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Cryptocurrency Market Analysis February 28, 2018

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cryptocurrency price analysis

Price Analysis

Bitcoin (BTC)

In our previous analysis, we were expecting the price of Bitcoin vs USD to drop and retest the support from $9,000. The price action confirmed our theory and the local support was again tested by the market.

Chart

Chart by TradingView

Currently, BTC/USD is trading around $10,500 in the key resistance area. In our opinion bulls did not gain enough power to break above $12,000. Hence, for this week, we are expecting the price to continue sideways or even incur another drop to or even below the local support mentioned earlier.

Ethereum (ETH)

No surprise coming from the second largest cryptocurrency on the market, based on the market cap, ETH/USD. The price fell from the latest high of $980 reached this month. Currently, the price action shows a possible continuation of the sideways move, between $800 and $980.

ETH

Chart by TradingView

Same as for BTC/USD, we are not expecting the price to breach above the current highs anytime this week.

Cardano (ADA)

The token of the Cardano blockchain, known as ADA, is currently trading close to a very strong support, found at $0.31. Seeing its price action, we think there is a high probability to see a false break below this support before a proper rally. Considering several aspects such as the team behind the project, the funding they have, being one of the few blockchains companies that have an academic approach, and the scheduled updates for Q1 2018, we could say that investors have the possibility of buying ADA at a huge discount.

Cryptocurrency Market Analysis February 28

Chart by TradingView

Once the crypto asset market starts to rally again, ADA has the potential to surpass many of its competitors in a very short period of time. In the scenario of a break above the current resistance found at $0.45, we should not be surprised to see $1 hit in no time.

 

Buroka TechThis cryptocurrency market analysis is being presented by Buroka Tech. Buroka Tech is cryptocurrency-focused technology provider for financial institutions. 

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Weekly News Roundup: SendCash Grows and ChainEx Partners With OkEx

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SendCash

In Bitcoin Africa’s Weekly News Roundup, we look at the most trending blockchain and cryptocurrency stories from Africa this week.

Here are our top picks!

SendCash Records $1 Million In Transactions in First 4 Months

Nigerian cryptocurrency developers continue to develop FIAT gateways to expand access to cryptocurrencies. One of such platforms is SendCash by BuyCoins Africa. The new platform was launched in April 2020.

SendCash allows users to transfer directly from the bank to crypto or crypto to the bank. Timi, Co-founder of BuyCoins Africa, makers of SendCash, sent a tweet this week highlighting the platform’s growth.

This tweet means that, in 3 months, Nigerians have processed over $1 million transactions on SendCash. What’s more, BuyCoins Africa also experienced a surge in trading volume during in May. The platform saw over $17 million in trading volume in May.

ChainEx Partners With OKEx

In the last few weeks, OKEx has announced partnerships with major players on the continent. After partnering with Paxful, OKEx has partnered with South African exchange, ChainEx. The partnership between ChainEx and OKEx allows ChainEx to establish a quick buy and sell feature for traders.

Further, traders will have more access to more cryptocurrencies and simplified trading experience.

“This collaboration will give many South Africans and Africans access to a Top Tier, Global Cryptocurrency Exchange, as well as bring new liquidity and volume to ChainEX.” –  Ryno Mathee, CTO of ChainEX

“OKEx respects partnership as the key steps to develop and provide local services to users. In the meanwhile, building a win-win cooperation with ChainEX will lead us to a better future.” – Ivan Chen, Business Manager of OKEx Africa

Binance Kenya Nears Launch

BinanceIn our last weekly update, we mentioned that Binance is testing MPESA payments on Binance P2P for Kenyan users. According to Bitcoins, Binance P2P will offer 0 percent escrow trading fees. MPESA payments on Binance P2P is expected to go live in mid-July.

Binance P2P intends to compete with other P2P platforms that have become very popular. Paxful and LocalBitcoins are the top P2P platforms in Kenya. Local newcomer Bitlipa is also seeing immense growth.

Binance P2P’s main selling point in the Kenyan market is set to be its zero-fee structure and promotions for new traders. On the market, bitcoin saw a hike to over $9,400 and fell back to $9,200. On the other hand, some altcoins experienced a rally.

A highlight worth noting this week is the sudden rise of the digital currency Dogecoin (DOGE) due to promotion by TikTok influencers.

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Weeky News Roundup: Binance Enables MPESA, Bitlipa Records Growth

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In Bitcoin Africa’s Weekly News Roundup, we look at the most trending blockchain and cryptocurrency stories from Africa this week.

Here are our top picks!

Binance Enables MPESA Payments

MPESA CHARGESTop global cryptocurrency exchange by volume, Binance has added popular Kenyan mobile money payment option MPESA to its P2P platform.

At the time of writing, the option is not available to every user but can be accessed by some users as it is still being tested. Binance P2P is Binance’s answer to the sharp increase in transaction volumes by other marketplaces like Paxful.

In Africa, it first launched for the Nigerian market and is set to add Kenya in the coming weeks.

Kenyan P2P Platform, Bitlipa, Records Exponential Growth During Beta Program

BitLipaContinuing with more P2P news, Kenyan based platform Bitlipa claims to have recorded impressive volumes since launching its beta.

Speaking to a Kenyan blog, CEO, Apollo Eric stated that Bitlipa currently has over 5,000 users with a daily volume of over $120,000. Bitlipa only released its beta version and Android application in April 2020. This growth level makes Bitlipa one of the top peer-to-peer platforms in Kenya by transaction volume.

Bitlipa is a P2P exchange and payment application. Users can receive and send MPESA and crypto payments on Bitlipa. What’s more, users can exchange between Kenyan Shillings and cryptocurrencies.

Bitlipa supports bitcoin (BTC), ether (ETH), dash (DASH), and aeteninty (AE). The platform intends to provide services at minimum fees and KYC verification limits.

Akoin Foundation to Launch Blockchain Hub in Kenya and Ghana

Akoin Foundation is collaborating with Effects AI to establish Blockchain hubs in Kenya, Ghana, and Senegal. The first blockchain hub is scheduled to go live in Kenya, in the last quarter of 2020.

The aim of building these hubs is to provide support for young entrepreneurs interested in Blockchain development in Africa.

Ghana and Senegal will benefit from the second phase of hubs, set to launch in the first quarter of 2021. These hubs will also serve as job boards for African interested in the blockchain industry and jobs that pay in cryptocurrency.

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Weekly News Roundup: Akoin City Secures New Partnerships, Blockchain Startups Join Kenya’s Regulatory Sandbox

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Bitcoin in Kenya

In Bitcoin Africa’s Weekly News Roundup, we look at the most trending blockchain and cryptocurrency stories from Africa this week.

Here are our top picks!

Two Blockchain Companies Join Kenya Capital Markets Authority’s Regulatory Sandbox

Kenyan bitcoin policyThe Kenya Capital Markets Authority has set up a regulatory sandbox limited to financial solutions with a capital market component. As part of the additions to the sandbox, two blockchain companies – Pyypl Group Limited and Belrium Kenya – have been included.

Pyypl Group Limited is a fintech platform for issuing unsecured bonds on the blockchain. Belruim Kenya is an electronic Know Your Customer (e-KYC) solution for capital markets running on the blockchain.

Developments like this promote the use of blockchain technology in Africa and bring positive sentiments among regulators towards blockchain-related technology.

Akoin City Secures New Partnerships

Akoin City, the mega blockchain city project lead by famous music artist Akon has been met with praise and skepticism in different quarters. Regardless, the project continues to develop more business partnerships for the construction of the city. Akoin City sealed a $6 billion construction deal with KE International to build the project.

Further, Akoin City partnered with Mwale Medical and Technology City (MMTC) in Western Kenya. The partnership will make cryptocurrencies a major method of payment at the health facility.

MMTC is another city complex that focuses on health-related facilities. The mega project that started in 2014 is set to be opened in December 2020.

Other partnerships include collaboration with Jeev Network in Rwanda and blockchain chat application, Sense Chat. 

PayPal May Bring Bitcoin to 300 Million Users

buy bitcoin with PayPal instantlyIn an exclusive report on Coindesk, the top industry publication speculated that PayPal might be adding the ability for people to buy and sell bitcoin soon. The news was corroborated by three people familiar with the matter.

The new addition would allow users of PayPal and Venmo to buy and sell bitcoin.

The bitcoin price saw some bullish sentiments after this headline made waves online. Since then the bitcoin price has dropped by 4 percent and is trading under $9,200.

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