Xapo president claims that 90% of cryptocurrencies will disappear

Ted Rogers, the president of Xapo – a Hong Kong-based company dealing with Bitcoin wallets – has claimed that a shocking portion of the cryptocurrencies currently listed will be wiped out.

Rogers believes that 90% of the tokens currently listed on CoinMarketCap are facing “extinction” if they are not the heavyweight cryptocurrency Bitcoin.

Rogers further stated that now, when the market is down, is a good time to invest in more Bitcoin before it starts peaking again.

In response, Erik Voorhees of Shapesift.io, a company which offers global trading in digital assets, suggested that perhaps the market movements have more to do with the “extinction”.

The idea of Bitcoin dominance – whereby Bitcoin holds more than 50% of the cryptocurrency market trading volume –  has been a topic that investors are not shy about. Tom Lee, CEO of Fundstrat, believes that Bitcoin dominance will make a huge improvement in the cryptocurrency space, saying that “Bitcoin is the best house in a tough neighborhood” and suggesting that investors should focus on the original cryptocurrency and ignore other altcoins.

At the time of writing, almost half of the 15 leading cryptocurrencies including Ripple, Cardano, IOTA, TRON, Dash, NEO, and NEM while Ethereum, Bitcoin Cash, Litecoin, and Monero have seen 80% or more dips.

Whether Bitcoin will naturally emerge as dominant over falling altcoins will be evident quickly within the market movers and we can only wait to see what will happen.

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Bitcoin leads the cryptocurrency resurgence, climbs past $8,200 USD

After a difficult hike through the early months of 2018, Bitcoin has summited its first peak on a potential road to recovery, as this morning the pre-eminent cryptocurrency climbed past the $8,200 USD mark.

Having entered the year off the back of a roaring December, Bitcoin traded at $14,112 USD on the 1st of January – all before collapsing to $6194 USD on the 6th of February.

Since then, the wider cryptocurrency sphere has endured its latest bear market – without thousands of altcoins reportedly left to gasp for air.

In news that has left traders, enthusiasts, and developers alike elated, Bitcoin has risen by 3.84 % over the past twenty-four hours, and over the past seven days has risen in value by some 11.78 %.

Bitcoin’s dominance over the wider cryptocurrency market has also resumed, with the pre-eminent cryptocurrency accounting for some 47.3% of the total cryptocurrency market capitalization.

Sentiment behind the pre-eminent cryptocurrency has been bolstered thanks to the news that the United States Securities and Exchange Commission has been said to be evaluating several proposals for a Bitcoin-led Exchange Traded Fund (ETF).

While traders have endured pessimistic markets, several key figures have advocated their belief that Bitcoin’s return to form could just be beginning.

Notably, Fundstrat advisor Tom Lee has issued his prediction that Bitcoin will rise to $22,000 USD by the end of the year, while TenX founder Julian Hosp has iterated that the cryptocurrency could reach values as high as $60,000 instead.

Other voices have noted that while Bitcoin’s price value might attract and benefit speculative traders, evaluating both the adoption of (and transactions handled by) cryptocurrency networks paint a more compelling picture.

Billionaire venture capitalist Tim Draper, for one, has noted his view that Bitcoin will reach $250,000 USD by 2022, and has popularly claimed that “cryptocurrencies will overtake fiat currencies in the next five to seven years”.

While 2018 has been a difficult year for cryptocurrencies thus far, the past seven months have seen a number of important technical advents. Notably, several altcoins have broken away from beta offerings and have gone on to launch their official, proprietary blockchain – with EOS, Tron, Augur, and other projects debuting their official digital asset.

At press time, Bitcoin trades at $8278 USD and is up by 3.84% day-on-day.

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Sentiment analysis: This week’s top performing coins

There remains a lot of electricity surrounding the alt market this week, but it seems like it’s buoyed by a sort of nervous energy as bullish momentum surrounding Bitcoin falters.

So let’s start there this week.

The relative stability surrounding Bitcoin has disappeared in recent days. After tickling $10,000 USD last week, sentiment around the crypto king has faltered, dropping 43 percent in just four days.

The erratic changes come after a month of relative stability, which buoyed the Alt markets.  The big shifts in sentiment are something to consider, because much of the market still moves with Bitcoin. When it broke down last night, for example, many altcoins lost all of their daily gains.

All that said, the 4o influencers and traders I follow remain bullish on several alt-coins.

If you’re new here, I scrape the social media of the aforementioned cohort of prominent crypto personalities and track when they mention individual coins. I mark down whether they mention them in a positive, neutral or negative light and gather a net score for each coin (+1 for positive, -1 for negative).

You can always find the full list of coins I’ve analyzed at the end of my posts.

Below are charts showing the 10 hottest coins in the last two weeks, and how they got there.

9. (tie) $WTC — +12

9. (tie) $VEN — +12

8.  $WAVES — +13

5. (tie) $ZIL — +14

5. (tie) $SENT — +14

5. (tie) $KMD — +14

4. $ADA — +16

3. $ZRX — +17

2. $OCN — +29

1. $ICX — +34

 

The data

As always, here is all of the data I collected for this piece.

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Finding gems: 9 cryptocurrencies with no negative sentiment in April

April was a nostalgic month.

The charts were blooming a beautiful green. Bitcoin was stable. And for the first time since January, you could wake up with the reasonable expectation that you hadn’t lost half your stash to a 4AM flash crash.

Picking winners out of an almost universally good month for Alts is no easy task, so today I’m going to look at things a bit differently.

Throughout April, I tracked the social media presence of 40 crypto influencers and traders, collecting data anytime they mentioned a specific coin or token and whether or not they discussed it in a positive or negative light.

Overall, I compiled data on 272 different cryptocurrencies from 2,908 separate mentions. Some clear winners emerged, but I noticed that a handful of coins that weren’t necessarily in the top 10 had a unique quality — they received no negative sentiment.

For lack of a better descriptor, I’m going to call these sentiment gems. Each of these coins received at least a dozen separate mentions from multiple members of my cohort of influencers and traders, and not one said a negative thing about them.

Some are household names in crypto, some are popular in several circles, and some are off the beaten path.  So let’s separate them into two categories: Those with market caps above $100 million USD, and those below.

The charts farther down the page show each of these coins sentiment, and how it grew during the course of the month.

For me, $VEN and $WAVES are the real standouts here. In terms of volume of total mentions, both landed in the top 10 percent. It’s pretty remarkable to be discussed on a near daily basis for a month and never have a negative outlook pegged to you.

$DRGN is also something of a sleeper. While it certainly has a following, with a market cap above $250 million as of this writing, it’s still not on many exchanges. You have to figure that will change sooner or later, which would likely be a boon to the price.

The second group is certainly more in the high risk-high reward category. Small-cap coins can be incredibly volatile and it’s difficult to know if one will catch fire.

$LUX certainly has a lot going for it. It had a great month, it has an active team and it brought on John McAfee as an advisor.  It’s pricey at more than $10 as of this writing, but with a current supply of less than $5 million coins and a market cap under $20 million USD, additional volume could push that up quick.

$SENT and $HKN are more affordable and both have market caps. $SENT was among my top coins for the week in late April, and ended up outperforming the market more than any other coin on the list.

The potential is certainly there. Trade safe.

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Crypto Sentiment Analysis: This week’s top 10 coins

Seeking out the top coins these last few weeks has been like searching for a perfect cut in a pile of diamonds.

Altcoins have been on a blistering pace in recent weeks, last night’s cool down not withstanding, turning crypto social media into a block party for coin shilling. In the last two weeks alone, I’ve collected data on more than 200 coins and tokens and nearly 1,600 distinct mentions.

Made with Flourish

Here’s how this works. We’re all prone to biases, so I do a blind analysis. Every week, I scrape the social media postings of 40 prominent influencers and traders, chart every time they mention a specific coin or token and whether they list it in a positive, negative or neutral light. I tally those up (1 point for a positive mention, -1 for negative) on a monthly, weekly and, just for CoinInsider, a bi-weekly basis.

I subtract the negative from the positive to get what I call a power rating, which is just a score of the net sentiment, one way or the other. The higher the score, the better that currency did. Simple.

Generally speaking, I keep it to predictions. I’m less interested in people remarking that a chart is going up or down.

Why these folks? Because people trust them. I know larger sentiment analyses exist, but I think there’s less value in scraping the sentiment of 10s of thousands of amateur traders, most of whom are new to the game.

The idea? The blind analysis of dozens of crypto influencers should overcome any individual biases. It’s a means of pulling a signal from a metric ton of noise. It’s early, but so far the returns have been promising.

So let’s get to it. The charts below show the top 10 coins, by power rating, from April 11 to April 24, and how they got there, day-by-day:

 

  1. $SENT (tie) — +18

  1. $POE (tie) — +18

  1. $XRP — +19

  1. $STRAT (tie) — +20

  1. $LEND (tie) — +20

  1. $BNB (tie) — +20

  1. $LUX — +22

  1. $OCN — +35

  1. $TRX — +36

  1. $ICX — +37

Everything

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