Značka: Market Update

Bitcoin ‘gives back gains’ after Fed comments ‘add downside risks’ to crypto markets

Bitcoin (BTC) price continues to flash mixed signals, raising uncertainty among investors and negatively impacting asset prices across the market.Data from Cointelegraph Markets Pro and TradingView shows BTC price pinned below $36,000 and even though crypto and equities markets underwent a brief relief rally on Jan. 26, comments from the recent FOMC meeting appear to be settling in as investors internalize the fact that interest rate hikes are on the way.BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what analysts and traders are saying about Bitcoin’s most recent price action and the macroeconomic factors impacting the wider crypto market.A year of “range bound” tradingThe long-term range-bound trading that BTC has been in since early 2021 was addressed by Mike McGlone, senior commodity strategist for Bloomberg Intelligence, who posted the following chart and asked, “What ends Bitcoin, Ethereum range trade?BTC/USD 1-week chart. Source: TwitterAccording to McGlone, the key to escaping the current range are the “bullish fundamentals” that back the underlying strength of Bitcoin. McGlone said, “By the rules of economics, a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,000 as $60,000 resistance ages.”The Fed continues to add downside risksA deeper analysis on the impact of Jan. 26’s Federal Reserve meeting was provided by Bilal Hafeez, CEO and head of research at Macro Hive, who noted that the tone of the meeting “turned out to be more hawkish than expected.”Hafeez pointed to the decision by the Fed to raise the inflation forecast as a sign that the central bank has realized that “they need to be more hawkish than before,” and he highlighted Powell’s comments that “this cycle would be different to the last cycle, which suggests faster hikes than before.”With that being said, Hafeez indicated that the Fed “has not decided on a path yet,” and noted that Powell “didn’t give much additional information on quantitative tightening except that it would operate in the background.”Hafeez said, “Overall, the Fed is comfortable with equity and risk markets selling off as it tightens financial conditions and so could reduce inflation. Bond yields have risen after the meetings, equity and crypto markets have given back gains. The Fed continues to add downside risks to risky markets.”Related: Derivatives data suggests that Bitcoin’s $39K bounce was a mere blipShort-term weakness, long-term strengthThe near-term outlook for BTC was briefly touched upon by derivatives traders and pseudonymous Twitter user Crypto McKenna, who posted the following chart and stated that “BTC price action is about to get very boring.”BTC/USD 6-hour chart. Source: TwitterMcKenna said, “No trade season for the next 10–20 days in my opinion.”Despite this projection for near-term weakness and sideways price action, the long-term outlook continues to brighten for multiple reasons, as noted in the following Tweet from crypto analyst Will Clemente. Bitcoin price weakness because of risk-off behavior while fundamentals strengthening: Intel creating mining chips, Russia looking to get involved in mining, Goldman Sachs bullish, Google partnership w/ Coinbase, El Salvador Bond.Hard to think asymmetry is to the downside.— Will Clemente (@WClementeIII) January 27, 2022The overall cryptocurrency market cap now stands at $1.663 trillion and Bitcoin’s dominance rate is 41.5%.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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What is the best marketplace to buy NFTs? | Find out now on The Market Report

“The Market Report” with Cointelegraph is live right now!On this week’s show, Cointelegraph’s resident experts discuss which nonfungible token (NFT) marketplace has the most to offer its customers.But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.Next up, join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which marketplace is the best for NFTs. Will Bourgi’s pick of Solanart come out on top, with its high speeds and low transaction costs? Or will Yuan’s pick of Rarible beat out the rest with its community-owned approach, where RARI tokenholders can vote and make changes to the platform? Last but not least, we have Jordan’s pick of ThetaDrop, which supports all types of creators, from well-known artists like Katy Perry to crypto influencers and popular gamers. Which marketplace do you think has the most to offer? Leave us a comment with your thoughts, and vote in the poll in the chat room!Stick around after the showdown for insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Markets Pro to identify two altcoins that stood out this week: Anchor Token (ANC) and Akash Token (AKT).Do you have a question about a coin or topic not covered here? Don’t worry! Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100!The Market Report streams live every Tuesday at 12:00 pm ET (5:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page, and smash those like and subscribe buttons for all our future videos and updates.

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Analysts say Bitcoin’s bounce at $36K means “it’s time to start thinking about a bottom”

Bears remain in full control of the cryptocurrency market on Jan. 24 and to the shock of many, they managed to pound the price of Bitcoin (BTC) to a multi-month low at $32,967 during early trading hours. This downside move filled a CME futures gap that was left over from July 2021.Data from Cointelegraph Markets Pro and TradingView shows that the $36,000 level was overwhelmed in the early trading hours on Monday, leading to a sell-off that dipped below $33,000 before dip buyers arrived to bid the price back above $35,500.BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying about the macro factors at play in the global financial markets and what to be on the lookout for in the months ahead. “Rate hikes don’t kill risk assets”For several weeks the dominant conversation in U.S. financial markets has been the prospect of up to four interest rate hikes by the Federal Reserve over the course of 2022, which many people have claimed will put an end to the current bull market. But according to financial analyst and pseudonymous Twitter user ‘Tascha,’ this is a common misconception because “rate hikes don’t kill risk assets.”Tascha said, “Reversal of quantitative easing does. Check what happened to stocks 2015 and 2018 when Fed turned off the tap.”Further insight into Tascha’s tweet was provided in the following reply from pseudonymous Twitter user RK Maruvada. Is it time to think about a bottom?A bit of hope for the crypto faithful was provided by technical analyst and Bollinger Bands creator John Bollinger, who posted the following tweet suggesting that “it’s time to start thinking about a bottom in cryptos.” It’s time to start thinking about a bottom in cryptos. However the ability to get outside the lower Bollinger Band repeatedly strongly suggests a retest of some sort will be needed. My plan is wait for a bottom and a bounce, then look for a retest as an entry. $btc, $eth, $ltc…— John Bollinger (@bbands) January 24, 2022While the well-known analyst thinks that the market may be in the general area of a bottom, caution is still warranted and a bounce followed by a retest is needed before looking to enter a long position in BTC. Related: Bitcoin ‘enters value zone’ as BTC price floor metric goes green againOpening a Bitcoin long “looks attractive here”A final bit of analysis was provided by macro strategist and Delphi Digital co-founder Kevin Kelly, who indicated that “the big question now is where will the next wave of demand come from and what level do we need to hit for it to trigger such bids? BTC/USD 1-day chart. Source: TradingViewAccording to Kelly, “the mid-to-high $30,000s for BTC is a safe bet,” especially due to the widely held belief by many that Bitcoin could see a “run up to $70,000.” This would mark a 75% gain from the current levels, which “large capital allocators would salivate at the opportunity to capture” from Kelly’s view, “even if it takes a year or longer to realize such gains.”Kelly said, “That is why we firmly believe BTC looks attractive here for those with a long enough time horizon, especially when compared to traditional alternatives to park your capital.”This sentiment that BTC is at a good level for a long was also echoed in the following tweet by cryptocurrency analyst and Twitter user Will Clemente.Don’t think asymmetry is skewed to the downside for BTC here. For the long term investor this is a good area to DCA in some heavier buys IMO.— Will Clemente (@WClementeIII) January 24, 2022

The overall cryptocurrency market cap now stands at $1.594 trillion and Bitcoin’s dominance rate is 41.9%.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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Bitcoin falls to $36K, traders say bulls need a ‘Hail Mary’ to avoid a bear market

Bitcoin (BTC) price continues to sell-off and the knock-on effect is an even sharper correction in altcoins and DeFi tokens. At the time of writing, BTC price has sank to its lowest level in 6 months and most analysts are not optimistic about an immediate turn around. Data from Cointelegraph Markets Pro and TradingView shows that a wave of selling that began late in the day on Jan. 20 continued into midday on Friday when BTC hit a low of $36,600.BTC/USDT 1-day chart. Source: TradingViewHere’s a check-in with what analysts have to say about the current downturn and what may be in store for the coming weeks.Traders expect consolidation between $38,000 and $43,000The sudden price drop in BTC has many crypto traders predicting various dire outcomes along the lines of an extended bear market. Others like independent market analyst ‘Rekt Capital’, are not so quick to jump the gun and declare that all is lost. As shown in the following chart posted by Rekt Capital, “the recent BTC rejection means that BTC is now residing at the lower region of its current $38,000-$43,100 range.”BTC/USD 1-week chart. Source: Twitter.According to Rekt Capital, “Bitcoin is just consolidating inside the $38,000-$43,100 range,” but needs to hold this support level to avoid dropping down into a lower consolidation range. Rekt Capital said,“Technically, the $38,000 support area is what separates BTC from entering the $28,000-$38,000 consolidation range. Bitcoin last consolidated in said range in Q1 and Q2 of 2021.”Head and shoulders pattern confirmedAnalysis of the BTC price action from a purely technical point of view was touched on by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who pointed out that the “giant head and shoulders pattern for BTC is now completed with the neckline broken with BTC at $38,300.” BTC/USDT 1-day chart. Source: TradingViewFrom a theoretical standpoint, Lifchitz noted that this pattern predicts a possible drawdown as low as $20,000, but he stated that the “fall has generally been less than that” and suggested that “the $31,000 region could definitely be in sight.” From a fundamental point of view, Lifchitz noted multiple factors that are creating headwinds for BTC, including tightening from the U.S. Federal Reserve, chatter from the EU regulators looking to ban proof-of-work mining, profit-taking from late 2021 and the continued uncertainty about the economic future as it relates to the Covid pandemic. Lifchitz said, “Therefore for Bitcoin, a move down to the low-mid $30,000 could be definitely in the cards soon before real dip-buyers show up.”Traders look to scoop up BTC at $30,000A look at how traders have responded to this drawdown as compared to the pullback in June of 2021 was provided by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following chart highlighting the major support zones for each period of weakness. BTC/USD 1-day chart. Source: Twittervan de Poppe said, “Back in June → People are waiting for $23,000 to $25,000 to buy. Right now → People are waiting for $30,000 to buy. Similar fake breakout on the upside to nuke afterward into support.”A similar point of view was offered by trader and pseudonymous Twitter user ‘Fomocap’, who posted the following chart outlining how BTC could perform in the days ahead. BTC/USD 1-day chart. Source: TwitterFomocap said, “Relief bounce to $44,000 – $42,000 retest, if rejection then $35,000 – $33,000. What do you think?”Related: Crypto Twitter responds to Bitcoin dump: ‘Ok cool’Bulls need a close above $39,600A final bit of insight into was offered by crypto trader Scott Melker, who posted the following chart showing the price breakdown below a key level that must be recovered. BTC/USD 1-day chart. Source: TwitterMelker said, “Bulls looking for a Hail Mary close above $39,600 on the daily. A close below (especially on weekly) is a break in market structure, lower low etc. Bears showing no mercy.”The overall cryptocurrency market cap now stands at $1.801 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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Analysts warn that Bitcoin could dip to $38K 'before an eventual breakout'

The cryptocurrency market faced another day of weakness on Jan. 18 as the price of Bitcoin (BTC) dropped lower and additional pressure was also put on the altcoin market. Currently, the crypto Fear and Greed Index registered “Extreme Fear” among investors and some traders caution that BTC price could soon fall below its recent $39,000 swing low.Crypto Fear & Greed index. Source: AlternativeData from Cointelegraph Markets Pro and TradingView shows that bulls lost control of the $42,000 support level during the early trading hours on Tuesday as bears hammered the BTC price to a daily low of $41,250. BTC/USDT 1-day chart. Source: TradingViewJanuary is historically weak for BitcoinMany crypto holders who were disappointed by the lack of a blow-off top to close out 2021 also expecting fireworks to start 2022, but historically speaking, January “has been one of the most disappointing months for BTC” according to a recent report from Delphi Digital. BTC/USD normalized year-to-date performance. Source: Delphi DigitalDelphi Digital pointed to “a slowdown in global liquidity growth and tighter policy expectations” as the primary source of headwinds for Bitcoin and they highlighted that these factors have also led to weakness in the stock market, which is considered to be strongly correlated with the price movements seen in BTC. Another source of weakness identified by Delphi Digital was a lack of liquidity in the perpetual and futures markets along with a drop in BTC open interest over the past two months. Delphi Digital said, “For the most part, the price contraction stemmed from liquidity issues in the perp/futures market, which triggered a series of liquidations that exacerbated BTC’s initial price weakness.”As for what comes next, Delphi Ditial indicated that “short-term momentum indicators appear to signal the worst may be behind us” and the analyst noted that the Fear & Greed index is at levels not seen since May 2021.Related: Bitcoin hodlers ‘under siege’ at $42K as 30% of BTC supply flips from profit to lossBitcoin price could dip under $38,000A similar trend of weakness was addressed by crypto market intelligence firm Decentrader, who observed that the number of overly bullish “I’m buying the dip” traders on crypto Twitter was challenged around $41,000.The analysts suggested that based on the size and consistency of the BTC drawdown over the past two months, “a move out of the range to the upside is the most probable outcome eventually and they expect the price “to run towards the 200DMA and the point of breakdown in the summer at around $49,000 – $50,000.”BTC/USD 1-day chart. Source: DecentraderDecentrader said, “It is our view that we may need to see some further ranging between $44,000 and potentially $38,000 before an eventual breakout.”For traders hard hit by this latest drawdown, Twitter user ‘John Wick issued a positive perspective.I just want to take a moment to say to you guys who might be underwater in your positions that its okay.Every cycle this happens. Most of us have to wear these battle scars at least once in our journey to becoming a better trader/investor. I know I did.Just don’t give up.— John Wick (@ZeroHedge_) January 18, 2022The overall cryptocurrency market cap now stands at $1.976 trillion and Bitcoin’s dominance rate is 40%.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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Anyswap, Keep3rV1, WEMIX follow Bitcoin’s move to $44K with double-digit rallies

The cryptocurrency community is back in high spirits on Jan. 12 after a majority of tokens in the top 200 flashed green following Bitcoin’s (BTC) spike to $44,000.The return of bullish momentum has come as a boon to several altcoin projects, with multiple tokens seeing gains in excess of 20%. 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 Anyswap (ANY), Keep3rV1 (KP3R) and WEMIX (WEMIX). Anyswap expands its list of supported networksGains in the altcoin market were led by Anyswap, a decentralized exchange that specializes in allowing users to transfer and swap tokens between 25 distinct networks. Data from Cointelegraph Markets Pro and TradingView shows that since falling to a low of $15.16 on Jan. 10, the price of ANY ripped 77.67% higher to a daily high of $26.93 on Jan. 12 as its 24-hour trading volume spiked 525% to $114.5 million. ANY/USDT 4-hour chart. Source: TradingViewThe sudden spike in activity and price for ANY come as the protocol recently added two new networks to its list of supported chains including a FomoETH bridge and Moonbeam, which just officially launched on Polkadot. Keep3rV1 branches out to other networksKeep3rV1 is a project focused on creating a decentralized job board designed to help projects connect with external developers that can provide specialized services. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KP3R on Jan. 7, 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. KP3R price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for KP3R climbed into the green zone on Jan. 7 and hit a high of 80 roughly 79 hours before the price rallied 79.64% over the next two days. The bullish move higher for KP3R comes following a tease released by the project indicating that KP3R will soon have cross-chain functionality between Ethereum (ETH), Fantom (FTM) and layer-two solution Optimism. Related: QuickSwap founder: L2s are the path to mass adoptionWEMIX lists at UpbitWEMIX is a global blockchain gaming platform developed by Wemade Tree that is designed specifically for gaming DApps and includes a marketplace for digital assets and nonfungible tokens (NFTs). Data from Cointelegraph Markets Pro and CoinGecko shows that after sliding to a low of $3.96 on Jan. 10, the price of WEMIX rebounded 106% to a daily high at $8.16 on Jan. 12 as its 24-hour trading volume spiked to $1.2 billion. WEMIX/USD 1-hour chart. Source: CoinGeckoThe surge in interest and trading volume for WEMIX comes as the token listed on the popular Korean cryptocurrency exchange Upbit on Jan. 10 and announced the details for the next WEMIX NFT auction drop. The overall cryptocurrency market cap now stands at $2.073 trillion and Bitcoin’s dominance rate is 39.8%.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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Bitcoin dip below $40K follows Fed signal of a possible fourth rate hike in 2022

Global financial markets, stocks and cryptocurrencies took a knock on Jan. 10 after rumors that the Federal Reserve may hike interest rates four times in 2022 circulated and sparked a sell-off and sent the benchmark 10-year Treasury yield briefly above 1.8%.Data from Cointelegraph Markets Pro and TradingView shows that a massive wave of selling broke Bitcoin’s (BTC) support near $42,000, resulting in a plunge to $39,660 before buyers stepped in to buy the perceived dip.BTC/USDT 1-day chart. Source: TradingViewHere’s what analysts are saying about this latest drawdown in BTC and what could possibly come next as analysts watch to see what the impact of the Fed’s easy money policies ending means for risk on assets. A shrinking money supply is bad for BitcoinThe Fed’s shifting monetary policy is generating significant challenges for risk-on assets but this was anticipated by analysts at Delphi Digital who noted that the headwinds facing BTC and the crypto market have more to do with “tighter liquidity conditions and heightened market volatility” than with rate hikes. According to Delphi Digital, “the macro tailwinds that helped propel BTC and crypto assets to new highs over the last 12-18 months have reversed course” as highlighted in the following chart showing that the global M2 supply topped out near March of 2021 and has been on the decline since then. Bitcoin price vs. Global M2 Supply. Source: Delphi DigitalThe peak in M2 supply came around the same time that Bitcoin set a new all-time high in early 2021 and was followed by a drawdown below $30,000 over the next couple of months. Despite the late 2021 resurgence in BTC which once again established a new high at $68,789 in November, the continued drop in M2 supply has taken its toll on the market which has been exasperated by the Fed sharing its plan to accelerate its timeline for raising interest rates. Delphi Digital said, “The shift away from excess liquidity and accommodative monetary conditions is a structural headwind we’ve highlighted in recent months, which now appears to be coming to a head.” The talk of higher interest rates has also breathed new life into the U.S. dollar, which Delphi Digital noted “does little favor to assets like BTC, which tends to move inversely with USD.”BTC/USD vs. DXY Index (Inverted). Source: Delphi DigitalDelphi Digital said, “We continue to stress how important the U.S. dollar is in determining the direction of global markets, especially assets tethered to the currency debasement narrative.”Related: Bitcoin drops below $40K for first time in 3 months as fear set to ‘accelerate’“A good buying opportunity”Analysis on the current chart structure for BTC was offered by analyst and pseudonymous Twitter user ‘Resolute’ who posted the following chart highlighting the 42.5% decrease in BTC price from its highs in November. BTC/USDT 2-day chart. Source: TradingViewResolute said, “Conceivably a double bottom from the September 2020 low, after retracing Q4s move up. Currently trading below the 2d 200 EMA which has historically been a good buying opportunity.”Resolute’s observation that this may be a good area of accumulation was echoed by cryptocurrency trader and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet indicating a preference for opening a long as opposed to shorting the current market. I’d rather long than short here for #Bitcoin. pic.twitter.com/QUc8n58b8K— Michaël van de Poppe (@CryptoMichNL) January 10, 2022The overall cryptocurrency market cap now stands at $1.192 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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Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike rates

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

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

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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DeFi sector tokens offer shelter as Bitcoin falls below $48.5K

The cryptocurrency market slid lower on Dec. 28 as the price of Bitcoin (BTC) lost nearly $4,000 in value in a matter of hours with bulls now looking to secure support at $48,500 to prevent further losses. In the midst of the market-wide drawdown, the decentralized finance (DeFi) sector of the crypto ecosystem has offered some traders shelter from the storm, with several tokens seeing gains in excess of 30%. Top 7 coins with the highest 24-hour price gains. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Harvest Finance (FARM), QuickSwap (QUICK) and Aragon (ANT). Harvest Finance moves towards full decentralizationHarvest Finance is a DeFi protocol designed to automatically farm the highest yields available from across the ecosystem and optimize the yields users receive through implementing the latest farming techniques. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FARM on Dec. 25, 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. FARM price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for FARM climbed into the green zone on Dec. 25 and reached a high of 75 around two hours before the price increased 207% over the next three days. The boost in the price of FARM comes as the project continues to move towards full decentralization including the ability for community members, known as “builders,” to deploy new farming strategies and update the user interface as needed. QuickSwap adds support for HarmonyQucikSwap is a decentralized exchange and automated market maker that operates on the Polygon network. Data from Cointelegraph Markets Pro and TradingView shows that after trading at a low of $235 on Dec. 22, the price of QUICK catapulted 143% to reach an daily high at $570.50 on Dec. 28 as its 24-hour trading volume spiked 1,240% to $166.6 million. QUICK/USDT 4-hour chart. Source: TradingViewThe sudden surge in QUICK price followed the release of a relay chain between the Harmony (ONE) protocol and Polygon, which allowed for the creation of a MATIC/ONE liquidity provider pool on QuickSwap. Related: Ethereum whales dumping ETH as price slides below $4K, data showsAragon focuses on digital self-sovereignty Aragon is a protocol on the Ethereum (ETH) network that supports the creation of decentralized autonomous organizations (DAOs) as a way to help develop governance structures that encourage community engagement.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ANT on Dec. 25, prior to the recent price rise. VORTECS™ Score (dark grey) vs. ANT price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ANT began to pick up on Dec. 25 and reached a high of 73 around 45 hours before its price increased 55% over the next day. The price appreciation for ANT comes as the concept of Web 3.0 has been gaining momentum heading into 2022, which has helped the team at Aragon make strides towards its goal of supporting “organizational forms that defend self-sovereignty.”The overall cryptocurrency market cap now stands at $2.276 trillion and Bitcoin’s dominance rate is 40.2%.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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Terra (LUNA) hits record $20B TVL, surpassing Binance Smart Chain

Terra (LUNA), an open-source stablecoin network, hit an all-time high of $20.05 billion in total value locked, or TVL, across its 13 product offerings, according to industry data. On Dec. 1, Terra’s TVL was at $11.9 billion, signifying a 68% increase in less than a month. This means that the platform’s users are investing in large quantities into the protocol to receive staking rewards. The price of LUNA, Terra’s native token, is also steadily trending upwards, trading above $94 with a 31% increase in one week, according to Cointelegraph Markets Pro. The coin now has a total market capitalization of $34.8 billion, placing it in the top 10 crypto projects.LUNA continues to be one of crypto’s hottest performers. Source: Cointelegraph Markets ProIn terms of TVL, Terra is now the second-largest DeFi network below Ethereum and above Binance Smart Chain. For reference, BSC has 225 products in its DeFi ecosystem and a TVL of $16.7 billion, which has been decreasing all month, while Ethereum has $155.7 billion in TVL.Related: Price analysis 12/22: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGETerra is an application-specific blockchain built on the Cosmos SDK and Tendermint consensus. Users can mint U.S. dollar-pegged stablecoins and convert those stablecoins into LUNA, the native staking and governance asset of Terra.Within the Terra ecosystem, savings protocol Anchor (ANC) is topping the charts for the application with the highest TVL, which at the time of publication is $8.7 billion, according to DeFi Llama. Activity within ANC has most likely contributed to Terra’s value increase.The migration is complete and the $bLUNA contracts + the web app have been updated successfully. https://t.co/lncy6y8yCs— Anchor Protocol (@anchor_protocol) December 22, 2021

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