Tag Archives: bitcoin

Bitcoin Vs Apple Pay And Alipay

Bitcoin Vs. Apple Pay And Alipay

The Bitcoin correction I’ve been forecasting seems to be underway.

BTC has fallen from a high of $9,000 to a recent correction low of $7,500. And the correction may not be over yet. Use this as a buying opportunity. Because, longer term, Bitcoin and other cryptocurrencies are now in a long-term bull market. And one key reason is their powerful potential to truly disrupt the financial system as we know it today. Still, many analysts don’t see it that way. They think it’s apps like Apple Inc AAPL 2.66% Pay, Alphabet Inc's GOOGL 1.99% GOOG 2.04% Google Pay and Alipay that could challenge the global financial system, even “replacing banks” with their new payment platforms.I believe that’s a collective delusion. Truth be told, they’re not replacing banks; they’re becoming banks. 

Take Alipay, for example, covered in a recent Bloomberg report. It’s amassing client deposits in the hundreds of billions of dollars with its popular payment app. It’s leaving bankers out of the loop, not giving them a cut in the transactions. And it’s been very successful. So people wonder: “Who’s profiting from all this?” I’ll tell you who: It’s companies like Apple, Google and an affiliate of China’s Alibaba Group Holding BABA 1.82%, which owns and manages Alipay. Alipay amasses its customers’ deposits. It invests the money in short-term money markets. It even makes loans to consumers. So, the financial media says it’s one of the “great financial innovations” of our time; the “leading edge of financial technology (Fintech).

Really? 

Sounds just like a traditional bank to me. Remember: A bank is simply an institution that takes deposits from the public and then invests or lends that money out at a higher rate. And guess what? That’s precisely what some of these so-called “revolutionary” Fintech companies are doing. As with banks, once you make a deposit, you have no say over what’s done with your money. Nor is the money kept in the institution’s vaults available for withdrawal by all. 

It’s fractional banking, meaning your money isn’t really there. At the end of the day, all you have is a chit — a claim to the money you deposited. I repeat: Alipay uses essentially the same business model … In fact, it is one of the world’s most successful Fintech companies in this sector. Heck, until China's central bank changed the rules, Alipay was serving about half of all the country’s small- and medium-sized companies, according to Bloomberg. Now they’re required to hold cash reserves with the central bank. Again, just like traditional banks. There is NO substantive difference between a traditional bank and a payment app such as Alipay. They work the same way.

But that’s not the big problem. 

What really worries me is that both Fintech companies like Alibaba and traditional banks share the same flaw: You’re required to entrust your money to a third party, and it’s this third party that actually controls it. Not you.

Most people argue that the difference between a bank and a Fintech company is that, with Fintechs, the assets and payments are digital. Also not true. Nearly all the money you have in a bank account is also digitized. Here’s the real problem with today’s financial system: A vast network of intermediaries stands between you and your money. And the new Fintech companies have done zilch to disrupt this critical aspect of the system. All they’ve done is to create a more efficient digital network and undercut obscenely high bank transaction fees. The business model of these Fintechs is simply to beat traditional banks at their own game. They are not revolutionizing the financial system. Not even close. 

The only invention with the potential to truly disrupt traditional banks is Distributed Ledger Technology (DLT), the basis for cryptocurrencies like Bitcoin. And the major innovation Bitcoin — like other crypto assets — brings to the table is not just a fully digital payment system. (Alipay, PayPal Inc PYPL 2.01% and Facebook Inc's FB 2.98% upcoming GlobalCoin do that as well.) Rather, it’s decentralization. In fact, the digitalization and decentralization of crypto assets are a means to an end. The goal is to create a technology that — unlike your deposits at a bank or Fintech company — when you own a crypto asset in your wallet, you’re the ONLY one who controls it. There are absolutely no intermediaries between you and your money.

Indeed, owning crypto assets is akin to holding gold bullion bars or coins. As long as you store your crypto in a wallet you own, nobody has access to it other than you. Traditional banks and their new Fintech competitors have final say over what happens with your money. With cryptocurrencies, you’re the only one who makes those decisions. That’s the real innovation. And that’s why cryptocurrencies are likely to challenge — and ultimately overtake — the likes of Apple Pay or Alipay. Think of it this way, Fintech companies are the same old trains trying to run on digital rails. Bitcoin and other cryptocurrencies are the infrastructures for an entirely new financial system.

Article Produced By
Weiss Crypto

A Benzinga Contributor

https://www.benzinga.com/markets/cryptocurrency/19/06/13883184/bitcoin-vs-apple-pay-and-alipay

Thomas ClaimCo.in

Local BCH Venue Opens and Community Goal Nears in the Weekly Update From Bitcoincom

                                

A new local bitcoin cash venue opens for trading worldwide

and the community is nearing a funding goal milestone for BCH developers. Watch these and other developments discussed in this week’s video update on Bitcoin.com’s Youtube channel.

Local BCH Venue Opens as Localbitcoins Removes In-Person Cash Trades

This week’s show discuses the successful opening of Local.Bitcoin.com, a privacy-focused peer to peer global marketplace for trading bitcoin cash (BCH). Over 11,000 people have signed up to the service and already created more than 3,000 offers since the platform’s official June 4 launch date. The launch couldn’t come at a better time for many cryptocurrency traders who prefer to transact in-person for cash as Localbitcoins just removed that option a few days ago. The weekly update also covers how the bitcoin cash community is advancing in its efforts to support developers with a fundraiser whose contributions are donated to Bitcoin ABC, Bitcoin Unlimited, BCHD, and Bcash. The campaign is closing in on the 15% milestone out of an initial goal of raising 800 BCH by Aug. 1, 2019.

Other developments in the bitcoin cash ecosystem mentioned include the non-custodial Badger Wallet being made available for iOS mobile devices, a recently released browser extension that enhances bitcoin cash addresses for easy tipping, decentralized social network system Memo adding support for creating SLP tokens, and Monarch Wallet adding SLP support for users on both iOS and Android devices. Additionally covered in the weekly update is how Anypay and Cointext have partnered to make remittance transfers cheaper and faster for cross-border payments using bitcoin cash.

Article Produced By
Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

https://news.bitcoin.com/local-bch-venue-opens-and-community-goal-nears-in-the-weekly-update-from-bitcoin-com/

Thomas ClaimCo.in

Why Bitpay Is Really Charging More for BTC Transactions

Why Bitpay Is Really Charging More for BTC Transactions

                            

BTC Transaction Are Far More Expensive Than BCH

Bitpay has recently been attacked on social media for charging an extra fee for BTC transactions that it doesn’t ask of BCH users. The reality is that the company simply has to cover its operational costs related to the BTC network, whose fees are currently very high again.

Bitpay, the popular payment processor that enables merchants to accept bitcoin cash (BCH) and bitcoin core (BTC), has received flack recently from advocates of the latter cryptocurrency. The company is accused of charging an extra fee on BTC transactions in order to push users to choose BCH. However, Bitpay’s fee structure has not changed; it still charges just 1% to process transactions, and the Network Cost charge they refer to was first introduced back in early 2017. This Network Cost is a charge that helps the processor cover miner fees required for handling the payments. After a user pays an invoice and a miner fee on their side, Bitpay has to pay additional network fees on its side to move all its invoice payments so it can combine them for processing in something called an Unspent Transaction Output (UTXO) sweep.

Bitpay payment flowchart from customer to merchant

Bitpay explains on its support portal that if a Network Cost amount is calculated to be lower than $0.01 and less than 0.05% of the invoice price, the processor does not charge it. Thus BCH payments, which most often are well below this threshold, can appear to be exempt. It is important to note that BTC network fees are orders of magnitude more expensive than those for BCH. For example, at the time of writing, the current median fee for BTC is $2.61, which is over 2,300 times higher than the current median fee BCH of just $0.0011. This means that a payment of $10 with BTC can cost over 26% to handle in a timely manner while with BCH it is virtually 0%. With such big differences, no company accepting on-chain payments that needs to stay in business can be expected to ignore the issue for all possible sizes of transactions.

So Who Is Really Keeping Fees High?

The reason BTC fees are currently as high as they are is that the network is suffering from heavy congestion due to insufficient space to handle all transactions. If you are new to the cryptocurrency community, and are unfamiliar with the whole block-size debate, you might assume this is a problem that will be fixed in time. However, as far as bitcoin core advocates are concerned, this is a feature not a bug. They see high BTC fees as a way to push users on to their Lighting Network and want to eventually make on-chain transactions as rare and as expensive as “chartering an oil tanker.” All this points to bitcoin core advocates attacking Bitpay just for exposing the high fees they themselves are responsible for. This isn’t the first time they have targeted the leading payment processor due to its support of BCH, putting politics ahead of users’ best interests.

Article Produced By
Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

https://news.bitcoin.com/why-bitpay-is-really-charging-more-for-btc-transactions/

Thomas ClaimCo.in

Bitcoin Recovers From 2-Week Low But Price Outlook Remains Bearish

Bitcoin Recovers From 2-Week Low But Price Outlook Remains Bearish

                             

Bitcoin’s (BTC) ongoing corrective bounce could be short-lived,

 

  • Bitcoin’s short-term outlook has turned bearish, courtesy of Tuesday’s UTC close below the 30-day average of price. A key daily and 3-day chart indicator is also indicating an end of the price rally from December lows.
  • Hence, BTC’s $400 recovery from 2.5-week lows hit on Tuesday could be short-lived. Prices risk falling to $7,000 over the next few days.
  • The hourly chart indicates the ongoing recovery may be extended to $8,000 before a potential slide toward $7,000.
  • A UTC close above the 10-day price average at $8,383 is needed to invalidate the short-term bearish setup.

Bitcoin’s (BTC) ongoing corrective bounce could be short-lived, as the charts are signaling a short-term bullish-to-bearish trend change. The premiere cryptocurrency is currently trading at $7,822 on Bitstamp – up almost $400 from the low of $7,432 hit yesterday. However, Tuesday’s UTC close below the 30-day moving average (MA) may embolden sellers, putting the sustainability of the gains in doubt.

The 30-day MA has served as strong support throughout the rally from early February lows near $3,500 to the recent high of $9,097. Essentially, BTC created multiple bullish higher lows along that line over the last four months, as discussed yesterday. Now, the short-term outlook has turned bearish with the first UTC close below the average since Feb. 8. Other widely-tracked technical indicators are also signaling a trend change in favor of the bears.

Daily chart

The 14-day relative strength index (RSI) has dived out of the rising trendline representing a rally from December lows near $3,100, and is now teasing a drop into a bearish territory with a reading below 50.00. Further, the 5- and 10-day moving averages have produced a bearish crossover. The Chaikin money flow index – which takes into account both the price and trading volumes – is losing altitude, a sign of weakening buying pressure.

The price action seen at press time also indicates that the tide has turned, with BTC struggling to register big gains above the 30-day MA, currently at $7,772. That BTC is revisiting the 30-day MA hurdle is not surprising, as markets tend to crowd out weak hands (buyers in this case) before falling on price breakdowns/breakouts. Overall, the cryptocurrency looks set to test the psychological support of $7,000 over the next few days.

3-day chart

On the 3-day chart, the RSI has rolled over from overbought levels above 70, signaling scope for deeper correction. The indicator diverged in favor of the bears (lower highs) earlier this week. The Chaikin money flow index is also beginning to lose altitude on this time-frame. Thus, BTC risks falling to the 200-candle MA, currently flatlined at $7,211.

Hourly chart

The hourly chart tells a slightly different story, reporting a bullish divergence (higher lows) of the RSI. So BTC may extend its recovery to $8,000, before a potential slide toward $7,000, as suggested by the daily and 3-day charts. The short-term bias will remain bearish as long as prices are held below the 10-day MA, currently at $8,383.The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

Article Produced By
Omkar Godbole

Omkar Godbole is the market reporter for CoinDesk, the global leader in blockchain news, where he produces technical chart-based price updates on Bitcoin and other alternative currencies.

https://www.coindesk.com/bitcoin-recovers-from-2-5-week-lows-but-price-outlook-remains-bearish

Thomas ClaimCo.in

Securities And Exchange Commission Releases Decision On Bitcoin ETFs

Securities And Exchange Commission Releases Decision On Bitcoin ETFs

                                 

.Bitcoin (BTC) has jumped back to the $8,000 mark,

bringing enthusiasm to the crypto community members. The recent rise in prices is bringing back the feeling of a potential bull run in the market, with many claiming prices may not return to the lows we saw at the beginning of 2019. Bitcoin (BTC) is again hitting the headlines in different aspects. Unfortunately, regulators and financial institutions are not seeing the benefits of cryptos just yet. Just a few hours ago, the U.S. Securities and Exchange Commission (SEC) decided to delay (again!) the decision on a bitcoin exchange-traded fund (ETF) proposal. According to a document released by the SEC, the approval or disapproval of Bitcoin ETFs would allow VanEck SolidX Bitcoin Trust to issue and list its shares. This decision has been requested several times by different parties, in an attempt to obtain the so wanted approval. Yet again, the SEC invited people and interested parties to submit comments. The new deadline for the Commission is set for August 19th, and it can be delayed once more for a final deadline of October 18.

Unfortunately, this seems to be the usual decision the SEC takes in regards to approval of Bitcoin ETFs. Every request submitted has been delayed for as long as possible, and then denied. The reasoning behind rejecting one request after the other relies on market manipulation claims, liquidity issues, links to financing of crime and terrorism and other issues. According to Dave Nadig, managing director of ETF.com, the Securities and Exchange Commission could avoid making a decision for as long as they want. Although the SEC is actively seeking information and there are deadlines in place, they can keep on postponing it until finally rejecting it. It wasn’t all bad news though. As Nadig explained during his interview to CNBC, as the cryptomarket matures, regulators will get

more comfortable.

We’re at least a quarter out… and I think there’s still a reasonable chance for this year.

Regulators have been concerned with digital assets from the moment they represented a risk to financial stability, and yet they claim cryptos are also a relatively small size market, which could be why they refuse to approve an ETF. Perhaps 2019 will be the year for a Bitcoin ETF approval, although only time will tell. Stability in the market and defined regulations will play an essential role in order for this to happen.

Article Produced By
CryptoCoin.News

https://cryptocoin.news/news/securities-and-exchange-commission-releases-decision-on-bitcoin-etfs-27049/

Thomas ClaimCo.in

Bitcoin Payroll: How to Obtain Your Paycheck in Digital Currency

Bitcoin Payroll: How to Obtain Your Paycheck in Digital Currency

Payment platforms are being designed for the new kid in town. Bitcoin payroll could very likely become a thing at a business near you.

                                

Every day, there is fresh and exciting news in the world of bitcoin.

Just this week, communications giant AT&T announced that it will accept payments in bitcoin. Bitcoin is proving to investors and consumers alike that it is a legitimate store of value. Last year, many were predicting the cryptocurrency’s end. However, bitcoin has staying power and has doubled in price in 2019. With a growing number of corporations accepting bitcoin, many people are looking to their paycheck. Read on to learn more about bitcoin payroll. Explore how to get your paycheck in the popular digital currency.

Why Should Businesses Investigate Bitcoin Payroll?

The world’s younger generations are looking for a currency change. They have little experience with commodities like gold or silver. Many millennials are too young to remember when the U.S. dollar’s value was tied to gold. Also, millennials are skeptical about government currencies due to debt and manipulation fears. As a result, half of all millennials are interested in using cryptocurrencies like bitcoin. Of this group, over one-third prefers to use bitcoin over the U.S. dollar. Therefore, many companies are looking to attract talented millennials by paying in bitcoin. The question for employees is how to receive a paycheck in digital currency.

Does Your Company Already Offer Bitcoin Payments?

The first action is to find out whether your employer already pays people with digital currency. Some companies use services like https://www.paystubcreator.net/ to generate paystubs when they pay out in bitcoin. If they do not pay in digital currency, don’t be afraid to ask whether it is in their future plans. With bitcoin’s growing popularity, there is a good chance that they are moving in that direction.

What Options Are Available for Bitcoin Payment?

There are a few different options available to employers to process paychecks in cryptocurrency if they opt to implement a bitcoin payroll system and make payments in that currency. However, it is not likely that all a company’s employees are on board with that plan. Another option is to make payments in traditional currencies. Then, companies can provide employees with a mechanism to convert their cash to a digital currency. Finally, your employer can opt to take a combination approach. Typically, this means combining traditional payroll services with partial payments in bitcoin.

What Are Some Concerns Your Employer May Have?

Digital currencies fluctuate in value on a daily basis. If there is a significant price drop, your employer may run afoul of state and federal minimum wage laws. Another concern is that each company must follow standard accounting practices for tax purposes. Your company’s accounting team may not know enough to comply with cryptocurrency laws. For example, the government may treat bitcoin transactions as investments instead of traditional payroll.

Wrapping It Up

The world is quickly adjusting to the bitcoin craze. It does appear that employers can keep up with customer demand for digital currencies. Your best course of action is to ask your company’s Human Resources department for more information. Perhaps they already pay out in bitcoin or have alternate options. If you enjoyed this article about bitcoin payroll, check out our blog for other great content.

Article Produced By
Dean

Owner, Editor, and lead writer for Cryptorials. Cryptocurrency writer and trader since 2014.

https://cryptorials.io/bitcoin-payroll-how-to-obtain-your-paycheck-in-digital-currency/

Thomas ClaimCo.in

Bitcoin continues to climb higher and is currently trading for just shy of 9000

Bitcoin continues to climb higher and is currently trading for just shy of $9,000.

            

Rising Faster and Bolder Than the Sun

The currency continues to impress us all with its recent string of price gains, which began in early April of 2019. At that time, the currency rose beyond the $5,000 mark, something many traders and enthusiasts thought they’d never see again. That means that at press time, it has nearly tripled its value in just two months from where it was in March.

2019 has certainly proven to be a solid year for the digital asset. Following consistent price drops in 2018 that saw the currency hitting the $3,500 mark in late November, bitcoin had ultimately lost more than 70 percent of its value since striking its all-time high of nearly $20,000 in December of 2017. Many crypto traders saw all their stashes disappear within 11 months; it was an ugly sight, and one that many believed would never be remedied.

However, things have ultimately turned around in 2019, with the currency striking a position that it hasn’t held in more than a year. The last time bitcoin even came close to $9,000 was during the summer months of 2018, and the last time it saw the $9,000 range was in February of that year. Despite all the good news, however, some analysts seem incapable of making up their minds regarding where bitcoin is likely to go in the coming weeks. One crypto blogger, Kevin Godbold, thinks a dead cat bounce is inevitable, and suggests that bitcoin could potentially take a nosedive sooner than we might anticipate.

He comments:

The buying probably caused the share price to move up. A little at first, but seeing the movement, others maybe started saying, ‘Bitcoin’s moving,’ and more buying happened. Because of that, bitcoin went higher, and the higher it went, the more the momentum speculators piled in. The more they piled in, the higher bitcoin moved. I think that description is the essence of what causes a dead cat bounce. Nothing has changed in the case for or against bitcoin, but speculation happened.

At the same time, another source claims that the bitcoin technical charts currently show the digital asset preparing itself to reach $10,000 in the coming weeks, virtually the opposite of what Godbold suggests.

Bitcoin’s Prospects Are Solid in the Distant Future

A recent panel of cryptocurrency experts – assembled by the finance firm Finder – predict that by December 2019, bitcoin will be trading for well over $9,600. This is good in the sense that bitcoin will spike further, but it’s a little disappointing that fewer rises will seemingly take place over the following seven months. At the same time, the panel also believes that the $20,000 mark hit in December 2017 will be surpassed at some point in the future.

Article Produced By
Nick Marinoff

https://www.livebitcoinnews.com/bitcoin-nears-9000-what-happens-next/

Thomas ClaimCo.in

Bittorrent Files System BTFSTo Be Launched on 30th May

Bittorrent Files System (BTFS)To Be Launched on 30th May

The market saw an unprecedented growth of Bitcoin,

where BTC value reached around $8700 and it is seen as the BTC will cross $10,000 mark very soon. With this BTC rise, all the exchanges and coins are gearing up to face the upcoming Bullish market.

The founder of Tron,  ‘Justin sun’, announced on his social media blog that BitTorrent file system(BTFS) will be launched on 30th May (PDT). According to him,  BTFS will be the largest P2P storage network with close to 100 million BitTorrent user nodes, 1000 TRON full nodes, 27 SR nodes, and global TronGrid nodes. Also, BTFS is the first scalable decentralized storage system Let me tell you, TRON is a blockchain-based decentralized protocol. It aims to built a worldwide free content entertainment system with the blockchain and distributed storage technology.

A few days ago, Justin sun has also announced the launch of BitTorrent token on Tron Ecosystem in Q2. BitTorrent, which allows a content creator to connect with the audience, and to earn and spend money without a mediator. By having BitTorrent, 100’s of millions of users will experience the Tron Ecosystem. The Tron and BitTorrent are coming up with new features, functions, and service for users to be ready for the upcoming bullish market. As of today, BitTorrent was ranked 31st and saw a 19.42% growth, the price was $0.001627 with a market cap of  $345,154,577. The 24-hr volume at $400,501,966. The circulating supply is  212,116,500,000 BTT and total supply 990,000,000,000 BTT.

Article Produced By
Nidhi Kolhapur

Nidhi is a passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

https://coinpedia.org/news/bittorrent-files-system-btfsto-be-launched-on-30th-may/

Thomas ClaimCo.in

Bitcoin Payments: ATampT Customers Can Now Pay their Bill in Bitcoin

Bitcoin Payments: AT&T Customers Can Now Pay their Bill in Bitcoin

              Bitcoin Payments

Mainstream adoption of cryptocurrency is slowly growing

with the latest development being from AT&T Inc. (NYSE:T) which has indicated that from today they will be accepting bitcoin payments as an option of paying for mobile bills.

AT&T customers to pay bills in crypto

AT&T is the first major telecom company in the US to provide the option of paying in crypto. AT&T’s Communication Business Operations VP Kevin McDorman stated that the company is always looking for opportunities for improving and expanding its services. He added that cryptocurrency has become popular nowadays and some customers use it and thus the company is glad to provide them with a payment option of their preference for their bills.

Customers will be allowed to make their mobile bill payments through BitPay in the myAT&T app or by login to the online account. The company has not specified whether the bitcoin payments can be used to pay for purchases of phones and accessories in AT&T stores. BitPay will be processing the crypto payments and then give AT&T a conventional currency.

Although the adoption of cryptocurrency is a significant step, for Joe McCann Passport Capitals’ former hedge fund manager, the move may have come maybe as a result of the company having internal data that shows that more people are using Bitcoin payments nowadays. He added that AT&T did not have an upside to support Bitcoin payments.

Mainstream Bitcoin payment growing

BitPay’s Chief Commercial Officer, Sonny Singh lauded the move by AT&T and the job they have done to make it happen. He added that more companies will soon start the following suit because the adoption of crypto payment by such a big telecom company will motivate competitors to consider joining the trend as most companies are eager to learn.

AT&T follows other major corporation in the US that Accept bitcoin payments such as Subway, Expedia, Overstock, Microsoft, and Shopify. Most recently Whole Foods and a number of retailers began accepting bitcoin payments through third-party partnership.

Article Produced By
Ankit Singhania

Based in India, Ankit is a financial content writer and stock market analyst. He has worked for almost a decade on several financial projects related to the stock market news, fundamental research and technical analysis for several websites. He obtained his Masters Degree In finance (MS – finance) from ICFAI. Currently, he serves as a financial consultant and technical analyst at Tradersinsights.com.

https://cryptocurrencynews.com/bitcoin-payments-att-customers/

Thomas ClaimCo.in

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

                                 

The crypto market is going through a period of massive recovery

in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction. At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months. While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC during bull runs is not something that goes unnoticed — or unpunished.

Altcoins outperforming BTC

1. Bitcoin Cash (BCH)

Out of all the coins in the Bitcoin family, BCH has been one of the best performers ever since April 1st. It even managed to outperform BTC by nearly 25% during this time, which may come as a surprise, considering that this was a project whose update caused a second market crash back in November 2018.

However, this event, which also gave birth to Bitcoin SV (BSV) might be the very reason why BCH is outperforming BTC. Or, rather, BSV itself might be the reason. While BCH has been doing better than BTC, BSV has been outperforming BCH. In other words, the rivalry between the two, rather than the desire to get in line with Bitcoin, might be what fuels Bitcoin Cash’s great performance.

2. BitTorrent (BTT)

BitTorrent has been one of the best performers for a while now. The coin launched on January 28th on Binance Launchpad, and developed within the TRON ecosystem is still growing rapidly. In fact, it is rising through the ranks faster than any other cryptocurrency. Only a week ago, the coin was sitting at 40th spot, while it currently sits at 34th, and is threatening to fulfill Justin Sun’s promise of climbing up to top 20 in less than a month. At the time of writing, the coin’s price is at $0.001317, with 28.71% growth against the USD in the last 24 hours, and 24.07% growth against BTC during the same period.

3. Chainlink (LINK)

Finally, there is Chainlink (LINK), which is currently 26th largest cryptocurrency by market cap. The coin currently has a price of $1.13, with 12.58% growth against the USD in the last 24 hours, as well as 11.65% growth against Bitcoin. The project is seeing a lot of hype due to the fact that its MainNet is expected to see a launch in less than ten days, on May 30th.

The MainNet will allow the coin to migrate to its own network, and create its own ecosystem, which is always followed by the celebration from the community, and hype regarding the project. Whether or not the launch and following token migration will go as planned still remains to be seen. For now, however, this is one of the top performing tokens in the market.

Article Produced By
Ali Raza

A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

https://globalcoinreport.com/3-altcoins-outperforming-bitcoin/

Thomas ClaimCo.in