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Cryptoupdate May

The cryptocurrency market had a rocky month with overall market cap declining to $250 billion and Bitcoin's price falling to $6,500. However, a late month surge occurred driving some coins to new all-time highs. Significant news like Nasdaq announcing plans to operate a crypto trading platform also propelled the market. Bitcoin had an interesting month, jumping over $1,000 due to tax related selling and rebuying. Ethereum nearly doubled after its crash and needs to break $700 resistance for significant growth. Ripple was implemented by Santander Bank and Apple may integrate it into Apple Pay. Neo remained around $82 after starting the month at $55. Eos had incredible growth over the month from

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132 views3 pages

Cryptoupdate May

The cryptocurrency market had a rocky month with overall market cap declining to $250 billion and Bitcoin's price falling to $6,500. However, a late month surge occurred driving some coins to new all-time highs. Significant news like Nasdaq announcing plans to operate a crypto trading platform also propelled the market. Bitcoin had an interesting month, jumping over $1,000 due to tax related selling and rebuying. Ethereum nearly doubled after its crash and needs to break $700 resistance for significant growth. Ripple was implemented by Santander Bank and Apple may integrate it into Apple Pay. Neo remained around $82 after starting the month at $55. Eos had incredible growth over the month from

Uploaded by

Owen Fillmore
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Monthly

Cryptoupdate
Vol I. Issue IV
By the Cryptonews.now Staff
Overview:
The past month has been a rocky month for the cryptocurrency market. The overall
market cap declined to $250 billion and Bitcoin’s price fell to $6,500. However, as we predicted
in last month’s monthly cryptoupdate, a late month surge occurred, driving some coins to new
all-time highs. Coins were seen breaking both the 50 and 200 day moving averages, indicating a
long-term bullish trend. Significant news also propelled the market, such Nasdaq announcing its
future intent to function as a crypto trading platform. However, the market increase has leveled
out over the past week, and most coins have been seeing upwards movement on weekends, and
declines on weekdays. This indicates a reversal in past trends where prices tended to rise during
the week and decline over weekends. Trading volumes are also up significantly from the crash,
where some days only $10 billion would flow through the market. It is now up to about $30
billion daily and moving upwards. Bitcoin dominance has also decreased by 8% to 37.5%. This
is yet another good sign since lengthy bull runs require lots of altcoin investment, as shown in
December’s run. In early December, Bitcoin’s dominance was 65%. By mid-January that was
down to 32%. Currently, altcoin dominance is at an all-time high at 25% and Bitcoin’s market
dominance could be in jeopardy. This is another excellent trend which shows future promise.
However, the entire crypto-market has began to stagnate in its current position without breaking
any resistance levels, nor utilizing support levels.

Bitcoin
Bitcoin has had an interesting last month. Analysis have suggested that after tax day,
trade volume would increase resulting in a price pump. This theory, is what some are relying on
to explain the $1,000 price jump over the course of 1 hour, on April 12th. This is due to most
investors selling, then being forced to buy back in when the marked started to turn up again.
Bitcoin over the last month has been in the grey area when it comes to taxes, which release
investors weary. With May, expect no such resistance. However, as we expected Bitcoin jumped
afterwards and developed a bullish trend, capped by breaking $9,000 resistance. This was a key
point, because Bitcoin managed to sustain itself just under $9,000 resistance for three days
before breaking it. In the past bear market, Bitcoin would immediately decline to support levels
but it didn’t see time and eventually broke the resistance. This indicates a reasonable amount of
strength and also created a support level near $8,900. However, it has been falling onto the that
support a few times over the past week or so. This isn’t a good sign, but trade volumes are so
high, that the stimulus should do enough to keep it above.

Ethereum:
After its horrendous crash, Ethereum nearly doubled in price in April. Ethereum is a
candidate to replace Bitcoin as the top coin traded on the cryptomarket if Vitalik Buterin,
Ethereum’s founder can find ways to make the increasing difficult Ethereum transactions to
function better. A fork would cause major concerns for Ethereum’s price, but an expansion of the
Sharing Network would be ideal for price growth. Ethereum needs to break resistance at $700 for
any significant growth, but the past shows that it has the potential to go against trends which
could lead to Ethereum rising ahead of the rest of the market, or declining. However, Ethereum
is beginning to influence more coins and could bring them up as well. This also indicates that
Bitcoin is no longer the only price driver, and Ethereum has the same potential. This is also why
recently there has been more discrepancies of price movement. Over the next month, we see
more concision due to this trend over the past couple weeks and since before long-term growth
this occurs. There should be substantial growth this month.

Ripple:
This past month, Ripple Corporation’s software was implemented into Santander Bank’s
digital payment service. Ripple didn’t see substantial gains in the past month, but those weren’t
expected. This growth will be long-term and eventually result in Ripple becoming more of
household name. This is already being seen with Apple looking to implement Ripple into Apple
Pay. Ripple should see some growth in the upcoming month, however it won’t be to the same
extent as other coins because its trading volume is very low right now for a top ten coin. This
will pick up, but not to the same extent that other coins will.

Neo
Neo over the last month has consisted of starting at $55, going to a month high of $92,
and slipping back and remaining at $82 for the last few days. The price jump to the $80-90 range
can be accounted for the correction which took place months ago, that is now starting to wear off
with Neo. Investors are ready to get back into Neo, but without any development, besides wallet
support being release in the last month, expect Neo to continue to go sideways. It does have
potential, though to become an Ethereum type coin due to how to its network. If any major news
of development occurs, NEO’s price will skyrocket since many investors are just waiting on the
right moment to invest.

Coin of the Month: Eos


Eos has done incredible numbers in the past month. At the start of the April 1st, Eos was
worth $5.75. Eos went through a crazy April with high of $22.25 on April 29th. Most credibility
towards this price pump stem from the Main-net test and, like last moths Crypto-update,
integration. The mainnet scheduled launch date of June 2nd jumped the price, along with the full
support of the mainnet launch and integration with one of the leading crypto exchanges, Binance.
At the end of the day, you can chalk Eos’s incredible April to integration. Most coins out now
are just a theory, an idea still in development. Eos, on the other hand, is showing promise to a
fully functional cryptocurrency, and investors want in. Eos is a rapidly growing coin that has the
potential to post significant growth, perhaps even to the level that Ethereum did last year due to
its implementation. It’s next step will be getting added on to larger exchanges (e.g: Coinbase).
Coinbase is looking to add an ERC20 coin to its exchange, and EOS would be a top candidate.

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