Bitcoin Ascends in New Crypto Ranking by State-Backed Chinese Institute | News Bitcoin News
China’s Center for Information and Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, has released its 20th ranking of crypto projects.
A total of 37 crypto projects are ranked this time around overall as well as in three separate categories: basic technology, applicability, and creativity.
The top four positions remain unchanged overall from the previous ranking, with Dash replacing NEO in the fifth position. Bitcoin climbed from the 14th position to the 11th place while Bitcoin Cash rose slightly from the 30th to the 29th position. IOTA continues to rank the lowest.
According to the center, the basic technology subindex accounts for 65% of the total score, the applicability subindex 20%, and the creativity subindex 15%. The ranking and evaluation work is carried out every two months by the CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID, with the help of several organizations, including the CCID think tank and the China Software Evaluation Center.
What do you think about this crypto ranking? Let us know in the comments section below.
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Gold Spiked To Daily Highs As US Retail Sales Disappoint
After the US retail sales report was released for October, gold prices ticked up after the worse-than-expected retail sales data. Notably, the sales rose 0.3% in October after a downwardly revised increase of 1.6% in September, according to the latest data acquired from the U.S. Commerce Department. Economists anticipated seeing an increase of around 0.5% in October’s headline number.
December Comex gold futures rose to daily highs last seen trading at $1,890.90, down 0.16% on the day. One of the most notable weakest parts of the retail report was the purchases of sporting goods and clothing, with both shrinking by 4.2% in October.
The core sales that strip out vehicle sales, gained 0.2% last month compared to the expected 0.6% increase. This report’s control group that strips out autos, building materials, gas, and food services, was up by 0.1%, which disappointed the expectations of around 0.5% gain.
Experts say that retail sales may keep under-performing amid a rise in COVID-19 cases as the United States consumers avoid crowds, and some firms are temporarily shut down as a result of new restrictions, according to economists. CIBC Capital Markets economist Katherine Judge said:
“The deterioration in the outlook on account of the escalation in virus cases suggests that growth will be even harder to come by in the months ahead, particularly in services categories. Spending on goods could also slow further as frontloaded purchases negate the need for further outlays in some categories, while tighter social distancing restrictions on gatherings over the holiday season could compound these effects.”
The technical confluence indicator shows that gold is currently encountering instant resistance at almost $1,888. That price level is the convergence of the Fibonacci 38.2% one-month, the SMA (Simple Moving Average 10) for the 4h chart, and the SMA 1001-5M chart.
But, a strong cap awaits at $1,906 which represents a juncture of lines that includes the Fibonacci 61.8% one-month, the 50-day SMA, and 100-day SMA. Some support has formed at $1,884 which represents the confluence of the Bollinger Band 4h-Middle and the previous 4h-low.
A stronger cushion is at $1,877 which is the same point where the Fibonacci 38.2% one-day, the Fibonacci 23.6% one-week, and the SMA 5-one-day converge.
Bitcoin Breaks $17,200 – Here’s What’s Next According to Crypto Analyst Nicholas Merten
Bitcoin has shattered the $17,200 mark for the first time in nearly three years.
The leading cryptocurrency is up 5.18% in the last 24 hours at $17,253, according to CoinMarketCap. The last time BTC was at this price was in January of 2018.
At these levels, 98.94% of all Bitcoin addresses in existence have turned a profit, according to the blockchain intelligence company IntoTheBlock.
Crypto analyst Nicholas Merten says he thinks BTC will need a correction before it can reach previous all-time highs at $20,000.
“I want to be rational with you all. We’ve been having phenomenal price action in the market. There’s something very important to keep in mind here that I think is critical in understanding where we’re at right now. We’ve really had three mini cycles as we’ve been recovering from the March lows of 2020. And we can see that both times previously they ranged around 30 days… We’re coming up here on 32 days, so about the same time preference around the first mini-cycle here.
It’s looking like we might be getting a bit of a cooldown here. I want to keep things as conservative as possible. Many people are holding here. But my key point here is, as we’ve already gone up 52%, maybe 53%, I’m really thinking we may get a bit of a cooldown here, not testing all the way up to $20,000 just yet.”
Merten says he thinks BTC is gearing up to reach a new all-time high in the first quarter of next year.
“This is it guys. We’re getting to the moment here where over the next few weeks, over the next few months, we’ve had a quarterly target of Q1 of 2021 that we’re going to be revisiting back to these all-time highs…
The room’s a bit more quiet than it was last time when we were at this price range. I remember vehemently back here in December of 2017 almost three years ago. It’s crazy to think it’s been almost three years when we were back at this price range.”
Are You Still Buying 30 Cent XRP? XUMM Update – Anchorage Seeks US Charter – HODL 👊😎🎉🍾
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