It’s worth mentioning that the past year (i.e., 2020, to be precise) is the biggest year for the cryptocurrency industry in adoption, developments, and other aspects. This, in fact, concedes with the growing number of new companies entering the crypto and blockchain space in different countries, especially Australia.
A new report from KPMG, one of the “big four” auditing companies showed that Australia’s crypto and blockchain fintech increased significantly in the just-concluded year. This shows how much the Aussie crypto industry is growing. Already, the country is rated as one of the blockchain-friendly nations.
Aussie Records More Active Fintech
At first, the auditing company noted in the “KPMG Fintech Landscape 2020” report on Monday that more than 733 fintech from diverse industries is presently active in Australia. Following this record, the number of active fintech in the country is up by 16.5 percent compared to the previous 629 recorded last year. In the Lending industry, the number of companies increased from 77 in 2019 to 103 in 2020, accounting for more than a 30 percent increase on a year-over-year count.
In comparison to the 2019 and 2020 record, other industries in Australia increased or decreased as follows: Neobank (5 to 10 or 100%), Regtech (48 to 47 or -2.10%), Middle & Back Office (65 to 67 or 3.10%), Payments (143 to 151 or 5.60%), Wealthtech (78 tp 79 or 1.28%), Insurtech 35 to 59 or 68.60%), Data and Analytics (37 to 36 or -2.70%), according to the report.
Crypto-related Fintech in Australia Grew by 153%
As per KPMG, the crypto and blockchain industry in Australia had the largest percentage growth in new fintech from 2019 to 2020. Respectively, the number of new companies in the industry increased from 32 to 81, accounting for about 153 percent growth. This corresponds to the general support and interest in digital currencies over the past year, including the underlying technology, blockchain.
“Despite the impacts of COVID-19 on the economy, increased digitization across financial services and new customer behaviors have created new opportunities for innovation. […] The overall impressive net growth in the number of fintech illustrates both the robust market dynamics and strong support for the fintech sector in Australia,” said the National Fintech Lead at KPMG Australia, Daniel Teper.
After Bitcoin (BTC) crossed the US$20,000 level in December, the leading cryptocurrency has been notably topping its value to the latest all-time high (ATH) above US$34,000. Despite the exponential growth since the past months, many opponents like Nouriel Roubini still don’t see the cryptocurrency as a thing. Popularly known as Dr. Doom, Roubini again referred to Bitcoin’s growth as a “bubble,” which is largely manipulated by Tether’s massive USDT minting.
Dr Doom Red-flags Bitcoin’s Growth
On Sunday, the price of Bitcoin briefly dropped by more than 15 percent. This movement alone saw the cryptocurrency declined from as high as US$34,000 to US$29,000, sparking sentiment that BTC’s bullish moment is finally over. Surprisingly, the price of the crypto rebounded to a little above US$30,000. This suggested that many investors and traders are still optimistic about BTC at US$30K.
For Dr. Doom, however, the price movement of Bitcoin was manipulated. He argued that the digital currency could only rebound because Tether resumed massive issuance. “Active manipulation of BTC started after those scammers woke up from their Sunday night sleep,” Roubini tweeted, adding that the whole BTC story will end in sorrow when the “law enforcement & reg authorities crack it down soon.”
Bitcoin tumbles by over 15% from 34K to 29K in 24 hours on a Sunday without any news. This is a total irrational bubble on a pseudo asset with zero intrinsic or fundamental value that is totally manipulated via fiat Tether daily issuance, massive pump & dump schemes and whales.
While Dr. Doom thinks that Bitcoin’s quick rebound follows the massive USDT issuance, many industry players think otherwise. For the crypto veteran trader Scott Melker (The Wolf Of All Streets), the BTC rebound shows there’s an insane demand for the cryptocurrency. A popular crypto analyst Willy Woo also opined that Bitcoin would hardly drop to US$20,000 again.
“We’ll never see $20k BTC again. $24k support would need a black swan event to breakdown. Floor price supported by long term buyers is rising very fast,” Willy Woo wrote on Sunday.
FunFair is trading in uptrend here like many other altcoins. The Cryptocurrency FUN just went up +41% in a single day by breaking a Ascending triangle with strong buying volume and surges over +101% in a week.
What is FUN?
FunFair (FUN) was built on the Ethereum network by a team based in London and founded by iGaming veterans Jeremy Longley, Oliver Hopton, and technology entrepreneur Jez San OBE. FunFair is a blockchain-based platform that aims to provide low cost, high quality, transparent casino experiences that are ‘Guaranteed Fair’.
FUN Quick Stats
SYMBOL:
FUN
Global rank:
163
Market cap:
$61,724,242 AUD
Current price:
$0.0095 AUD
All time high price:
$0.4384 AUD
1 day:
+41.74%
7 day:
+101.98%
1 year:
+122.16%
FUN Price Analysis
At the time of writing, FUN is ranked 163rd cryptocurrency globally and the current price is $0.0095 AUD. This is a +101.98% increase since 26th December 2020 (7 days ago) as shown in the chart below.
In the past week, there was a strong rise in Bitcoin, Ethereum, and other Altcoins. As a result, FunFair (FUN) also formed strong support near $0.0058 AUD before starting a fresh increase against the FUN/BTC Pair.
If we see the above 4-hour candle chart, FUN is forming an Ascending Triangle pattern and is now currently trading at $0.0095 AUD after a successful breakout today. The next resistance is on the $0.0118 AUD price levels which can be broken any time soon if FUN keeps trading in the uptrend with strong buying volume.
“An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns.”
The FunFair TradingView indicators (on the 1 day) mainly indicate FUN as a buy, except the Oscillators which indicate FUN as a neutral.
So Why did FUN Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up FUN to their portfolio for the next Altcoins rally. It could also be contributed to some of the recent news of CasinoFair Promotion.
📢 CasinoFair New Promotion! 📢
🚨 We have a brand New Welcome Bonus! 🚨
🤑 All new players receive a 200% deposit bonus up to 10,000 FUN 🤑
FunFair has the highest liquidity on Binance Exchange so that would help for trading FUN/USDT or FUN/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Aergo just pumped up to +57% in a single day with a strong breakout on Binance & other Exchanges. Let’s take a quick look at the AERGO price analysis and possible reasons for the recent breakout.
What is AERGO?
Aergo describes itself as an open-source enterprise blockchain platform optimized for hybrid deployments, which consist of both permissioned and permissionless blockchain architectures. It includes support for SQL allowing for easy data handling and familiar smart contract programming for developers.
AERGO Quick Stats
SYMBOL:
AERGO
Global rank:
436
Market cap:
$22,972,181 AUD
Current price:
$0.0840 AUD
All time high price:
$0.6919 AUD
1 day:
+57.25%
7 day:
+63.95%
1 year:
+189.67%
AERGO Price Analysis
At the time of writing, AERGO is ranked 436th cryptocurrency globally and the current price is $0.0840 AUD. This is a +63.95% increase since 27th December 2020 (7 days ago) as shown in the chart below.
If we see the above 4-hour candle chart, AERGO did a strong breakout from the falling wedge pattern while trading sideways from the last few days & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price and Altcoins are also rising in a bullish trend, AERGO looks well-positioned to hit the next high price levels.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What do the technical indicators say?
The AERGO TradingView indicators (on the 1 day) mainly indicate AERGO as a buy, except the Oscillators which indicate AERGO as a neutral.
So Why did AERGO Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying AERGO for the next Altcoins rally & it could also be contributed to some of the recent news of Aergo Research Project.
ICYMI: BLOCKO has won a 4 year research project with NIPA, an IT industry promotion organization operated by the Government of South Korea. They will use AERGO SDK to evaluate the role of blockchain in a rewards model in energy consumption and conservation. $AERGO#AI#bigdatapic.twitter.com/RPAoiFMKlQ
AERGO has the highest liquidity on Binance Exchange so that would help for trading AERGO/BTC or AERGO/ETH pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Everipedia IQ is trading in uptrend here like many other altcoins. The Cryptocurrency IQ just went up +74% in a single day by breaking a Bullish rectangle pattern with strong buying volume and surges over +80% in a week.
What is IQ?
Everipedia+PredIQt is a decentralized knowledge base and DeFi platform that includes a prediction market, money market, and synthetic asset system. The IQ token powers all applications and is used for the governance of the system.
IQ Quick Stats
SYMBOL:
IQ
Global rank:
185
Market cap:
$41,660,179AUD
Current price:
$0.0056 AUD
All time high price:
$0.1254 AUD
1 day:
+74.35%
7 day:
+80.94%
1 year:
+114.43%
IQ Price Analysis
At the time of writing, IQ is ranked 185th cryptocurrency globally and the current price is $0.0056 AUD. This is a +80.94% increase since 24th December 2020 (7 days ago) as shown in the chart below.
If we see the above 4-hour candle chart, IQ did a strong breakout from the bullish rectangle pattern while trading sideways from the last few days & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price recently and Altcoins are also rising in a bullish trend, IQ looks well-positioned to hit the next high price levels.
“Bullish rectangles are continuation patterns that occur when a price pauses temporarily during an uptrend – they offer you a buying opportunity. … you place your profit target the same distance above the rectangle’s upper resistance level as the distance between the rectangle’s two parallel lines.”
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying IQ for the next Altcoins rally & it could also be contributed to some of the recent news of Everipedia teaming up with Associated Press.
On January 5th, Everipedia is teaming up with the Associated Press again to bring the United States Senate elections results in #Ethereum and #EOS.https://t.co/rI8xGvfGVU
IQ has the highest liquidity on Binance Exchange so that would help for trading IQ/BTC or IQ/USDT pairs. However, you can also buy IQ from different exchanges listed on Coinmarketcap.
Ripple has been steadily falling, with multiple crypto exchange networks poised to delist XRP due to the SEC announcing that they are taking Ripple Labs to court, claiming that they are trading unlicensed securities in the form of XRP.
Although Bitcoin and Ethereum are not considered securities by regulatory bodies, the same seems to not be true for XRP.
Now a date has been set for the pretrial – which will be held virtually – before the official trial is held.
Ripple’s Future Is On The Rocks
Following massive sell-offs of the cryptocurrency that has prompted anxiety even among the most die-hard HODLers, the value of XRP has fallen by 65%, according to some crypto trading websites – although at the time this article was written, the cryptocurrency seems to be recovering slightly.
A surprising turn of events is that RippleLabs purported partner MoneyGram has also distanced themselves from the debacle.
According to a press statement issued by the company, MoneyGram is prepared to go on solo, despite the fact that RippleLabs is a major shareholder.
“As a reminder, MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise. Furthermore, MoneyGram is not a party to the SEC action. MoneyGram has continued to utilize its other traditional FX trading counterparties throughout the term of the agreement with Ripple, and is not dependent on the Ripple platform to accomplish its FX trading needs.”
A court document issued on the 29th of December has set the date of the pretrial – which will be held on the 22nd of February 2021. It will take the form of a teleconference, and all parties will submit a joint letter a week earlier – which should lay out the details being judged.
“(1) a brief description of the case, including the factual and legal basis for the claim(s) and defense(s), (2) any contemplated motions, and (3) the prospect for settlement.”
Whether you are a fan or a detractor of XRP, the trial is important – as it will set an important precedent for cryptocurrencies.
For today’s trading news, we’re looking at three altcoins that might breakout by showing bullish trends in the charts.
1. LISK (LSK)
Lisk (LSK), founded in early 2016 by Max Kordek and Oliver Beddows and headquartered in Zug, Switzerland, is a blockchain application platform that seeks to make blockchain technology more accessible to the masses. Lisk focuses on user experience, developer support, and in-depth documentation. Lisk’s SDK kit is written in JavaScript so as to allow developers to easily build blockchain applications on the Lisk blockchain and even deploy their own sidechain linked to the Lisk network. The open-source Lisk blockchain platform is powered by Lisk (LSK) tokens and operates under the Delegated Proof of Stake (DPoS) consensus model to allow for its network to be secured by democratically elected delegates.
LISK Price Analysis
At the time of writing, LSK is ranked 86th cryptocurrency globally and the current price is $1.50 AUD. Let’s take a look at the chart below for price analysis.
After a November rally, LSK dropped to support near the 70.5% retracement during December. Currently, the price is accumulating at a significant monthly level after running stops near the weekly support at $1.34 AUD.
A Q1 2021 Altcoins season could make the current region an excellent entry opportunity for bulls, with any quick drops to the supports near $1.34 AUD and $1.27 AUD giving even higher risk-reward entries.
The relatively equal highs on the daily chart near $1.65 AUD provide a highly probable first target. If the price breaks the December monthly open, the relatively equal highs near $1.90 AUD provide the next target.
The swing high at $1.76 AUD provides a third target for an extended rally, although some resistance starting at $1.74 AUD could slow down bulls before reaching the fourth target near $2.35 AUD.
2. Tezos (XTZ)
Tezos is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced — meaning it can evolve and improve over time without there ever being a danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
XTZ Price Analysis
At the time of writing, XTZ is ranked 19th cryptocurrency globally and the current price is $2.70 AUD. Let’s take a look at the chart below for price analysis.
Last week, XTZ swept stops below the Q4 support near $1.98 AUD before quickly bouncing into support between $2.25 AUD and $2.17 AUD.
The upward speed of this move back into support shows that buyers are eager to enter, suggesting that more upward movement might be coming.
If the price breaks resistance near $2.93 AUD, just below the monthly open, the equal highs near $3.14 AUD provide an appealing first target. Bullish continuation through the resistance beginning at $3.27 AUD would hint that the next target is the swing high near $3.56 AUD.
Beyond this target, the resistance beginning at $3.98 AUD could be strong enough to halt the bull run. If this resistance breaks, a parabolic rise through the highs might reach the mid-August.
3. Zilliqa (ZIL)
Zilliqa is a public, permissionless Blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralized applications, and as of October 2020, it also allows for staking and yield farming.
ZIL Price Analysis
At the time of writing, ZIL is ranked 34th cryptocurrency globally and the current price is $0.1286 AUD. Let’s take a look at the chart below for price analysis.
ZIL has already climbed over +275% since its December low, but altcoins sometimes run far beyond what most traders expect.
The price recently retested the 62% retracement of the last swing high and low on the four-hour chart, suggesting that some bulls are still looking for more upside.
If this retest proves to be the local low, overlapping extensions from this pattern and the December move point to the areas around $0.0988 AUD, $0.1421 AUD, $0.1645 AUD, and $0.1935 AUD being the next probable take-profit zones.
If the price instead drops below the weekly open to fill the daily chart gap, the range beginning at $0.0828 AUD could prove as support. More substantial support starts at $0.0621 AUD, while the consolidation preceding this bull run at $0.0543 AUD marks a likely re-accumulation zone.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
The cryptocurrency VIDT Datalinkjust went up over +34% in a single day. Let’s take a quick look at VIDT price analysis and possible reasons for the recent breakout.
What is VIDT Datalink?
VIDT Datalink is a blockchain-powered data validation platform. VIDT Datalink enables organizations to protect their digital data against fraud and manipulation. A simple but strong formula, that adds and protects value at minimum expense and effort. Organizations like Nyenrode, AmSpec, and IBM use VIDT Datalink to certify and secure digital documents like certificates, invoices, diplomas, and sensor-data.
VIDT Quick Stats
SYMBOL:
VIDT
Global rank:
342
Market cap:
$33,640,662 AUD
Current price:
$0.6832 AUD
All-time high price:
$1.61 AUD
1 day:
+34.52%
7 day:
+55.15%
1 year:
+640.14%
VIDT Price Analysis
At the time of writing, VIDT is ranked 342nd cryptocurrency globally and the current price is $0.6832 AUD. This is a +55.15% increase since 22nd December 2020 (7 days ago) as shown in the chart below.
In the past week, there was a strong rise in Bitcoin, Ethereum, and other Altcoins. As a result, VIDT also formed strong support near $0.4586 AUD before starting a fresh increase against the BTC/VIDT Pair.
If we see the above 1-hour candle chart, VIDT is forming a Rising Wedge pattern and is now currently trading at $0.6832 AUD after a successful breakout today from a descending triangle pattern. The next resistance is on the $0.7925 AUD price levels which can be broken any time soon if VIDT keeps trading in the uptrend with strong buying volume.
“A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows and, A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up VIDT to their portfolio for the next Altcoins rally. It could also be contributed to some of the recent news of FTB Blockchain Solution.
LTO Network & VIDT Datalink merge to become THE front-to-back blockchain solution!
VIDT Datalink has the highest liquidity on Binance Exchange so that would help for trading VIDT/USDT or VIDT/BTC pairs. However, you can also buy VIDT from different exchanges listed on Coinmarketcap.
DigiByte DGB just pumped up to +43% in a single day with a strong breakout on Binance & other Exchanges. Let’s take a quick look at DGB, price analysis, and possible reasons for the recent breakout.
What is DigiByte?
DigiByte (DGB) is an open-source blockchain and asset creation platform. Development began in October 2013 and the genesis block of its DGB token was mined in January 2014 as a fork of Bitcoin. A longstanding public blockchain and cryptocurrency, DigiByte uses five different algorithms to improve security, and originally aimed to improve on the Bitcoin blockchain’s security, capacity, and transaction speed.
DigiByte Quick Stats
SYMBOL:
DGB
Global rank:
51
Market cap:
$533,221,821 AUD
Current price:
$0.0379 AUD
All time high price:
$0.1880 AUD
1 day:
+43.25%
7 day:
+61.39%
1 year:
+416.71%
DigiByte Price Analysis
At the time of writing, DGB is ranked 51st cryptocurrency globally and the current price is $0.0379 AUD. This is a +61.39% increase since 21st December 2020 (7 days ago) as shown in the chart below.
If we see the above 4-hour candle chart, DGB did a strong breakout from the falling wedge pattern at $0.0285 AUD price levels & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price and Altcoins are also rising in a bullish trend, DGB looks well-positioned to hit the next high price levels.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What do the technical indicators say?
The DigiByte TradingView indicators (on the 1 day) mainly indicate DGB as a buy, except the Oscillators which indicate DGB as a neutral.
So Why did DGB Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying DGB for the next Altcoins rally & it could also be contributed to some of the recent news from Top DigiByte Influencers.
DigiByte has the highest liquidity on Binance Exchange so that would help for trading DGB/BTC or DGB/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Theta Fuel is trading in active uptrend here like many other altcoins. The Cryptocurrency TFUEL just went up +61% in a single day and surges over +90% in a week.
What is Theta Fuel?
Theta Fuel is the second token (gas token) of the Theta Network. Theta Fuel is a native token on the Theta blockchain. TFUEL powers on-chain operations like payments to relayers for sharing a video stream, or for deploying or interacting with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network.
TFUEL Quick Stats
SYMBOL:
TFUEL
Global rank:
83
Market cap:
$211,050,362 AUD
Current price:
$0.0431 AUD
All time high price:
$0.0478 AUD
1 day:
+60.29%
7 day:
+90.45%
1 year:
+1149.69%
TFUEL Price Analysis
At the time of writing, TFUEL is ranked 83rd cryptocurrency globally and the current price is $0.0431 AUD. This is a +90.45% increase since 20th December 2020 (7 days ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that TFUEL was trading inside the falling wedge pattern on the TFUEL/BTC pair. The first resistance was on the $0.03547 AUD price levels which TFUEL broke with a strong bullish trend buying volume and is now heading towards its all-time high price. Seeing that many altcoins are waking up bullish today, TFUEL is likely to continue the uptrend.
“The falling wedge pattern is a continuation pattern formed when price bounces between two downward slopings, converging trendlines. It is considered a bullish chart formation but can indicate both reversal and continuation patterns – depending on where it appears in the trend”
The TFUEL TradingView indicators (on the 1 day) mainly indicate TFUEL as a buy, except the Oscillators which indicate TFUEL as a sell.
So Why did TFUEL Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up TFUEL to their portfolio for this Altcoins rally. It could also be contributed to some of the recent news of ThetaTV Launching NFT’s.
Theta Fuel has the highest liquidity on Binance Exchange so that would help for trading TFUEL/USDT or TFUEL/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
