Autor Cointelegraph By Jordan Finneseth

Major exchange listings spark a 40% rally in Steem, TrustSwap and 0x

Major exchange listings spark a 40% rally in Steem, TrustSwap and 0x

Uverejnil používateľ | apr 21, 2022 |

Sentiment in the cryptocurrency market is on the upswing after small gains from Bitcoin (BTC) and altcoins hint that the market could be in the process of a bullish breakout.A handful of altcoins are also finding momentum and a round of fresh partnership announcements appear to back the 40% gains seen in select assets on April 21.Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Steem (STEEM), TrustSwap (SWAP) and 0x (ZRX). Binance lists STEEMThe community-focused blockchain network Steem is the underlying chain for the social media platform Steemit, which allows users to earn rewards for their posts and interactions within the community. Data from Cointelegraph Markets Pro and TradingView shows the price of STEEM hit a low of $0.344 on April 20 and then proceeded to surge 77.16% to hit a daily high at $0.61 on April 21 as its 24-hour trading volume exploded. STEEM/USDT 4-hour chart. Source: TradingViewThe sudden burst in momentum and trading volume for STEEM follows an announcement from Binance exchange that it was adding support for the STEEM/USDT trading pair. TrustSwap trades at BithumbTrustSwap is a decentralized finance protocol that specializes in the creation of multi-chain token swaps and offers a host of other features including staking, the ability to mint new tokens and an in-house launchpad.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SWAP on April 16, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. SWAP price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for SWAP spiked into the green zone and hit a high of 75 on April 16, around 65 hours before the price surged 120.96% higher over the next three days.The rally in SWAP price follows a new listing on the South Korean cryptocurrency exchange Bithumb and an increased effort to market the protocol’s minting module, which allows users to easily create a cryptocurrency and launch it on the BNB Smart Chain as well as the Ethereum and Polygon blockchains.Related: Coinbase is planning to purchase crypto exchange BtcTurk in $3.2B deal: Report0x partners with CoinbaseZRX is a decentralized exchange infrastructure protocol that specializes in facilitating the trading of assets on the Ethereum blockchain without needing to rely on centralized intermediaries. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ZRX on April 19, prior to the recent price rise. VORTECS™ Score (green) vs. ZRX price. Source: Cointelegraph Markets ProAs shown above, the VORTECS™ Score for ZRX peaked at a high of 75 on April 19, just one hour before its price began to rally 71.56% higher over the next two days.The rapid spike in ZRX price came on the heels of an announcement that Coinbase had partnered with 0x to power their new social marketplace for nonfungible tokens, or NFTs. The overall cryptocurrency market cap now stands at $1.94 trillion and Bitcoin’s dominance rate is 41.3%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Upcoming airdrop and boosted staking rewards send Origin Protocol (OGN) price higher

Upcoming airdrop and boosted staking rewards send Origin Protocol (OGN) price higher

Uverejnil používateľ | apr 21, 2022 |

Stablecoin minting and nonfungible tokens (NFTs) have been the latest trending topics in the cryptocurrency market and protocols like Terra (LUNA) have led the discussion on why stablecoins should be backed by assets like Bitcoin and Avalanche (AVAX). One project that appears to be following Terra’s lead is Origin Protocol (OGN), a platform focused on NFTs and decentralized finance. Data from Cointelegraph Markets Pro and TradingView shows that over the past month, the price of OGN has rallied 143% from a low of $0.25 on March 10 to a daily high of $0.725 on April 19.OGN/USDT 1-day chart. Source: TradingViewThree reasons for the OGN rally include a reorganization of staking rewards, developments in the protocol’s Origin Dollar (OUSD) stablecoin and the expansion of its NFT ecosystem. Updated staking rewardsHolding and staking OGN tokens is set to become more lucrative following the passage of a governance proposal that will distribute Origin Story platform fees to stakers. ️ A recent governance proposal was passed that will allow Origin Story platform fees, whether primary sales commissions or secondary trading/royalty fees, to be distributed to $OGN stakers after an upcoming re-launch of our staking program.Read more https://t.co/63WlOPTkGH— Origin Protocol (@OriginProtocol) April 12, 2022Origin Story is the protocol’s NFT launchpad that has been utilized by musicians, celebrities and creators to mint new lines of NFTs for interested parties to purchase. The proposal, which was put forward by the core development team at Origin, will establish a direct connection between Origin Story’s product traction and revenue growth and OGN performance and it passed with 100% approval from voting participants. Following its full implementation, OGN stakers will begin to accrue rewards from primary sales commissions and secondary trading and royalty fees on Origin Story. Origin revamps its stablecoinAnother development providing a boost for OGN is an increase in the capabilities of the Origin Dollar stablecoin, plus the addition of a governance token and a new exchange listing. In March, OGN holders voted on a proposal for the creation of a new governance token for OUSD that will be distributed to OGN hodlers. Important governance proposal for all $OGN holders: Should we launch a new governance token for $OUSD with a 1:1 airdrop to all $OGN holders?https://t.co/d80l6Kh2qf— Origin Protocol (@OriginProtocol) March 10, 2022

The measure passed the community vote and helped spark the mid-March rally in OGN price after traders accumulated the token to qualify for the airdrop. On top of the momentum generated by the governance token launch, OUSD has also benefited from a listing on Gate.io, which is offering OUSD holders extra yield as an additional way to earn aside from the 15% that OUSD holders earn by simply holding the token in a wallet. Related: How Web3 is redefining storytelling for creators and fans through NFTsGrowth of the Origin Protocol NFT ecosystemA third factor helping to boost the price and on-chain activity for Origin Protocol is the continued expansion of its NFT ecosystem which has seen multiple new projects launch in the past month. We’re proud to join forces with @praise_pals to bring this collection of 8,888 unique characters to Origin Story. Praise Pals has partnered with celebrities, brands, & thought-leaders to create one-of-a-kind Web3 experiences to give back back to community!https://t.co/USbKiRvCf8— Origin Protocol (@OriginProtocol) April 11, 2022

The upcoming launch of Blades of Valor, a player-versus-player role-playing game and NFT ecosystem, is also helping to generate buzz for the gaming community on Origin. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OGN on April 12, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. OGN price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for OGN hit a high of 82 on April 12, around one hour before the price began to increase 68.38% over the next seven days.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Analysts say Bitcoin has ‘already capitulated,’ target $41.3K as the most hold level

Analysts say Bitcoin has ‘already capitulated,’ target $41.3K as the most hold level

Uverejnil používateľ | apr 20, 2022 |

Traders’ struggle to build sustainable bullish momentum persisted across the cryptocurrency market on April 20 after prices slid lower during the afternoon trading session and ApeCoin (APE) appaers to be one of the few tokens that is defying the current market-wide downturn. Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt by Bitcoin (BTC) bulls to breakout above $42,000 was soundly rejected by bears, resulting in a pullback to a daily low of $40,825 before the price was bid back above $41,000. BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several market analysts are saying about the weakness in Bitcoin and what levels traders are looking at as a good spot for opening new positions.Whales accumulate near $40,000According to on-chain data firm Whalemap, there is a significant amount of volume near the $40,000 price level. Bitcoin whale volume profile. Source: TwitterWhalemap said, “A largely significant portion of whale holdings reside between $38,000 and $42,000 right now. Vital area for Bitcoin. Above it – bullish. Below it – bearish.”Analysts say most of the market has already capitulatedSimilar to the observation made by Whalemap, Glassnode analysts noted that “a large amount of coin supply has been re-accumulated between $38,000 and $45,000, which is the primary price range of the current market consolidation.”When the data is broken down between long term holders (LTH) and short term holders (STH), which is determined by a holding threshold of 155 days, only a few of the STHs who bought between $50,000 and $60,000 are still holding, “suggesting most ‘top buyers’ have likely already capitulated.”Bitcoin STH and LTH UTXO realized price distribution. Source: GlassnodeAccording to Glassnode, a large percentage of the current STH demand “is clustered between $38,000 and $50,000, affirming that investors continue to see value in this price range.”The fact that 15.2% of the Bitcoin held by LTHs is currently at a loss suggests that a lot of LTHs “were caught off-side” by the most recent market correction according to Glassnode, a result that is typically seen “in late-stage bear markets, most of which preceded a final capitulation shake-out event.”Glassnode hypothesized that some of the current weaknesses in the market could be due to the fear of further capitulation, which is prompting traders to wait on the sidelines until such an event occurs. Glassnode said,“However under the surface, it appears as though a huge swathe of the market has already capitulated, in a statistically significant manner, and a resilient inflow of demand between $35,000 to $42,000 range has quietly absorbed this sell-side in its entirety.” Related: BTC price hits 10-day high as trader says $42K is where Bitcoin ‘gets interesting’Bitcoin needs to hold the $41,300 levelPseudonymous Twitter user ‘Abnessa’ said Bitcoin price needs to break above $41,300 to complete a potential inverse head and shoulders pattern on the 4-hour chart. BTC/USD 4-hour chart. Source: TwitterAccording to Abnessa, Bitcoin is currently “trying to reclaim this level after the failed support/resistance (S/R) flip.”To establish the bullish case, Bitcoin needs to “successfully flip S/R of the current descending trendline” and “reclaim support up to the green neckline,” thus completing the inverse head and shoulders setup. As for the bearish case, a failed retest of $41,300 would result in a “breakout below the bear-flag” and would “also mean S/R flip rising wedge resistance as support.” If this were to occur, Abnessa sees a “minimum dump target of $35,000.”The overall cryptocurrency market cap now stands at $1.909 trillion and Bitcoin’s dominance rate is 41.1%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Retail interest in crypto declines as investors search for the next big price mover

Retail interest in crypto declines as investors search for the next big price mover

Uverejnil používateľ | apr 20, 2022 |

One of the main narratives of hope for cryptocurrency investors is that there will be a major shift in public perception that sparks a new wave of capital from retail and institutional traders. Unfortunately for these hopeful bulls, data indicates that the opposite has occurred for nearly a year, a fact evidenced by the declining rate of searches for the term Bitcoin (BTC) on Google. Google search volume for Bitcoin. Source: Google TrendsA similar pattern is seen when looking at the search interest for the top smart contract platform Ethereum (ETH), which saw its peak interest occur during the second week of May 2021, and has been on the decline ever since. Search interest for Ethereum is currently at its lowest level since December 2020.Google search volume for Ethereum. Source: Google TrendsBased on this information, it could be time for crypto investors to reevaluate where the next major lift to the market will come from because it is clear that retail interest is tied in large part to big price movements.BTC/USDT vs. ETH/USDT 1-day chart. Source: TradingViewWeak exchange volumesFurther evidence for the declining interest in cryptocurrencies can be found when looking at the total exchange trade volumes on major exchanges. According to data from Blockchain.com, this metric was at $165.8 billion on April 19, its lowest level since October 2020.Total exchange traded volume in USD. Source: BlockchainGrowth in the decentralized finance (DeFi) sector and decentralized exchanges (DEXes) has likewise been on the decline, according to data from Dune Analytics. Monthly DEX volume by project. Source: Dune AnalyticsAs shown on the chart above, the volume on DEXes is currently below the amount traded in January 2021 when the bull run was just getting started and the DeFi sector as a whole was breaking out. Related: Coinbase announces beta of NFT marketplace with social engagementNFTs heat upThe one source of hope across the cryptocurrency ecosystem can be seen in the nonfungible token (NFT) sector, which has begun to see an increase in the daily trading volumes at OpenSea, the largest NFT marketplace, after bottoming out in early March, according to data from Dune Analytics. Daily volume on OpenSea. Source: Dune AnalytcisAs activity in the NFT markets begins to rise, so too have the floor prices of some of the top projects, suggesting that the momentum for the NFT sector is building. This could be due, in part, to the attention that projects like Bored Ape Yacht Club and its recently released ApeCoin (APE) have been getting in the mainstream press. It remains to be seen if the hype and speculation being generated in the NFT market can broaden into increased inflows to the cryptocurrency ecosystem as a whole or if the nascent sector is destined to flame out like the ICO boom / bust cycle in 2017–2018. On the mainstream adoption front, it appears as though crypto investors are still looking for that killer DApp or use case that will kick off the next round of widespread inflow to the market.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Coinbase exploration report leads to over 100% price gains for MITX, KROM and BDP

Coinbase exploration report leads to over 100% price gains for MITX, KROM and BDP

Uverejnil používateľ | apr 15, 2022 |

United States-based cryptocurrency exchange Coinbase sent waves across the cryptocurrency ecosystem on Apr. 11 when it released a list of 50 crypto assets that were under consideration for listing in the second quarter of 2022 in a bid to increase the transparency of its listing process. Responses to the release were mixed and led to some allegations of insider trading by crypto sleuths, while a majority of crypto traders took a deeper dive into the list in an attempt to discover diamonds in the rough.Following a week’s worth of trading that saw many of the tokens on the list experience pump-and-dumps, the dust is beginning to settle revealing Morpheus Labs (MITX), Kromatika (KROM) and Big Data Protocol (BDP) as the top three gainers from the Coinbase announcement. Morpheus LabsMorpheus Labs (MITX) is a project that offers an extensive blockchain development toolbox designed to simplify the process of decentralized application development across a variety of networks and programming languages. Data from Cointelegraph Markets Pro and TradingView shows that, following the Coinbase announcement, the price of MITX skyrocketed 185% from a low of $0.014 to a daily high of $0.04 on Apr. 15. MITX/USDT 4-hour chart. Source: TradingViewIn addition to the Coinbase announcement, the protocol has seen positive news flow tied to its so-called NFT Launcher, as well as the launches of the Morpheus Labs Launchpad and SEED developer portal. KromatikaKromatika Finance is a decentralized crypto trading protocol that offers users a zero swap fee trading environment that eliminates front-running bots and prevents price slippage. Data from CoinGecko shows that on Apr. 9, KROM was trading at a price of $0.0525 before rallying 145% to a high of $0.13 on Apr. 12. The token is currently trading at $0.11.KROM/USD 2-hour chart. Source: CoinGeckoDevelopments that are helping to boost the outlook for KROM include the launch of Kromatika v2, which is scheduled for Apr. 20, and the possibility of being added to the Arbitrum Odyssey project. Related: Leading centralized exchanges extend market share in 2022Big Data ProtocolBig Data Protocol is a decentralized finance project focused on the creation of a liquid marketplace for commercially valuable data that is sourced from professional data providers. Data from TradingView shows that the price of BDP catapulted 204% from a low of $0.058 on Apr. 11 to a high of $0.177 immediately following the Coinbase announcement. It has since retraced to $0.128, resulting in a net gain of 121%. BDP/USDT 4-hour chart. Source: TradingViewThe bullish move higher for BDP has been sustained due to several notable developments for the protocol, including integration with Fortune 500 company Intercontinental Exchange and partnerships with MetaGameHub DAO and Securities Quote Xchange.The overall cryptocurrency market cap now stands at $1.875 trillion and Bitcoin’s dominance rate is 40.9%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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