What’s going on in the crypto world?
If you follow cryptocurrency news, you would have noticed that crypto markets have been quite volatile over the past week. This has brought opportunities for intra-day trading and short-term investing.
The financial world is going through its worst crisis in decades; experts have forecasted that the years following the COVID-19 pandemic will be worst than the Great Depression in the 1930s; powerful assets like crude and equities are grappling, yet Bitcoin and other cryptos have seen inexplicable growth.
So what are the cryptos to look out for this week?
If you speculate cryptocurrencies, BTC should always be on your radar. Bitcoin is halving less than ten days; this process occurs every four years (or every 210,000 blocks) where the reward for mining new BTC is halved, which means that bitcoin miners will get 50% less BTC for every mathematical equation they solve.
As of 18th May 2020, bitcoin miners will receive 6.25 BTC per block, versus the current number of 12.5 BTC. Historically, bitcoin halving has been known to cause price fluctuations, such as price soars as well as falls following the event.
BTC followers are looking at comparisons and possibilities of the same price instability. Currently, BTC is in an upward trend, with both moving averages tilting up, which suggests a bullish trend. The bears are keeping BTC close to $9,000. Should the bulls be able to fight this resistance, the price could reach $10,000. On the other hand, if bulls fail to push the price over $9000, a drop is likely to occur within the next two weeks.
Ethereum Classic (ETC)
Ethereum has been underperforming the last few months, but recently Ethereum Classic (ETC) has been catching up. In the early days of May, ETC closed at $7,233. Both of ETC’s moving averages are leaning upwards, which suggests that the bulls have managed to push their way through.
Should the bulls be able to keep the price above $7000, then the momentum is likely to continue growing on a continuous upward trend and hopefully reach the $10k mark.
TRON was founded by a Chinese entrepreneur Justin Sun in 2017. Right before China outlawed the digital toke, the TRON Foundation raised $70 million through an initial coin offering.
Keep your eyes open for Tron (TRX) since this relatively new crypto asset has seen growth and is forecasting more growth. Both moving, averaging, and inclining upwards with the bulls running the show. The current price closed at $0. 016. The momentum is likely to pick up, and hopefully, the bulls can push the price upwards.
Understandably, the bears are aiming to stall the price growth, which may cause investors’ hesitance to invest in the asset.