The cryptocurrency market remains largely range-bound as investors have already started cherry-picking good tokens, which are reasonably priced. The craze that was seen in December has largely disappeared. Furthermore, cryptocurrencies are slowly gaining recognition at the government level. While Venezuela has launched its own cryptocurrency, Petro, amidst a warning that the US, Iran, and Turkey are also planning a similar move. The latest to join is Cambodia and the Republic of the Marshall Islands (RMI).
While Cambodia is planning to launch a cryptocurrency project, named “Entapay”, the Republic of the Marshall Islands have already launched the cryptocurrency project SVO. The objective of launching a cryptocurrency is different in both cases. While Cambodia wishes to see itself as a rising leader in the fintech sector, the Republic of the Marshall Islands is focused on solving the deficit it would incur after the US halves its annual aid to $30 million by 2023. Furthermore, the cryptocurrency of RMI would not facilitate anonymity.
Bitcoin (BTC)
Bitcoin continues to stay above the crucial $10,000 level, despite a huge decline in daily trading volumes. The number of transactions has declined to about 200,000 per day, from 400,000 in December 2017. Transactions waiting in the queue for confirmation have also declined to a seven-day average of 35 million bytes, from 130 million bytes in January. Notably, the Google search for Bitcoin-related news has also dropped to its lowest since October. Notably, the transaction costs have dropped to a mere 30 Satoshis per byte, after hitting a high of about 1,200 Satoshis per byte in December. Read more here and here.
Ethereum (ETH)
The blockchain network has lost two clients in the past week. Firstly, it was Tutellus, which announced its intention to migrate from the Ethereum network to NEM (XEM). Tutellus is a blockchain network that pays students for studying. Tutellus cited cost efficiency, speed, facility to develop internal blockchains, API-centric model, and impressive JS Library as the reasons for migrating to NEM. Tutellus was followed by the migration of Guardium from Ethereum to the NEO platform. Guardium is a blockchain technology-based solution for physical safety and security. Guardium has cited speed, scalability, availability of libraries for integrated development, and intuitive wallet as some of the main reasons for migration. Read more here and here.
Ripple (XRP)
A sharp inverted ‘V’ shaped pattern was created in the chart of Ripple yesterday. The ‘pump’ happened to the rumors of Ripple getting listed in Coinbase, a cryptocurrency exchange platform. The ‘dump’ took place after Coinbase rejected the rumors. Notably, RippleNet and Coinbase have their headquarters in San Francisco, California. Ripple crossed above $1 during the pump sequence. However, it fell to $0.85 after Coinbase brushed away the rumors. Read more here.
Chronobank (TIME)
The ChronoBank Project aims to make short-term employment as accessible and rewarding as long-term employment, giving workers the flexibility to determine their own schedule whilst being paid a fair rate for their time, expertise, and reputation. ChronoBank is based on the tried-and-tested model of time banking, in which workers trade hours of labor for goods and services. However, while time banking requires that one hour of labor be equal to any other, regardless of industry or performance.
ChronoBank will leverage the blockchain and associated technology to bring a truly free-market approach to the idea – making it suitable for the needs of the 21st-century global economy and offering a compelling alternative to the traditional financial system. Last week, the developers provided a detailed roadmap for 2018. The roadmap indicates the developers would be launching the Ethereum sidechain in the first quarter of 2018. The UI layering and completion will also be completed, according to the roadmap. That has already created excitement among the crypto-investors. The ChronoBank’s TIME token has already doubled in March to trade at about $38. Read more here.
Our Forex Trading Plan
Ripple. Ripple (XRP) is our obvious choice of an asset to trade in the cryptocurrency market. The crypto token is technically weak as indicated by the formation of a descending triangle pattern in the chart. The coin is also trading below its 50-day moving average. Therefore, we are expecting a fresh round of downtrend to begin soon.
We may use a Forex broker’s trading platform to go short in the XRP coin. The short position will be opened when the coin trades near $0.90 in the cryptocurrency market. A stop-loss order will be placed above $1.15. Likewise, an order to book profit will be placed near $0.65 where minor support exists.
Our Binary Options Trading Plan
Ethereum Classic. This crypto coin has declined following the successful launch of the Callisto project and airdrop of CLO token, and remains range-bound between 22 and 42, as shown in the price chart below. The momentum indicator’s reading is above 100. That indicates bullishness in the crypto token. Therefore, as of now, it would be prudent to take a long position.
Instead of investing a large amount, we are planning to speculate by purchasing a call option from a suitable binary broker. The option contract should not expire before March 15. Furthermore, the price of the Ethereum Classic should be around $20 at the time of investing in the option contract.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
