Categories
Crypto News Updates

Here’s Why This Billionaire Just Applauded Chainlink and Compared it to Bitcoin

bitcoin facebook crypto chainlink ethereum winklevoss

One of the most well-known figures in the crypto industry, supporting Bitcoin from the very beginning, has expressed some positive comments regarding the stand out altcoin cryptocurrency Chainlink, which has been a top-performing asset throughout the last two years. He even compares the asset’s community to that of Bitcoin or Ethereum’s, noting that it is one of the rare cryptocurrencies with real merit behind it.
 Early Crypto Supporter Gives Chainlink Nod of Approval
Cameron and Tyler Winklevoss are widely recognized as investors, businessmen, and entrepreneurs by the general public, due to their close involvement with the early days of Facebook. The duo worked closely with Mark Zuckerberg and was emblazoned in a long court battle over rights to the social media network.
After losing the fight to Zuckerberg’s arsenal of lawyers, the pair brushed off their losses and took another chance at something potentially as disruptive and far-reaching, if only the world could ever realize its power. During the earliest days of Bitcoin, the Winklevoss twins met Charlie Schrem, who put them onto the first-ever cryptocurrency.
Related Reading | Chainlink Integrates Real-World Assets Into DeFi on Ethereum
They bought a substantial amount of the asset, and are known to have one of the largest holdings of Bitcoin even today. When Bitcoin ballooned to over $20,000, their net worths skyrocketed, thanks to the two betting big on what they refer to as the future of finance.
Their belief in crypto was so powerful, the two launched the Gemini cryptocurrency exchange as a means to connect the disruptive fintech with consumers at scale.
Tyler Winklevoss, shares some of that belief in the up and comer altcoin called Chainlink, tweeting positively about not only the asset itself but its development and investor community.

I really appreciate the passion of the $LINK Marines. Their fervor and dedication reminds me of the early Bitcoin and Ethereum communities. Unlike many other crypto armies, they are dedicated to a project that has real promise and technical merit.
— Tyler Winklevoss (@tylerwinklevoss) April 15, 2020

Gemini Exchange Co-Founder Tyler Winklevoss Compares LINK to Bitcoin and Ethereum
The Gemini exchange co-founder and one half of the Winklevii, Tyler, took to Twitter to commend the cryptocurrency known as Chainlink, and the asset’s community.
He revealed that the passion the community shows is appreciated, and reminds him of the dedication early Bitcoin supporters like himself and his twin brother. The same goes for the community involved in the number two crypto by market cap, Ethereum.
Related Reading | Crypto Trader Gets $0.0001 Chainlink Order Partially Filled on Binance
Etheruem enjoys one of the most active development and investment communities in the investment space, so comparing it to Chainlink is an enormous nod of approval. Chainlink doesn’t yet support such activity, but the altcoin is very young and support is still growing rapidly.
And so is that asset’s price. After being the top performing crypto asset of 2019, Chainlink was the only altcoin to set a new all-time high amidst the coronavirus chaos last month, when markets collapsed into a downward spiral of panic-selling.
With such community support, rapidly rising prices, and a nod of approval from the likes of Tyler Winklevoss, Chainlink is set to have yet another incredible year.
Featured image from Pixabay.
Source: Bitcoinist News

Categories
Crypto News Updates

Diamonds Are Forever: Bitcoin and XRP Just Formed an Ultra-Rare Bottom Pattern

Bitcoin XRP

Bitcoin and XRP have both made strong recoveries since their epic plunge last month amidst the Coronavirus panic selloff that rocked the stock market. The V-shape bottom and previous top have potentially formed an ultra-rare diamond bottom pattern across the two crypto assets.
Bitcoin and XRP Aim For Further Upside After Strong Post-Collapse Recovery
Number 1 and number 3 cryptocurrencies by market cap, Bitcoin and XRP respectively, had breakout early 2020 performances, resulting in powerful rallies.
Bitcoin price grew from $6,800 to over $10,000, and XRP rose from under 20 cents to over 34 cents, before panic over the coming recession spiraled out of control, and caused nearly every major financial asset to crash as a result.
Related Reading | $5,000 is the Next Logical Target For Bitcoin, Cloud Indicates 
Bitcoin fell over 50% in 24 hours, reaching under $4,000 at its low. XRP, had a similar decline, falling to just ten cents per token.
Both have since made strong recoveries, reaching levels closer to the start of the year, before the economic meltdown and pandemic-related lockdowns first began.
The price action has resulted in an ultra-rare pattern forming on the USD trading pair across both crypto assets – BTC and Ripple.

 
Ultra-Rare Diamond Bottom Pattern Possibly Forming on Crypto Assets
The ultra-rare pattern spotted on BTCUSD and XRPUSD price charts is named after the equally rare precious gemstone that the pattern is shaped like.
Diamonds are forever, a girl’s best friend, and more – but it’s also a make it or break it neutral pattern on financial assets, that has a 50/50 chance of breaking in either direction. Despite the uncertainty over the direction of the formation breakout, these diamond-shaped formations are typically found at the top or bottom of trends.
During diamond bottom patterns, according to chart pattern expert Thomas Bulkowski, typically volume is declining, and one side is slightly sloping upward. The volume profile matches, however, the diamonds are perfectly symmetrical.

The pattern, if confirmed with an upward breakout with volume, would take Bitcoin price to $11,700 and XRP price to over 37 cents per token, setting a new 2020 high for the long-underperforming altcoin.
Related Reading | Top Analyst on if the Crypto Market Bottom on Black Thursday
Such a move would set a higher low and higher high on longer timeframes, an incredibly bullish signal for Bitcoin and the rest of the cryptocurrency market ahead of the upcoming BTC halving, and following such an epic collapse last month.
A strong recovery here could prove that the bear market has ended on cryptocurrencies and their hard-coded digital scarcity will soon shine during an era of inflation, driven by Federal easing and constant money printing to prevent further economic crisis.
Featured image from Pixabay
Source: Bitcoinist News

Categories
Crypto News Updates

This Surprising Altcoin Dominates Crypto Trading Volume, Second Only to Bitcoin

chainlink crypto altcoin trading volume

The altcoin known as Chainlink, or LINK, was last year’s top-performing crypto asset, even beating out Bitcoin by a large margin. The cryptocurrency also beats nearly the rest of the market, sans only Bitcoin, in true reported cryptocurrency trading volume, according to new data.
Chainlink Reported Crypto Trading Volume Beats Ethereum, Ripple; Second to Only Bitcoin
Chainlink may not even be in the top ten cryptocurrencies by market cap at this point, trailing behind Tezos, but it’s crushing nearly every other cryptocurrency in overall trading volume across cryptocurrencies exchanges, according to Messari crypto market data.
The evelenth-ranked crypto asset is currently trending ahead of the likes of number two and three crypto assets Ethereum and Ripple.
Related Reading | Bitcoin Still The Best Performing Asset of the Past year Despite Chilling Crash
LINK saw over $130 million in trading volume on April 13th, compared to just $118 million in Ethereum. LINK’s trading volume nearly doubles that of XRP at $77 million.  Chainlink’s trading volume is also equal to that of Binance Coin, EOS, Tezos, Bitcoin Cash, and TRON combined.

$LINK is an absolute monster.
#2 in Real 10 volume today. pic.twitter.com/SLAZ2C81qq
— Ryan Selkis (@twobitidiot) April 14, 2020

The only cryptocurrency that Chainlink falls behind, is Bitcoin – the first-ever cryptocurrency.
Bitcoin enjoys first-mover advantage, giving it enormous market dominance. It’s also the most regulated of the cryptocurrency assets, giving it more acceptance and prominence amongst high wealth institutional traders and hedge funds.
Considering that Chainlink beats out other more widely accepted and utilized altcoins like Ethereum and XRP, it shows just how popular the asset has become with retail crypto investors and traders, who have become enamored by the asset regularly providing substantial returns.

LINK’s Incredible 2020 Performance May Be Coming To a Halt
During 2019, Chainlink rose by over 1,400% to close out the year as a top-performing altcoin. The asset started off the year strong, even setting a new all-time high even during peak coronavirus fear and panic.
The chaos eventually overwhelmed even LINK, which fell by over 70% to nearly $1. On some crypto exchanges, the asset flash crashed during the selloff to nearly zero, before making a sharp recovery.
Related Reading | Macro Factors Signal That Crypto Bottom Is Not Yet In
Now that some of the public panic has calmed, Chainlink has been showing a strong recovery, revisiting local highs but falling short of setting a new one.
The “absolute monster” of a cryptocurrency, however, may experience some significant downside in the near term. After setting a lower high, the asset has since triggered a TD 9 sell signal on daily timeframes across both the USD and BTC trading pairs.
The signal, created by market timing expert and “math god” Thomas Demark, has repeatedly proven extremely accurate in the crypto market, even calling Bitcoin’s recent top above $7,400. It also accurately called Bitcoin’s bottom at $3,200 and the top at $20,000.
Featured image from Pixabay
Source: Bitcoinist News

Categories
Crypto News Updates

$5,000 is the Next Logical Target For Bitcoin, Cloud Indicates

bitcoin price target

Bitcoin price has fallen below $7,000 this past week after nearly doubling from the extreme lows set just a few weeks prior. As the leading cryptocurrency begins to fall lower and find support, the next logical targets could be as deep as the $5,000 range.
Cloud Becomes Resistance, Responsible for Rejection Above $7,000
After an extremely positive start to the year, Bitcoin and the rest of cryptocurrencies suffered a catastrophic collapse as the coronavirus panic began to spiral out of control and impact all aspects of the economy and financial markets.
The first-ever cryptocurrency fell to below $4,000, bouncing at $3,800 and within a month had nearly doubled, returning to above $7,000 this past week.
Related Reading | Why Bitcoin Analysts See This Dip As Incredible Opportunity To Buy
However, Bitcoin price has been unable to hold the key level that the asset was trading well above for most of last year, and the failure by bulls to maintain the critical support level could point to targets to the downside.
According to one prominent crypto analyst, the “Cloud” has become resistance on the 4-hour timeframe, and just “flipped red” after the failed attempt to reclaim highs.
Now that the support level was lost, two “untested” support lives remain below, according to the cryptocurrency trader.

Cloud is becoming resistance on 4h – just flipped "red" after failed breakout yesterday.
Levels of interest to long:
1) 64xx2) 54xx
__
Why?
Only two levels resistance levels that were not tested as support on the way up$BTC pic.twitter.com/A0avaAEVLp
— Teddy (@TeddyCleps) April 13, 2020

Next Logical Bitcoin Price Targets Are $6,400 and $5,400 As Cloud Flips Red
With the Cloud flipping red, it signals that bullish momentum couldn’t overcome bearish selling pressure, resulting in bears regaining control of Bitcoin price.
Further selloff could occur, as the damage done to market structure following the coronavirus crash mid-March has yet to be repaired, and a sustained recession is likely ahead.
If additional downside hits Bitcoin price in the next few days to weeks, the next logical targets exist at $6,400 and below it at $5,400.
The same trader who claims the Cloud has become resistance points to two untested areas of support below, at those two price levels.
On the way back up in March and early April, Bitcoin price blew right past these levels and never returned to them to confirm them as support before moving higher.
The leading cryptocurrency by market cap may need to fall lower, confirming those areas as ironclad support, before bulls have the confidence to push Bitcoin price higher and higher.
Related Reading | Is 1 Bitcoin Enough for You to Retire On? This Analyst Thinks Yes
The 200-moving average is also located near the $6,400 range, making it an ideal place to take a long position where a reversal may take shape.
With the asset’s halving just around the corner, the cryptocurrency could explode to new highs as it has in the past, making the next fall to support among the most critical yet for Bitcoin price.
Photo by Ricardo Arce on Unsplash
Source: Bitcoinist News