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Recently, a few Bitcoin analysts expressed a pretty bearish opinion for Bitcoin. The 2018 bear market came to a halt early in April 2019 and Bitcoin began a fantastic mouth-watering rally for many weeks after that.
However, Bitcoin has since struggled to cross the $12,000 resistance level and these analysts believe that further drops should be expected. It would seem that a similar fate has now been forecasted for altcoins as well.
Altcoins Will Fall
Altcoins performed quite well at the beginning of the year with some even outstripping Bitcoin. Crypto research company Messari Inc., reported that in the first quarter of 2019, at least 21 altcoins recorded a 100% increase in price and some of the named altcoins include Binance Coin (BNB), Ontology (ONT), Enjin Coin (ENJ), Tezos (XTZ) and Basic Attention Token (BAT) with Litecoin falling short of a 100% at 99.69%.
However, traders who didn’t sell of their altcoins at that time are most likely biting their nails in regret as some of these coins have dropped so low that they’re worth only 10% of their previous value. Normally, the current market rates should fit into the normal practice of accumulating assets when prices are at their lowest, but there’s not a lot of hope among investors.
Firstly, the current Bitcoin activity and sentiment seem to have taken attention away from the altcoins. There also are a lot of murky waters stakeholders are trying to traverse with regard to many assets. These have really dampened whatever faith traders are normally supposed to cling to.
The Near Future of Altcoins
Altcoins have dropped both in dollar value and Bitcoin ratio as well. Litecoin, for example, has also disappointed a lot of traders who expected that it will do better than its currently doing, because of its recent halving.
Twitter crypto analyst Ceteris Paribus (@ceterispar1bus) recently posted a Messari report. The tweet basically showed that if altcoins keep a steady BTC ratio, they still would not be able to keep up with Bitcoin, even if Bitcoin hits $100,000. Specifically, the tweet says that if this happens, altcoins “will still be below their all-time high reached during the last cycle.”
Analysts now believe that traders should prepare for a further crash in the altcoin market as the altseason might still be quite far away.
The post Brace Up for More Altcoin Drops as Bullish Season Might Still be Quite Far Away appeared first on ZyCrypto.
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San Francisco based fintech firm Ripple is reportedly working on a number of potential investments and acquisitions following its acquisition of MoneyGram. Meanwhile its native token, XRP, continues to slide in an altcoin avalanche that is starting to gather pace.
Ripple Eyeing New Investments
According to a report by Yahoo Finance, Ripple boss Brad Garlinghouse has said that the company is working towards multiple acquisitions. He said that the firm was confident in the wake of its $30 million investment in money transfer business MoneyGram;
“We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage. Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.”
No further details were offered by Garlinghouse who added that deals are always very hard to predict. The MoneyGram deal was a big one for the blockchain firm as, in addition to the 10 percent stake, there is an option to invest a further $20 million at the same price over the next two years. Garlinghouse elaborated on the deal adding;
“Moneygram is in a position where it has tremendous assets globally and the public market has not been particularly kind to Moneygram. The stock had gone way down and they had some pressure. We felt like we were in a position where we could help them, and they were in a position where they could help us.”
The money transfer firm has agreed to use Ripple’s xRapid as part of the partnership. The platform uses XRP in order to help companies manage liquidity when making international payments. MoneyGram announced that it had already begun using xRapid with the USD to Mexican Peso and the USD to Philippine Peso pairs.
XRP Continues to Tank
Unfortunately for XRP bag holders, none of this has had an impact on the token price which has fallen through a key psychological level today. In a market wide altcoin purge, XRP has taken a hit of 3.5 percent on the day to current prices of $0.297 according to Tradingview.
Since its Monday high, XRP has dumped over 10 percent below the key $0.30 support level. From its June high of almost $0.50 the token has plunged almost 40 percent, and XRP is still down over 90 percent from its all-time high.
No matter what the parent company does, holders are still dumping XRP as altcoins continue to get crushed. Big news appears to have little effect on altcoin prices at the moment so any recovery is only likely to materialize when they all start to pick up again, whenever that may be.
Image from Shutterstock
The post Ripple Ramps Up Investment Plans But XRP Continues to Tank appeared first on NewsBTC.
Ripple Ramps Up Investment Plans But XRP Continues to Tank
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