Market report

UNCONSENSUAL CONSENSUS

London Block Exchange

9th May 2018

Fundstrat's Tom Lee predicts a new rally. But which cryptoassets will rise?

UNCONSENSUAL CONSENSUS

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!

ANOTHER BYTECOIN(S) THE DUST

Binance continues to be dominated by whales and shady deals

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!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

▪The New York Stock Exchange's parent company is - drum roll - preparing to launch an online bitcoin trading platform for large investors. Will they go live before Goldman?

▪ The MIT is preparing to abandon paper diplomas and transcripts in favour of a blockchain solution developed by 'Learning Machine' since 2016. Why is it taking them so long?

▪ The Facebook (what if Facebook had never dropped the 'the'?) is preparing to explore how to best explore blockchain technology. Immutable selfies on a centralised platform?

WHAT TO READ TODAY

An insight a day could give you more profits to play

▪ Are you aghast with the smart contract platform whose year-long ICO is almost coming to an end? Token Daily has you covered in their latest "A Deep Dive into EOS" report.

▪ Are you aghast with the global settlement payment protocol whose token claims to be the fastest and most scalable? Ryan Selkis, Matt Leising, and Laura Shin get schwifty in "Ripple's XRP: Why Its Chances of Success Are Low", Unchained podcast's latest episode.

▪ 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.

  • BTC
  • bitcoin
  • zilliqa
  • pundi x
  • pos
  • tom lee
  • bytecoin
  • coin market cap
  • poloniex
  • binance
  • NYSE
  • eos
  • xrp