Bitcoin, Ethereum and Ripple – Bitcoin Evolution Analysis

The correction in the crypto market, especially in the Bitcoin price, the Ethereum price and the XRP price, continues to expand and proves once again how well technical analysis works. The Top 3 Coins pick up their price targets. An update.

In order to give an overview of the top 3, the developments of Bitcoin, Ethereum and XRP prices Bitcoin Evolution will be presented here. If possible, we will also use previous price analyses and take a look at what has happened since then.

Bitcoin Evolution plays a rol

This was not a good week for the Top 3! Bitcoin fell below 7,000 US dollars, Ethereum fell to its lowest level at the beginning of June and Ripple managed to reach its annual minimum. Certainly the postponement of the SEC decision and Jamie Dimon’s remarks play a role, Bitcoin Evolution review at least with regard to Bitcoin. Let’s analyse the top 3 crypto currencies a little more closely.

Bitcoin (BTC/USD)

Since the last update a week ago, the Bitcoin rate has dropped 1,000 US dollars. The unchanged forecast arrows even coincide in time. The breakout above the downward trend was a false breakout and thus the bearish variants from the last analyses were activated. With the ongoing downward movement, the Bitcoin price reaches the short-term upward trend. If the daily candle closes on the current level – BTC/USD 6,487 US Dollar – this is undercut. The cloud of the Ichimoku Kinko Hyo indicator can still support the Bitcoin price up to 6,370 US dollars. After that, it can be seen as resistance. The sell signals using moving averages have already been active for 7,600 US dollars.

Bullish variant:

The current breach of the short-term uptrend has no bearing. Within the course of the day, the prices recover again and the daily closing price takes place directly on the upward trend or even above it. Again, the medium-term downward trend – currently falling to 7,140 US dollars – is started and overcome. The next hurdle is then 7,700 US dollars.

The erroneous outbreak above the medium-term downward trend continues to have an effect. The cloud of the Ichimoku Kinko Hyo indicator still offers support up to the USD 6,370 mark. Below that, a worsening of the downward movement is to be expected. The break onlinebetrug in the short-term upward trend means that the price target of 6,000 US dollars, which has been announced for weeks, will be reached. Below 5,877 US dollars, losses of up to 5,428 US dollars are imminent.

Ethereum (ETH/USD)

Ethereum has now abandoned the support area presented (418 – 471 US dollars). The price reset of the last few days fulfilled the condition for the sell signal. This was accompanied by an Ethereum price below 405 US dollars. Last week, the lower cloud edge of the Ichimoku Kinko Hyo indicator offered the perfect “short entry”. Already last week it was pointed out that the power of Ethereum is not even sufficient to outbid it.

Bullish variant:

The price target reached on the underside – 365 US dollars – can be used as support. No rates below 338 US dollars are generated. The Ethereum exchange rate can again regain the 405 US dollars and even rise above the resistance level. Prices above 471 US dollars brighten the chart in the short term. The price outperforms the short-term downward trend – currently falling to 478 US dollars. A rise above 520 US dollars also provides a buy signal from the point of view of the Ichimoku Kinko Hyo indicator.

Greater recovery potential can only be achieved when the price rises above 684 US dollars. The upcoming upward targets:

Public Blockchain: Community vs. Ecosystem

When it comes to the blockchain and its definition or design by the stakeholders, the term “community” is used quite naturally.

Thus, even at the last big events, such as the Block Size debate or the Ethereum Hard Fork, the community was the focus of the discussions.

But what does community mean in this context?

Definition of community
According to the blockchain theory, the community has the opportunity to determine the future of a public blockchain through decentralized control and consensus.

The decision-making by consensus is the heart of the Public Blockchain, because here the majority can decide where to go in a democratic way, similar to an election.

A central feature of the blockchain is its economic reliability and stability. In reality, however, the economic interpretation of a blockchain is only defined by certain actors or group members and not by the totality of all stakeholders.

If the term community is differentiated, then the active, leading part of the community determines the interpretation of the public blockchain. Consequently, it makes sense to find out who these crucial actors are in the blockchain community. Accordingly, we can state that it is only about a certain subset of the ecosystem that is actively involved in the design of the blockchain.

The community is composed of the main actors who have already played an important role at the beginning or in the emergence of the ecosystem. So it is mainly insiders who have a certain information advantage. Their voices are louder and their collective actions or non-actions can decisively determine the path of the blockchain.

Who is who?
Crypto currency communities develop differently from traditional companies. Normally, companies try to attract users and consumers before something like a community of supporters emerges.

In the world of crypto currencies, this seems exactly the other way around, as a community of supporters is first built before users or end users are involved. This reverse approach is perhaps a feature of the new technologies, which first need a strong foundation in order to prosper.

But who are the main actors now and how is the ecosystem composed?

Cryptocurrency Community EcosystemIf we now take the Bitcoin Block Size debate and the Ethereum Hard Fork decision as the basis for our actor analysis, we can see that in both cases the community is predominantly composed of the base players (see above), i.e. a relatively small group.

In the case of the widely published Bitcoin scaling, probably no more than 100 people were actively involved. Also at the Ethereum Hard Fork we find a similar picture. Only 1,325 addresses voted, which is rather small compared to the total number of Ethereum owners.