Autor Cointelegraph By Jordan Finneseth

3 reasons why Cosmos (ATOM) price is near a new all-time high

3 reasons why Cosmos (ATOM) price is near a new all-time high

Uverejnil používateľ | jan 6, 2022 |

Blockchain network interoperability is shaping up to be one of the main themes for the cryptocurrency ecosystem in 2022. New users are continuing to onboard into the growing world of crypto while both new and established projects search for the chain that will best serve the needs of their protocol and community. One project that has 2022 off to a bullish start thanks to its focus on facilitating the communication between separate networks is Cosmos (ATOM). This project bills itself as “the internet of blockchains” and seeks to facilitate the development of an interconnected decentralized economy. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $25.06 on Dec. 30, the price of ATOM has rallied 75% to hit a daily high at $43.98 on Jan. 4 as its 24-hour trading volume spiked to $2.54 billion. ATOM/USDT 1-day chart. Source: TradingViewThree reasons for the surging price of ATOM include the launch of a cross-chain bridge which makes the protocol Ethereum Virtual Machine (EVM) compatible and an upcoming Theta upgrade which will rapidly expand the ecosystem of connected chains and applications.Cosmos nears EVM compatibilityThe most significant development that has provided a boost to ATOM is the rollout of Evmos, an EVM-compatible protocol that will allows assets and projects that operate on the Ethereum (ETH) network to migrate over to the Cosmos ecosystem. @EvmosOrg is an application-agnostic @cosmos chain ⚛️@EvmosOrg will be interoperable with @Ethereum, EVM-compatible environments, and other chains via IBC, making it easy to move value across chains ⛓Learn about @EvmosOrg network architecture https://t.co/VfDiYxVkte pic.twitter.com/20iMai6B3Z— Figment (@Figment_io) December 7, 2021Up to this point, there had not been a way for Ethereum-based projects to interact with the Cosmos ecosystem. This significantly limited the number of projects and tokens that could interact with DeFi and NFT projects in the Cosmos ecosystem.Gravity Bridge, which launched on Dec. 15, is another project dedicated to facilitating the bridging of assets between Ethereum and Cosmos and currently it operates as a standalone chain. Plans to migrate to the Cosmos Hub in early 2022 are currently underway.Preparing for the Theta upgradeA second development that has put wind in the sails of Cosmos is the protocol’s upcoming Theta upgrade which is scheduled for March 31. Some of the new features included in the upgrade include the addition of meta-transactions, where transactions can be submitted by separate accounts that receive tips and the introduction of inter-chain accounts which allow users to manage accounts across multiple blockchains. Another feature is liquid staking, a system where users utilize the value of staked assets in other parts of the Cosmos ecosystem. The Theta upgrade also includes NFT modules, which enable the simple management of NFT identifiers, their owners and associated data.Related: ROSE gains 54% in a week as Oasis Network ecosystem expandsExpanding ecosystems are typically bullishA third reason for the bullish momentum of ATOM is ecosystem’s expansion to 28 live, interconnected chains that total more than $68 billion in total value. Cosmos is the only cross-chain ecosystem in the world that uses an interoperability standard.#CosmosFactshttps://t.co/HwBEUuchyP pic.twitter.com/9b9YRyLfVS— Cosmos – Internet of Blockchains ⚛️ (@cosmos) December 30, 2021

Some of the more established chains that have joined the Cosmos ecosystem include the Binance Smart Chain, Terra (LUNA) and Crypto.com (CRO), while the biggest projects using Cosmos’ software development kit (SDK) include Osmosis (OSMO), Secret (SCRT), Oasis Network (ROSE) and Kava (KAVA). As the bridge protocols linking Cosmos with other EVM-compatible networks are established, the number of chains connected to the Cosmos Hub is likely to increase. This will bring an increase in the total value of the ecosystem along with it. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ATOM on Dec. 29, 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. ATOM price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ATOM began to pick up on Dec. 28 and climbed to a high of 81 just as the price began to increase 67% over the next six 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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Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike rates

Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike rates

Uverejnil používateľ | jan 5, 2022 |

Bitcoin (BTC) and the wider cryptocurrency market fell under as equities markets pulled back at the closing bell after minutes from the Federal Reserve’s December FOMC meeting showed that the regulator is committed to decreasing its balance sheet and increasing interest rates in 2022. As stock markets corrected, BTC price followed suit by dropping below $44,000, setting off a cascade of liquidations that reached $222 million in less than an hour. Total liquidations. Source: CoinglassData from Cointelegraph Markets Pro and TradingView shows that after oscillating around support at $46,000 for the past couple of days, Bitcoin was hit with a wave of selling that pulled the price to an intraday low of $43,717. BTC/USDT 4-hour chart. Source: TradingViewBased on the current situation, it is widely expected that the Fed will begin raising its benchmark interest rate in March, “which would mean that balance sheet reduction could start before summer.”Here’s a look at what crypto analysts are saying about the latest Bitcoin price drop in BTC and what could be in store in the weeks ahead as the easy money policies of the Fed come to an end and interest rates start to rise. Capitulation looms below $44,000A foreshadowing of Jan. 5’s pullback was offered by crypto analyst and pseudonymous Twitter user Rekt Capital who posted the following chart highlighting the “many similarities between this BTC range and May 2021.”BTC/USD 1-week chart. Source: TwitterRekt Capital said, “Both saw BTC consolidate inside two Bull Market EMAs (i.e., green 21-week & blue 50-week EMA). If BTC is to repeat history, a capitulation event could take place where BTC briefly deviates below the blue 50 EMA.”BTC needs to reclaim $46,000A more in-depth look at the price action from May was offered by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following chart detailing how BTC performed during the last sharp market pullback. BTC/USDT 4-hour chart. Source: Twittervan de Poppe said, “And the scenario of the drop beneath $46K is taking place on Bitcoin here. The question becomes will we be hanging here, taking the liquidity & breaking back above $46K? In that case, the bottom is in.”Should the price not break back above $46,000, the market could be in for an extended bear period that has the potential to see BTC retrace to the low $30,000 range.Related: President Biden is considering economists to fill Fed seats as leadership nominations move to Senate: ReportThe scenario currently facing the market was succinctly addressed in the following chart posted by options trader and pseudonymous Twitter user Nunya Bizniz.BTC price vs. RSI. Source: TwitterNunya Bizniz said, “BTC monthly: Drops below the current RSI level have been ugly. This time?”The overall cryptocurrency market cap now stands at $2.123 trillion and Bitcoin’s dominance rate is 39.4%.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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3 key metrics show DeFi's TVL on the verge of a new ATH

3 key metrics show DeFi's TVL on the verge of a new ATH

Uverejnil používateľ | jan 5, 2022 |

As 2022 gets underway, the decentralized finance (DeFi) sector of the cryptocurrency ecosystem appears to be gaining momentum in what could be an echo of the bullish market seen in seen in early 2021. Data from crypto market intelligence firm Messari shows that over the past 30 days, 5 out of the top 10 DeFi protocols have seen their tokens post double-digit gains. This is in spite of the struggles that Bitcoin has faced, a dynamic which usually places bearish pressure on the wider crypto market. Top 10 DeFi assets. Source: MessariA deeper dive into the data shows that AAVE, Curve (CRV) and Spell Token (SPELL) have outperformed a majority of the field but what’s behind these bullish outbreaks?In the case of AAVE, the Dec. 28 introduction of real-world assets (RAW) to the protocol represented the next advance in DeFi capabilities. Users will now be able to borrow against tokenized forms of traditional assets such as real estate, cargo, freight invoices and payment advances. Curve and Abracadabra Money’s integration of stablecoins across the DeFi ecosystem have elevated their status as integral components of the DeFi and this is reflected in reflected in the price growth of their native tokens. Rising metrics highlight DeFi’s building strengthFurther evidence of the building momentum in the DeFi space can be found by looking at various metrics within the ecosystem. These metrics include active users and total value locked. According to data from Dune Analytics, the number of uniques users in DeFi has continued to climb higher over time and is currently at a record high of 4,304,478 unique wallets. Total DeFi users over time. Source: Dune AnalyticsThe activity shown on decentralized exchanges (DEX) has also been on the rise over the past few months. Data from Dune Analytics shows that May 2021 was the only month with a higher DEX trading volume than was seen in November and December 2021. Monthly DEX volume by project. Source: Dune AnalyticsAs a way to see how far the DeFi ecosystem as a whole has grown in the last two years, the volume traded on decentralized exchanges in the first four days of January has already surpassed the volume seen during the entire month of July 2020, when the “Summer of DeFi” was starting to gain momentum. Related: Crypto funds attracted $9.3B in inflows in 2021 as institutional adoption grewTVL approaches its previous all-time highOverall, one of the best metrics to get a gauge on the growth and trajectory of decentralized finance is the total value locked across all protocols. Total value locked in DeFi. Source: Defi LlamaAccording to data from Defi Llama, the current TVL for all of DeFi sits ast $255.87 billion, just $4 billion lower than its all-time high of $259.41 billion which was set on Dec. 2, 2021. The leading protocols in terms of TVL are Curve with $24.42 billion, Convex Finance with $21.23 billion, MakerDAO at $18.28 billion and AAVE with $14.62 billion. The overall cryptocurrency market cap now stands at $2.234 trillion and Bitcoin’s dominance rate is 39.4%.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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Ribbon Finance gains 60% after V2 launch and Avalanche integration

Ribbon Finance gains 60% after V2 launch and Avalanche integration

Uverejnil používateľ | jan 4, 2022 |

Decentralized finance (DeFi) was one of the breakout sectors of the cryptocurrency market in 2021 and stands poised to continue to facilitate the mass adoption of cryptocurrency in 2022. This comes as institutional and retail investors embrace the emergence of Finance 2.0. One DeFi project that has kicked off the year with a bullish start is Ribbon Finance (RBN), a protocol that utilizes financial engineering to create structured products such as automated options strategies. These are designed to provide users with sustainable yields over time. Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $1.83 on Dec. 30, the price of RBN blasted 146% higher to hit a daily high of $4.50 on Jan. 3 as its 24-hour trading volume spiked to $60.6 million. RBN/USDT 4-hour chart. Source: TradingViewThree reasons for the building momentum of RBN include the launch of Ribbon Finance V2, the addition of new blockchain networks to the Ribbon Finance ecosystem and an increase in the total value locked on the Ribbon Finance protocol. Ribbon V2 launchesOne of the biggest developments helping to drive the price growth in RBN has been the release of Ribbon V2. Originally announced in August 2021, the project has slowly been migrating liquidity and building its pools while also testing out new features. Reminder to migrate your positions by Friday from V1 to V2 to be eligible for this week’s yield! You will be levied exit fees if you withdraw your funds from V1, but migrating from V1 – > V2 is fee-free (other than gas fees)— Ribbon Finance (@ribbonfinance) January 3, 2022The upgrades that came along with V2 focused on the decentralization of Ribbon vaults. This includes the ability to allow smart contracts to set strike prices for the options the vault sells. Additionally, the creation of an on-chain auction mechanism allows anyone to participate on the opposite side of the vaults instead of just whitelisted market makers. Ribbon V2 also includes an upgrade to the protocol’s vault accounting system. This involves the creation of governable vault parameters that allow RBN holders to have a say in determining the strategy that each vault deploys, as well as the management and performance fees that each vault requires. These new upgrades should make Ribbon Finance more community-owned and also help to increase the long-term yields offered. Ribbon adds support for AvalancheA second reason for the boost in RBN’s momentum is the recent addition of support for the Avalanche (AVAX) network. Included is a new AVAX covered call vault where users can deposit AVAX and earn a yield of 24.18% at the time of writing. According to the protocol, the addition of support for Avalanche “marks Ribbon’s first step into a multi-chain future,” which suggests that the project has plans to continue to add support for other networks as time progresses. At the time of writing, there are 144,320 AVAX locked on the Ribbon Finance protocol worth roughly $15.3 million. Related: What’s ahead for crypto and blockchain in 2022? Experts answer, Part 3Total value locked hits a new highA third sign hinting at the rising strength of Ribbon Finance has been the total value locked on the protocol which hit a new record high of $295.96 million on Jan. 3, according to data from Defi Llama. Total value locked on Ribbon Finance. Source: Defi LlamaThe most recent significant boost to TVL coincided with the addition of support for Avalanche on December 15, 2021, and foreshadows the possibility of that integrating support for other networks. This could potentially lead to further increases in the future. Aside from the AVAX covered call vault, Ribbon Finance currently offers six different automated products on the Ethereum (ETH) network including an Aave (AAVE) covered call strategy, a stETH-collateralized ETH covered call strategy, a yvUSDC-collateralized ETH put selling strategy, an ETH covered call strategy, a WBTC covered call strategy and an ETH put selling strategy. Ethereum-based vaults on Ribbon Finance. Source: Ribbon FinanceThe 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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Altcoins turn bullish even as Bitcoin price slips below $46K again

Altcoins turn bullish even as Bitcoin price slips below $46K again

Uverejnil používateľ | jan 4, 2022 |

The mood across the cryptocurrency is one of growing anticipation as the price of Bitcoin (BTC) continues to trade just below $47,000. The sideways price action has analysts warning that an “explosive volatility period” is rapidly approaching but few have been willing to predict the direction of the breakout. While Bitcoin price compresses, the altcoin market has come alive and multiple tokens are posting notable gains, especially in the DeFi cohort.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 Everest (ID), PAC Protocol (PAC) and Ravencoin. Everest expands its interoperability Everest is a blockchain company with a focus on removing barriers to public services and enhancing economic inclusion through the creation of a device-free, global digital transaction protocol with built-in identity features. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ID on Dec. 30, 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 (grey) vs. ID price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ID began to pick up on Dec. 30 and reached a high score of 70 around 44 hours before the price began to increase by 115% over the next three days. The climbing price of ID comes as the Everest project is in the process of rolling out bridges connecting EverChain with multiple blockchain networks including Polygon (MATIC), Binance Smart Chain (BSC), Avalanche (AVAX) and Solana (SOL). PAC Protocol rolls out data storage accountsThe PAC Procotol, a next-generation blockchain masternode network that has more than 18,000 active nodes, saw its token price increase 36% over the past 24-hours. Data from Cointelegraph Markets Pro and CoinGecko shows that after hitting a low of $0.002 on Dec. 31, the price of PAC climbed 79% to hit a daily high at $0.00359 on Jan. 3 as its 24-hour trading volume spiked by 50%. PAC/USD 1-hour chart. Source: CoinGeckoThe building momentum for PAC comes as the project has begun rolling out the beta version of its yanDNA™ data storage accounts and is offering 5 gigabytes of free storage for early adopters. Related: Third-largest whale celebrates Bitcoin’s birthday with 456 BTC buyRavencoin celebrates its 4 year anniversaryRavencoin, a blockchain network specifically designed to handle the transfer of assets from one party to another efficiently, has seen its price spike 34% over the past 24-hours. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ID on Dec. 30, prior to the recent price rise. VORTECS™ Score (green) vs. RVN price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for RVN began to pick up on Dec. 29 and climbed to a high of 87 on Dec. 30, around 15 hours before the price increased 45.5% over the next four days. The bullish move for RVN comes as the project is celebrating the four-year anniversary of its official launch and now looks to pivot to developing the “next generation of financial technology for Wall Street on Ravencoin” while also expanding its NFT capabilities. The overall cryptocurrency market cap now stands at $2.253 trillion and Bitcoin’s dominance rate is 39.4%.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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