Cryptocurrency Industry Progressing Despite Failings and Hacks

By dan saada October 23, 2019 Off
Cryptocurrency Industry

Altcoins seem to be back on track to recovery.  The gap between the 50-day SMA and 100-day SMA is showing signs of a bearish grip.  If the Litecoin should gain momentum towards $60, it should pull above the lockstep trading.  The trend is bearish.  Support is seen between $50 and $52. The resistance level is seen at $55 and $60.

NEO has been showing recovery from October 16.  The price has been climbing slowly ever since then.  Considering things in the long-term, the price is $7.80.  This is in the upside, considering the recent range.  The price towards the upside will slowly gain traction.

Ethereum is back in its decline.  The ETH/USD has slipped back at $180.00 and continues to be out of reach.  Robust psychological support is created near $170.00.

EOS has sustained again from its dip on Friday following the rising trend line.  The growth was hindered, and the token was not able to move past $3.0 due to increased congestion of sellers at $2.95.

Several cryptocurrencies, including TCAT token, are locked near the critical resistance barriers like the EOS.  The barrier at $3.0 was a hard one to crack for EOS.

Cryptocurrencies continue to remain unregulated, and several scams have increased. People who invest in tokens have reported instances where they have not received the symbols at all.  Some platforms have disappeared entirely.

Several regulatory approaches are underway to ensure the tokenization of literally everything.  Concerns continue; however, several trading platforms are loosely regulated at best. The industry is progressing despite its share of failings and hacks.

With the United Nations Children’s Fund (UNICEF) coming up with its cryptocurrency fund, it has been recently announced that the cryptocurrency backed fund will “hold and make transactions in cryptocurrency.”

The lack of privacy has been continually named as one of the significant issues with cryptocurrency adoption.  The developers have proposed several kinds of privacy improvements over the years. There will be no way to control the existing system if there will be 100% privacy because if the government or the law enforcement department would want to come up with a blacklist of transaction addresses, it can get to become more difficult.

Mining centralization is the first issue in the current scenario.  With the building of centralized services, it is going to be very easy to decentralize the transaction selection process. Some privacy-conscious Altcoins can find their way to the Bitcoin eventually.