The price of Bitcoin [BTC] at Hours UTC on 27th May is $8887. It is trading 10.75% higher on a daily scale. According to trading principles, $8950 qualifies as reaching to $9000 levels. The parabolic rise in Bitcoin [BTC] recorded another leg-up as Bitcoin [BTC] is looking to break past $10000 psychological level.
The ‘On-chain transaction volume’ in USD on Bitcoin is still lowe can one expects in a bullish market. In the previous bull run at these price levels, the on-chain volume on Bitcoin was more significant than $20 billion. However, it is only near $5 billion currently.
Nevertheless, Bitcoin’s [BTC] evolution a store of value is possibly increasing the number of hodlers rather than the number of transactions or exchanges executed on the chain. It also draws an important conclusion regarding the scalability and transaction fees debate over Bitcoin [BTC]. Willy Woo, an analyst tweeted about the gradual growth of Bitcoin as an asset from Murad Mahmudov’s model. He said,
In order for BTC to be a currency it first must be a SoV borg.
Charlie Shrem reiterated this fact on Twitter, he said,
“Transaction speeds” when debating
#bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.
Therefore, according to the above analysis, even if the rise in the number of transactions is not considerable due to the high transaction fees and scalability issue, the increase in price can still be justified.
XRP Golden Cross on a Daily Scale
XRP is one of the least performing coins during the year as it maintained more stability around its price than other cryptocurrencies. However, the unprecedented bullish run in Bitcoin [BTC] has benefited the altcoins as well.
From TA, the daily chart on XRP/USD is looking highly bullish with the golden cross on the horizon.XRP ‘golden cross’ is on the horizon as the 200-Day Moving average is looking to break past 50-Day Moving Average.
The RSI and MACD on the daily and weekly scale are placed at a neutral zone, and a break-out can be expected towards both directions. A bullish move could push the price past $0.45. However, the support above $0.365 must be maintained.
The price of XRP at 16: 20 Hours UTC on 27th May 2019 is $0.0.428. It is testing yearly highs. It is trading 11.71% higher on a daily scale.
Do you think that the bull run in the cryptocurrency market will break All-Time High? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com