Crypto News Bitcoin

FACT-CHECK GUARANTEE (References): [Official statistics: 3 sources] [Straight from the source: 1 source] [High-authority and trusted websites: 2 sources]

17 August 2021 | By Richard Ahern – Bitcoin is at a critical technical level and the crypto market has just passed a key psychological point that could result in a much deeper crypto crash. 

On the other hand…

This could be the best time to invest if the market holds at this level. 

The total value of the cryptocurrency market has topped $2 trillion for the first time since May, which presents itself as a vital psychological point for the market. 

Bitcoin, the world’s largest cryptocurrency, hit $48,000 per coin over the weekend, a price not reached since May. 

The crypto market hit all-time highs in April this year with Bitcoin soaring over $64,000. 

The party didn’t last though…

Shortly after, Bitcoin and most cryptos crashed sharply. Bitcoin fell to under $30,000, a more than 50% drop in value in less than a month. 

Traders were panic-selling, fearing that the crypto bull market had come to an end. Tesla back-tracking on Bitcoin, saying it was environmentally unfriendly along with talks of crypto regulation were all catalysts for the sell-off. 

Things turned around in July…

For the last month, the bull market has resumed, with Bitcoin and other cryptos all rallying. 

The question is though, are we on the way to more all-time highs or is this your classic ‘bear market rally’ with a much deeper crash coming soon? 

The $2 trillion market cap of crypto will be a critical psychological resistance point for investors. Pessimistic investors fearing a deeper crash may start taking profits at this level, while optimistic investors may start buying if the market holds. 

It could go either way, but it’s going…

For Bitcoin, we’re at an important technical level, with it currently touching the 20-week simple moving average line; a potential resistance point. It also appears this recent rally has been on lower volume, with fewer investors participating, and the weekly RSI is showing overbought, more signs that the rally won’t last. 

On the other hand…

Inflation is running rampant, US inflation is at a 13-year high. With prices rising and the dollar weakening, crypto looks like a pretty good store of value. If central banks continue printing and governments keep on spending, the crypto bull market could have just begun, and the sky could really be the limit!

Time will tell, but it’s a wise time to take a look at your holdings and consider your options.  

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FACT-CHECK GUARANTEE (References): [Official website: 1 source] [Official statistics: 3 sources] [Straight from the source: 1 source] [High-authority and trusted websites: 2 sources]

06 September 2021 | By Richard Ahern – Cardano’s ADA token just blasted through $3, hitting all-time highs and potentially on course for dethroning Bitcoin and Ethereum to become the king of crypto. 

Cardano, currently ranked as the 3rd largest cryptocurrency in the world by market cap has been on a tear as of late.

While Bitcoin, the world’s no.1 crypto, has failed to rally close to its previous high of over $60,000, Cardano’s ADA token has skyrocketed past its previous high of just over $2, all the way to over $3 a token.

Ethereum, the worlds no.2 crypto has also failed to beat its previous all-time high of over $4,000 achieved in May this year.

This begs the question…

At this rate, could Cardano be on track to be the world’s no.1 crypto?

Many investors are betting on it!

Cardano has an advantage over Bitcoin in that it uses proof-of-stake rather than proof-of-work methodology for verifying new transactions. Ethereum also uses proof-of-work but is attempting to move over to proof-of-stake, but that could take some time until completed.

Without getting too technical, proof-of-work is the older of the two mechanisms and requires huge amounts of computing power and energy to validate transactions (often called mining).

As Elon Musk correctly pointed out, Bitcoin uses huge amounts of energy via its proof-of-work mechanism and is, therefore, not environmentally friendly. Ethereum is currently the same and if the energy is coming from fossil fuels, we have a situation that’s not sustainable or scalable. 

Cardano, running on proof-of-stake, doesn’t require as much computing power and energy to verify transactions, so it is easily scaled and more environmentally friendly.

Here’s the deal:

If we’re looking for a future where cryptocurrency is widely accepted, a more efficient and environmentally friendly network is the way to go.

Ethereum is upgrading to proof-of-stake but that’s not estimated to be completed until 2022. 

Until then, for efficiency and the environment, Cardano has a distinct advantage and may soon be the new king of cryptocurrency. 

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