CRYPTO Archives - Page 2 of 3

October 26, 2022October 26, 2022

Loss in NFT Value Might Just Be Short-Term

Non-Fungible Token, NFT for shorts, is a unique digital identifier that cannot be copied, substituted, or subdivided, recorded in a blockchain, and used to certify authenticity and ownership. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody and require few or no coding skills to create. The Non-Fungible Token (NFT) market nosedived from its peak of $17 billion in early 2022 to $470 million in September 2022. That is about 97% drop in value. This data was compiled by Dune Analytics, a blockchain analytics firm.

The growth of NFT between 2020 and 2021 cannot be overlooked as the market grew by 21,000%. i.e. from $82million to more than $17 billion. Ethereum is one of the commonly used blockchain networks to trade NFTs. In the next few years as crypto assets appreciate, there will be increment in the value of NFTs and the $17billion value might be surpassed as a result of the next crypto rally.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto and Nfts in your portfolio? Schedule a meeting with us here

October 26, 2022October 26, 2022

Bitcoin Bears To Stay Dominant

Since the all-time high for Bitcoin has been reached in November 2021, Bitcoin price has dipped heavily. BTCUSD has lost 72.1% of its value from the all-time high at $69,149. As of today, 25th of October 2022, price is around $19,292. The Bitcoin resistance level for the year was at $48,239, which was on the 28th of March 2022. Bitcoin had the highest market capitalization of $1.28 trillion on November 9, 2021. 8 years ago, precisely on May 1, 2013, Bitcoin’s market capitalization was at $1.2 billion. There has been a monumental growth in the value since its launch in 2009 when price was at $0.0009.

Just like the Bitcoin crash, most crypto assets have fallen in value. Many crypto investors are hopeful that price would appreciate before the end of the year. There are no signs or possible indications that price could rally this year. All through this year, each time the price of Bitcoin has tried to appreciate, it has been consistently counteracted by a bearish force. The year’s support level is at $17,775 which was reached in June 2022. Using the Monthly Chart, price is currently consolidating around the 2017 resistance level at $17,500. The Daily Chart has shown more of a ranging price for the most part of October 2022. We might be seeing price fall below the year’s low at $17,775, which will further reduce the value of BTC; keep in mind that the current market cap of Bitcoin is at $370.5 billion.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here

September 12, 2022September 12, 2022

Coinbase Gained About 10% In A Day

It seems the second half of this year will bring a lot of hope for investors as the monthly candlesticks for July and August ended in profits. Since Coinbase’s IPO in April 2021, Investors from the IPO day have had no cause to smile to the bank. All monthly candlesticks have closed below the IPO price at $380. The 2021 lowest price was at $201, which was in May 2021. Each time the share price tried to rally, it was counteracted by the efforts of the bears.

The opening price for this year was at $258. Price went lower to reach an all-time low at $42 in May 2022. Coinbase is the second largest Crypto exchange company in the world with over $1.4million worth of transactions done daily. On the 9th of September, the coinbase shares opened with a gap up at $78 from the previous day of $72. After that gap up, the market closed at $80.87.

On the monthly chart, there is an inverted hammer and a doji towards the support level around $42. As investors are hopeful for an appreciation in the price of $COIN due to increased acceptability of crypto assets in the world, we should be seeing a rally in the share price of Coinbase in the coming months. The psychological level of $100 might be reached before the end of this year. The RSI shows that the weekly and monthly charts have been oversold, an indication for a possible rally.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

September 1, 2022September 1, 2022

The Next Crypto Bull Run in 2022

The cryptocurrency market as a whole has seen a bullish trend since June 2022, precisely between mid-June and mid-August. For Bitcoin, the bull run hit its peak at $25,200 on the 15th of August, 2022. For Ethereum, the peak was hit on 14th of Aug at $2030. And for Solana, the peak was hit on the 13th of August at $47.

Since these peaks were hit, the bears have moved in on the cryptocurrency market. Bitcoin took a dip to a new low at $19,500 on the 29th of August. On the same day, Ethereum and Solana hit new lows at $1425 and $29 respectively. Our analysts think that in the next few days, the price of cryptocurrencies might consolidate or even go lower.

However, our analysts think that in the next couple of weeks, the crypto market as a whole might be seeing its next bull run. For Bitcoin, the next rally might push the price above $45,000. For Ethereum, the next rally might push the price above $3000. And for Solana, the next rally might push the price above $100. RSI on all aforementioned crypto assets have indicated that price has been oversold on the daily chart since June. This forecast will bring hope to NFT traders as a lot of NFT assets will increase in value as a result of the next crypto bull run.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here

August 17, 2022August 17, 2022

Bitcoin in 8-Week Bull Run

In 2021, we published two articles forecasting a huge price drop of Bitcoin. Here is the first article and the second article. In May 2022, we also published a follow-up article supporting the aforementioned forecast of Bitcoin dropping below $30,000. Price eventually fell to as low as $17,960 which has been the lowest price of Bitcoin since December 2020.

From the all-time high of Bitcoin that was hit in November 2021 at $69,150 to the 2022 low at $17,960, Bitcoin lost 74% of its value following that drop in price. A bounce occurred from the 2022 low of Bitcoin which happened in June, and this has led the price to rally to $25,200, which is an 8-week high for Bitcoin.

This rally might not be sustained as the last 3 weeks has been characterized with a lot of Doji at the top on the daily chart. Our analysts believe that price might fall again, but this time to a psychological level at $20,000. We could see this in the next few weeks. Looking at the weekly chart, RSI indicates that the price of Bitcoin is currently oversold. This oversold position might eventually lead to a price rally which could be the “shoot for the moon” that many analysts in the past months forecasted that Bitcoin will experience.

June 20, 2022June 20, 2022

Crypto Bulls To Resume Activities

In one of our articles written in Q4 2021 when the price of Bitcoin was at $58,229 and Ethereum at $4,200, we talked about price of Bitcoin to fall to $29,000. On the 10th of May, 2022, Bitcoin reached $29000, which was spot on. Many of the bulls have been liquidated due to the recent price fall. With the price fall of Bitcoin to $20,000, the gap up in December 2020 and January 2021 has been filled.

Our forecast currently shows crypto bulls are about to resume activities, as we might be seeing a rally in the coming weeks. Price of Bitcoin might be back to $48,000 and Ethereum to $3,500. This could be a sign of relief for investors after crypto has lost $1.1trillion in market capitalization in the last 80 days, the fastest and largest known loss in its history. Buying Bitcoin $48,000 and buying Ethereum above $3500 might be a bull trap. We might be seeing Bitcoin at a 4-digit value and Ethereum at a 2-digit value after prices reach $48,000. Are investors prepared to see price of Bitcoin at $4,000 and Ethereum at $90? Time will tell.

Yes, the market is about to favour the bulls, as a strong support is reached at $20,000 for bitcoin and Ethereum at $1,000. RSI on the weekly chart shows price has been oversold. There are some dojis formed in May and the first week in June, which is a sign of price reversal. Currently we still have price in the lower region of the Bollinger bands, as price is consolidating.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here

May 9, 2022May 9, 2022

Bitcoin Drops To A New 2022 Low At $32,670

Bitcoin opened in 2022 at $46,196. At the end of January 1st, 2022, Bitcoin closed at $47,795. This price is the highest that Bitcoin closed for this year. Since the second day of the year 2022, the bears have been aggressive toward the Crypto king. In the last week of March 2022, the price rallied above the $48,000 psychological level but the price still maintained the highest close of the year at $47,795. While this rally was building up, the bears snuffed out the steam that was brewing in the bulls and dragged the price further downwards.

Back in 2021, the price of Bitcoin hit an all-time high of $69,000 in November 2021. Many investors and potential investors were looking forward to investing more at this point as analysts all over the world were forecasting a strong bullish run. But to their greatest surprise (and disappointment), Bitcoin’s bulls couldn’t hold the reins for long and the price began a descent that would last for the next three months. Candlesticks in November 2021, December 2021, and January 2022 all closed on bearish notes.

Earlier in 2021, El Salvador adopted Bitcoin as a legal tender and many analysts were optimistic of Bitcoin’s price reaching $100,000 as they expected other countries to follow in El Salvador’s footsteps. On October 12, 2021, we published an article on the dangers of Bull & Bear Traps. On that day, the price was $57,200. We made a forecast that Bitcoin’s price could go below $30,000. On November 19, 2021, following analysts’ forecast that Bitcoin could hit $100,000, we published another article reinstating our bearish stance. On that day when we published the article, the price was $58,229. Our analysts, however, were confident in the forecast that was made and we stuck to our prediction.

At the beginning of May, Bitcoin opened at $37,664 to reach May’s high of $40,000. But the past 7 days have been in favor of the bears and BTC has dipped below $33,000 making it hit the lowest point of the year at $32,670. Bitcoin’s current move is in perfect alignment with our forecast for Q4 2021 and we still stick to the call that BTC will go below $30,000.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here.

April 29, 2022April 29, 2022

A False Surge On Dogecoin

Dogecoin is an open-source cryptocurrency that was started in 2013 by Jackson Palmer and Billy Markus. Dogecoin was created as a “joke” by these two software engineers in a bid to make fun of the wild speculation of cryptocurrencies at the time. This is partly the reason why it is considered to be the first “meme coin”. Dogecoin was launched at an initial price of $0.0005588.

Currently, the market cap for Dogecoin is $18.13billion while the average daily transaction is over $1billion. One of the biggest investors of DogeCoin is Elon Musk. Dogecoin had little volatility since 2014 and it stayed below the resistance of 0.0188. In January 2021, there was a breakout to the upside and the price continued to rally for about 5 months till it reached its all-time high in May 2021 at 0.7612. Ever since this all-time high was attained, the price of Dogecoin has continued to fall. The support level for the year 2022 sits at 0.1097.

RSI shows that price has been overbought on the daily timeframe. Just recently, as a result of the takeover of Twitter by Tesla’s boss and richest man in the world, Elon Musk, the price of Dogecoin rallied mainly due to the fact that Elon holds a substantial amount of Dogecoin. The previous rallies of Dogecoin in the past have been attributed to Elon’s tweet and there have been speculations that Twitter might integrate Dogecoin as one of the acceptable currencies for transactions.

Dogecoin rallied by 20% on Monday, 25th of April, 2022 as a result of the Twitter buyout. But this spike was short-lived as the price dipped to 0.1366. Our analysts don’t see the price of Dogecoin appreciating soon because Bitcoin as the “King of Cryptos” has a way of influencing other cryptocurrencies. Bitcoin has failed to rally in recent times and has not been able to break the $50,000 psychological level to the upside as the bears have been more dominant.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto-currencies in your portfolio? Schedule a meeting with us here.

November 19, 2021November 22, 2021

Some Analysts Said ‘Bitcoin To The Moon’

Despite several forecasts of BTC to reach $100,000 or $200,000, BTC has failed to reach $70,000 with the recent bull run. BTC reached an all-time high at $68,999 on November 10, 2021. Most times when Bitcoin dips, other cryptos follow the same direction. Bitcoin had a previous resistance in April 2021 at $64,898. After the April all-time high, the price dipped by more than half as the price reached $28,764.37. This year support level for BTC is at $28, 731. A breakout of the April resistance at $64,876 was reached in October, which pushed the price to the most recent all-time high.

At two different times between September and October, the price of BTC using the RSI shows that price has been overbought. Price has crossed to the lower region of the Bollinger bands. El Salvador has adopted Bitcoin as a legal tender. Some other countries like Panama, Ukraine are in the race to adopt Bitcoin as a legal tender. In a situation where Bitcoin price drops below the price it was acquired, this might affect the economy of the countries as the purchasing power will be affected.

There are indications that the price of BTC falls below $30,000. This might be a bad one for the El-Salvador economy as it will be below the price it was initially bought. A breakout to the downside of the support level at $55,851 might push the price to $29,000.

Some of these ideas are in our clients’ portfolios. To understand which ones can work for you or for help to invest for your own wealth, talk to our advisors at FM Capital Group. Would you like more information on Investment Advisory, Portfolio Services, and VC? Schedule a meeting with us here.

June 1, 2021June 1, 2021

THE NEXT CRYPTO BULL RUN: BITCOIN AND ETHEREUM

Since Bitcoin was launched in 2009, price has maintained a strong bullish movement with about 410,000% gain, from $0.09 in 2009 to its current price at $36,700. The current $BTC market capitalization stands at $678Billion. Ethereum, on the other hand, is the second largest crypto with current market capitalization at $299Billion after its launch in 2015.

This signifies that most crypto assets are less than a decade. Ethereum has since its inception has been publicly accepted by Crypto traders and investors. Hence, the reason for the bullish movement. Just like other markets, the crypto market is a bull and bear market. High leverage usage must have wiped off some accounts due to greed. Currently, the crypto market is about $1.62Trillion with Bitcoin and Ethereum having over 61% of the market share. There are other thousands of cryptos newly introduced e.g. Ripple, Dash, Tether, Litecoin, Cardano etc. all of these make up the remaining 39% share of the crypto market.

Bitcoin, in June 2020, was below $10,000. As at today, Bitcoin is above $36,000. Ethereum in June 2020 was below $300, the price of Ethereum today stands at $2,600. In the last one year, Ethereum has done far better than Bitcoin in investment gains. Both Bitcoin and Ethereum reached an all-time high in 2021. Ethereum reached $4,370 in may 2021 and Bitcoin reached $63,000 in March 2021. With Bitcoin and Ethereum having 61% of the total crypto market, they both have a major influence in the price movement of other coins. The increased acceptability of Bitcoin and Ethereum will determine the acceptability of other coins.

After the all time high was reached in March 2021 at $63,000, price was almost halved after it reached $31,200.

About $30,000 was wiped out in the price of Bitcoin last month, which made it the worst month in Bitcoin history with 41% lost from the highest price. Bitcoin has a very strong resistance at $43,980, a bullish breakout from this level might result in a fake out as price on the weekly chart is currently in the lower region of the Bollinger bands. The recent dip affected most of the assets in the Crypto market. Price of $BTC might rally towards $44,000, but the bears might push the price lower to reach $19,000. If a dip occurs, this will reflect in the prices of other cryptos. The next dip might also push price of Ethereum to $1,500.