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

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.
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

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

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

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.

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

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.

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

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%.

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.

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