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TOP 3 Bitcoin and Crypto News for Today: 10 June – ETH Analysis, BTC to Reach $100,000, & XLM Surpasses XRP

News
Wed, 06/10/2020 - 22:00
Geoffrey Schwartz
Ethereum (ETH) price analysis and its $250-mark, Bitcoin (BTC) to reach $100,000 in the fifth phase of ‘stock-to-flow’ model, and XLM surpasses XRP.
TOP 3 Bitcoin and Crypto News for Today: 10 June – ETH Analysis, BTC to Reach $100,000, & XLM Surpasses XRP
Cover image via U.Today

Today was a mixed day for the three major U.S. indexes. The Dow Jones Industrial Average (DJIA) dropped 282.31 points (-1.04%) to close at 26,989.99. The NASDAQ Composite went up 66.59 points (+0.67%) to close at 10,020.35, while the S&P 500 went down 17.04 points (-0.53%) to close at 3,190.14.

The U.S. Federal Reserve kept interest rates unchanged and has indicated that it does not expect to raise them through 2022. Central bankers have projected that the economy will shrink 6.5% in 2020. However, it was also announced that 2021 is expected to show a 5% gain, followed by a 3.5% gain in 2022. Both are above the economy’s longer-term trends. The Fed will also continue to increase its bond holdings, targeting $80 billion a month in Treasury securities and $40 billion in mortgage-back securities.

As for news within the crypto sphere, some of U.Today Crypto News’ headlines include a price analysis for Ethereum (ETH) and its $250 mark, Bitcoin (BTC) reaching the $100,000 mark in the fifth phase of the ‘stock-to-flow’ model, and XLM surpassing XRP.

Ethereum (ETH) Price Analysis – Chances of Reaching $250 Decreasing

With Bitcoin (BTC) trading sideways, Ethereum (ETH) is moving upwards. However, its rate has gone up by 0.10% in the past day.

ETH/USD Chart by TradingView
ETH/USD Chart by TradingView

Looking at the 4H chart, Ethereum’s growth has slowed down. Yet, buyers are continuing to buy back all of the local depths. There is also a high concentration of liquidity at the current level. In this particular case, traders might be able push Ethereum (ETH) to its so-called ‘mirror’ level at $246 in the next few days.

ETH/USD Chart by TradingView
ETH/USD Chart by TradingView

Looking at the daily chart, the bullish trend is still alive and will unlikely end soon as there is no impulse to push the rate higher. This is based on the declining trading volume. Furthermore, Ethereum (ETH) has been trading within a narrow range over the last few days. However, the rate might retest its $253 resistance level one more time before the upcoming decline. All in all, the bears are gaining strength.

ETH/USD Chart by TradingView
ETH/USD Chart by TradingView

Looking at the weekly time chart, Ethereum (ETH) has been showing a parabolic rise since March 2020. It is also too early to be thinking of retesting the 2020 heights as the descending channel remains unbroken. If the current weekly candle closes with a long bottom wick, then there is a high probability that the altcoin will reach the $260 resistance marker by the end of June.

Related Ethereum (ETH) Price Analysis — Chances of Reaching $250 Decreasing
Related
Ethereum (ETH) Price Analysis — Chances of Reaching $250 Decreasing

Bitcoin (BTC) to Reach $100,000 in Fifth Phase of ‘Stock-to-Flow’ Model

In a nostalgic tweet, crypto analyst PlanB demonstrated how the first four ‘stock-to-flow’ (S2F) phases of Bitcoin (BTC) correlate to its price dynamics.

Image via Twitter
Image via Twitter

The first phase of the S2F model involved GPU mining, Laszlo Hanyecz’s ‘Bitcoin Pizza’ deal, and BTC’s involvement in the Silk Road. All of these events occurred when the price was less than $1.

During the second phase (BTC reached the $1 mark), Coinbase was launched and Satoshi Dice was released. The third phase (between $100 and $1,000 mark) involved Bitstamp’s emergence, the arrest of Silk Road’s Ross Ulbricht, and the collapse of Mt. Gox.

The fourth phase witnessed Bitcoin entering the four-digit club. This involved its adoption and legalization, its recognition by Australia and Japan, BTC’s forking (BCH and BSV), the implementation of the Segregated Witness and Lightning Network, trading BTC futures, the ICO bubble, and the rise of the altcoins.

This May was the start of the fifth phase for BTC, in which the price of flagship cryptocurrency may surge above the $100,000 mark.

Related Bitcoin (BTC) Price to Reach $100,000 in Fifth ‘Stock-To-Flow’ Phase: Crypto Analyst PlanB
Related
Bitcoin (BTC) Price to Reach $100,000 in Fifth ‘Stock-To-Flow’ Phase: Crypto Analyst PlanB

XLM Surpasses XRP

Su Zhu, Founder and CEO of Three Arrows Capital, reported on six topics that have occurred in the cryptocurrency market within the last 30 days.

Image via Twitter
Image via Twitter

Bitcoin (BTC) has only managed to gain 1% since early May 2020. On the contrary, Cardano (ADA) and Zilliqa (ZIL) have demonstrated some impressive moves.

ADA has inched closer to the Shelley mainnet and has started to use on-board stake pool operators for the Open Testnet. ZIL’s sharded network achieved technical and promotional milestones and has been mentioned by top analysts as one of the most prospective altcoins.

Zhu also noticed that both of Bitcoin’s forks, (Bitcoin Cash (BCH) and Bitcoin SV (BSV)), have been underperforming, amounting to losses of 5% each.

However, the most impressive topic involved Stellar Lumens (XLM), as its rate has gone up by 9% whereas its rival XRP has down 6%. Looking at the seven-day timeframe, XLM has surged 3%, whereas XRP has dropped 3%.

One reason that altcoins have been pumping is because of listing announcements. This was revealed by Zhu, who discovered that Coinbase listings led to rallies for the OMG Network (OMG), OmiseGo, and Maker (MKR). Another possible reason that could explain these upswings would be technological advancements, which have improved the performance for two aforementioned altcoins.

All in all, the last 30 days have been good for the crypto markets as the average upsurge for large-cap coins has been about 10%.

Related XRP Surpassed by XLM, Bitcoin (BTC) Flat and Listing Pumps: Main Trends in Crypto Identified by Three Arrows Capital CEO
Related
XRP Surpassed by XLM, Bitcoin (BTC) Flat and Listing Pumps: Main Trends in Crypto Identified by Three Arrows Capital CEO

 

About the author

Geoffrey Schwartz is an Editor, English Copy Editor and Proofreader currently working for U.Today. He also works as a consultant and with SuissePic, a social project that unites more than 50 professionals in digital marketing, tourism, and based on a common love for Switzerland.

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)