Public trust towards establishments and large corporations has been on a decline. Sheila Warren, head of Blockchain and Distributed Ledger Technology at the World Economic Forum, said that if used properly, blockchain technology has the ability to solve this problem.
Wealthier nations trade more cryptocurrencies compared to poorer countries, according to research by crypto news outlet The Block. The United States generates 24.5% of the total traffic directed to cryptocurrency exchanges globally, with 10% to Japan in second place and 6.5% to South Korea in third.
Unlike previous occasions, every dip is presently being viewed as a buying opportunity, which confirms that a new uptrend has started. Cryptocurrencies backed by a positive news flow are skyrocketing higher, which shows a strong bullish sentiment. What do the charts of the top five performers of the past week project? Let’s find out.
Bitcoin sv (BSV) was the best performer once again as it ended with gains of over 100% in the past seven days. The massive spike in price was attributed to the fake news circulating in Chinese media about Craig Wright having transferred 50,000 bitcoin from the biggest Bitcoin wallet to Binance. As a result, the fake news reports said that Binance CEO Changpeng Zhao would publicly apologize and re-list BSV.
While most of the BSV news was taken up by the fake news, in another development, Australian firm Tokenized launched a protocol on the BSV blockchain that can help businesses create tokens for real-world assets. Can the cryptocurrency maintain its upwards move, or will it give up its gains? Let’s find out.
During the week, the BSV/USD pair witnessed huge volatility. It rallied to a high of $254 and then flash crashed to a low of $44.765 on crypto exchange Bitfinex. However, it quickly recovered from the lows and has been trading between $175 and $200 since then. After the sharp rise, we expect the digital currency to become range-bound and consolidate its gains for a few weeks.
On the downside, the cryptocurrency might find support close to $152.015, which is the 50% retracement level of the rally from the recent lows. If this support level cracks, the next zone to watch out for is between $134.360 and $127.947.
On the upside, if the bulls propel the price to new lifetime highs, it can move up to $307.789 and above it to $340.248. However, we give it a low probability of occurring unless we see another leg of a news-based rally.
Tron (TRX) had slipped out of the top 10 rankings on CoinMarketCap during the week. But a tweet by founder Justin Sun about a forthcoming major announcement propelled the prices higher. As a result, the digital currency reclaimed its spot in the top 10. Earlier, Tron announced the development of a decentralized file system that will “allow users to receive and host storage on their computers with other individuals and businesses.”