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Price analysis 11/30: BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, BNB, XLM
by Rakesh Upadhyay on November 30, 2020 at 9:35 pm
Bitcoin broke out to secure a new 2020 high at $19,863 and altcoins look ready to follow BTC higher. Bitcoin (BTC) price came within striking distance of hitting a new all-time high today. This shows that institutional and retail investors continue to buy on every dip and BTC is in a strong uptrend. Hence, traders should not urgently looking to call a top.While Bitcoin has been creating new records, gold has corrected about 15% from its all-time high. This shows that traders are dumping their positions and this led to the largest weekly outflow in gold. Daily cryptocurrency market performance. Source: Coin360Analysts believe that some of the money flowing out of gold could enter Bitcoin as institutional interest continues to soar. A new high could also attract momentum traders who like to piggyback on a strong trend.Traders are now wondering if Bitcoin's momentum will pull the whole crypto sector higher or if it will continue to hog the limelight at the expense of the altcoins? Let’s analyze the top-10 cryptocurrencies to find out. BTC/USDCorrections in a strong uptrend usually last for one to three days and that is what happened with Bitcoin price. The pullback from the intraday high of $19,459.22 on Nov. 25 bottomed out at $16,191.02 on Nov. 26.BTC/USDT daily chart. Source: TradingViewA shallow correction is generally a sign of strength. It shows that existing owners of the BTC/USD pair are in no hurry to book profits while traders who want to buy are not waiting for lower levels to enter.The upsloping moving averages and the relative strength index near the overbought zone suggest that bulls are in command. The momentum picked up today and the bulls pushed the price above $19,459.22.But the bears have not yet given up. They are trying to mount a stiff resistance in the $19,500 to $20,000 zone. If the price turns down sharply from this resistance, a drop to $17,200 is possible.On the other hand, if the bulls can push the price above $20,000, the momentum could pick up further and a rally to $22,727 and then to $25,000 will be on the cards.ETH/USDEther’s (ETH) strong rebound off the $488.134 support shows that the bulls are buying aggressively as they expect the next leg of the uptrend to resume.ETH/USDT daily chart. Source: TradingViewIf the bulls can push the price above $625, the ETH/USD pair could start its journey towards the next major resistance at $800. The upsloping moving averages and the RSI near the overbought territory suggest that bulls are in command.Contrary to this assumption, if the price again turns down from $625, the pair may consolidate for a few days before resuming its up-move. A break below the 20-day exponential moving average ($523) will be the first sign of weakness.XRP/USDThe pullback in XRP had been facing resistance at the 61.8% Fibonacci retracement level of $0.649138 for the past two days. Today, the bulls pushed the price above the resistance but failed to sustain the higher levels.XRP/USDT daily chart. Source: TradingViewHowever, the upsloping moving averages and the RSI in the overbought territory suggest that bulls have the upper hand. If they can push the price above $0.649138, the XRP/USD pair could rally to $0.706942 and then to $0.780574.This bullish view will be invalidated if the price turns down from either overhead resistance and plummets below the 20-day EMA ($0.47).BCH/USDBitcoin Cash (BCH) rose above $280 on Nov. 29 and has picked up momentum today. However, the relief rally could face resistance at the 61.8% Fibonacci retracement level at $324.01.BCH/USD daily chart. Source: TradingViewIf the price turns down from the overhead resistance, it will suggest that the bulls who are stuck at higher levels are bailing out of their positions. The bears will then try to sink the price to $280.Contrary to this negative assumption, if the bulls can push the price above $324.01, the BCH/USD pair could move up to $344.98 and then to $371.70. The gradually rising moving averages and the RSI above 58 suggest that bulls have a minor advantage.LINK/USDChainlink (LINK) bounced off the 50-day simple moving average ($12.25) on Nov. 26 and 27 and the bulls have pushed the price back above the overhead resistance at $13.28. The recovery is currently facing resistance at the 61.8% Fibonacci retracement level at $14.4433. LINK/USDT daily chart. Source: TradingViewThe flattish 20-day EMA ($13.40) and the RSI just above the midpoint does not give a clear advantage either to the bulls or the bears.If the bears sink the price back below $13.28, it will suggest that sentiment has turned bearish and the traders are selling on rallies. A break and close below the 50-day SMA could start a deeper correction.On the contrary, if the bulls push the price above $14.4433, the LINK/USD pair could rally to $15.2994 and then to $16.39. A break above this resistance could resume the uptrend.LTC/USDLitecoin (LTC) found support near the 61.8% Fibonacci retracement level of $64.8317 on Nov. 26 and 27. The rebound since then has been sharp but the bulls are currently facing resistance at $88.LTC/USDT daily chart. Source: TradingViewHowever, the upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand. If they can push the price above $88, a retest of $93.9282 will be on the cards. Above this level, the rally could extend to $100.On the other hand, if the price turns down from the overhead resistance, the LTC/USD pair could remain range-bound for a few days. The pair will turn negative if the bears sink the price below $64.ADA/USD Cardano (ADA) surged back above the overhead resistance at $0.155 on Nov. 28, which shows aggressive buying at lower levels. However, the bulls are struggling to sustain the price above $0.17 for the past two days.ADA/USDT daily chart. Source: TradingViewThis shows that the bears are defending the zone between $0.17 and $0.1826315. If the bears can sink the price below $0.155, a drop to the 20-day EMA ($0.137) is possible.However, if the bulls buy the dips to $0.155, it will suggest accumulation at this level. A consolidation near the overhead resistance is a positive sign as it shows that traders are not closing their positions in a hurry and are not waiting for deep corrections to buy.If the bulls can propel the price above $0.1826315, the ADA/USD pair may start its journey to $0.2129 and then to $0.235.DOT/USDPolkadot (DOT) bounced off the 50-day SMA ($4.52), which shows that the bulls are defending this support. They will now try to push the price above the $5.5899 to $6.0857 resistance zone.DOT/USDT daily chart. Source: TradingViewIf they succeed, the DOT/USD pair could rally to $6.8619 and then to $7.64. The gradually upsloping moving averages and the RSI above 57 suggest that bulls are at a minor advantage.However, if the price again turns down from the overhead resistance zone, the pair could remain stuck in the range for a few more days. BNB/USDBinance Coin (BNB) remains range-bound between $25.6652 and $32. The bounce off the Nov. 26 low suggests that bulls continue to buy near the support of the range. The price has now reached close to the resistance of the range at $32.BNB/USDT daily chart. Source: TradingViewIf the price turns down from $32, the BNB/USD pair may extend its stay inside the range. The moving averages are flat but the RSI has jumped into the positive territory, which suggests that the momentum favors the bulls.If the buyers can push the price above $32, the BNB/USD pair could move up to $35.4338. A breakout of this resistance may result in a retest of the all-time high at $39.5941.XLM/USDStellar Lumens (XLM) is facing resistance at the downtrend line but the positive thing is that the bulls have not given up much ground. This shows that the buyers are accumulating on every minor dip.XLM/USDT daily chart. Source: TradingViewIf the bulls can push the price above the downtrend line, the XLM/USD pair could rally to $0.231655. The bears may again mount a stiff resistance at this level and if the price turns down from the overhead resistance, a few days of range-bound action is possible.If the bulls can drive the price above $0.231655, the next leg of the uptrend could begin. The next target to watch on the upside is $0.2933. Conversely, if the bears sink the price below $0.188, the pair may drop to $0.16. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.
Someone just moved $5M in BTC from the 2016 Bitfinex hack
by Benjamin Pirus on November 30, 2020 at 8:54 pm
The exchange's pilfered funds are on the move once again. Back in 2016, 119,756 Bitcoin were stolen from the Bitfinex crypto exchange. Some of these coins have continued to move between wallets over the years, including as recently as Monday.Blockchain data shows that an unknown crypto user has moved 270.97974 Bitcoin (BTC) from a wallet associated with the hack. The sum is worth roughly $5.2 million at time of publication. The address 1GytseWXyzGpmHkcv9uDzkU9D8pLaGyR5x, which is believed to be associated with the hack, shows less than 0.001 BTC remaining. The BTC were sent to a previously unknown bitcoin address — 3MyXrfSg7JFXLa7bD6YF1GnomEr8EXYRnx, which holds only the transacted amount. The hackers responsible for the breach have moved only 1-2% of the stolen funds during the four-year interim since the theft took place. Their HODLing strategy appears to be paying off — the haul was worth a mere $72 million at the time, but is now valued at around $2.3 billion.In June, the thieves transferred 736 BTC from the hack to the Russian darknet marketplace Hydra, with some coins actually ending up back at Bitfinex. Likewise, someone transferred 3,503 BTC from addresses associated with the 2016 Bitfinex hack back in July as well. Coins also moved in October, with 2,900 BTC changing wallets. Various amounts of Bitcoin from the hack have also moved on multiple other occasions. 98% of the stolen funds have remained untouched for four years, however. This may suggest that the hackers have faced difficulties laundering the digital assets as authorities enforce stricter regulations. Turner Wright contributed to this article.
Why Bitcoin price has not hit a new all-time high — Just yet
by Joseph Young on November 30, 2020 at 8:31 pm
Bitcoin price has rallied to new highs on multiple exchanges but it’s yet to break its December 2017 all-time high at Coinbase. The price of Bitcoin (BTC) reached $19,873 on Coinbase on Nov. 30, breaking above $19,000 in a surprising recovery rally. Although many in the cryptocurrency sector a celebrating BTC achieving an all-time high, it has not just yet.On Coinbase, the price of Bitcoin hit its peak at $19,891 in December 2017. The all-time high price on Coinbase is particularly important because it has consistently remained as the top U.S. exchange for the past several years.BTC/USD monthly chart at Coinbase. Source: TradingViewAlso, some top global exchanges like Binance launched in mid-2017. An argument could be made that an exchange that has been around since 2012 carries more significance in terms of historical price data and to date, Coinbase remains one of the primary exchanges used by retail investors.Bitcoin's all-time highs vary across exchanges2017 was a tumultuous period for cryptocurrencies. By the time Bitcoin achieved a new all-time high, it saw 30% to 50% price swings in a week as the cryptocurrency exchange market showed a lack of liquidity.Currently, the record highs differ by nearly $300 between exchanges. For instance, on Kraken and Bitstamp, BTC peaked at $19,660 and $19,666, respectively. Today, BTC price hit a new all-time high at both exchanges.On Binance and Huobi, BTC reached a top at $19,799 and $19,867, both of which were also achieved on Nov. 30.At the time of writing, Bitcoin is yet to see a new record high on Bitfinex, Coinbase, and Gemini, which are also coincidentally known as the exchange for whales due to their high liquidity. In 2017 Coinbase was a leading exchange in terms of trading volume, and in the minds of many traders, seeing the price surpass its previous all-time high would provide further confirmation that a bull market has officially started. For many traders, $20,000 is the barrier that needs to be broken as it will officially concretize a new all-time high for the top-ranked digital asset. A pseudonymous trader known as “Bitcoin Jack” pinpointed Bitfinex as the most liquid exchange during this ongoing rally. Hence, considering that Gemini and Coinbase’s record highs are near Bitfinex, the $19,873 level makes an accurate all-time high. He said:“Careful out there as liquidity to open interest ratios took a hit across most exchanges. It means that, until liquidity gets replenished, the amount of liquidity vs OI is relatively low allowing for less contained cascades to both sides As always, Finex is the liquidity king.”What’s next for Bitcoin price?On-chain analysts, including CryptoQuant CEO Ki Young Ju, predicted that whales would try front-run the all-time high and apply significant selling pressure.As Bitcoin neared its record high on Coinbase, a sudden sell-off occurred, taking BTC to as low as $18,998 within two hours.Following the heightened level of volatility and a whale-induced sell-off, the futures market’s open interest took a hit, and exchange order books have been hindered.There are two scenarios in the near term that Bitcoin could see after its first attempt to break out of its all-time high. First, the momentum may continue in the Asian markets during their morning session and this could catalyze buyer demand to increase again.Second, Bitcoin could consolidate under the all-time high at $19,873, possibly ranging between $19,000 and $19,873. This scenario is the most ideal for BTC to see a sustainable rally, as it would prevent the derivatives market from getting overheated.
Eth2 dev talks about challenges and lessons learned ahead of mainnet launch
by Andrey Shevchenko on November 30, 2020 at 8:02 pm
Despite some “unanticipated consequences,” the testnets were instrumental in stress-testing Eth2. After years of delays and changes in plans, Ethereum 2.0 is finally approaching release on Dec. 1.Ethereum 2.0 Phase 0 is introducing the long-awaited mechanism of staking to the smart contract platform, in addition to launching the skeleton of a future Eth2 blockchain, the Beacon Chain.Progress in 2020 steadily picked up pace as more and more testnets were introduced and iterated on. While they were successful in aggregate, they were not exempt from problems related to synchronization and block production.Part of those issues came from the challenge of keeping the same pace between seven different clients, or Ethereum 2.0 node software, working with different programming languages and technology stacks.Cointelegraph spoke with Zahary Karadjov, research developer at Nimbus — one of those clients — to learn more about both the road Ethereum 2.0 has traveled so far and the next legs of the journey.The interview has been lightly edited for length and context.Cointelegraph: Nimbus seems to have had a few more issues catching up to the shared Ethereum 2.0 specifications. Why do you think that is?Zahary Karadjov: We were very busy preparing Nimbus for mainnet. It’s fair to say that it has been a little bit more challenging for us because it took us a while to develop some of the components that the other teams already had available — more specifically, the Libp2p networking layer.This is something that we had to build from scratch, and it took us quite a lot of time to stabilize it. There were a few months where we were struggling with performance. It was only recently that we published our initial stable release. But right now, we feel confident for mainnet: We are working on the last of the small issues, and our audit has also been completed.CT: Prysm and Lighthouse — which similar to existing Ethereum 1.0 clients were built in Go and Rust, respectively — seem to have been ahead of the others so far. Is that because they were able to build on the work done for Ethereum 1.0?ZK: My explanation will be a simplification, as there are many factors involved. But I would say that developing Libp2p has been the most significant source of delays for us. And the logic is easy to see here: Teku, which is developed in Java, also didn’t have a Libp2p implementation, and it also became ready at a slightly later stage.The Prysm team had the luxury of having Libp2p developed a very long time ago, as it was originally developed in Go, while Lighthouse was able to take advantage of the implementation created, again, quite some time ago by the Parity team for its work on Polkadot.Libp2p is the networking layer of Ethereum 2.0 — you can say it’s a completely different technology from the one that’s used in Ethereum 1.0. In very practical terms, it’s a publish-subscribe technology called Gossipsub, which is an optimized way to broadcast information in the network.CT: Let’s talk about the Medalla testnet. What lessons did Nimbus and the Eth2 community learn, especially considering the periods where the blockchain wasn’t providing block finality guarantees?ZK: Well, the struggles with finality started with a technical issue. There’s the famous Cloudflare Roughtime incident, which demonstrated exactly what we were discussing in our previous conversation. If everybody on the network is using the same client, a technical issue in this particular client could put a lot of validators offline, which may immediately render the network into a non-finalizing state.We had this issue with the Prysm client, and it also taught an important lesson in the importance of communication. The Prysm team was able to provide a fix for this issue in a very short amount of time — just a couple of hours. But it took quite a while for the community to realize there was a problem and to deploy the fix.This was the initial incident that created a long period of non-finalization for Medalla. But this was actually very helpful for the clients because when the network is not finalizing, the clients have to consider many different possible forks and alternative histories, and this puts a lot of stress on the clients. So, these long periods of non-finalization allowed us to see and to optimize the clients for these stressful moments in the network where everything is not running as expected.CT: During the testnet and the non-finality period, some users complained that their stake was reduced even if they were online. Is that a bug or a feature of the system?ZK: You could describe it as an unanticipated consequence. Basically, the problem is that the client gets rewarded for the attestations broadcast on the network. But these attestations are supposed to be included in blocks. If there is nobody to produce blocks, your attestations don’t end up on the chain. So, it looks like you’re not active.I think this issue is well recognized and acknowledged by the implementation team and the research team. It should be addressed in the future of Ethereum — in Phase 1, or even Phase 0.5, one of the very first upgrades of the network. But we should not forget that it would be quite unexpected if we see low participation rates on the mainnet, as when there’s real stake involved, the incentives for validators to be online are much stronger.CT: Do you think these complexities and the requirement of being constantly online could turn people away from staking with their own devices?ZK: Well, this is a very common misconception that I think we should do a much better job at communicating. Actually, the risks of not being online all the time are not that great. You will make a profit if you are online more than 50% of the time. Think about it: You can be offline for half of the year, and you’ll still be at zero. You won’t be making any money, but you also won’t be losing any money. The protocol is quite forgiving in this regard.CT: What comes after the mainnet launch of Phase 0? Is sharding the next upgrade on the list or do you expect more work required for this initial Beacon Chain?ZK: There will certainly be upgrades coming with the integration of Phase 1, and it would require breaking changes — or let’s just call it a hard fork — where the client teams will release new software as more functionality is brought online. We expect the rollout of the finality gadget at some point, which will finalize the Ethereum 1.0 chain through the consensus mechanism of Ethereum 2.0. All of these ongoing releases are going to happen in parallel. They’re a little bit independent from each other and are part of the Ethereum roadmap for the next few years.
Venezuelan army starts mining Bitcoin to make ends meet
by Ezio Rojas on November 30, 2020 at 7:55 pm
The Venezuelan army turns to crypto mining as the country's economy collapses. The regime of Nicolás Maduro continues to lean on crypto to keep economically solvent.Via Instagram, an engineering brigade of the Venezuelan army inaugurated the new "Digital Assets Production Center of the Bolivarian Army of Venezuela." As the video shows, the center houses various ASIC mining equipment used to crack proof-of-work algorithms.General Lenin Herrera presented the new mining operation. The stated goal of the mining operation is "strengthening and self-sustainability of our units of the Bolivarian Army," adding later that these mining centers would be generating "unblockable sources of income" and an alternative to the "trust system blocked and controlled by colonialist interests," referring to the United States, a country that has leveled sanctions against many associates of the Maduro regime.With oil prices crashing and political turmoil taking its toll even before COVID-19, Venezuela has seen historic inflation in recent months. As Cointelegraph reported in September, Maduro proposed an "Anti-Blocks Law," a legal body that proposes using cryptocurrencies to evade sanctions and access financing from international allies. These intentions are not new. The Maduro administration has gone so far as to launch and promote its own cryptocurrency, the Petro, which has seen limited success.On the flip side, the U.S. military is also closely observing Venezuela's crypto activities. Recently, Admiral Craig Stephen Faller referred to Maduro’s use of crypto and went so far as to link its use to drug trafficking and terrorism, adding that the armed forces were keeping an eye on all such operations.