Day: December 28, 2021

Coin Bureau Bullish on Two Large-Cap Altcoins, Issues Warning on Fantom (FTM) and Near Protocol (NEAR)

by Dailyhodl

The host of popular crypto channel Coin Bureau says he’s bullish on two large-cap altcoins, adding that two others may need to see corrections before further rallies.

In a new video, the analyst known as Guy says he’s watching smart contract platform Fantom (FTM). While he’s bullish on the altcoin, its relative strength index (RSI) appears to be hinting at a coming correction.

“FTM is looking strong on the charts, but the RSI suggests it starting to run out of steam. We’re also approaching a significant zone of resistance around the $2.60 mark so be on the lookout for that if you hold FTM too.”

The analyst says he’s quite optimistic about Near Protocol (NEAR), a decentralized application (DApp) platform and Ethereum competitor. According to Guy, NEAR’s fundamentals are building up along with solid price action, but warns traders not to succumb to FOMO (fear of missing out) just yet.

“Don’t get too caught up in the FOMO though. The chart suggests that NEAR is just about done pumping and we could see it drop as low as $12 to $13 in the days ahead as it enters another consolidation phase. “

Guy names two altcoins he thinks are poised to rally. First up is DeFi protocol Aave. According to the analyst, Aave’s daily chart may need a cool-off, but on a weekly scale, the altcoin looks ready to break the $300 mark and potentially run until resistance at $400, which is 53% away from current prices.

“Aave’s pump on the other hand seems to be getting started. It’s been caused by the news that a Swiss bank called SEBA will be integrating the institutional version of the save protocol o allow its protocols to do DeFi in a compliant manner…

Even though Aave is a bit overextended on the daily, the weekly chart reveals that it has the momentum it needs to break through the zone of resistance at the $300 mark in the coming months. I suspect Aave will start to stutter around the $400 mark which is its next zone of price resistance.” 

Secondly, Guy has his radar locked on Cosmos (ATOM), a project that aims to be the “internet of blockchains,” and expects new all-time highs to be just around the corner.

“ATOM’s price action looks eerily similar to Aave’s in that its weekly price momentum is massive. If we see a repeat of what happened in May, it won’t be long before ATOM sees another all-time high.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Decentralized Finance Won’t Substitute Traditional Financial System, According to S&P Global Report

by Dailyhodl

Decentralized finance (DeFi) will continue to complement the traditional finance system rather than supplant it in 2022, says a report by financial information and analytics provider S&P Global.

According to the firm’s Global Credit Outlook for 2022, the traditional finance sector will need to innovate and invest to remain relevant in the coming twelve months.

“We believe it will continue evolving in 2022 toward complementing the current financial system rather than substituting financial services companies.

To remain relevant, we think incumbent players will have to further step up investments in new technologies – otherwise, the balance could shift away from them in the longer run.”

While most decentralized finance applications are not competing with traditional finance at the moment, the report says that the situation could change in the future.

“Most DeFi applications (DApps) currently don’t compete with incumbents.

They are mostly still restricted to transactions within the emerging digital ecosystem – for instance for the purchase, exchange, lending, or insurance of digitally native assets.

But this could change as technology and acceptance evolve.”

Per the report, the most profitable activities in the traditional finance sector stand to be disrupted the most.

“DeFi’s potential is greater in higher-cost activities, which often provide higher margins to incumbents.

If DeFi captures a large share of existing liquidity, it could also amend the funding profile of incumbents.

Ignoring this trend might lead to a difficult wake-up call in the future, although we think this is a few years off given that DeFi is still in its infancy.”

The report also says that regulatory progress in 2022, if forthcoming, could bring more players in the traditional financial system into DeFi.

“Progress in the regulatory debate could both frame and spur growth in 2022.

Regulatory progress is a precondition for many traditional players to enter some DeFi activities with confidence and compete with players native to this ecosystem.”

Read the full S&P Global report here.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bullish Signal? Ethereum Market Dominance Sitting Above 20%

by NEWSBTC

In the last five years, Ethereum has not only taken a significant market share from bitcoin, but it has consistently grown in the same time period. While bitcoin had maintained the majority of the market dominance for the longest time, it has not taken altcoins a long time to come for the majority share. In fact, this year, the market dominance of bitcoin feller 50%.

As ethereum’s market dominance has grown, it is important to look at what this might mean for the digital asset and how it may play out in the future. Ethereum has no doubt had an incredible run this year but does growing market dominance indicate a continuous rally?

Related Reading | Only In Crypto: A Croissant Explains Web3 And NFTs To Elon Musk

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Ethereum Dominance On The Rise

Ethereum’s market cap had grown as a result of the price surge that the digital asset recorded this year. At almost $500 billion, it remains at only about half of bitcoin’s market cap but has grown to become one of the most valuable assets in the world. Following this, the market dominance of the altcoin has also risen as adoption of the asset had grown rapidly.

In the space of a year, the market dominance of the asset has grown 10%, taking most of the share from bitcoin. This has been an indicator of how much the cryptocurrency had grown, as well as some long-term implications.

Ethereum price chart from TradingView.com

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ETH trading at $3,918 | Source: ETHUSD on TradingView.com

As ethereum continues to maintain such a large dominance of the market, it solidifies its place as one of the most valuable cryptocurrencies in the space. With its numerous use cases such as DeFi and NFTs, in addition to its real-world applications, it is expected that ethereum will continue to see a larger share of the market dominance.

What this will mean for the altcoin is pretty simple. With this kind of rapid adoption will come more demand and as the ETH burn continues to reduce the supply of coins in the market, the value of the digital asset could be hitting new highs in the coming months.

Altcoins Taking Control Of The Market

In a recent report from TradingPlatforms, it is outlined that altcoins have tripled their market dominance in the last seven years. At one point, bitcoin maintained over 90% of the market dominance. However, as more altcoins like ethereum have grown into prominence and seen rising adoption, this number has dropped significantly.

The report states that the rise in altcoin dominance has been a result of a mindset shift when it comes to cryptocurrencies. Many investors believe that bitcoin has already grown too much and is too expensive and as such, are looking at what they believe to be ‘the next bitcoin.’ This has led to the adoption of altcoins as an alternative to bitcoin.

Related Reading | Crypto Research Analyst Puts Ethereum At $9,000 In Six Months

The author also notes that higher market dominance translates to higher market caps, which in turn plays a major role when it comes to how a cryptocurrency is ranked. Investors will usually look at market caps to determine if a cryptocurrency is ‘safe’ to invest in and “in essence, it’s a pointer to how stable the asset is,” the report reads.

Going by this, ethereum may be headed for higher adoption as more investors look towards its market dominance as an indicator of its stability. This points to bullish tendencies as the new year rolls around.

Featured image from ElevenNews, chart from TradingView.com

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RoboHero: Generating Income for Play2Earn Gamers

by CryptoPotato

The gaming industry has evolved over the years, with more than three billion people around the world expected to be playing video games from different devices by 2024.

Following the increased interest in video games, the industry is currently valued at $336 billion. But despite gamers contributing majorly to the income generated from gaming activities, the major beneficiaries of everything monetary gotten from the games are developers and publishers. In fact, players have little to no way to share in the value acquired from the sale of in-game assets.

This unjust system of video game profit-sharing has persisted for years. But the birth of play-to-earn (P2E) games is changing the narrative, allowing players to earn monetary incentives while gaming.

One of the platforms that offer gamers such an opportunity is RoboHero, a P2E non-fungible token (NFT) project that is making waves in the crypto industry.

What is RoboHero?

Robohero is a P2E NFT gaming platform that is built on the Terra blockchain. According to the project’s whitepaper, the game was created by three specialists who have vast experience in different cryptocurrency sectors, such as trading, NFT, among others.

The RoboHero mission is centered on entertaining players with quality graphic gameplay while giving them the means to earn a living by not only playing the robotic action game but through a set of decentralized finance (DeFi) initiatives.

The Game Story

The game is set in the year 31337, after a climatic catastrophe that stemmed from the constant degradation of the environment by the human race. The unfavorable climatic conditions made it difficult for humans to survive, with previous technological developments allowing them to start living as bio-robots, mechanical beings.

With resources being scarce, the robots needed a mythical Luna that would enable them to perform different life functions. This made the robots split into factions in order to fight to obtain the Luna elements.

The game can be played in two modes, story and multiplayer. Players are required to have some amounts of LUNA in their wallets before they can play the game. It’s also important to note that there is a watch-to-earn feature that allows users to earn the LUNA needed to start the game by watching ads.

img1_nft_robohero
Source: Official Website

Features of RoboHero

NFT

RoboHero has a unique set of NFT cards that players must collect during gameplay, to upgrade the physical attributes of their robots and subsequently increase their chances of progressing further in the game.  Players can acquire different NFT cards.

Play to earn

In the story mode, players can earn a ROBO token of up to 30% of the token’s total supply, while gamers who choose the multiplayer mode will not only earn ROBO but will be rewarded with LUNA.

Watch to earn

Since not all players may be buoyant enough to own the LUNA cryptocurrency to play the game, RoboHero has created an initiative to reward players with LUNA when they watch ads on the app.

In-Game Billboard Ads

Users have the opportunity to rent or purchase billboard spaces where they can advertise any content of their choice. The content on the billboard will be visible to other players during gameplay. It is worth noting that each advertising space can be acquired in the form of an NFT.

The ROBO Tokenomics

Although the project is yet to officially launch ROBO, which will act as its utility token, it has released details about the cryptocurrency. According to the team, ROBO will be launched on the Terra blockchain with a total supply of two billion tokens.

Of the total supply, 10% will be offered to private investors during an upcoming seed phase funding round, while 3.5% of the supply will be sold to public investors in an IDO that will be hosted on StarTerra, a gamified launchpad.

With RoboHero focused on giving players the opportunity of earning a living via its games, 30% of the supply will be allocated as P2E rewards. 9% will be stored in the treasury, while 23% will be allotted to RoboHero’s founders, advisors, and for future development of the project.

Finally, 24.5% of the token’s supply will be distributed to marketing campaigns, partnerships, staking rewards, liquidity reserves, and airdrops.

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Fake MetaMask Governance Token Soars 2600% and Gets Rug-Pulled

by CryptoPotato

The rumors of a potential MetaMask governance token airdrop have been going rampant on Crypto Twitter for quite some time now. it appears that scammers are taking full advantage and have managed to lure several hundred users in their schemes.

  • MetaMask is the most popular non-custodial wallet for Ethereum and it played a huge role in the DeFi summer of 2020.

  • Ever since Uniswap airdropped its governance tokens, many decentralized projects are doing the same.

  • Now, users are speculating that MetaMask is going to do an airdrop and many seem to believe that their snapshots would be taken in a few days – on New Year’s Eve.

  • As of yet, though, these are only rumors and speculations as MetaMask hasn’t officially confirmed anything.

  • This is where scammers come into the picture. Someone has created a fake MetaMask governance token with the MASK ticker and has put it up for trading on Uniswap yesterday.

  • This was immediately detected by traders and over 390 users bought it as the token reached over $9 million in traded volume. At the time of this writing, the liquidity has been pulled.

  • One Twitter user reported that once approximately $1 million of the token was bought, sales were locked “and they’ll likely tornado cash out the money, the same way that they tornadod the initial money to fund liquidity.”

  • Other users have also reported getting scammed by this.

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Avalanche-Based Altcoin Jumps After Getting Surprise Support from Crypto Exchange Binance

by Dailyhodl

The native token for a decentralized exchange (DEX) built on Avalanche spiked in price after being listed on crypto giant Binance.

In a new announcement, Binance says that the native governance token of TraderJoe (JOE), an automated market maker DEX, will now be available for trading.

The news sent the altcoin’s price vertical, leaping 20 % from $2.20 to $2.65 almost instantly. JOE peaked as high as $2.67 but has since corrected back to $2.31 at time of writing.

JOE has been on an incredible run since August when the token was valued at under $0.10. While the overall crypto markets experienced a roller coaster of price swings during the fall months, JOE remains up over 20x since beginning its ascent.

In addition to the TraderJoe exchange, the project also features the lending protocol BankerJoe which implements features from Avalanche and the decentralized finance Compound (COMP) protocol.

JOE token holders are able to stake, provide liquidity and vote on project governance.

Binance says JOE will be available in the Bitcoin (BTC), Binance USD (BUSD) and USDT trading pairs.

Layer-1 smart contract platform Avalanche has also been on a winning streak over the past two weeks, with native token AVAX rising 59.85% from $79.71 on December 14th to as high as $127.42 last week.

It has since corrected and is currently trading for $108.38.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Investment Veteran Tom Lee Makes Massive 2022 Bitcoin Prediction – Here’s His Target

by Dailyhodl

Fundstrat Global Advisors’ managing partner Tom Lee is disappointed with the end-year performance of Bitcoin (BTC) in 2021 but still thinks the leading crypto asset could soar to new heights in 2022.

In an interview with trading education platform MarketRebellion, Lee says that with Bitcoin surviving multiple hardships in 2021, BTC may only have clear skies ahead for next year.

“I think Bitcoin… You know, I’m disappointed it didn’t exit 2021 higher…

I think it’s still got a chance to rally because the S&P is rallying, so Bitcoin should move contemporaneously with that. 2022 should be a good year. 

Because the things that disrupted Bitcoin in 2021, such as China essentially banning mining, trying to essentially ban Bitcoin, would have been considered a crypto winter-type event, and it didn’t kill Bitcoin. 

So, unless the US government bans Bitcoin next year, Bitcoin has already had some of the negative catalysts already play out… so I think Bitcoin could do really, really well.”

When pressed for a Bitcoin price prediction, Lee states that the price of BTC could explode up to four times from current levels by the end of next year.

“Now, in terms of percentage upside, again I’m kind of disappointed it didn’t reach $100,000 this year, but I think next year [it will] easily get to the $100,000, but…

Let’s say that it should have been $100,000 this year, so maybe Bitcoin is in that $200,000 range [next year].”

Bitcoin is trading at $48,642 at time of writing, down over 6% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Getting paid in BTC was a ‘big part’ of the reason this MMA fighter signed with Eagle FC

by Cointelegraph

Kevin Lee, a professional mixed martial arts fighter, has said a major factor in his decision to sign with a new promotion company was Bitcoin (BTC).

According to a report from MMA news outlet BJ Penn, the Russia-based Eagle Fighting Championship will be paying Lee in BTC as part of a four-fight contract. The fighter has reportedly been a HODLer since before the 2017 bull run, later using some of the profits to live off of after paying for knee surgeries.

“To be paid in Bitcoin and not give me any pushback on it whatsoever, was huge in the decision [to sign with Eagle FC],” said Lee. “It gives me a lot more financial security and will help me fight better, too.”

Payments concerning the Eagle FC were not disclosed, but Lee has previously earned as much as $280,000 through his UFC fight with Tony Ferguson. In a Dec. 17 interview, Lee implied Eagle FC would pay more than he made while under contract with the Ultimate Fighting Championship, or UFC, meaning a potential payout of 5.86 BTC or more at current prices. 

Lee, also known as The Motown Phenom, was recently suspended from fighting for six months and fined after testing positive for Adderall. He was later released from his UFC contract before Eagle FC attempted to add him to their roster — his first fight with the company is expected to be against Diego Sanchez on Mar. 11.

UFC has been delving into the benefits of digital assets through partnerships with crypto and blockchain firms. In July, the organization inked a $175 million deal with Crypto.com for the next ten years, an agreement that eventually led to the release of UFC-licensed nonfungible tokens. In addition, the fighting championship has previously partnered with blockchain rewards app Socios and tokenization platform Chiliz to release a fan token.

Related: How crypto is going to shake up the world of mixed martial arts

Individual MMA fighters have been expressing interest in BTC and other tokens since Jon Fitch became the first professional fighter to be paid in Bitcoin in 2015. Last year, former UFC lightweight champion Eddie Alvarez said he had purchased some BTC, while Ben Askren was paid to promote Litecoin (LTC) and supported the most recent BTC halving.