Another week, another round of Crypto Tidbits. Bitcoin saw quite the past week in terms of price action, rallying from a low of $9,100 to as high as $9,900 (a high just set hours ago as of the time of this article’s writing). The asset is up 5% in the past week, per data from Coin360.Interestingly, unlike other weeks, other digital assets outperformed BTC in the past seven days. Ethereum, especially, saw a massive surge higher, gaining 22% as buyers finally stepped in after 2019’s brutal drawdown. The underlying industry was just as exciting as the crypto market, with there being a confluence of developments that may excite readers.Related Reading: Crypto Tidbits: Bitcoin Stalls Above $9,000, Andrew Yang Bumps Cryptocurrency, Japan’s Digital CurrencyBitcoin & Crypto TidbitsBloomberg Analyst Bullish on Bitcoin’s 2020 Outlook: Bloomberg’s senior commodities analyst, Mike McGlone, recently revealed that he remains optimistic about Bitcoin’s prospects in 2020, calling the trend “favorable.” He wrote that “indications for the first-born crypto remain favorable in the key metric that matters for an asset where supply is increasingly limited — adoption.” McGlone, backing his sentiment that Bitcoin adoption is increasing, cited the growing number of active addresses on the network, which is an on-chain metric that many say is an indicator of investor demand:
“Address totals suggest Bitcoin is likely to sustain above $9,000, as we see it. One of the most robust indicators of the 2018 price decline and 2019 recovery — the 30-day average of Bitcoin active addresses from Coinmetrics — is the highest since July, when the price peaked at about $14,000.”Tron CEO Meets With Bitcoin Skeptic Warren Buffett: It was revealed that on January 23rd, Tron’s Justin Sun met with Warren Buffett, a prominent Bitcoin skeptic, for dinner in Buffett’s home town of Omaha, Nebraska. There were six attendees in total: himself, Buffett, Charlie Lee of Litecoin, Binance Charity Foundation’s Helen Hai, eToro CEO Yoni Assia, and CFO of Huobi Chris Lee. Sun gifted Buffett “his first Bitcoin” stored on a gifted Samsung Galaxy Fold (Samsung has its own blockchain wallet in some regions), two Galaxy Fold devices “with Tron built in” and with an aggregate 1,930,830 TRX ($43,000 worth), a bronze horse, and a paper cutting of a rat in celebration of Chinese New Year. While Buffett was seemingly impressed by the gifts, he affirmed his belief that Bitcoin is not yet ready to be a proper investment.Ethereum DeFi Hits $1 Billion: Ethereum decentralized finance ecosystem is growing much faster than that of Bitcoin. This week, the amount of capital locked in DeFi applications based on Ethereum passed $1 billion, a sum hundreds of percent higher than it was a year ago.Mastercard CEO Explains Why He Left Libra: Last year, Mastercard left the Libra Association, Facebook’s crypto venture, though little was known about the company’s reasoning for this dramatic move. Mastercard CEO recently revealed more about this decision, telling the Financial Times that there were risks in Libra not enforcing mandatory KYC, AML, and data management protocol, adding that the partners in the project did not put adherence to global laws into writing. He continued that Libra’s model for making money made no sense.BitMEX Unveils XRP Quanto Swap: On January 23rd, leading Bitcoin derivatives exchange BitMEX revealed its intent to launch a new financial product for XRP. In a blog post, the company said that this product would be a “Ripple USD quanto swap,” which will allow traders to leverage trade the cryptocurrency with leverage of up to 50x. The product launched on February 5th.Featured Image from Shutterstock
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Author: Nick Chong
On February 7, Cold Card and Opendime creator, Rodolfo Novak (also known as NVK), tweeted a picture of himself with Tron founder Justin Sun and Blockstream’s CEO Adam Back. Novak said “Ethereum was over” and the three had a plan to move Tron to Liquid, a network that leverages the BTC chain. Whether the tweet was a joke or not, the picture got the crypto community fired up and it initiated heated debates about the legitimacy of both Tron and Ethereum.
One could consider the crypto networks Tron (TRX) and Ethereum (ETH) competitors within the cryptoconomy. While the ETH network is older than TRX, they both have similar goals and do similar things. As Ethereum strives to be a “world computer,” Tron aims to accomplish this feat as well, but with more of a focus on entertainment. They both leverage concepts like decentralized finance (defi), decentralized apps (dapps) and permissionless systems for token creation (ERC20 & TRC20).
When Novak tweeted about moving TRX to the Liquid network, lots of people considered it a joke, while others took the tweet very seriously. Despite what people think about Tron or Ethereum, news.Bitcoin.com decided to look at the two networks to see how they both compare as far as onchain data, market statistics, development, funds locked in defi, and both project’s social media ratings. We want to let our readers decide which project is better by weighing the pros and cons of each crypto without all the opinions.
— NVK (@nvk) February 8, 2020
Tron vs. Ethereum: Stacking Up the Data
On February 7, 2020, Coin Metrics data shows the BTC chain processed roughly 333,000 onchain transactions. ETH saw a total of 626,000 transactions in the 24 hour period while TRX did around 816,000 on Friday. While ETH has been consistently above BTC transactions per day, TRX has also been consistently above ETH’s daily average.
Both Ethereum and Tron have tokens that represent the stablecoin tether (USDT), but the ETH chain has a whole lot more. Statistics from Tronscan on Saturday show that there’s 814 million USDT held on the Tron network. Today’s data stemming from Etherscan indicates there’s a whopping 2.2 billion USDT leveraging the ETH chain.
As far as stablecoin usage is concerned, Ethereum outpaces Tron by a long shot, as the chain also has other stablecoin tokens like PAX, USDC, and TUSD. But it’s true that both networks have seen more tethers migrate to each blockchain during certain periods of 2019. In fact, as far as funds locked into defi, Ethereum takes the cake when it comes to decentralized finance and centralized finance (cefi) applications as well, with projects like Maker, Compound, and Instadapp. Defi applications on ETH touched a milestone on February 6, when the total value locked (TVL) surpassed $1 billion.
Where market action and fiat value are the focus, tron (TRX) is trading for $0.02 per coin and the cryptocurrency is still down 92% from its all-time high (ATH) of $0.30. Ethereum (ETH) is swapping for $224 per coin at the time of publication, which is 84% down from its ATH of $1,431. Against USD over the last 12 months, TRX is down 18% and against BTC the crypto is down 69%. With ETH the crypto has gained 86% against the U.S. dollar in a year but against BTC it is still down 30%.
Trade volume data from Messari shows the reported volume for TRX is around $203 million in the last 24 hours, but Messari’s “real volume” index indicates there’s only been $49 million in TRX trades. As far as ETH is concerned, reported trade volume on Saturday is roughly $3.5 billion, but again Messari’s “real volume” index shows less at $349 million. Tallying up the aforementioned statistics shows that ETH was a better investment over the last year, it has more liquidity, and trade volume as well.
As far as yearly Github activity, coincheckup.com data shows that Tron has outpaced ETH development during the last 12 months in regard to tallied commits. The Coindesk social media benchmark shows ETH has around 451,000 Reddit subscribers and the same number of Twitter followers giving the project a 23% social rating.
Tron’s Reddit community has about 71,000 subscribers and Tron has around 497,000 Twitter followers giving the project a 9.7% social rating. ETH has around 2,000 Github watchers and roughly 445 developers contributing to the ETH codebase. Tron has about 309 Github watchers and 118 developers that have contributed to the TRX Github repository. While there are 9,200 forks of Ethereum, there are only 673 Tron forks.
The Ethereum project got a head start and Tron is not as old of a blockchain in comparison. They both have influential leaders at the helm with Justin Sun and Vitalik Buterin who are both still around to weigh in with opinions, unlike Satoshi. Both projects have a lot of investors who believe that either ETH or TRX will be dominant and there are definitely those that think both will serve a purpose. Either way, both exist in prominent market positions today as ETH and TRX are in the top 15 largest market capitalization list and might be for quite some time.
What do you think about these two cryptocurrencies? Do you think Tron is better than Ethereum or vice versa? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded on February 8, 2020.
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Author: Jamie Redman
Just 30 or so minutes ago, Bitcoin made an attempt at $10,000, breaking past $9,900 for the first time in about forever to jump as high as $9,950. The price spike, unfortunately for bulls, fell short of the ever-so-important five digits.Though, the price of BTC is not done yet, with the price falling only to $9,890 as of the time of this article’s writing, suggesting that crypto bulls may soon again attempt to catapult Bitcoin over $10,000.The question is: will it happen?A number of analysts have recently weighed in on this very question.Related Reading: Here’s Why a Politician Says U.S. Must Smarten Up on Crypto RegulationWill Bitcoin Break Past $10,000 for First Time in Months?Prominent cryptocurrency trader Calmly is still confident the price of BTC will soon break past $10,000, writing in a recent analysis that he is “still looking for $10,900,” noting that Bitcoin is clearly trending higher and won’t encounter much resistance until his target price — 10% higher than current prices.#Bitcoin– Trade has been moving slowly, but I’m still looking for 10.9k pic.twitter.com/Y9usuoW4Vo— Calmly | full-time trader (@im_calmly) February 8, 2020
His call for further price appreciation has been echoed by Fundstrat Global Advisors’ Rob Sluymer.In a recent research note for Fundstrat shared with Bloomberg, the analyst wrote that he expects Bitcoin to rise into the $10,000 to $11,000 price range over the coming months, citing BTC’s historical trend of retracing 50% to 62% of long-term market trends. The analyst continued:“Bitcoin appears to be in a textbook re-acceleration. [The pullback should be relatively shallow, followed by] resuming its longer-term uptrend into year-end.”This is notable as the analyst has called “key turning points in the digital currency” in the past; indeed, in May of 2019 he called for investors to buy Bitcoin, and at the end of June, he predicted a steep pullback.The Crypto Dog was a bit more nebulous in his analysis, remarking on Twitter after Bitcoin spiked to $9,950 that the cryptocurrency “either gets shut down hard here, or we’ve got a monster green candle inbound.” He pointed to the cryptocurrency testing a confluence of two resistances: an overhead resistance uptrend and the horizontal resistance just shy of $10,000.This either gets shut down hard here, or we’ve got a monster green candle inbound. $BTC #Bitcoin pic.twitter.com/cOZk6m2dil— The Crypto Dog📈 (@TheCryptoDog) February 8, 2020
Financial Survivalism — the pseudonymous trader who at the start of 2020 called that Bitcoin would surge to the $9,000s in the weeks that followed his call — offered some caution.He noted that per the textbook Wyckoff schematic of distribution, there is a strong likelihood BTC’s fakeout at $9,950 could be a precursor to a retracement to the low-$9,000s, citing the price action’s similarity to the textbook pattern.I pay very little mind to Wyckoff patterns that occur on TF’s lower than the 4h. However this 15m setup has caught my eye. Will be very interesting to see if this move above $9,900 was an ‘Upthrust After Distribution’ which is the inverse of a ‘Spring’ during Accumulation. $BTC pic.twitter.com/EPg8Vw2DI3— Financial Survivalism (@Sawcruhteez) February 8, 2020
Featured Image from Shutterstock
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Author: Nick Chong
XRP saw some intense bullishness over the past week, with the cryptocurrency clocking some major gains in the early part of the week while Bitcoin and the aggregated crypto market faced some bearish turbulence.This bearishness in the aggregated market proved to be fleeting, however, and the quick turnaround allowed XRP to climb even further until it reached critical resistance between $0.28 and $0.29.Analysts are now noting that the crypto could be just a matter of weeks away from its next major upwards push, which could be fueled by “serious fomo” from retail investors.XRP Faces Overnight Rejection but Bulls Fight Back At the time of writing, XRP is trading down just over 1% at its current price of $0.277, which marks a slight decline from its daily highs of $0.285 that were set yesterday.It is important to note that overnight the cryptocurrency did face some downwards pressure, which came about in tandem with the drops seen by Bitcoin and most other major altcoins.This sharp yet fleeting selloff led the token to drop to as low as $0.268, but buyers quickly absorbed the intense selling pressure and led the crypto back into the $0.27 region.It is important to note that XRP is currently nearing the “spring phase” of a bullish Wyckoff accumulation pattern, which means that the next several months could lead the crypto to see some intense upwards momentum.TraderXO, a popular cryptocurrency analyst on Twitter, spoke about this pattern in a recent tweet, explaining that he is waiting for XRP to “push away” from its yearly open before increasing his position size.“XRP – Patiently waiting for XRP to retest the yearly open and push away before adding further size. So far going to plan!” he explained.$XRP – Patiently waiting for XRP to retest the yearly open and push away before adding further sizeSo far going to plan! pic.twitter.com/0O6OBCt0it— TraderXO (@TraderX0X0) February 8, 2020
Will the Crypto Move Towards $0.33 Before Sparking Intense FOMO-Fueled Rally?One near-term possibility is that the cryptocurrency will rally up towards $0.33 before finding itself caught within an intense fomo-fueled rally that leads the token significantly higher.The Cryptomist, a prominent crypto analyst on Twitter, spoke about this in a recent tweet, telling her followers that she believes that XRP will see some intense momentum in the coming few weeks and months.“XRP: Target of 33 cents remains the latest resistance region. Personally, I do feel in the next few weeks/months we see some serious fomo into this coin,” she noted.$xrpTarget of 33cents remains the latest resistance regionPersonally, I do feel in the next few weeks/ month we see some serious fomo into this coin pic.twitter.com/UHYhlVivvm— The Cryptomist (@TheCryptomist) February 8, 2020
How the crypto trends in the coming few days could offer insight into just how likely this type of massive rally is.Featured image from Shutterstock.
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Author: Cole Petersen
Germany, the economic powerhouse of Europe, is facing renewed challenges that may soon push it towards recession. Falling industrial production and dwindling factory orders are the prime cause of concern. The negative results have been announced on the backdrop of weak demand from Eurozone countries, U.S. threats for import tariffs, and the fallout from the coronavirus outbreak that has already closed down VW plants in China.
Germany’s Industrial Output Slumps 3.5%, Orders Down Over 2%
Industrial production in the Bundesrepublik has declined 3.5% in December 2019, much more than an estimated 0.2%, Bloomberg reported. And data compiled by the Trading Economics website shows that the output has fallen a staggering 6.8% over the same period for the previous year, the highest number in a decade. German industrial orders also slipped last month by 2.1% over November, the Federal Statistics Office said, quoted by Reuters. That’s another unexpected drop, the biggest since February, contrasting the agency’s consensus forecast for a 0.6% rise.
The Federal Ministry for Economic Affairs and Energy pointed out that significant fluctuations in foreign demand for large transport equipment caused about a third of the decrease, noting that the outlook remains subdued. Manufacturing is the leading industrial sector in Germany accounting for almost 80% of total production, with machinery and motor vehicles each contributing 12%. With limited activities during the Christmas holiday season, construction, which is at 11%, was also responsible for the poor monthly results.
German manufacturing, which relies heavily on exports, was affected by weaker demand from other Eurozone countries in December, while uncertainty surrounding Brexit and trade disagreements with London related to the U.K.’s decision to leave the EU further exacerbated the situation. Elsewhere in Europe, other major economies reported declining production numbers as well, including France with a 2.8% drop. The French economy took a hit from protests and strikes in the past couple of months. Manufacturing also shrank in the Netherlands (1.7%) and Spain (1.4%). With markets reacting to these indicators, the common European currency fell Friday to its lowest level since October, at $1.0966.
China Slowdown Due to the Coronavirus Outbreak Hurts Germany
Other external factors have also contributed to the trends in Europe and Germany in particular. While tensions between the U.S. and China over trade have started to subside, President Donald Trump’s administration has threatened to impose tariffs on European imports again. Such a development would be very negative for German car manufacturers, for instance. Another serious problem that increases uncertainty is the coronavirus outbreak in China. Volkswagen was forced to close plants in the People’s Republic because of the growing epidemic. In a report on the crisis, the Munich-based Ifo Institute for Economic Research estimated that a slowdown of one percentage point in Chinese growth could translate into a 0.6-point drop in Germany.
Taking into account the risks for auto sales and manufacturing in general, observers have started to reconsider their estimates about Europe’s locomotive. German economy may have slowed down significantly towards the end of last year and even contracted. In 2019, it barely avoided recession with seasonally-adjusted growth of 0.1% in the third quarter, following a negative 0.2% in the previous three months. The latest GDP figures are expected next week. The released industrial output numbers have “raised the risk that next week’s GDP data could bring back the R-word for the German economy,” commented ING Germany’s chief economist Carsten Brzeski. Quoted by Bloomberg, he added that “2019 was definitely a year to forget for German industry.”
Calls are mounting for Chancellor Angela Merkel to loosen the purse strings. The German state still collects more than it spends with a federal budget surplus of €13.5 billion ($14.7 billion). Her coalition government, however, remains split on the matter, with its conservative wing insisting on corporate tax cuts while her deputy and finance minister, social democrat Olaf Scholz, supporting increased government spending. He shares this position with the new management of the European Central Bank under President Christine Lagarde. Governments which can afford to increase spending should be prepared to do so, Lagarde was recently quoted stating. The ECB pumps €20 billion a month into the economic system of the Euro Area through an open-ended bond buying commitment. Yet the Eurozone economy expanded only 1% year-on-year in the fourth quarter.
What are your expectations about the state of the German economy in 2020? Share your predictions in the comments section below.
Images courtesy of Shutterstock.
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Author: Lubomir Tassev