| August 5, 2019 | View in browser |
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Today's top reads
- Bitcoin against the indices
- Bitcoin's golden cross is no joke
- Square does it again, but better
- Lightning network growth remains stagnant
This week's poll:Do you diversify your crypto portfolio in more than 5 cryptocurrencies?
Click to answer:
Yes!
Nope
Market update
| COIN | PRICE | 7-DAY |
| BTC | $11,756.92 | + 23.91% |
| ETH | $231.51 | + 10.76% |
| XRP | $0.327 | + 5.58% |
| BCH | $347.51 | + 14.03% |
| LTC | $98.64 | + 10.57% |
1. Bitcoin against the indices
Winter brought bitcoin maximalists out to play. And while they were mostly right about 90% of altcoins dying and never returning to their all-time highs, the crypto indices actually tell another story.
According to Bitwise, a leading provider of crypto indices, since January 1st, 2017, bitcoin only outranks 3 of the 5 indices in terms of performance. So who outperformed bitcoin throughout the entire 2017 bubble (and subsequent pop)?...
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2. Bitcoin's golden cross is no joke
Over the weekend, bitcoin's gains helped push the 3-day chart into a golden cross - a bullish technical indicator where a short-term moving average crosses above a long-term moving average. In this case, it's the 50-day moving average rising above the 200-day moving average.
Bulls are happy. Even though the 3-day chart is not widely used among traders, its golden cross signifies further upside for the cryptocurrency. And since the last time this cross happened was in 2016 - just prior to the immense rally that took bitcoin from below $500 to over $20,000 - it has quite the reputation.
Actually, most golden crosses do. Since 2013, the indicator has happened 4 times on the daily chart, three times prior to 2016 and once this year in April.
Here's what happened after each...
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SUBSCRIBE NOW 3. Square does it again, but better
Last week we mentioned Square's (SQ) impressive bitcoin sales revenue growth via their Cash App. The stock might have fallen due to falling expectations for the third quarter but its bitcoin numbers continue to crush it.
In the last five quarters, Square's bitcoin sales have grown and accelerated to more than $125 million in revenue this last quarter. That's 90% higher than the previous quarter and over 230% growth year over year.
However, it should be known that these dollar amounts reflect the total USD value of bitcoin sold, not the bitcoins themselves. That chart actually looks a bit different using the average price of Bitcoin each quarter...
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SUBSCRIBE NOW 4. DEX platforms triple
After a continuous climb during late 2018 and the first few months of 2019, bitcoin's highly regarded lightning network scaling solution has stalled for the most part.
According to Bitcoin Visuals, only the number of nodes has slightly risen since March despite both network capacity and the number of channels falling consecutively for the past 4 months.
Two takes on why this is happening...
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SUBSCRIBE NOW 6. DEXs don't cut it
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