Day: February 8, 2022

Ethereum in Final Accumulation Phase? Analyst Benjamin Cowen Predicts ETH Breakout After Long Sideways Action

by Dailyhodl

Crypto analyst Benjamin Cowen says that Ethereum (ETH) is most likely gearing up for a major breakout after nearly a year of sideways reaccumulation.

In a new strategy session, Cowen says that the price range between $2,000 and $4,000 is one big reaccumulation zone for Ethereum on its way to higher prices.

“It would seem like there’s a good possibility that Ethereum would also eventually break out of this long reaccumulation zone that has basically just been $2,000 and $4,000. Between $2,000 and $4,000 is the reaccumulation zone in my opinion. If we break out of that and head higher, that’s when things can get somewhat crazy. There’s no guarantee that we ever come back to these prices again if we go higher. 

We could, but whenever we breakout from here we’ve never visited these prices.”

Cowen puts forth a scenario whereby Ethereum manages to fully come out of the current sideways market structure by June or July of this year, before going on a parabolic rally that ultimately ends with a bear market back down to the current reaccumulation zone.

“If we do come out of this downtrend let’s say by the summer, and we come back up to the prior all-time highs, and then Ethereum breaks out and we start trending higher, maybe we get up to the $7,000-$8,000 level and then we have to go sideways there for half a year… 

And then, if it breaks out into some final market cycle peak like that, then perhaps this downtrend will end somewhere below a potential accumulation range… This would just be if it repeats what happened last time.”

Source: Benjamin Cowen/YouTube

At time of writing, Ethereum is trading at $3,047, up 13% in the last week but still down over 37% from its all-time high.

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Solana (SOL), Avalanche (AVAX) and Two More Altcoins Will Survive ‘Crypto Winter’: Morgan Creek’s Mark Yusko: Report

by Dailyhodl

Morgan Creek Capital Management’s Mark Yusko is naming four crypto assets that he believes could withstand a market downturn relatively well.

According to a Business Insider report, Yusko says that the native tokens of smart contract-enabled blockchains Solana (SOL), Avalanche (AVAX), Cosmos (ATOM) and Polkadot (DOT) are among the crypto assets capable of surviving a bear market.

In the case of Solana, the Morgan Creek founder says that the seventh-largest blockchain by market cap is a “great protocol.”

“There’s probably still some potential volatility in the price ahead. But long term, I think it’s a great protocol.”

According to Yusko, cryptocurrencies will be in a bear market for the next 12 months or so before the next Bitcoin halving event kicks off a bull cycle.

“What you’re seeing is crypto is definitely in a bear cycle. It’s going to struggle for the next 12-ish months then we’ll go back to the next bull cycle triggered by the next halving event.”

The last Bitcoin (BTC) halving event occurred in May of 2020. The next one is expected to take place during the first six months of 2024.

Yusko also says that Bitcoin is not correlated to stocks though it might appear to be so on shorter time frames. For instance, Bitcoin is down 7.77% year-to-date compared to the tech-heavy Nasdaq which has fallen 9.89% year-to-date in the wake of the Federal Reserve’s intentions to hike rates.

“You can’t calculate correlation over the short-term. Just the math doesn’t work. And so yes, it is true that in times of stress, ‘all correlations go to one.’

Zoom out, the correlation of Bitcoin to equities is 0.15 for long periods of time. Some weeks, some months, it goes higher, but over the long term, it’s still 0.15 and to bonds, it’s 0.”

Correlation can take a value of between -1 and 1. The higher the value, the stronger the correlation, and the lower the value, the weaker the correlation.

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‘China’s crypto ban had little impact on Neo,’ says organization’s developers

by Cointelegraph

Once hailed as the “Ethereum of China,” Neo’s token price has fallen on hard times ever since the world’s most populous nation introduced a series of acute bans on cryptocurrency operations last year. In an exclusive interview with Cointelegraph, Neo’s developers — who wished to remain anonymous — explained that partners run most projects sponsored by Neo Global Development, or NGD, from a wide range of countries outside China that serve users all over the world.

In addition, Neo continues to expand inside China. It is currently one of seven open permission blockchains servicing the nation’s Blockchain-based Service Network, or BSN. One of the group’s goals is to expand the adoption of nonfungible tokens in the country.

There’s also been quite a few decentralized finance, or DeFi projects, and decentralized applications, or dApps, since the launch of the Neo 3.0, sometimes stylized as Neo N3, mainnet last year. One example is Defina Finance, an anime-styled NFT metaverse game that uses a play-to-earn model. Total trading volume in the Defina marketplace has exceeded $100 million at time of publication. Defina began expanding to Neo N3 in 2021 in partnership with NGD.

But according to the project’s team, the “coolest” development is probably that of Rentfuse. Our sources from Neo explained:

“Rentfuse is a protocol designed to manage NFT rental agreements between owners and tenants for gaming or other functions. Neo leadership is working with Rentfuse to establish it as an NFT leasing standard for the Neo ecosystem.”

Its developers, too, appear to be fond of the greater Neo community. “We reached thousands of people through Neo socials to let people know more from us, and we have developed the core contracts of Rentfuse,” so said Michael Fabozzi, founder of Rentfuse, in a statement to Cointelegraph. “Thank you for believing in us.”

Meanwhile, sources at GhostMarket, a multi-chain Neo NFT marketplace that recently raised $2 million in strategic funding and completed an initial DEX offering on Flamingo Finance, told Cointelegraph:

“Neo’s $10 million N3’s early adoption program [last year] was vital for Neo to attract and onboard new projects and was very much needed to exponentially scale Neo ecosystem.”

When asked about what made Neo unique in a sea of smart-contract, proof-of-stake blockchains, they explained that out of many highlights, Neo 3.0 has a native built-in oracle for HTTPS or NeoFS requests. A distributed data storage solution also exists for scalability and privacy on the NeoFS Network.

In addition, interoperability protocol Poly. Network enabled cross-chain communications between Neo and Ethereum (ETH), Binance Chain (BNB), and more. There’s also NeoID, which is a self sovereign identity initiative allows developers to customize the precise level of attribute verification needed to ensure that contract operates correctly.

Defina Finance gameplay | Source: Defina Finance