Lesser Known Altcoins to Look into: Kodakcoin and Zcash

While all eyes are on major cryptocurrencies and those on the top 10 largest market cap list, let’s take a moment to introduce some lesser known altcoins and new ICOs. Today’s we’ll be looking at Zcash and KodakCoin.

Zcash (ZEC) Overview

Zcash is a decentralized and open-source cryptocurrency. Zcash coin code is ZEC. Standing at the 23rd position in terms of cryptocurrency market cap, Zcash aims to differentiate itself from others by focusing a great deal on privacy.

According to their website, Zcash is based on peer-reviewed cryptographic research and built by a security-specialized engineering team on an open source platform based on Bitcoin Core’s battle-tested codebase.

What’s Unique About Zcash?

Zcash enables users to send public payments which work similarly to Bitcoin. With the support for both shielded and transparent addresses, users can choose to send Zcash privately or publicly. Zcash payments sent from a shielded address to a transparent address reveal the received balance, while payments from a transparent address to a shielded address protect the receiving value.

While this feature could be appealing to criminals, Zcash believes companies need the protection of privacy along with their supply chain in order to conduct their business, especially in the context of public blockchains. In addition, they believe that personal privacy is necessary for core human values like dignity, intimacy, and morality.

ZEC Price Action

Unlike many of its crypto peers, Zcash ZEC actually started its journey high, at $30,000 in October 2016. It then dropped sharply to as low as $30 within two months. In mid-2017 it started to gain momentum, now fluctuating between $800 and $500.

zcash-ZEC-Daily-Chart
zcash-ZEC-Daily-Chart

It is currently supported by the 23% Fibonacci retracement level on the daily chart, while trading above the Ichimoku cloud.

 

KodakCoin Pre-Selling Ahead Of ICO

The other altcoin we’d like to look into today is KodakCoin. A new cryptocurrency from that photo company you haven’t heard of since you used a disposable camera.

It is actually a Vancouver-based company called Global Blockchain Technologies Corp. which is licensed by Kodak to use its name for this new cryptocurrency.  They have already begun pre-selling the cryptocurrency ahead of a public initial coin offering (ICO), sinking $2m into Kodak Coin. They have reportedly subscribed to all 8m Kodak Coins available in the pre-ICO first stage. The ICO date is not specified yet.

How Will KodakCoin Work?

The KodakOne platform will use the blockchain technology to enable photographers and agencies to register their work, sell rights to images and receive payment using KodakCoin. Participating photographers will receive payment for licensing their work immediately upon sale. Both professional and amateur photographer can sell their work confidently on a secure platform.

Final Thoughts

By now, you must know that cryptocurrencies have proven to be largely unpredictable in terms of price action. Therefore, looking into altcoins and diversifying as much as possible could be one way to manage your risk.

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We have two rising stars in the cryptocurrency field. Cardano (ADA) and Stellar (XLM) are now both in the top 10 largets cryptocurrencies by market cap. Let’s take a look at both and do a quick comparison.

What is Cardano Blockchain?

Cardano is now the fifth largest crypto by market cap. It is a third generation cryptocurrency and the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.

Cardano blockchain development team consists of a large global collective of expert engineers and researchers.

Cardano’s Multiple Layers

Unlike Bitcoin, Cardano has two layers.

The first one is the Cardano Settlement Layer(CSL).  CSL works as a more efficient bitcoin, handling the balance ledger and basic transaction side of things.

The second layer is the Cardano Computation Layer. This is where decentralized apps and smart contracts built on Cardano will be based and can operate separately on the CSL layer.

These multiple layers mean that you can make changes to the platform without a fork.

Cardano’s Token, ADA Price Action

Cardano’s token, Ada, reached new highs above $1.20 this week. The reason for the surge could be the anticipation of the next major update for the platform being due for release next week.

Cardano-ADA-chart
Cardano-ADA-chart

 

What is the Stellar Blockchain?

Stellar aims to be a one-stop shop in the financial world, where with just one integration into the Stellar Network, everyone including, payment networks, banks and market participants have equal economic access economic. Stellar operates a network with the blockchain technology behind bitcoin. But unlike Bitcoin, Stellar’s transactions settle in 2 to 5 seconds and allow users to quickly exchange government-backed currencies, such as turning U.S. dollars into euros.

What Are Stellar Lumens XLM?

Stellar coins are officially called lumens or XLM for short when traded in the crypto exchanges. 

Lumens are technically the native asset of the Stellar network.

Native means that lumens are built into the network. Asset is how the network refers to an item of value that is stored on the ledger.

Stellar Lumens (XLM) Price Action

The native asset of Stellar, Lumens (XLM) reached for new highs at the end of 2017 and by Wednesday was up 65%. However, on Thursday it pulled back towards the 23% Fibonacci retracement level. It started Friday with a Doji candlestick pattern.

XLMUSD-Daily-Chart
XLMUSD-Daily-Chart

The young token remains above the Ichimoku cloud.

Both blockchains are gaining popularity with the market players. The hot debates are whether these can be the next Ethereum or the next Ripple.

 

Invest Responsibly,

Kiana

Most major cryptocurrencies including Bitcoin, Ethereum, and Litecoin had a Christmas gift for those investors who had set up a buy limit order at lower prices last week. What can we expect from the cryptocurrency market in the new year? Here is a quick look

Cryptocurrency Overview

In a massive but temporary pullback, most cryptocurrencies saw a sharp decline to key support levels on the 21st.

Bitcoin Price Action

Bitcoin reached the 61% Fibonacci retracement level around $11,200. On Tuesday’s trading session, Bitcoin price formed a bullish engulfing chart-pattern reaching for the 23% Fibonacci retracement level of $16,427.

On the 4-hour chart, BTC/USD has broken below the Ichimoku cloud. The Kijun line has also crossed below the Tenkan line. The future cloud appears to be bearish.

BTCUSD 4 hour chart Technical Analysis 2018
BTCUSD 4 hour chart Technical Analysis 2018

Ethereum Price Action

Ethereum, the second largest cryptocurrency by market cap after Bitcoin, has been hanging around the pivot level of $718 after the temporary pullback towards $472 last week.

ETHUSD Daily Chart Price Action 2018
ETHUSD Daily Chart Price Action 2018

 Ethereum Founder Threatens to Leave While ETH Consolidates Before New Year

Ethereum’s founder is apparently fed up with the immaturity of the cryptocurrency community.

The 23-year-old Vitalik Buterin took to Twitter on Wednesday and threatened that he would leave if the crypto communities don’t get their act together.

He said people should “ differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society.”

He believes people are focusing on posting meme about luxury cars and inappropriate jokes, which is not what the direction he envisions for the cryptocurrency world.

Ethereum has actually paved the way for hundreds of initial coin offerings. Now the total cryptocurrency market cap is around $0.5 Trillion. But Vitalik believes we have not quite earned this price explosion. Perhaps this could lead the way for a better crypto community in the new year.

What Do Cryptocurrency Bulls say?

Bitcoin and other cryptocurrency bulls continue to argue that it is another asset class called digital assets, like precious metals, stocks, real estate or bonds.

What Do Cryptocurrency Bears say?

Meanwhile, the bears remain concerned about the difficulties in regulation surrounding cryptocurrencies, believing that their lack of regulation will lead to their downfall.

What’s Next?

By now we have already experienced at least one massive pullback. But this doesn’t mean that we won’t see new all-time highs across the board in 2018. We also could see yet another pullback, whichever comes first.

Bitcoin could see drops to as low as $6,000 and gains to as high as $50,000.

Ethereum could see a pullback towards $359 and gains towards $1,700 in the new year.

This for sure makes investing in cryptocurrencies both exciting and high risk at the same time. With that, I’d like to wish you a happy new year, invest responsibly, and I’ll see you with more updates in 2018.

xoxo

Kiana

Just as we were talking about how Ripple is less volatile than its other cryptocurrency counterparts, Ripple’s XRP caught everyone by surprise and concurred new highs on Thursday.

Meanwhile, most other cryptocurrencies saw a bearish sentiment. So What’s going on? Let’s take a look.

Asians are Going After Ripple

Apparently,  61 banks in Japan are planning to launch a new digital payments systems pilot program using the Ripple blockchain network. This is organized by SBI Ripple Asia in Tokyo. They will work with Woori Bank and Shinhan Bank of South Korea.

This is a big deal because  Asia accounts for at least a third of all cryptocurrency trading volume. The main adopters are from Japan, South Kor, a and China via Hong Kong.

Coinbase Might Add Ripple

Major cryptocurrency exchange, Coinbase has recently announced that it is working to add support for more coins in the future. This has led speculators to go long on Ripple. As one of the oldest and most established cryptocurrencies in the ecosystem, many believe that it’s only a matter of time before Coinbase adds support for Ripple, giving the general public an easy outlet for purchasing the token.

Looking at Ripple’s Chart

Ripple’s XRP finally surpassed the $1.00 barrier and is rapidly approaching $1.2.

Ripple XRP Daily Chart - Fibonacci
Ripple XRP Daily Chart – Fibonacci

Once the bullish sentiment dials down, we could expect yet another period of consolidation with XRP. There could even be a pullback towards one of Fibonacci’s key restracement levels.

Tell Me More About Ripple and XRP

Ripple, Inc. is the company that builds and maintains the Ripple network. It has built a blockchain-based system that banks use to issue IOUs and settle debts. XRP is Ripple’s asset and native token.

What’s XRP Used for?

XRP basically has two uses. One is to pay fees on the Ripple network. The other is being used as a “bridge currency” for value transfers between any two institutions that don’t have a trusted relationship.

However, what cryptocurrency enthusiasts need to keep in mind, is that XRP is not necessary for the Ripple network to function.

Ripple’s Market Cap

Ripple continues to save its spot as the 4th largest cryptocurrency by market cap. It is currently trailing behind  BitcoinEthereum, and Bitcoin Cash.

 

IOTA confirmed below a triangle chart pattern on Thursday after a Microsoft partnership misrepresentation scandal. What’s next for the new kid around the block?

What Went Down Before

Also called the new Bitcoin, IOTA’s market cap suddenly jumped to number 4 on the cryptocurrency list last week. Its price surged over 600% going from $1 to $5.5.

One of the main reasons the company got so much attention was that they made us believe they are fully partnering up with Microsoft.

CCN reported that large-scale conglomerates including Samsung, Cisco, and Volkswagen also partnered with IOTA, to utilize its Tangle-based solution for data monetization.

What Happened This Week

This week it turned out that Microsoft is not really an IOTA partner, but a participant.

But despite the absence of an official agreement, the two companies are indeed working together on several technology exercises involving IOTA’s Tangle network. The experiments include installing and connecting weather sensors to IOTA’s ledger technology.

How is IOTA Different than Other Cryptocurrencies?

IOTA’s name is a play on the ‘Internet of Things.’ With its simplistic worldview, it is actually seeking to build an ‘Economy of Things.’

IOTA’s mission is to connect businesses and their technological resources as something that can be traded.

But that is not all. According to some analysts, IOTA’s Tangle ledger is superior to cryptos relying on blockchain technology.

While the startup still needs meaningful partnerships to advance, the ecosystem appears to show a lot of promise comparing to its peers.

Looking at the Chart

IOTA’s price dropped for the second consecutive day on Thursday, breaking below its new key support level. At the time of writing, it is testing below a symmetrical triangle chart pattern.

IOTA Tests Below Triangle Chart Pattern
IOTA Tests Below Triangle Chart Pattern

For now, from a technical point of view, we are still in a wait-and-see situation.

In a traditional market, if the price confirms below the triangle we could expect the bearish sentiment to continue towards next support levels. In this case, it would be the 50% and 61% Fibonacci levels at 3.17 and 2.6 respectively.

However, cryptocurrencies, in general, have shown that they are not following the typical market behavior. At least for now, when there is so much noise going on about them.

Regardless, for those who still have faith in this cryptocurrency, this could be a good opportunity to purchase it at a lower price. That is if you have sufficient risk tolerance to play this market.

Invest responsibly!

Kiana Danial

I really wanted to write about a cryptocurrency other than Bitcoin today. But Bitcoin price just won’t give us a break! After reaching a new high above $14,000 on Wednesday, the market decided to break yet another record. Testing almost $20,000 on Thursday!

Bitcoin Price Action

Bitcoin price sure did erase some of the gains at the end of the day. But it started Friday’s trading session on yet another bullish momentum.

Bitcoin Price Tests Near 20000 - Daily Chart
Bitcoin Price Tests Near 20000 – Daily Chart

At the pace the Bitcoin price bubble is growing, it appears we may not even see any point in counting on periodic pullbacks to any psychological market levels.

But if Bitcoin price were to test a support level after these massive gains, it might be the 23% Fibonacci retracement level $16,425.

Bitcoin Market Cap

As the king of cryptocurrencies, Bitcoin’s $297B market value has now passed Bank of America’s $288 billion. So basically, if we were to compare Bitcoin to the largest companies in the US by market cap, it would rank number 11 right after JPMorgan Chase and Exxon Mobil.

But is this enough for investors to keep pouring money and investing in Bitcoin?

Bitcoin Investment Strategy

Bitcoin backers view it as a currency and payment system of the future as well as a new kind of investment. They say it’s an emerging alternative to the USD, euro and yen and an investment such as gold, stocks or bonds.

Skeptics say Bitcoin is impossible to value, wildly volatile and a speculative play that may never gain widespread acceptance.

Should You Invest in Bitcoin?

This really depends on your personal risk tolerance, current financial situation, and future goals.

But even if you are an investor of high-risk appetite, at this point I would recommend thorough risk management ahead of time.

Personally, I believe we could see the $50,000 price level for Bitcoin before the bubble bursts. However, for all Bitcoin investors out there, it is important to set target limit orders and at least take partial profit as the Bitcoin price goes higher.

This way, they will be able to manage the risk of a potential Bitcoin bubble burst.

Needless to say, and as we always recommend to all traders, only invest the money that you can afford to lose!

 

xoxo

Kiana Danial

 

 

 

 

Along with Bitcoin, Ethereum had a crazy day this week. Although Ethereum had a more predictable correction right to the previous resistance level of 395. We were expecting the pullback because Ethereum tends to have a pullback every time it reaches new highs.

ETH/USD Technical Analysis

ETH/USD reached a new high of $480 last week. After consolidating in that area for four days, it rode on the Bitcoin mania and reached a predictable level on Wednesday. 

ETHUSD Technical Analysis
ETHUSD Technical Analysis

We could see further drops for ETH in the coming days, towards the next support level at 339. However, so far, market participants appear to be indecisive on which direction to take Ethereum next.

Ethereum Founder Unveils Plans for “Ethereum 2.0”

Meanwhile, Ethereum’s founder, Vitalik Buterin, unveiled his plans for “Ethereum 2.0” this week, which would be the next-generation version of Ethereum.

The Ethereum network was originally born as an idea for next-generation cryptocurrency network to begin with. It could do a lot more interesting things than just financial transactions. But, in the past years, it has also revealed a few major issues within the network.

According to Buterin, there are currently three major problems that need to be solved to push the Ethereum network to the next level: privacy, Consensus and smart contract safety, and probably the biggest of them all: scalability.

To overcome these, Buterin explained that the next generation of Ethereum will use a new architecture called “sharding,” which will enable the network to process thousands of transactions per second — all on the same chain, which means safety will not be sacrificed.

Buterin also noted that sharding will create new types of addresses on the network, which will give Ethereum the opportunity to evolve by adopting new backward incompatible protocols without disrupting the main blockchain. Once Ethereum 2.0 is launched, it could potentially create yet another bullish market for it to bring it to new highs, but of course, this could take some time.

 

Bitcoin’s biggest competitor isn’t Ethereum

While we’re at it, let’s through this idea around.

The biggest competitor to bitcoin and its crypto-empire might appear to be Ethereum. Ethereum has the second-largest market cap of any digital currency, and it’s had an even better year-to-date performance than bitcoin. Further, its blockchain is being tested in small-scale and pilot projects by 200 different organizations in the Enterprise Ethereum Alliance.

But the two cryptocurrency giants seemingly have different missions at the moment. Ethereum appears intent on pushing its blockchain to enterprises, while somewhat ignoring its Ether token as a means of payment. Meanwhile, bitcoin has focused extensively on building up its reputation as a payment facilitator, and only recently turned its attention to attracting businesses to its blockchain. While competitive to a degree, bitcoin and Ethereum aren’t direct threats to one another.

Instead, bitcoin’s biggest competitor just might be Litecoin. As of Nov. 27, Litecoin had the sixth-largest market cap of all cryptocurrencies, at $4.9 billion, trailing only bitcoin gold, Ripple, bitcoin cash, Ethereum, and bitcoin.

We will dig deeper into Litecoin next time!

 

xox

Kiana Danial

Invest Diva

XRP Ripple: XRP had a rollercoaster ride on Thursday on the news that American Express has teamed up with Ripple for cross-border payments.

This partnership with Ripple will enable instant blockchain-based payments for U.S. corporate customers sending funds to U.K.-based businesses that bank with Santander U.K.

How did XRP Ripple React?

XRP surged to the one-month high level of $0.2668 as the Ripple-AMEX partnership news broke out. However, it quickly erased most of the gains and closed Thursday’s trading session at the key pivot level of 0.2233. It then started Friday’s Asian session below the Ichimoku cloud. The future cloud on Ichimoku Kinko Hyo’s daily setup remains flat, although slightly bearish.

XRP-Ripple-Technical-Analysis
XRP-Ripple-Technical-Analysis

With this, we could expect XRP’s range trade to continue for a bit more longer against the US dollar. The median range price for the pair appears to be between the 23% and 61% Fibonacci retracement levels at 0.1890 and 0.2790 respectively.

The Fibonacci setup retraces the major downtrend XRP saw after its ICO price of 0.3729, all the way down to the all-time-low price of 0.13.

Tell Me More about the Ripple-AMEX Collaboration

The Ripple-AMEX blockchain project allows payments made by American Express’ business customers on its  FX International Payments (FXIP) platform to be routed through Ripple’s enterprise blockchain network.

With this, Ripple believes that its cryptocurrency, XRP, will “come into play” as a means of speeding up payments later on down the line. This could explain the initial surge as the news broke out.

This marks one of the first major uses of the blockchain industry. Financial firms hope the technology can reduce the cost and complexity of processes such as securities settlement and international payments.

In a statement Ripple’s CEO Brad Garlinghouse said that transfers that used to take days “will be completed in real time.”

American Express’s chief information officer Marc Gordon said in a statement that American Express has “a long history of integrating new technologies,”  and that this collaboration with Ripple and Santander “represents the next step forward on our blockchain journey, evolving the way we move money around the world.”

Should this channel prove successful and expand, it could lead a shift in the industry towards further blockchain development.

 

It looks like Bitcoin’s cousins, Litecoin and Ethereum are getting their groove back. Meanwhile, Bitcoin may have finally hit a temporary ceiling. LTCEUR rode on a three-day bullish wave. You know how much I love analyzing the market sentiment using the Ichimoku Kinko Hyo. So let’s dig in and see what’s next for our favorite cryptocurrencies.

LTCEUR Crosses Above Ichimoku Cloud

After two whole weeks of consolidation inside the cloud’s daily setup, LTCEUR finally confirmed above the cloud on Thursday. Not only that, the Kijun line appears to just be crossing above the Tenkan line.

LTCEUR-Daily-Chart-Ichimoku-Fibonacci-Analysis
LTCEUR-Daily-Chart-Ichimoku-Fibonacci-Analysis

The downside of this fairy-tale story is that LTCEUR is now hit by the 23% Fibonacci resistance level at 57.92. The future cloud is slightly bullish but mostly flat. Now market participants are looking to see if the 23% Fibonacci holds.

What’s Going On in Litecoin’s World?

As I mentioned in my Tuesday video, the Litecoin rally started one week after South Korean Exchange, Coinone, added the cryptocurrency to its platform.

The exchange has reportedly processed $3.2 million worth of Litecoin in the first 24 hours of trading the cryptocurrency.

Coinone is one of the biggest cryptocurrency exchanges in the country. Korea is in fact, the world’s third-largest cryptocurrency market.

So the recent surge could be fuelled by the volume the exchange brought about by offering trades in Litecoin versus South Korean currency. Volumes on Bithumb, one of the biggest exchanges in South Korea, have also gone up.

However, this may not be the only reason why Litecoin price is going up.

Bitcoin’s cousin may be seen as a safe haven for market participants amid the uncertainty surrounding the Segwit2x hard fork. With that, let’s see what Bitcoin has been up to.

Bitcoin Pulls Back after Developers Call Off Plans to Split it

After showing yet another off-the-chart growth to hit the all-time-high level of $7,800, Bitcoin erased most of this week’s gains on Thursday.

What could be behind the massive volatility? Probably the suspense of its controversial upcoming hard fork.

Bitcoin was scheduled to upgrade on Nov. 16 following a proposal called SegWit2x, which would have split the digital currency in two. However, more and more major bitcoin developers dropped their support for the upgrade in the last few months. With that, on Wednesday,  developers behind SegWit2x announced they are calling off plans for the upgrade. They are waiting until there is more agreement in the Bitcoin community.

What Do the Technicals Say

I must admit, Bitcoin has been one not really following traditional technical analysis measures. The main reason why is that Bitcoin has started to be viewed more as an asset rather than a digital currency.

However, we could still say that the Bitcoin price has hit a new resistance at $7,800. The support level is at $6,957.

As always, please keep in mind that trading cryptocurrencies could be very risky. Speculative trading is even riskier. Before entering a position, you must calculate your risk tolerance to be able to decide on the investment strategy that is suitable for your portfolio.

 

xoxo,

Kiana Danial

While Bitcoin has been enjoying conquering one record high after another, Dash, the sixth largest cryptocurrency by market capitalization, appears to be losing its steam.

DASH has been mainly consolidating against other counterparts such as the US dollar and Ethereum. However, it is getting knocked off by Bitcoin.

DASH BTC Analysis

The DASH BTC pair has broken below a key support level of 0.045. This level also falls on the 61% Fibonacci retracement. This support was considered so important because it was able to keep the DASH BTC price from falling further on three previous occasions.

After DASH/BTC reached the all-time high level of 0.12 back in March 2017, the pair dropped to 0.045 within a month. Then mainly range traded above it. Until now, that is.

Using the Ichimoku and Fibonacci analysis technique, we can see that the price is trading below the Ichimoku cloud. The future cloud is bearish. And all other moving averages, including the Kijun line, the Tenkan line, and the Chiko span, are moving downward.

Dash BTC Analysis - Daily Time Frame
Dash BTC Analysis – Daily Time Frame

The Fibonacci setup is retracing the major uptrend which started at the end of 2016. It tracks DASH BTC price all the way up to the Double Top formation around the all-time high level of 0.10.

While we could see a bit of a pullback in the medium term, the break below the key support may have opened doors to further drops towards the next support level at 0.029. This level falls on the 78% Fibonacci level.

What’s Going on in the Dash World?

Dash was recently listed on Qryptos and Quoinex.  The former is a cryptocurrency-only trading platform. The later is a crypto-fiat exchange. Both platforms are owned and operated by Japanese startup Quoine.

The listing means that Dash will be available for trade against several notable currencies.  Among them are the Japanese yen (JPY), and the euro (EUR). It could potentially become available to trade against other minor currencies as well. For example, the Hong Kong dollar (HKD), the Singapore dollar (SGD),  the Indonesian rupiah (IDR), the Indian rupee (INR), and the Philippine peso (PHP).

Last but not least, this would make Dash available to trade against cryptocurrencies like Bitcoin Cash, and Ethereum.

Anything else?

In addition, Dash will also be added into Quoine’s new global liquidity platform Liquid.  Traders across the world will be able to access Dash more easily after Dash is added to Liquid in 2018.

What is Dash anyway?

Dash (DASH) is a next-generation digital currency based on the Bitcoin software.

It aims to be the most user-friendly and most on-chain-scalable cryptocurrency in the world. On top of Bitcoin’s feature set, it currently offers instant transactions (InstantSend) and private transactions (PrivateSend). It operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses to perform work that adds value to the network

Happy Dashing!

Kiana Danial, Invest Diva