Autor Cointelegraph By Jordan Finneseth

Ethereum price hits $3.2K as anticipation builds ahead of the ‘Merge’

Ethereum price hits $3.2K as anticipation builds ahead of the ‘Merge’

Uverejnil používateľ | mar 25, 2022 |

The week-long uptrend in the cryptocurrency market has begun to awaken bullish crypto investors and the successful March 15 launch of the Ethereum “merge” on the Kiln testnet has the community excited about the upcoming switch to proof-of-stake (POS). Data from Cointelegraph Markets Pro and TradingView shows that since the successful launch on Kiln, the price of Ether has climbed 25% from $2,500 to a daily high at $3,193 on March 25 as traders look to lock in their positions ahead of the merge. ETH/USDT 1-day chart. Source: TradingViewHere’s a look at what analysts in the market are saying could happen with the price of Ether as the merge approaches and how the switch to POS could affect its price long term. A clear breakout from the downtrendThe turnaround in Ether price over the past couple of weeks was succinctly addressed by crypto analyst and Justin Bennett, who posted the following chart highlighting the trend reversal that has occurred. ETH/USDT 1-day chart. Source: TwitterBennett said, “Ether first higher high since early Nov. 2021. Probably nothing.”The merge will be a bullish developmentA deeper analysis of the effects the upcoming merge for Ethereum will have on its price was discussed by analysts from the independent global macro and crypto research house MacroHive, who noted that the merge “will have bullish implications for Ether.” According to MacroHive, “the prospect of being able to make a passive return on staked Ether will attract more investors into the space,” while the transition to proof-of-stake “will reduce Ethereum’s energy consumption by 99.95%.”This, in turn, wilhelp to attract more institutional money into the Ethereum ecosystem as the Environmental, Social and Governance (ESG) concerns “around the energy consumption of mining/proof-of-work are mitigated.”The merge will also have a notable impact on the circulating supply of Ether as the net issuance will undergo a significant drop-off once completed as block rewards are replaced with Ether staking yields. MacroHive said,“This, coupled with the ongoing Ether burning should make Ether deflationary and this should be bullish overall.”Related: Crypto rallies to $2T market cap as institutions signal readiness to enterMerge could mirror Bitcoin halveningsA final bit of insight into the effects of the upcoming merge was put forth by options trader and pseudonymous Twitter user McKenna, who posted the following tweet likening the effects of the merge to that of Bitcoin halvenings. The merge is a crowded trade but so is the BTC halvening.Only difference is ETH becomes a deflationary asset W/ EIP1559.S-curve adoption as the foundational web3 protocol is going to send ETH to monumentous heights over the next decade.You aren’t ready Anon.— McKenna (¤, ¤) (@Crypto_McKenna) March 23, 2022The overall cryptocurrency market cap now stands at $1.997 trillion and Ether’s dominance rate is 18.7%.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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Axie Infinity (AXS) price reverses course with 50%+ gain ahead of Origin launch

Axie Infinity (AXS) price reverses course with 50%+ gain ahead of Origin launch

Uverejnil používateľ | mar 24, 2022 |

Play-to-earn (P2E) gaming was one of the hottest sectors in the cryptocurrency market in 2021 and based off the recent moves of Yuga Labs and Bored Ape Yacht Club, the gaming industry could continue to be a winner in 2022.Axie Infinity was the first game to really capture widespread attention and highlight the possibilities of what P2E had to offer and is continuing to lead the way in 2022 as the protocol prepares for its next major launch.Data from Cointelegraph Markets Pro and TradingView shows that the price of AXS increased 56.5% over the past ten days as an increase in its 24-hour trading volume has lifted AXS to a daily high of $69.82 on March 24. AXS/USDT 4-hour chart. Source: TradingViewVORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AXS on March 14, 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. AXS price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for AXS climbed into the green on March 14 and hit a high of 78 around 24 hours before the price began to increase 52.32% over the next nine days.Three reasons for the climbing price of AXS are the upcoming launch of Axie Infinity: Origin, the steady increase of active users and AXS stakers, and the rising popularity of the Ronin sidechain, which enables Axie Infinity gameplay. Axie Infinity: OriginThe most significant development underway helping to boost the forward outlook for AXS is the upcoming launch of Axie Infinity: Origin, which is expected to take place in the coming weeks. To clarify, we’re still aiming to get Origin out by end of the month. It’s cutting close but our engineers are working non-stop to polish and fix bugs. Shipping a very complex and quality product is hard. Engineers out there may empathize with this. We’re pushing!— Philip La (@philipla) March 22, 2022According to a recent report from Delphi Digital, Origin is a “completely reimagined version of the popular Axie Battles game that everyone is familiar with.”Origin will include new game mechanics designed to improve the overall player experience, such as free starter Axies to help attract new players to the game, a reimagined storyline that adds depth to the player experience and the addition of active cards for eye and ear body parts. The update will also introduce new in-game items like runes and charms, which will act as power-ups for Axies and require players to burn the platform’s native SLP token.Active users and AXS stakers are on the riseThe rising price of AXS has also been given a boost by the steadily increasing Axie Infinity userbase, which is now at an all-time high of 207,209 total users, according to data from Dune Analytics. Axie Infinity total user count. Source: Dune AnalyticsWhile the pace of new users onboarding into the ecosystem has slowed along with activity in the wider cryptocurrency ecosystem, the increase is still significant and indicates ongoing adoption. Non-gamers have also been incentivized to hold AXS with a current staking reward of 73% offered through the Axie Infinity platform. AXS staking statistics. Source: Axie InfinityAs shown in the graphic above, nearly one-third of the circulating supply of AXS is currently staked on the protocol earning a total daily reward of 50,516 AXS. Related: Blockchain gamers see playing NFT games as a potential full-time job, says new surveySteady growth in the Ronin networkA third factor bringing added momentum to Axie Infinity is the growth taking place on the Ronin network, an Ethereum (ETH) sidechain that was built for Axie Infinity by Sky Mavis that is becoming the default NFT scaling solution for crypto gaming. Axie Infinity is currently the only game running on Ronin but that hasn’t stopped the network from consistently ranking in the top 3 in terms of total value locked compared to other Ethereum bridges, with nearly $3.4 billion in value currently locked on Ronin. Total value locked on Ethereum bridges. Source: Dune AnalyticsThat will soon change, however, as Ronin will see the introduction of third-party developers, which includes “over 1,000 applications from teams wanting to build on Ronin,” according to Delphi Digital. This has the potential to lead to an influx of new users to the Ronin ecosystem which could also benefit Axie Infinity as new users check out the top-performing project on the network. 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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Bitcoin hits $44K, but traders want to see a few daily closes here before a move higher

Bitcoin hits $44K, but traders want to see a few daily closes here before a move higher

Uverejnil používateľ | mar 24, 2022 |

Morale across the cryptocurrency ecosystem is rising on March 24 as several days of positive moves have helped lift Bitcoin (BTC) back above $44,000 and Ether bulls took control at $3,100. The climbing price of BTC comes amidst a backdrop of surging inflation and rising interest rates which could see up to seven hikes over the course of 2022 according to Minneapolis Federal Reserve President Neel Kashkari. BTC/USDT 1-day chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView shows that after trading near $43,000 throughout the morning session on Thursday, a midday spike lifted the price of BTC to an intraday high at $44,186 where it bumped up against a major resistance zone. Bitcoin needs to flip $44,000 into supportA look at the weekly chart shows that “Bitcoin is breaking out from the weekly ascending triangle” according to market analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart outlining the formation that has been developing over the past few months. BTC/USD 1-week chart. Source: TwitterWhile the quick move up has many proclaiming a return of bull market conditions, Rekt Capital warned that “for BTC to confirm this breakout,” it “needs to flip the ascending triangle top into support (e.g. via a 1-week close).” Rekt Capital said, “Upside wicks beyond this Ascending Triangle top have happened before (orange circles)”Related: ‘US government does not stand for freedom’: Bukele reacts to US bill passing Senate committeeThe significance of the resistance BTC now faces was also touched upon by crypto trader and pseudonymous Twitter user ‘Sheldon the Sniper’, who posted the following chart highlighting the zone from $44,000 to $46,000. BTC/USDT 1-hour chart. Source: TwitterThe trader said, “$44,000-$46,000 is a very important zone for bulls to break. I expect a short-term pullback in this zone but a break of this zone in the next few days. Market definitely showing good strength.”The overall cryptocurrency market cap now stands at $1.997 trillion and Bitcoin’s dominance rate is 41.8%.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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Ethereum price breaks through $3K, but analysts warn that a retest is needed

Ethereum price breaks through $3K, but analysts warn that a retest is needed

Uverejnil používateľ | mar 24, 2022 |

The cryptocurrency market continues to forge ahead on March 23 despite facing headwinds on multiple fronts. At the moment, global conflict, rising inflation and widespread economic uncertainty are taking a toll on financial markets and helping to highlight the need for a diversified investmen portfolio. Altcoins have managed to gain some ground in recent days, led by Ethereum, the top smart contract platform, which managed to climb back to the major support and resistance zone at $3,000 where bulls are now battling for control. ETH/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts in the market are saying about the path forward for Ether and whether or not further upside is expected in the short-term.Upcoming test of $3,125A general overview of the recent price action was provided by crypto analyst Michaël van de Poppe, who posted the following chart showing “Ethereum moving upward after holding crucial level.”ETH/USD 2-hour chart. Source: Twittervan de Poppe said, “Seems to me that we’re going to test $3,125 next.”But not all traders were so quick to look for a higher price target, including pseudonymous Twitter user ‘Chartpunk’, who posted the following chart highlighting the ten-day uptrend for Ethereum and warned against jumping into an overheated market. ETH/USD 4-hour chart. Source: TwitterChartpunk said, “Do not FOMO into the market. Should you want to join the trend, look for the retest of the entry zone on this chart.”Based on the area highlighted in the chart, Charpunk is looking for re-entry around $2,975. Sentiment is neutral until $3,287A more measured approach to the current price action was offered by crypto trader and pseudonymous Twitter user ‘Mad Max Crypto’, who posted the following chart indicating a “Neutral bias till it flips the $3,287 mark.” ETH/USDT 1-day chart. Source: TwitterThis outlook was largely echoed by cryptocurrency advisor and pseudonymous Twitter user ‘Altcoin Sherpa’, who posted the following chart highlighting the series of higher lows and higher highs made by Ether. ETH/USD 1-day chart. Source: TwitterAltcoin Sherpa said, “I think that you can make an argument for breaking market structure to the upside on lower time frame charts but I’m personally waiting for the higher levels. Regardless, ETH2.0 fundamentals are going to be strong coming soon.”Related: ETH price hits $3K as major crypto fund adds over $110M Ethereum to Lido’s staking poolA possible pullback to $2,600A final bit of analysis on the lower price levels to keep an eye on was touched on by crypto trader and pseudonymous Twitter user ‘Follis’, who posted the following chart suggesting the possibility of a pullback to $2,600. ETH/USDT 8-hour chart. Source: TwitterFollis said, “Strong reaction from that sweep into supply, but most hourly time frames are bullish, and I expect more upside as long as we don’t close below $2,800. $2,600 area is interesting if we get a pullback, the 0.79 fib has worked well within this macro range.”The overall cryptocurrency market cap now stands at $1.919 trillion and Bitcoin’s dominance rate is 41.7%.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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Fetch.ai (FET) gains 43% after $150M development fund and Cosmos IBC announcement

Fetch.ai (FET) gains 43% after $150M development fund and Cosmos IBC announcement

Uverejnil používateľ | mar 23, 2022 |

Development across the cryptocurrency ecosystem continues to move forward despite the day-to-day whipsaw price movements and this progress is furthering the public’s awareness of Web3 and the value of blockchain technology. One project that has been climbing the charts amidst a marketing push to develop better brand recognition is Fetch.ai, a protocol focused on building a token-based decentralized machine learning network capable of supporting the smart infrastructure being built around the digital economy.Data from Cointelegraph Markets Pro and TradingView shows that the price of FET has climbed 43.13% over the past two days, rallying from a low of $0.322 on March 21 to an intraday high at $0.46 on March 23 as its 24-hour trading volume underwent a 5-fold increase. FET/USDT 4-hour chart. Source: TradingViewThree reasons for building interest in Fetch.ai include the launch of a $150 million development fund, plans to further integrate the project into the Cosmos ecosystem and the recent launch of a large-scale marketing campaign. Fetch.ai launches a $150 million development fundThe biggest news to come out of the Fetch ecosystem was the March 22 launch of a $150 million ecosystem development fund in conjunction with MEXC Global, Huobi and Bybit that is aimed at attracting developers and established projects to the Fetch.ai ecosystem. Ecosystem development funds have become a popular theme across the cryptocurrency community as projects have found them to be a useful way to attract new projects and users to their protocols in a field that is becoming increasingly crowded and difficult to gain traction. Deeper integration with CosmosA second major development bridging increased attention to Fetch.ai has been its ongoing integration with the Cosmos ecosystem and Interblockchain Communication Protocol.A new governance proposal is live! This proposal seeks to upgrade the @Fetch_ai chain to Cosmos SDK v0.45 & IBC v2.2.0. With this, we can be enabled on Osmosis DEX/allow IBC transfers between us and other chains like @osmosiszone @cosmosVote now! https://t.co/eWUOE9WQdn— Fetch.ai (@Fetch_ai) March 21, 2022Fetch officially joined the list of projects that were launching within the interoperability-focused Cosmos ecosystem in February and it is currently in the process of upgrading the Fetch.ai chain to allow IBC transfers between supported networks. Cosmos has been one of the most active and growing ecosystems over the past six months despite the weakness in the wider cryptocurrency market which has the potential to benefit Fetch by bringing increased token liquidity and access to a greater pool of investors. Related: Fetch.ai launches NFT platform for AI-generated artA renewed marketing pushThe third factor helping to increase awareness of Fetch has been an increased focus on marketing the project to the wider public, including a partnership with Formula 1 driver Alex Albon. On top of this Formula 1 sponsorship, marketing for Fetch has also begun to appear in highly visible areas, including digital billboards in Times Square, New York, and subway and bus terminal advertisements.Fetch.ai has also begun to recruit crypto influencers to help increase awareness and it has benefited from being listed on the Voyager app on March 18.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FET on March 21, 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. FET price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for FET hit a high of 80 on March 21, around one hour before the price increased 42.56% over the next two 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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