secured. 

Regarding its availability, Tradelax is a global broker and can accept clients from most countries worldwide. A notable exception is the USA, where due to specific US regulations, American clients aren’t allowed to join Tradelax.

Bottom Line

Based on these aspects, Tradelax is actively introducing new trading tools meant to facilitate a profitable and pleasant trading experience. With over 200 financial instruments to pick from and the constant guidance of account managers, it only makes sense that Tradelax is a preferred solution by both beginners and advanced traders.


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DISCLAIMER Read More

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/tradelax-aims-to-simplify-safe-trading-for-beginners/

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