Fundstrat's Tom Lee predicts a new rally. But which cryptoassets will rise?
The top 100 projects declined 6.1% over the last few hours, in tune with the drop in the global market cap. Only ten cryptoassets remain in the green, with Pundi X - a Point-Of-Sale solution to buy cryptoassets, and Zilliqa, a new blockchain designed to scale, leading the pack.
The sharp move seems to be caused by the fact that alternative cryptoassets are usually priced against bitcoin. It seems bitcoin investors got scared after the failure to break £7.4k ($10k) over the weekend and bears even managed to test £6.64k ($8.98k) over the last hour. So far it's still a little "throw-back until proven otherwise" as volume has been low - indicating bears are likely getting exhausted and the area can prove to be a good reversal point over the next couple of days.
Nevertheless, it seems key influencers agree that bitcoin will keep trading sideways for the rest of the month, opening the way for the next leg of the alternative cryptoassets' trading cycle. But, the big money is usually on the other side of the consensual trade. Maybe that's why Fundstrat Global's co-founder, Tom Lee, is promoting the narrative that bitcoin "could rally more than 70% in the coming week" - due to the beginning of Consensus, one of the industry's most popular conferences. Keep your ears open!
The largest loser of the day is not present in the market cap rankings, as the respective blockchain went through a strategic and sophisticated"unusual high load" - so in reality the price hasn't moved over the last few hours; at least on CoinMarketCap. Fortunately, OnChainFX is here to save us from the ByteCoin scam - although it's still not showing updated prices.
This controversial blockchain project was created four years ago (despite claims stating that it was developed in 2012) and is responsible for a major contribution to the space - the CryptoNote protocol, from which Monero, the most successful privacy cryptocurrency, forked from also in 2014. However, in its early days that CryptoNote had a major 'bug', which allowed its developers to secretly accumulate BNCs - Bytecoin tokens. Some say that it's likely that they used to buy their way into several exchanges this way. Hence, why it's best to do your own research.
The problem arose as the project got listed on Binance, a popular alts exchange, yesterday, which lead to a +153% pump. Usually famous for listing the latest popular ICOs, the exchange's Bytecoin announcement left some perplexed even though the liquidity shortage was being anticipated. As Bytecoin's blockchain became congested, even Poloniex, another once popular alts exchange, froze BNC deposits and withdrawals - while Binance was trading at an unsustainable 4x premium. Don't fall for such manipulative market behaviour!
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▪ Are you aghast with the opaque and non-democratic culture that dominates ICO investments these days? "Crypto's Big Lie", the next viral Medium post has you covered.