Autor Cointelegraph By Jordan Finneseth

3 reasons why Phantasma (SOUL) is chasing after new all-time highs

3 reasons why Phantasma (SOUL) is chasing after new all-time highs

Uverejnil používateľ | jan 4, 2022 |

Nonfungible tokens and blockchain-based gaming projects saw a breakout in popularity over the course of 2021. This was due to their widespread appeal which attracted the attention of crypto newbies and experienced hodlers alike. This trend helped to further initiate the mass adoption of blockchain technology and from the look of things, its likely to extend throughout 2022. One project is making moves in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that specializes in the creation of SmartNFTs and decentralized gaming applications. Its prices reflect that it’s about to make a run for a new all-time high. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.30 on Dec. 30, the price of SOUL has climbed 61.73% to a daily high at $3.72 on Jan. 3 as its 24-hour trading volume increased from an average of $3 million to $12 million. SOUL/USDT 1-day chart. Source: TradingViewThree reasons for the surging price of SOUL are the launch of several new protocols on the Phantasma network, the addition of cross-chain support for multiple networks, and the overall increase in popularity of NFTs and blockchain-based gaming. New projects launch on PhantasmaOne of the biggest developments to come out of the Phantasma ecosystem over the past couple of weeks has been the launch of several projects on the network. This includes the role-playing card game Blood Rune, the mobile game Ghost Festival and the NFT marketplace GhostMarkets.The GhostMarket NFT marketplace is currently conducting its initial decentralized exchange offering (IDO) on Flamingo Finance and will have its GM token available to operate on the six different networks that GhostMarket supports, but  including Ethereum (ETH), Binance Smart Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3. One of the main draws of using Phantasma over other chains is its dual token system where SOUL token holders can stake their tokens to earn Phantasma Energy (KCAL). These in turn can be used to pay for transaction fees. This essentially makes transactions free for SOUL holders. Phantasma is also certified as a carbon-negative blockchain which has helped attract positive attention. This sets it apart from other networks like Ethereum, which notoriously has a higher carbon footprint since it utilizes mining.Cross-chain interoperabilityA second reason for the building strength of Phantasma has been the addition of cross-chain interoperability with multiple blockchain networks including Ethereum, BSC and NEO. On the 5th day of Christmas #Phantasma gives to you a Layer 1 smart contract ecosystem, quad-chain interoperable with $ETH, #BSC and $NEO for fungible tokens and soon for Non-Fungible Tokens(#NFTs)$SOUL $BNB #smartNFTs #blockchaingaming #GameFi pic.twitter.com/vcpXmqO66r— Phantasma (@PhantasmaChain) December 29, 2021On top of the addition of interoperability with other networks, the Phantasma chain itself is capable of reaching high levels of throughput. This is due to the ability to host infinite sidechains while the network as a whole benefit from having native oracles built directly into the core of its design. With interoperability looking to be one of the major themes in the cryptocurrency ecosystem for 2022, projects that have already started making it a focus of development are likely to outperform the competition that doesn’t. This will incentivize crypto users to become increasingly comfortable with transacting across multiple networks. Related: Samsung announces NFT platform for smart TVsNFT and gaming popularityThe third reason for the building strength of Phantasma is the overall popularity of gaming and NFT projects as blockchain adoption is on the rise. According to data from Google Trends, interest in NFTs has been rising since early 2021 and hit a peak in the middle of December as Phantasma was introducing new projects and touting its low-cost capabilities. Interest in NFT searches over time. Source: Google TrendsOn top of the generalized rise in interest in NFTs, popular blockchain-based games like Axie Infinity have led to the emergence of play-to-earn games across the crypto ecosystem. The high throughput, low-cost capabilities of Phantasma make it an attractive option for gamers looking to maximize their earnings while minimizing transaction costs. With the interest in gaming and NFTs showing no signs of disappearing in the near future, projects that focus on facilitating their growth and adoption could continue to see their values rise as NFTs become more mainstream. 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 traders expect $60K by month’s end, marking $45K as ‘accumulation’

Bitcoin traders expect $60K by month’s end, marking $45K as ‘accumulation’

Uverejnil používateľ | jan 3, 2022 |

The bearish pressures facing the cryptocurrency market at the end of 2021 have continued into the first week of 2022 after the price of Bitcoin (BTC) dropped below $47,000 on Jan. 1 and the asset still faces stiff headwinds on the shorter timeframe charts. Data from Cointelegraph Markets Pro and TradingView shows that, after climbing above $47,500 to start the new year, the price of BTC fell under pressure in the afternoon on Dec. 3. Currently, the price has dropped to $46,500 where bulls now look to mount a defense. BTC/USDT 4-hour chart. Source: TradingViewHere’s a look at what several analysts in the market are saying about the path ahead for Bitcoin in 2022 as the global economic system continues to grapple with inflation. BTC needs to reclaim support at $48,670Analysis of the weekly price performance for BTC was addressed by crypto trader and pseudonymous Twitter user Rekt Capital, who posted the following chart highlighting the main support and resistance area at $48,670. BTC/USD 1-week chart. Source: TwitterAs shown in the above chart, “BTC has successfully retested the black diagonal as support” according to Rekt Capital, and “has been doing so for three weeks straight.”The weakness to start the year has positioned BTC below the established support zone highlighted by the red horizontal line. Rekt Capital sees this as a potential target to keep an eye on in the near term. Rekt Capital said, “However, recent weekly close means that the red horizontal (~$48,670) has been lost as support. BTC could bounce soon in an effort to reclaim red as support.”Look out for $46,000 in the short termThe current weakness for BTC was also addressed by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet that suggests that the rejection at $48,000 could lead the price to slide below $46,000. #Bitcoin rejected at the $48K level, through which it’s still seeking support to be hit.Looking at the region at $46K. pic.twitter.com/z0v88Ls58v— Michaël van de Poppe (@CryptoMichNL) January 3, 2022Despite the short-term struggles for Bitcoin, the long-term outlook continues to look bullish for many investors. Among them includes analyst and pseudonymous Twitter user GalaxyBTC, who posted the following chart outlining a possible breakout in Q1 of 2022. BTC/USDT 6-hour chart. Source: TwitterGalaxyBTC said, “It’s just a matter of time before BTC breaks out, and the longer it takes, the harder it will pump. Q1 is up only.”Related: Bitcoin is new gold for millennials, Wharton finance professor saysBullish cup and handle formation hints at moon by MarchThis positive future outlook for BTC expressed by GalaxyBTC was echoed by crypto trader and pseudonymous Twitter user Bobby Axelrod, who posted the following chart outlining the predicted trajectory of a cup and handle formation on the Bitcoin chart in the months ahead. BTC/USD 1-day chart. Source: TwitterBobby Axelrod said, “The “HANDLE” will end up looking something like this imo: $58,000–$60,000k mid to late January; a pullback to $48,000–$50,000 first week of February; Retest ATH end of February or very early March; Small pullback early March, then rocket.”The overall cryptocurrency market cap now stands at $2.234 trillion and Bitcoin’s dominance rate is 39.6%.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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Institutional tax-loss harvesting weighs on the Bitcoin price as 2021 comes to a close

Institutional tax-loss harvesting weighs on the Bitcoin price as 2021 comes to a close

Uverejnil používateľ | dec 30, 2021 |

2021 has been a breakout year for the cryptocurrency market as a whole despite the year-end struggles that have kept the price of Bitcoin (BTC) pinned below $48,000, much to the chagrin of the cadre of folks who had been calling for a $100,000 BTC moonshot. Data from Cointelegraph Markets Pro and TradingView shows that the past 24 hours have been a rollercoaster ride for the top cryptocurrency after a brief dip below $46,000 in the early trading hours on Dec. 30 was quickly bought up to push the BTC price back above $47,500 by midday. BTC/USDT 4-hour chart. Source: TradingViewHere’s a look at what several analysts in the market are saying about the year-end price action for Bitcoin and what to expect in 2022 as the mass adoption of blockchain technology and cryptocurrencies continues to unfold. Major resistance flips to supportAnalysis of Bitcoin price action on the monthly chart was discussed by market analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart highlighting how BTC has flipped a major resistance zone into support:BTC/USD 1-week chart. Source: TwitterAccording to Rekt Capital, “BTC has turned the February, August and September resistance into new support this month” and is looking for a monthly candle close above the green zone shown in the chart above to confirm this as a new support level. Regarding levels to watch in the days ahead, Rekt Capital is keeping an eye on the $48,500 price level as a gauge for the overall strength of BTC. The analyst said:“If BTC is able to reclaim ~$48500 as support by the end of the week then BTC could once again revisit ~$52000 resistance.”$52,000 is the biggest short-term hurdle for BTC Insights into the year-end weakness of Bitcoin’s price were offered by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who pointed the finger at institutional investors who appear to be “selling for tax reasons with a T+3 settlement… to settle on 12/31.”According to Lifchitz, the volatility of the past week is, in large part, due to weak liquidity in the market. He suggested that it wouldn’t be surprising to “see BTC back up to $50,000 in the next couple of days… as well as down to $46,000.”If bears manage to break below support at $46,000 and complete the large head and shoulder pattern forming on the BTC chart, Lifchitz suggested that “the next stop could be ultimately down to $30,000” but stated that “we’re still far from that and too obvious technical patterns tend to not complete as expected.” As far as upside levels, Lifchitz pointed to $52,000 as “the main hurdle which BTC has already failed twice.” He further stated that,“Should that resistance get overthrown, the next upside stops are the $60,000 region then $70,000 ATH.”A final word of caution was offered by Lifchitz regarding the upcoming Mt. Gox distribution of 146,000 BTC over the first half of 2022, which the chief information officer sees as having “the potential to reshuffle the cards big time.” Related: Mt. Gox rehabilitation plan is now ‘final and binding’No need to panicReassuring words for those traders who are worried about BTC’s most recent dip below $46,000 were expressed by the crypto trader and pseudonymous Twitter user Devchart. He posted the following chart showing that Bitcoin has been trading in a clearly defined range for most of December:BTC/USDT 4-hour chart. Source: TwitterDevchart explained:“Zoom out and you will see that we are just back to the bottom of the same range we have been oscillating on since December 3rd. No need to panic until we exit this range.”A similar outlook was offered by markets analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet indicating that there could be some short-term weakness in the market before ultimately heading higher. Pretty boring markets lately. Just a process of bottoming out for #Bitcoin. We’re retesting $46K as support, bounced, but we might need to take the liquidity beneath the lows before we’re going to make some upwards runs again.— Michaël van de Poppe (@CryptoMichNL) December 30, 2021The overall cryptocurrency market cap now stands at $2.237 trillion and Bitcoin’s dominance rate is 40.4%.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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Frax Share, Swipe and Gnosis lead the altcoin market as Bitcoin recovers to $47.5k

Frax Share, Swipe and Gnosis lead the altcoin market as Bitcoin recovers to $47.5k

Uverejnil používateľ | dec 30, 2021 |

Volatility is once again the major theme across the cryptocurrency market on Dec. 30 as the price of Bitcoin (BTC) bounced back from an early morning dip below $46,000 with bulls now battling bears for control of support near $47,500. The altcoin market has likewise been a mixed bag of results on Dec. 30, with many of the coins in the top 200 seeing slight losses while the top performers have posted double-digit gains thanks to major protocol developments and acquisitions. 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 Frax Share (FXS), Swipe (SXP) and Gnosis (GNO). Frax Share increases its stablecoin supplyFrax Share is the governance token of the Frax protocol, a fractional algorithmic stablecoin system designed to provide scalable and decentralized algorithmic money.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FXS on Dec. 28, 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. FXS price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for FXS climbed into the green zone on Dec. 27 and hit a high of 86 on Dec. 28, around 14 hours before the price increased 57% over the next two days. Gains for FXS token align with the growing adoption of the Frax stablecoin. The circulating supply of FRAX increased by more than 300% in the past two months to its current supply of $1.74 billion. Swipe gets acquired by BinanceAnother project that saw its price spike over the past 24 hours is Swipe, a platform that is developing card payment infrastructure for the cryptocurrency economy. Data from Cointelegraph Markets Pro and TradingView shows that, after hitting a low of $1.46 on Dec. 29, the price of SXP surged 38% to a high at $2.02 on Dec. 30 as its 24-hour trading volume spiked 951% to $683 million. SXP/USDT 4-hour chart. Source: TradingViewThe sudden burst in trading volume for SXP came after it was revealed that crypto exchange Binance was finalizing the acquisition of Swipe and rebranding it to Solar. Related: Binance to finalize acquisition of Swipe, paving for CEO exitGnosis releases its zodiac bridgeGnosis, a decentralized prediction market built on the Ethereum (ETH) network, saw its price increase 38% on Dec. 30. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GNO on Dec. 27, prior to the recent price rise. VORTECS™ Score (green) vs. GNO price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for GNO hit a high of 77 on Dec. 27, around 35 hours before the price increased 38% over the next day.The building momentum for GNO followed the introduction of the zodiac bridge module for the Gnosis ecosystem, which gives decentralized autonomous organizations (DAOs) the ability to control assets on separate Ethereum virtual machine-compatible chains. The overall cryptocurrency market cap now stands at $2.233 trillion and Bitcoin’s dominance rate is 40.3%.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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3 reasons why Convex Finance surged 215% in December to hit new all-time high

3 reasons why Convex Finance surged 215% in December to hit new all-time high

Uverejnil používateľ | dec 29, 2021 |

The growth of the stablecoin sector within crypto has been one of the most impactful developments of  2021. In particular, stablecoins became integral to the expanding decentralized finance (DeFi) ecosystem as their total value eclipsed $162 billion, according to CoinMarketCap.One project that has seen its token price surge thanks to its focus on stablecoins and the Curve Finance (CRV) ecosystem is Convex Finance (CVX), a protocol that aims to help users boost CRV staking to maximize yields. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $18.79 on Dec. 4, the price of CVX surged 215% to establish a new record high at $60.22 on Dec. 27. Over the same period, its 24-hour trading volume spiked from an average of $20 million to more than $163 million. CVX/USDT 4-hour chart. Source: TradingViewThree reasons for the new all-time high for CVX include the launch of new assets on the protocol, the listing of the CVX token on several prominent exchanges and the continued growth in total value locked (TVL)  on the Convex protocol. The launch of new assets and LP poolsOne reason for the building strength of Convex Finance in December has been the addition of new assets, including new opportunities to provide liquidity in support of the Convex platform. Most recently, Convex announced that it would be expanding beyond its focus on Curve Finance by adding support for the up-and-coming Frax Finance stablecoin ecosystem.The @fraxfinance Convex soft-launch has begun.https://t.co/oZ9WKZxNXRDeposit + convert $FXS to $cvxFXS— Convex Finance (@ConvexFinance) December 22, 2021On top of the addition of a new stablecoin protocol to its ecosystem, Convex also launched an Ether/CVX pool on the Curve v2 protocol as well as a new CRV/Ether pool on Convex that offers a projected yield of 178.49%. New exchange listingsA second factor that helped boost the price and trading volume of CVX was the listing of the token on several prominent exchanges, including Binance on Dec. 22 and Huobi Global on Dec. 23. CVX now on Binance! https://t.co/EBaescRNf1— Convex Finance (@ConvexFinance) December 23, 2021

Following these two exchange listings, the price of CVX spiked from $34.83 to $45.76, a gain of 42% in less than 36 hours.CVX also received a boost to its value on Nov. 26 when the token was listed on the cryptocurrency exchange OKEx. Related: 3 reasons why Curve (CRV) price is trending toward a new 1-year highRising total value lockedA third element that points to the growing strength of Convex Finance is the total value locked on the protocol, which hit a new record-high of $19.49 billion on Dec. 29, according to data from Defi Llama. Total value locked on Convex Finance. Source: Defi LlamaThe steady climb in assets locked on the protocol has elevated Convex Finance to the third-ranked protocol in terms of TVL in all of DeFi behind Aave, which reports total liquidity of $26.56 billion across all supported networks, and Curve Finance which has a current TVL of $23.14 billion. As the Convex ecosystem expands and continues to add support for projects like Frax and potentially TerrraUSD (UST) in the future, the protocol’s TVL is likely to continue to rise and could potentially surpass that of Curve Finance as it incorporates other stablecoin protocols. 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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