Tag: Atom

Analyst Says One Altcoin Primed To Skyrocket, Gives Update on Ethereum (ETH), Terra (LUNA) and Avalanche (AVAX)

by Dailyhodl

The anonymous host of cryptocurrency channel InvestAnswers is listing one altcoin that he expects to “skyrocket.”

InvestAnswers tells his 409,000 YouTube subscribers that Cosmos (ATOM), a network of many independent but interconnected blockchains known as zones, is slated to surge by about 40% in a month or less.

“It’s pretty clear to me that we will hit $45 in probably a month or less. It [ATOM] just looks absolutely perfect and set to skyrocket as we go forward. Not much selling pressure on the horizon and we should be able to get to that level [of] $45 which it hit four or five times in the last couple of months.”

ATOM is trading at $31.08 at time of writing.

Next up, InvestAnswers says that Ethereum (ETH) is currently at the 0.5 Fibonacci level, a key Fibonacci retracement level that represents the halfway mark of a prevailing trend.

The crypto analyst adds that ETH could hit a new all-time high if it manages to break above the 50 and 200-day moving averages.

“We’re now getting close to the 0.5 Fibonacci level, about $3,300. Notice as well we need to break through the 50-day moving average. And then the next is to break through the 200-day moving average. And then we’ll get to hopefully $3,700. After that, $4,150. After that, new all-time high $4,800.”

ETH is trading at $3,146 at time of writing.

Next up is the native token of Terra (LUNA), a blockchain protocol consisting of a suite of decentralized stablecoins.

The crypto analyst says that LUNA is eyeing the $65 price level after bouncing off the 200-day moving age.

“This one [LUNA] is making a nice recovery too…

We are heading back towards the 0.386 Fibonacci level of $65. And then after that, you know LUNA can move very very fast when it wants to.”

LUNA is trading at $55.55 at time of writing.

Next up is the native token of Avalanche (AVAX), a smart contract-enabled blockchain. The crypto analyst says that AVAX is in an overbought zone based on the Relative Strength Indicator (RSI). The RSI indicator ranges from 0 to 100 – where 70 or higher indicates overbought conditions, and potentially the end of a rally, while 30 or lower indicates oversold conditions, and potentially the end of a sell-off.

“Avalanche did get rejected off the $95 level. It’s now at about $87 and the RSI is quickly approaching overbought…

Avalanche chart might be running a little bit out of steam, we’ll see. But hitting $95 was a clear selling point.”

AVAX is trading at $88.85 at time of writing.

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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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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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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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Cosmos Records 20% Gain, What’s Behind The Boom In Its Ecosystem

by NEWSBTC

The Cosmos ecosystem has seen an explosion of interest in the past year. Projects like Terra (LUNA) have increased its numbers of users and will continue to boost its position in the crypto space as its ecosystem keeps expanding.

Related Reading | Cosmos (ATOM) Jumps 36% WTD: What’s Driving Its Price Rally?

As of press time, Cosmos (ATOM) trades at $32,57 with a 7% profit in the past 24 hours. The cryptocurrency follows the general sentiment in the market, as Bitcoin (BTC), Ethereum (ETH), and other large cryptocurrencies trend to the upside in lower timeframes.

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Cosmos ATOM ATOMUSDT
ATOM with bullish momentum on the daily chart. Source: ATOMUSDT Tradingview

In an official blog post, the team behind Cosmos recently announced the new project to be release as testnets in 2022. The team celebrated Terra, Secret Network, Osmosis, and other projects in the ecosystem and announced others that will be introduce this year. The team said:

Many up-and-coming projects are running testnets and incentivized testnets that will precede their debuts to mainnet this year.

A testnet, as explained by the post, are a widely use tool for internet development. They let developers test upgrades, products, and more before deploying on a mainnet. A test network or testnet simulate that original environment to carry out such test under similar conditions as if they were already deployed.

Developers and users benefit from testnets because it allows the former to discover and fix bugs and issues, improve user experience, and the latter to leverage a clean and battle tested software. The Cosmos ecosystem holds over $100 billion in terms of total value locked, testnets provide an additional layer of development to guarantee its safety and optimal stability. The team said:

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Over the years, Cosmos testnets have proven to be extensively successful in many areas, such as uncovering issues with the consensus engine, state machine, and even the operational setup of validators.

Top Projects To Watch On Cosmos For 2022

Amongst the projects cited by the Cosmos team, there is Archway. This incentivized smart contract platform will provide the ecosystem with CosmWasm integration and enable direct developer reward into the protocol. In that way, developers, users, and early investors will receive a share of the rewards from launching a product.

Archway will launch “Augusta”, its first incentivized testnet in March 2022. Users will have a chance at earning rewards during this tesnet’s different stages.

In addition, Archway will be accompanied by Celestia, Cosmos’ first “modular blockchain network”. This platform will allow developers to deploy their own virtual machines without, according to the post, having to “bootstrapt their own consensus network”. Thus, bringing new dApp possibilities into the ecosystem.

The project is currently on its devnet phase, but once deployed it’ll let applications to maintain a high level of sovereignty and security with a high degree of scalability. Celestia’s public testnet is set to be rollout at some point in Q2, 2022.

Moreover, the Cosmos will see the launch of Tgrade, the “first regulated DeFi platform”, the protocol will operate with a mix between Proof-of-Stake (PoS) and Proof-of-Engagement (PoE). Unlike regular PoS project, Tgrade will reward all of its community via its PoE mechanism.

Related Reading | Terra (LUNA) Holders Approve New Sports Sponsorship Deal

Finally, this ecosystem will see the rollout of Umee with an incentivized testnet for its lending and borrowing platform. However, many more projects will be introduced via tesnets and on the mainnet making this network one to continue to watch on 2022 and beyond.

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2022 Will Be Big Year for Cosmos (ATOM), According to Coin Bureau – Here’s Why

by Dailyhodl

The host of popular crypto channel Coin Bureau has a bullish outlook for decentralized parallel blockchain network Cosmos (ATOM) in 2022. 

In a new video, the analyst known as Guy tells his 1.93 million YouTube subscribers that Cosmos developers are now creating demand drivers that could push ATOM higher this year.

He cites the Vega update in December that introduced new features and major upgrades to the network.

“For what it’s worth, I’m confident that Cosmos will find a way to add value to ATOM both inside and outside of its ecosystem. From where I’m standing, it looks like it’s focused on exactly that, the Vega update for example. I truly believe that 2022 is going to be a big year for Cosmos so long as we don’t enter another crypto winter.”

Cosmos is an ecosystem of parallel blockchains that can communicate in a decentralized manner. The Vega update aims to enhance the performance of the Cosmos Hub and ensures the seamless adoption of future upgrades.

As ATOM currently trades for $30.81, Guy identifies a critical price resistance that he says will likely be a determining factor in its price action.

“Cosmos’ announcements, upgrades and developments have taken ATOM on a tear, but it’s only up about 50% since I last covered the project in September.

Besides the general weakness we’ve seen in the crypto market since December, ATOM has tried and failed to claim the $45 mark three times over the last few months. Unfortunately, this means that it’s likely to see a lot of resistance if and when it approaches those levels again…

As far as ATOM’s price potential goes, it’s hard to say. Cosmos is a large-cap cryptocurrency as it is, and this means it will be hard for ATOM to pull more than a 3x or a 4x before the bull market is over.”

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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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Coinbase Will List New Class of Crypto Assets, Move Beyond Ethereum Tokens: Report

by Dailyhodl

The top US crypto exchange Coinbase is reportedly on the brink of listing tokens based on Ethereum-competitor Solana (SOL).

According to a recent report, the crypto exchange giant will begin allowing withdrawals of coins in the Solana Program Library (SPL), Solana’s smart contract token standard.

If enacted, this would mark the first time Coinbase offers Solana-based coins on its exchange, though it supports SOL and a variety of Ethereum-based tokens and other layer-1 crypto assets such as interoperable blockchain Cosmos (ATOM).

The anonymous sources said that the feature would be implemented in the “near future,” but did not give a specific date.

One source reports that popular Solana-based stablecoin USD Coin (USDC) would be among the digital assets offered by the crypto exchange. No other information about which SPL tokens would be supported was given.

Last year, Coinbase CEO and billionaire Brian Armstrong tweeted that the crypto exchange’s goal is to list every digital asset it’s legally allowed to.

“Reminder about how Coinbase lists assets: our goal is to list every asset where it is legal to do so…

We’re working hard to keep up with the incredible amount of assets being issued, and responding to and interacting with the amazing asset issuers who are doing their own hard work, day and night, to build the future of this industry.”

Solana is exchanging hands at $93.12 at time of writing, a 15% increase from its seven-day low of $82.38.

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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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This Is Why Cosmos, Fantom and Near Are Surging Amid a Correction, Says Crypto Hedge Fund CEO Zhu Su

by Dailyhodl

Three Arrows Capital CEO Zhu Su is offering his opinion on why Cosmos (ATOM), Fantom (FTM) and Near (NEAR) are appreciating as the rest of the market trends downwards.

Su says in a series of tweets that the three digital assets are among the cryptocurrencies that macro investors own the least amount of.

According to the crypto hedge fund CEO, macro investors are exiting their crypto positions as the Federal Reserve Bank starts cutting asset purchases, also known as tapering.

Su says the macro investors entered their crypto positions after the market crash witnessed in March of 2020 at the height of the Covid-19 pandemic.

“One path-dependent fact of history is that the Covid-19 March 2020 dump regrettably flushed out a lot of true believers, cryptonatives, who were long for halving.

On the way up, crypto caught a bid from macro funds looking for a higher beta play to monetary conditions.

I’m in the camp that with or without Covid-19, crypto was going to go up anyway–the Covid-19 flush-out simply changed the makeup of the participants. The Bitcoin/S&P 500 stock market index correlation increased substantially.

What we’re seeing now is an unraveling of macro fund positions as taper comes closer.

This capitulation + transfer of risk back to the market was very important for crypto. I expect much lower S&P 500 stock market index /crypto correlations going forward.

It’s not a coincidence that the coins macro boomers own the least of are holding up the best now (Near, ATOM, FTM) at current levels.”

Cosmos is currently trading at $43.93, up 80% over the past 30 days. Fantom is trading at $2.83, up 77% over the past 30 days, and Near is trading at $15.39, the same price it was exchanging hands seven days ago. Over the past 30 days, NEAR is up by slightly over 100%.

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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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Cosmos ecosystem tokens rally after Evmos promises Ethereum interoperability

by Cointelegraph

The wider cryptocurrency market is facing another day of volatility and selling on Jan. 7 as Bitcoin (BTC) bears managed to break bull support at $42,000. The price of Bitcoin was pushed to a daily low of $40,620 before resources were exhausted. 

Data from Cointelegraph Markets Pro shows that 4 of the top 7 gainers of the day are part of the growing Cosmos Hub. This ecosystem currently uses the Interblockchain Communication protocol (IBC) to facilitate interoperability and communication between connected networks.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Here’s a look at what’s behind the strength seen in IRISnet (IRIS), Secret (SCRT), Akash Network (AKT) and Cosmos (ATOM).

IRISnet expands its NFT capabilities

The top gainer over the past 24-hours has been IRISnet, an interchain service hub for decentralized applications that enables cross-chain interoperability and provides businesses with modules to support running a distributed system.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.079 in the early trading hours on Jan. 7, the price of IRIS blasted 84% higher to hit a daily high at $0.144 as its 24-hour trading volume surged 2,320% to $112.6 million.

IRIS/USDT 4-hour chart. Source: TradingView

The sudden surge in price and volume for IRIS comes as the protocol’s nonfungible token community continues to expand thanks to the upcoming launch of the Uptick Network NFT ecosystem. These efforts have helped to attract new users to the IRISnet ecosystem.

Pulp Fiction NFTs are coming to the Secret Network

The Secret Network is a blockchain protocol with built-in data privacy for smart contracts that enables programmable privacy for data transfer, decentralized finance (DeFi) and NFTs.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SCRT on Jan. 3, 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 that includes market sentiment, trading volume, recent price movements and activity on Twitter.

VORTECS™ Score (green) vs. SCRT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for SCRT began to pick up on Jan.3, around 55 hours before the price increased 25% over the next day.

The boost to SCRT price comes after it was revealed that movie director Quentin Tarantino will be releasing NFTs from the popular move Pulp Fiction on the Secret Network.

Akash Network partners with CloudStack

The Akash Network bills itself as the world’s first decentralized cloud computing marketplace for DeFi. Known as DeCloud, the service enables any application to launch quickly without the need to set up, configure or manage servers.

Data from Cointelegraph Markets Pro and TradingView shows that after a quick drawdown to a low of $2.33 on Jan. 5, the price of AKT rebounded 25% to a daily high at $2.93 on Jan. 7 as its 24-hour trading volume increased by 88%.

AKT/USD 4-hour chart. Source: TradingView

The building momentum for AKT comes following the announced partnership between the Akash Network and CloudStack, a decentralized cloud aggregator that offers a portal to access any decentralized storage network, including Filecoin, Arweave and Storj.

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

Bulls like the idea of interoperability between Cosmos and Ethereum

Cosmos is the foundational blockchain protocol for the entire Cosmos Hub, billing itself as the “internet of blockchains.” ATOM holders stake the platform’s native ATOM token to secure the entire ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SCRT on Dec. 29, prior to the recent price rise.

VORTECS™ Score (green) vs. ATOM price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ATOM climbed into the green zone on Dec. 29 and hit a high of 80 just as its price began to increase by 79% over the next nine days.

The overall cryptocurrency market cap now stands at $1.987 trillion and Bitcoin’s dominance rate is 39.9%.

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.