Market Update Dec. 27
Bitcoin ride to 1,000
As of writing this update, Bitcoin has been going up towards $ 935 and ¥ 6,700 in Chinese trading. Press in recent days just does not stop: Will we hit the milestone level of one thousand? This article written by Forbes states that the recent increase in BTC is associated with the sanctions in India’s bills and the chaos in Venezuela.
The strong support around 0.01 BTC since November came out to be a very positive sign for XMR’s pump, thus despite the sharp increase in Bitcoin. On the other hand, if the Bitcoin value continues towards $1000, we definitely expect Monero’s value back at 0.01 levels. The next support level after, sits around 0.007 area. Last pump in Monero can be explained by the fact that Alphabay (Darknet) added XMR coin alongside with Bitcoin due to its anonymity features. Another reason was the release of a new wallet designated for wide range of operating systems such as Windows, Linux and more.
Monroe strong support despite the increases in Bitcoin
According to our recent Crypto Investment Guide, when Bitcoin rises, most altcoins would likely to loose their value. We have no doubt that Monero is a very interesting investment for the long term when market calms a bit.
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Still in a desperate momentum, technically and Fundamentally. It seems that ETH coin has not yet found a safe ground. The tremendous supports around 0.009 level just fell one after another. Reasons for the continuous decrease in value are the uncertainty of the Etherum community about the current solutions provided by the project’s team. Bitcoin’s run is for sure not contributing to Etherum’s situation. Out of all Altcoins, as shown by the graph below, Etherum has a very strong inverse correlation with Bitcoin.
ICOs
Recently we don’t hear much about ICOs like past year. Again, rise in Bitcoin means less focus around corresponding projects. Looking up to 2017, a very interesting project starts its crowdsale by January 15th with the name of Intellisys. Among Intellisys’s team members is famous Charlie Shrem, the founder and CTO. The project is “an investment fund formed to issue the first digital token security in the world backed by real assets and providing concrete investment returns to shareholders”, according to its website. We will definitely look forward to this promising project.