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Are hacking issues alone responsible for cryptocurrency price drop today?

8:41 am ET, 11 Jun 2018

The Bitcoin price dropped 7% today.  Ripple, Ethereum and Litecoin have followed suit.  

A closer look into altcoin prices reveals that some other cryptocurrencies have suffered even more--EOS is down 17%, while Tronix is down 12% and Bitcoin Cash declined 10%.

The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.

The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?

It's important to note that EOS, Tronix and Bitcoin Cash are all more susceptible to panic selling than the mainstream coins.  

Coinrail is a relatively minor cryptocurrency exchange in South Korea, and the volume traded on Coinrail will not impact the price of altcoins dramatically.  However, when a panic attack hits the market, manipulators are going to be most noticeable in those areas where liquidity is lacking.  

Low liquidity is an issue for most altcoins because it allows individual traders to manipulate the price of cryptocurrencies.  What follows next is a wave of panic selling from individuals who don't believe in the long-term opportunity for those altcoins, and are looking to curtail losses by liquidating their positions. 

The current decline in the price of cryptocurrencies is a move perpetrated by market manipulators who can, for all intents and purposes, drive down the price when it's opportunistic for them.

To follow the price and news about cryptocurrencies, please visit Finstead (and type "BTC.X price" or "BTC.X news" to get the latest scoop and information).

Bitcoin, Ethereum, Ripple and EOS: who's winning and who's losing?

2:22 pm ET, 01 Jun 2018

As the crypto market gains more mainstream popularity, one thing is apparent--increasingly more altcoins are gaining in status, relative to the (still) most popular cryptocurrency, Bitcoin

It's a common belief today in the crypto investment world, that Bitcoin is losing dominance--and history of its market cap relative to all other cryptocurrencies shows exactly that.  Also, Ethereum, which was once viewed as the enabler of blockchain-based projects and companies, is slowly losing its supremacy.  

Some insiders, such as Brad Garlinghouse, Ripple CEO, declared that Bitcoin could be on the verge of experiencing a price downfall in the cryptocurrency community as investors are gradually becoming aware of the different currencies and alternatives available to them.

Individual investors are becoming more focused on the mission of crypto companies and currencies (e.g., what problems are they solving?) and also the teams that run them.  

So which coins are gaining in popularity relative to the rest?  And which ones are likely to make it to or stay in the top 5 list (by market cap), if they are not there already?

Two candidates that stand out are EOS and Ripple.

EOS is a well-funded project--over $4B went into it, and now the company is rapidly releasing new features and functionalities. The EOS team is an A-team--and that's a requirement for companies planning to win in the crypto space.

But funds are not everything.  Microsoft has spent billions trying to make Bing relevant and it failed. It’s not about the money but about the way you use resources, says Brad Garlinhouse.  Ripple (XRP) has used its funds very wisely in a way that has created value for their users and coin holders. 

When Bitcoin was initially offered in 2008, it was a game changer. It was the first time people could initiate transactions and trade without having banks or governments behind it.  

But the landscape has changed.  The secret source to winning in the long term is talent investment, focus on execution and long-term vision.  EOS and Ripple seem to have that--and we'll watch closely how they execute.

EOS price: what's going on?

7:19 pm ET, 15 May 2018

EOS (EOS.X) is trading almost 7% down at the time of this writing.  What is happening and what is the EOS price prediction?

Last week the CFO of Commonwealth Bank of Australia Rob Jesudason reportedly signed on with the firm of the founders of the world’s fifth largest cryptocurrency in the market today, is a private company that has developed both the EOS token and the blockchain technology behind it.

The market failed to respond to this news.  Instead, the cryptocurrency price dropped from $18 to about $13 where it's trading now. 

EOS is correcting from its recent rally, and it yet has to find support.  

Technical indicators show that a 50% retracement is likely required to instigate new buy orders.  A bounce off this level could take EOS to a new peak.  

If the price breaks the support level, traders are likely to initiate short orders, which could lead to a further decline.  

Given the falling knife pattern of EOS price from the last 7 days, it may be just more prudent to adopt the 'wait and see' approach, until the cryptocurrency finds a new bottom. 

For the latest news about and price of EOS, visit Finstead and type "EOS.X news" / "EOS.X price". 

Top 3 cryptocurrencies to invest in for May 2018

1:28 pm ET, 01 May 2018

As we're entering the month of May, we are sharing with you our insights on the best cryptocurrencies to speculate on in May 2018.  

We used Finstead screener to generate the list of top altcoins by 1-month return, and we sorted them by market cap.  We also included a 3-month return in our table, and then selected those cryptocurrencies that have both long-term and short-term momentum.  

Among the top 10 cryptos, here are the 3 that caught our attention.   

1.  OmiseGo (OMG.X) is one of the most prominet Chinese blockchain projects.  It is a project backed by a team of blockchain experts including Ethereum chief, Vitalik Buterin and is aiming to solve some major financial challenges.  

Why invest in OmiseGo?  Their team is unstoppable.  In Q1 alone, they had a number of successful releases, and the progress they made since launch has been amazing. 

2.  EOS (EOS.X)--in our article on EOS' bull run, we noted that one of the reasons speculators are betting on it is Dan Larimer, who is leading EOS development efforts.  

Why invest in it?  The crypto community believes that EOS can be a real competitor to Ethereum, and can still go a long way in terms of growing the market cap.  EOS also demonstrated a ton of progress in Q1.  

3.  Finally, investors are excited about Verge (XVG.X) because of its commercial prospects.  Verge has a deal with TokenPay, which signed a deal with a major German bank. Thanks to this deal, consumers are going to encounter XVG debit cards--and that's making altcoin speculators really excited about Verge. 

Visit Finstead to view cryptocurrency charts--and try the screener to view cryptocurrency lists and generate investment ideas.

Before investing in any of those cryptos mentioned above, please do your diligence.  You may gain a lot from the investments, but you are also likely to lose, so please exercise your caution.

EOS: what's behind the bull run?

1:09 am ET, 29 Apr 2018

After the market recovered from the US tax deadline, EOS (EOS.X) price witnessed a continuous rise, reaching the level of $21 per coin, an all-time high.   

This is a phenomenally strong bull run. To get the latest price and news about EOS, please visit Finstead and type “EOS.X price” and “EOS.X news”.

So what exactly happened?   What's driving the bull run?

EOS is benefiting from a number of factors.  One of the reasons speculators are betting on EOS is Dan Larimer, who is leading EOS development efforts--and he also serves as CTO of BlockOne.

Crypto enthusiasts believe that Dan Larimer created an extraordinary altcoin.  EOS earned a plenty of supporters, who trust Larimer as some who led two ICOs already, Steemit and BitShares.

The crypto community believes that EOS can be a real competitor to Ethereum.

There are other factors helping EOS propel to new highs:

  • eToro has recently decided to offer this digital currency on its trading platform;
  • OK Blockchain Capital intends to invest $100 million in projects that leverage EOS.

Some speculators believe that EOS should have a higher market cap than  Ethereum.  This perception is fueling the demand, despite the fact that this coin is still considered unproven and experimental. 

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