This ‘Very Bullish’ Altcoin Is Signaling Big Breakout for Bitcoin (BTC) – Crypto Strategist Willy Woo
A cryptocurrency hedge fund analyst says he’s watching a leading altcoin to see where Bitcoin will head next.
According to Willy Woo of Adaptive Capital, investor activity on the Litecoin network is picking up, and he expects Bitcoin to follow.
Using on-chain investor activity, which gives a read of where this may go; LTC is already very bullish, while BTC is still consolidating around an early bullish swing. In a nutshell, I’m expecting a bullish run in BTC lead by LTC as a confirmation signal.”
Woo says on-chain metrics including miner activity suggest BTC is in the early stages of a long-term bull run.
Meanwhile, popular trader Tone Vays says he still believes BTC will nosedive below $6,000 this year. However, he’s ready to become bullish on Bitcoin in the long run if it can move to $8,500.
“Here’s the good news. If we can stay above $7,700 and then go higher than $8,500, I might be bullish the rest of the year. I just don’t think it’s going to happen. The charts will make me a bull. I just don’t think the thing that the charts have to do to make me a bull is going to happen.”
Featured Image: Shutterstock/Boris Rabtsevich
HODLX | On January 13, 2020 5:33 pm
Snapshot of Stablecoin Performance – Tether, USD Coin, Dai: CoinGecko Report
By CoinGecko
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In general, Tether (USDT) was the dominant stablecoin in 2019, and entered 2020 even stronger.
Among the top 5 stablecoins, Maker’s multi-collateral DAI proved to be the most volatile.
Stablecoin Dominance
Tether (USDT) continued to dominate the stablecoin market in 2019 despite being dogged with allegations of it not being backed 1:1 with USD. (Tether’s transparency page indicates that it currently has an excess of assets of over $100 million).
It is the only stablecoin to have increased its dominance (measure in relative market capitalization) while the rest of the pack suffered losses of varying percentages.
True USD (TUSD) suffered the greatest loss in supply dominance, and was overtaken by Paxos Standard (PAX) in August 2019. Gemini Dollar (GUSD) has declined tremendously and is no longer a top 5 stablecoin.
A similar trend was also observed for trading volume. In 2019, Tether saw strong growth in its Ethereum ERC-20 and Tron TRC-20 token usage.
Lost Pegging
Losing stablecoin peg is defined as the deviation of more than ± 1% over $1.00 (measured on daily closing price).
Among all stablecoins, DAI is the most volatile with 111 counts, while USDT was the most stable with only three counts.
There is a strong correlation between the stablecoins’ ability to maintain their $1.00 peg with overall liquidity. DAI had the least markets available and has the lowest trading volume (~100x lesser vs. PAX, ~12,000x lesser vs. USDT)
Note: DAI data combines both SAI and DAI with deviation calculated using daily closing prices and the actual number maybe more.
CoinGecko’s Upcoming Q4 2019 Report
CoinGecko’s snapshot of the performance of stablecoins in 2019 is only one of the various topics that will be featured in their upcoming Q4 report. Other things that will be covered include market dynamics, crypto exchange statistics (both spot and derivatives), our thoughts on crypto in 2020, Eth 2.0, Defi and more.
The 10th edition of the CoinGecko’s Quarterly Report will be released soon. Be the first to receive it here.
CoinGecko
Since 2014, CoinGecko has been the trusted source of information by millions of cryptocurrency investors. Its mission is to empower the cryptocurrency community with a 360-degree overview of the market. CoinGecko provides comprehensive information from thousands of data points such as price, trading volume, market capitalization, developer strength, community statistics and more. It currently tracks over 6,500 tokens from .