Autor Cointelegraph By Jordan Finneseth

RNDR, NFTX and YGG bounce higher as the market rewards projects focused on utility

RNDR, NFTX and YGG bounce higher as the market rewards projects focused on utility

Uverejnil používateľ | feb 8, 2022 |

Everyone might be a genius during a bull market, but the real stars begin to shine when the waters get choppy. The same can be said for crypto projects and developers and once the pump is over, it’s easier for investors to separate the pump and dump projects from those with good fundamentals.Sometimes a bull market, sometimes a bear market, always a builder’s market.— a a ron (@aaroneth_) February 2, 2022Now that Bitcoin (BTC) price has found its place back in the $42,000 to $45,000 zone, the mood across the crypto ecosystem has once again flipped bullish and projects that have continued to release new updates are being rewarded with significant jumps in price.Here’s a look at three projects that have continued to develop and draw investors despite the recent market weakness. Render NetworkRender Network is a distributed GPU protocol that operates on the Ethereum (ETH) network and helps connect artists and studios with the GPU computing power they need to create digital renderings. Render has continued to fine-tune the capabilities of its network over the past few months of sideways trading in the crypto market in newly emerging sectors including 3D simulations and the real-time rendering for films, games and the Metaverse. As a result of protocol improvements and a listing on Coinbase, the protocol’s native RNDR token increased 137% from $1.80 on Jan. 24 to a daily high of $4.26 on Feb. 2 as Coinbase traders got their first opportunity to purchase the token. RNDR/USDT 4-hour chart. Source: TradingViewWith NFTs and the Metaverse continuing to be two of the hottest trending topics in crypto, the need for computing power to render high-quality digital images presents a necessary use case opportunity for projects like Render Network, NFTX introduces inventory stakingThe popularity of NFTs has also led to an explosion in the price for several projects and it has created the possibility for NFTs to be used as collateral. NFTX is a community-owned NFT marketplace and ecosystem that has benefited from filling this need through the development of inventory staking, which introduced decentralized finance capabilities by helping to transform NFTs into yield-generating assets without the typical risk involved in supplying capital and providing liquidity. Since inventory staking went live on the network, the price of NFTX climbed 124% from a low of $57.66 on Jan. 21 to a daily high of $129.16 on Feb. 1. VORTECS™ Score (green) vs. NFTX price. Source: Cointelegraph Markets ProVORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for NFTX on Jan. 25 when it hit a high of 77 at the same time as its price was in the process of increasing another 70% over the next six days. Related: Crypto Biz: The crypto industry is more bullish than the Bitcoin charts, Jan. 27–Feb. 2Yield Guild Games focuses on community buildingAnother project that is also benefiting from the momentum surrounding NFTs, the Metaverse and gaming is Yield Guild Games, a group focused on investing in virtual world NFTs and developing the world’s largest virtual economy capable of optimizing its assets to maximize utility and return on investment for token holders. Over the past two months, the YGG ecosystem has been busy establishing partnerships and building out its scholarship program in an effort to help users from around the world earn income from play-to-earn gaming. The project also showed its dedication to solving problems for people in the real world by launching a fundraising platform for the victims of typhoon Odette in the Philippines, which managed to raise a total of $1.45 million in aid as of Feb. 1.This focus on creating developments that benefit the members of its community along with establishing new partnerships across the ecosystem has helped drive a 89% gain in YGG price from $2.17 on Jan. 24 to $4.11 on Feb. 7.YGG/USDT 4-hour chart. Source: TradingViewAt the time of writing, YGG is trading at $3.63 with a 24-hour trading volume of $52.6 million and the overall cryptocurrency market cap stands at $1.7 trillion with a Bitcoin’s dominance rate at 41.6%.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 bulls aim to solidify control over BTC price by flipping $44K to support

Bitcoin bulls aim to solidify control over BTC price by flipping $44K to support

Uverejnil používateľ | feb 8, 2022 |

Hope for the possibility of another significant rally in the cryptocurrency market has returned, even though Bitcoin (BTC) rejected at $45,500. Currently, bulls are looking to shore up their defense at the $43,000 support level. Data from Cointelegraph Markets Pro and TradingView shows that after making a run to a weekly high at $45,500 early on Tuesday, bears managed to drop the price of BTC to $42,900 during afternoon trading as investors realized profits and prepare to place bids around $38,000. BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what analysts are saying sparked the rally in BTC price over the past week and what levels to keep an eye on moving forward. Legitimate breakout or a short squeeze? The sudden move higher caught many traders off guard as headlines across the crypto space were predicting the onset of an extended bear market, but such dire warnings may have been premature based on data from a recent report from Glassnode. The blockchain analysis firm stated that “prices have bounced off a number of fundamental levels that have historically signaled undervaluation or a ‘fair value’ price.”Through analyzing the data of liquidations on futures exchanges, Glassnode surmised that while the Long Liquidation Dominance charts “show that shorts have been on the back-foot this week, with a minor skew towards short side liquidations,” the lackluster magnitude of this metric indicates “that it is unlikely that price upside is being primarily driven by a short squeeze.”Bitcoin futures open interest daily change. Source: GlassnodeGlassnode noted that during previous instances of major price declines, the futures open interest (OI) saw significant drawdowns or “de-leveraging events” as shown by the large downward red spikes on the graph above, a feature which is noticeably absent from this latest price decline. Glassnode said, “This may indicate the probability of a short squeeze is lower than first estimated, or that such an event remains possible should the market continue higher, reaching clusters of short seller stop-loss/liquidation levels.”“We’re still in a traders’ market”The forces in the wider financial markets that are impacting Bitcoin price were addressed by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who highlighted the recent correlation between BTC and tech-stocks and questioned what it will take for “Bitcoin to get its destiny back in its own hands.” According to Lifchitz, “stocks are still in ‘la-la-land’ whereas bonds are more in reality,” helping to provide a clearer picture as to the strength of the global financial markets based on the fact that “bonds tend to lead the way for stocks, and bonds are already struggling.”When it comes to what comes next for BTC, Lifchitz offered reassuring words for bulls worried about the large head and shoulders pattern on the BTC chart, stating that the pattern was “invalidated by the recent bounce in BTC price.”Moving forward, Lifchitz identified the near-term targets for Bitcoin at $48,000, $51,000 and $53,000 but warned that there is a possibility for a “pullback to the mid/high $30,000s” before hitting $53,000. Lifchitz said, “In the meantime, we’re still in a traders’ market with opportunities to grab a few points here and there between the soft targets: profits should be quickly taken off the table on each small pullback, then rinse, repeat. Without any macro catalyst, it’s hard to see Bitcoin trend much higher in a straight line.”Related: DoJ seizes $3.6B in crypto and arrests two in connection with 2016 Bitfinex hackBitcoin is “the Amazon of our time”A final bit of insight into the price action for Bitcoin as it compares to the growth of Amazon stock price was offered by analysts at Macro Hive, a financial market research outlet that considers Bitcoin to be “the Amazon of our time.”Macro Hive highlighted that “even Amazon suffered large drawdowns that took years to recover from” and they suggested that “your exposure to Bitcoin needs to be appropriately sized so that you can survive 50% to 80% drawdowns.” Amazon stock price performance. Source: MacroHiveMacroHive said, “But major drawdowns also provide good entry levels for exposure. Our metrics suggest that we are getting closer to that point, so we would consider accumulating exposure. However, we would not go max long in an environment of rising central bank rates and falling global growth momentum.”The overall cryptocurrency market cap now stands at $1.949 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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Bitcoin bulls look to push price above $45K to validate bullish trend reversal

Bitcoin bulls look to push price above $45K to validate bullish trend reversal

Uverejnil používateľ | feb 7, 2022 |

The mood across the cryptocurrency ecosystem has shifted to cautious optimism on Feb. 7, as Bitcoin (BTC) bulls managed to bid its price back above support at $44,000 with the help of several positive developments, including the announcement that “Big Four” auditor KPMG has added BTC and Ether (ETH) to its corporate treasury. Data from Cointelegraph Markets Pro and TradingView shows that, after hovering around $42,500 during the early morning on Feb. 7, a midday wave of buying lifted the BTC price to a high of $44,500 as short traders scrambled to close their positions. BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying about Feb. 7’s move from Bitcoin and what could possibly come next as traders look to capitalize on the sudden spike in price and momentum. “Good spot to close longs out”The sudden move up in BTC has led to a plethora of up-only bullish proclamations by crypto holders, while more seasoned traders, including pseudonymous Twitter user Pentoshi, are using this opportunity to secure some profits and reposition themselves for what comes next. BTC/USD 4-hour chart. Source: TwitterPentoshi said:“Taking the last highs now. Looking for one last spike up but $44,000–$46,300. In my opinion, good spot to close longs out and re-evaluate.”Traders remain bearish on BTCInsight into how active traders are perceiving this latest BTC price move was provided by Bitcoin analyst and Twitter user Allen Au, who posted the following graphic outlining how the futures markets were impacted by Feb. 7’s price action.Total liquidations and perpetual futures funding rates. Source: TwitterAs shown in the graphic, $71 million in Bitcoin shorts were liquidated in the move to go along with a decrease in open interest, which Au suggested is a “short squeeze” that “could continue to fuel a price rise.” He further explained:“Perpetual futures funding rates are negative despite BTC breaking above $44K. Traders are still bearish about BTC.” Au highlighted the next major resistance levels for Bitcon at $44,500, $46,500 and $47,500. Related: Global crypto adoption could ‘soon hit a hyper-inflection point’: Wells Fargo report$45,000 signals a possible trend reversalA look at the long-term price action for Bitcoin was provided by crypto analyst and pseudonymous Twitter user Sheldon the Sniper, who posted the following chart showing that BTC has climbed back into the upward trend it’s been on since late 2020. BTC/USDT 1-day chart. Source: TwitterSheldon said:“$45,000 will give us the first major higher high and will be a great indication of possible trend reversal.”A slightly different perspective of the long-term BTC price action was offered by crypto analyst and pseudonymous Twitter user TechDev, who posted the following chart and suggested that “Bitcoin has been correcting/consolidating for nearly a year.”BTC/USD 1-month chart. Source: TwitterTechDev explained:“Likely in a running flat, which could turn into a running triangle. The next impulse is poised to be a big one.”The overall cryptocurrency market cap now stands at $2.024 trillion and Bitcoin’s dominance rate is 41.5%, according to CoinMarketCap.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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GALA gains 117% in February as P2E crypto gaming goes mainstream

GALA gains 117% in February as P2E crypto gaming goes mainstream

Uverejnil používateľ | feb 7, 2022 |

The play-to-earn (P2E) gaming sector of the cryptocurrency ecosystem has been one of the most resilient sectors to the volatility and price declines seen in the past couple of months as gamers are jumping on the ability to earn income while playing tokenized videogames.One project that has seen its token price climb rapidly in the first week of February is Gala (GALA), a protocol focused on utilizing blockchain technology to give players control of the games they play and in-game items they acquire. Data from Cointelegraph Markets Pro and TradingView shows that the price of GALA climbed 117% after hitting a low of $0.177 on Feb. 2 to hit a daily high of $0.384 on Feb. 7. GALA/USDT 4-hour chart. Source: TradingViewThree reasons for the rapid recovery in GALA price include the upcoming launch of several new popular games on the protocol, a series of new partnerships that have helped expand the GALA ecosystem and the growth of the GALA userbase which continues to hit new record highs. Launch of new gamesThe $30 billion P2E gaming sector is growing rapidly, and protocols that wish to keep pace and remain relevant need to launch new games and maintain an active user base. It is in this light that GALA has been adding support for new projects in the ecosystem such as the upcoming launch of Spidertanks and Legends Reborn. Happy Lunar New Year! Check out this new tank that the GAMEDIA team is working on… coming soon! #YearOfTheTiger #GalaGames #SpiderTanks #playtoearn #blockchaingames pic.twitter.com/2kqy1cn1TZ— Gala Games (@GoGalaGames) January 31, 2022Aside from the gameplay, the newer generation of games launching on Gala has tapped into some of the growing trends in the P2E space like land and venue sales that provide users with a way to earn passive income, helping to grow a larger pool of community members who are invested in the protocol long term. Partnerships with other protocolsA second factor helping bolster the momentum for GALA has been the addition of new partnerships that are helping to expand the reach of its ecosystem. This includes a recently announced collaboration with the 888innercircle community on Twitter, which has a community of more than 205,000 members who are fans of digital art and collectibles. Gala has also recently established a working relationship with Betwixt, a mental health-focused gaming application that was selected to receive $1 million in funding from the Gala Games Conservatorship fund to help incorporate self-care into the gaming community. Related: Altcoin Roundup: 3 emerging P2E gaming trends to keep an eye on in 2022Growing userbaseAs a result of the expansion of the Gala ecosystem and the addition of ways to earn a yield through gameplay or other methods such as running a Gala node, the community has seen a steady increase in the number of users over time, especially since the beginning of December 2021. Total GALA users over time. Source: Dune AnalyticsAccording to data from Dune Analytics, the total number of GALA users stood at 122,230 on Feb. 7, a figure that has tripled since Nov. 7, 2021, from 40,380 users. Meanwhile, VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GALA on Jan. 27, 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. GALA price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for GALA spiked into the green zone on Jan. 27 and hit a high of 82, around 48 hours before the price gained 114% 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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Winter is coming! Here are 5 ways to survive a crypto bear market

Winter is coming! Here are 5 ways to survive a crypto bear market

Uverejnil používateľ | feb 5, 2022 |

The cryptocurrency market has an interesting way of catching even the most seasoned veterans off guard as each bull and bear market initially shows similarities to previous cycles only to veer off in an unexpected direction and wipe out the fortunes of newly minted crypto millionaires. This was the case with the weak close of 2021 which completely went against the bullish $100,000 BTC price estimates that crypto analysts and influencers were peddling nonstop. Currently, Bitcoin price is more than 50% away from its $69,000 all-time high and altcoins have fared worse, with many down more than 60% in the last 2 months. In times like these, traders need to regroup and re-evaluate their investment strategy, rather than just buying every price dip. Here are five strategies traders can use to survive an unexpected crypto winter and retain as much value in one’s portfolio as possible. Reduce exposure to highly volatile altcoinsOnce a widespread market downturn commences, the first step to take is to reevaluate current positions and reduce exposure to the most volatile assets. Oftentimes these are new projects that have come out of the trending sectors of the crypto market such as meme coins, NFTs or rebase projects like Wonderland (TIME), because many of the token holders are new to the community and not long term investor like the user bases for more established projects. $TIME to pack it up. pic.twitter.com/hJI3jB6eU0— humble defi farmer (@PaikCapital) January 25, 2022A good way to begin the evaluation process is by looking at a project’s GitHub account to see the level of activity and the number of developers dedicated to building out the protocol. If there is hardly any development despite flashy marketing gimmicks and big promises, the project may be one an investor should cut when the market begins to lose momentum.Traders could then put these funds in stablecoins that can be staked to earn yield or buy future market dips.Dollar-cost averagingDollar-cost averaging (DCA) is the process of buying an asset in tranches over time to average out the price paid and account for volatility-induced changes in price. There’s a reason that bitcoiners have the most aggressive dollar-cost-averaging community.They correctly identify work and true scarcity, and understand it. It’s hard to rival that force and utility of something that *can’t* be increased in supply.— Lyn Alden (@LynAldenContact) January 31, 2022

While DCA strategy is a good way to increase exposure to fundamentally sound projects over time, it is usually best to wait until after the dust has settled somewhat and a period of consolidation has commenced. The focus of dollar-cost averaging should be on projects that have active development, engaged communities and a roadmap that lays out how the project will continue to grow and remain viable in the future. StakingStaking is perhaps the simplest way to increase the value of a portfolio long-term and it removes the pressure of obsessing over daily price fluctuations since the staked asset is continuing to accrue tokens. Most layer-one protocols offer the ability to stake their native token on the network to earn a yield, including Solana, Cardano, Polygon and Avalanche.⚡️Top Projects by Total Staked Value25 January 2022$SOL $ADA $ETH $LUNA $AVAX $DOT $BNB $ATOM $ICP $NEAR $MATIC $FTM $XTZ $ALGO $CAKE pic.twitter.com/X9IgsonWKr— CryptoDep (@Crypto_Dep) January 25, 2022

Ether holders can also stake their tokens on the beacon chain for Eth2, but it’s important to note that staking rewards will not be able to be claimed until Eth2 is fully launched. There are many other staking options out there from gaming protocols like Axie Infinity and Illuvium to NFT marketplaces like LooksRare, so once a deep dive has been made and fundamentally sound projects are chosen, staking becomes a matter of setting it and forgetting it. Find projects with growing ecosystems and perksProjects that help token holders earn via staking, liquid staking, borrowing and airdrops are also worth considering when the market turns bearish. Staking is the simplest form of this as the number of tokens increases over time, but other options include token launchpads, NFT marketplaces and protocols known for offering airdrops to community members. One example of a protocol where early adopters are being rewarded is the Cosmos (ATOM) network and its growing community of projects connected via the Interblockchain Communication Protocol (IBC).Best site to keep track of @Cosmos Airdrops https://t.co/XzOOIb5TAGBuilders: submit your upcoming airdrop on that site if you want to increase awareness.@CosmosUplink pic.twitter.com/IPoDqZ8ymp— Cryptocito | YouTuber ⚛️ (@Cryptocito) January 26, 2022

ATOM stakers and those who have engaged with the Osmosis (OSMO) decentralized exchange have been rewarded with a long list of airdrops from projects launching within the ecosystem as a way to help bootstrap activity within their communities. Invest in yourselfOne of the most personally beneficial things an investor can do during a down market is to invest in themselves by learning something new. Not only will this help investors to avoid the urge to sell and miss out on future gains, but it can also lead to new avenues to build wealth. Level up and invest in yourself:- read more books – work out well more often- spend time with family and friends- take a course and learn a new skill- invest in a hobby to share w/othersYou get out of life what you put into it. Find your values and invest in them.— Wealthy Tree (@WealthyTree) February 1, 2022

Despite the market downturn, cryptocurrencies continue to advance along the path to mass adoption and the number of jobs in the blockchain sector is only going to increase moving forward. Whether it’s learning to program in Solidity, experimenting with graphic and digital design to create a new line of NFTs or just doing research to gain a deeper understanding of the various sectors of the market.Ultimately, the key to surviving a bear market is staying positive and being patient. Want more information about trading and investing in crypto markets?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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