Cryptocurrencies continue to channel their inner Paul Giamatti by trading sideways but a breakout (or breakdown) could be on the immediate horizon depending on who you want to believe.
We’ll get to the details in a second but here’s how things are shaping up on Wednesday afternoon.
- Bitcoin (BTC): $6566.65 (up 1% in the past week)
- Ether (ETH): $225.90 (up 2.75% in the past week)
- Ripple (XRP): $.4647 (down 11.75% in the past week)
- Bitcoin Cash (BCH): $510.25 (down .95% in the past week)
- EOS: $5.90 (up 5.35% in the past week)
- Litecoin (LTC): $57.65 (down ,05% in the past week)
- Monero (XMR): $112.40 (down 1.1% in the past week)
- Tron (TRX): $.025 (up 16.4% in the past week)
Cryptocurrencies Could Be On The Verge Of Exploding
As a result, plenty of bulls have speculated things are on the verge of breaking out— including one analyst at CNBC who says things are “about to explode.”
According to CCN, Onchain Capital CEO Ran Neuner— who hosts the network’s “Crypto Trader”— says he’s incredibly optimistic that things are going to take a turn for the better.
The SEC is set to issue a ruling on nine Bitcoin ETFs by November 5 and Neuner isn’t the only person who thinks the agency will approve at least a few of them by early next year— a decision that would likely have a positive impact on prices.
As CCN notes, Neuner also predicted Bitcoin would hit $50,000 by the end of the year, so while he still has a few months to see if his prophecy will come true, I have a feeling he might have been a little bit off the mark.
However, not everyone is so bullish.
Cryptocurrencies Could Be On The Verge Of Imploding
If I’ve learned anything in the past year or so, it’s that so-called crypto “experts” don’t seem to really have any idea what is going on and it’s advisable to take basically every opinion out there with a giant chunk of salt.
However, if a new report from Juniper Research is to be believed, the end might be nigh.
According to Bitcoinist, the study looked at volume trends over the past year and claims a dramatic drop in the value of trades could be a sign that things are only about to get worse:
Daily Bitcoin (BTC) $6568.24 +0.05% transaction volume fell from 360,000 in late 2017 to just 230,000 daily transactions as of September 2018.
At the same time, the value of these daily transactions also fell from $3.7 billion to less than $670 million and the pace of cryptocurrency transactions within the entire market contracted from $1.4 trillion in Q1 of 2017 to less than $1.7 trillion for the entire year.
The study also noted crypto failed to see a price bump in the midst of some geopolitical issues such as Brexit that— at least in theory— should have made people more interested in non-fiat currencies.
I don’t even know what to believe anymore.
$2 Million In Bitcoin Can Be Yours If You Can Solve This Puzzle
If you’re a fan of puzzles and are also interested in making millions of dollars I have some great news for you.
According to The Daily HODL, an anonymous Bitcoin miner dubbed “Pip” who got in on the ground floor has created a puzzle that will reward the solver with 310 Bitcoin, which is worth around $2 million at the time of this writing.
If you’re interested in more details, Pip has answered a few FAQs on the website he set up to promote the challenge.
I have no idea what the hell I’m looking at, but if you do, don’t hesitate to throw a couple of them my way if you manage to solve it.