Tag: Cryptocurrency News

Bloomberg: Ethereum Price Levels May Fall Below $2,000

by NEWSBTC

After the cryptocurrency market collapsed in January, some assets closed the month in the red. This includes Ethereum, the second-largest cryptocurrency by market capitalization, which went below 27% from December.

While Ethereum (ETH) has already seen positive returns in February, the potential of a price crash remains. The price of ETH might drop as low as $1,700, according to Bloomberg. Experts believe, however, that Ethereum’s bullish fundamentals will be preserved.

Ethereum May Follow Last Year’s Price Trend

Bloomberg has warned that it is pessimistic on Ethereum (ETH). Bloomberg experts anticipate that Ethereum might fall to as low as $1,700 in their latest Intelligence report. The drop, however, could be followed by an upward correction.

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According to Bloomberg, Ethereum (ETH) could follow in the footsteps of last year’s June to September price movement, and fall below current levels to reach the aforementioned price. The report reads:

“Ethereum could repeat last summer and revisit about $1,700. Once the weaker leveraged long positions were purged, the resolution was a new high around $4,800 in November. Ethereum approaching the lower end of its range has greater risks for shorts than longs.”

Led by senior commodity strategist Mike McGlone, the analysts noted that the ETH market is in a consolidation phase near the end of a bull market. This is evidenced by the fact that the market has benefited both buyers and sellers by trading in the $2,000 to $4,000 price range.

A bear storm usually affects long positions more than short positions. However, Bloomberg notes that the impact of this bearish shift will be worse for Ethereum shorts than for bullish holdings in this situation.

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Regardless, the analysts point out that Ethereum’s optimistic fundamentals remain intact, thus a price drop below $1,700 would be bullish for the cryptocurrency overall. It may even be essential, as it was last year, to cleanse “weaker leveraged long positions.”

According to Bloomberg, the second most valuable cryptocurrency has a strong long-term outlook. It compares Ethereum’s fundamentals to those of Bitcoin, which is predicted to break through $100,000 in the near future due to dwindling supply and rising demand. The report added:

“Ethereum’s fundamentals are similar, with straightforward technical guidance and buyers prevailing at about $2,000 and sellers around $4,000.” .

Ethereum and Bitcoin are projected to continue rising unless “something stops the spread of the nascent technology.” This is due to the fact that both cryptocurrencies are still considered to be in their early phases of acceptance.

Related article | Ethereum Beats Out Walmart, Mastercard To Be 25th Largest Asset In The World

Ethereum Price Turn Green

Currently, the price of Ethereum appears to be downplaying the issue. In the previous few days, the price of ETH has surpassed $3,000, a gain of roughly 19.7%. At the time of writing, ETH was trading at roughly $3,190, up 3.22% on the day.

Ethereum is trading in the green, along with several other altcoins, as the market recovers from last week’s losses. Ethereum has gained about 20% in the last seven days, making it the best performer among the top five Cryptocurrencies in terms of market capitalization.

Ethereum

ETH/USD 24-hours charts. Source: TradingView

Finder.com, a savings website, predicted a price of $7,609 for Ethereum later this year, but still expects it to decrease to $6,000 by the end of the year due to market competition.

Meanwhile, Vanessa Harris, Permission’s chief product officer, claims that the asset will lose a significant amount of value. By 2030, she expects Ether to be worth $100.

Her arguments are supported up by suspicions that Ethereum’s move from a Proof-of-Work to a Proof-of-Stake blockchain will not solve the problem of network congestion, which has resulted in high fee costs for network users in the past.

Ethereum is trading in the green, along with several other altcoins, as the market recovers from last week’s losses. Ethereum has gained about 20% in the last seven days, making it the greatest performer among the top five Cryptocurrencies in terms of market capitalization.

Related article | Vitalik Buterin On How To Eliminate Ethereum Network Congestion

Featured image from Deposit Photos, chart from TradingView.com

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Here’s How Soon Ethereum Might Target $3600

by NEWSBTC

Ethereum has been zooming up on its charts over the past few days. In the last seven days, the altcoin posted double-digit gains as it secured a 20% increase in market value. Post the dip, Ethereum along with other major coins have followed similar kinds of price movement. At the time of writing, ETH was valued at $3230.12.

Price action was considerably bullish today after weeks of consolidation as displayed by Ethereum. The altcoin toppled over its support level of $3085.60 and was seen hovering around the $3200 price level. Indicators pointed towards a bullish price action with possibilities of ETH moving further on the upside to test its immediate resistance levels.

Ethereum Soars By 20% In The Last Week

With Bitcoin recovering on its charts, the broader market displayed strength. Major altcoins have also witnessed increased buying strength. In the case of Ethereum, buyers have flocked the market and have also occasionally pushed ETH to an overvalued and overbought territory.

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Ethereum has breached resistance levels one after the other which has shot up investors’ interest and confidence in the past week. Sustained buying strength could make ETH eye its immediate price ceiling of $3400. ETH has managed to surge 50% since January’s price dip.

Price Analysis: ETH/USD Four-Hour Chart 

Image Source: TradingView ETH/USD

On the four-hour chart, ETH had displayed an upward price action over the past week. At press time, the most popular altcoin was priced at $3230.12. In the past 24 hours, however, Ethereum just appreciated by 1%. Overhead resistance for the coin stood at $3391, past which, the price ceiling awaited at $3609.

The technical outlook for the coin was bullish at the press time, even though over the last day ETH hasn’t managed to secure substantial gains. The price of ETH was seen above the 20-SMA line, a reading that indicated buyers in the market were in charge of pushing the price momentum forward.

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The Relative Strength Index has managed to remain above the half-line in the past week, as RSI has dipped below the zero-line. At the time of writing, was near the 60 mark which meant that buyers preceded sellers in the market.

In the case of buyers remaining in the market, if ETH continues to trade above the current mark for the immediate trading sessions there’s a chance that the altcoin will continue to remain bullish. In the event of sellers taking over, the local support level for ETH was at $3085 and then at $2839.

Related article | Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year

Chances Of ETH Dipping?

Ethereum’s important technical indicators have pointed towards a bullish bias, although some indicators have displayed chances of a price reversal. On the four-hour chart, ETH had formed a Death Cross which is considered bearish. The 200-SMA line crossed over the short-term 50-SMA line, ever since which, ETH continued to hover near the current price level.

MACD flashed a bearish crossover, with red histograms lining up underneath the zero-line. This meant that bears could be taking over and a possible sell signal. In accordance with the sell-signal RSI despite being positive noted a downward movement at the time of writing.

The volume of Ethereum closed high in red the previous session which displayed that bears dominated the previous price session. In case Ethereum laterally trades over the next trading sessions, it could dip to its aforementioned support levels.

Related Reading | XLM Takes Off With 20% Gain, SDF CEO Outlines Drivers Which Could Fuel Rally

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Crypto Market To Drop 80% Like Early Internet Company Stocks?, Why This Analyst Thinks So

by NEWSBTC

The crypto market cap has recently begun to recover regaining $2 trillion. However, an analyst thinks a bear call could be in place given several similarities between the dot-com bubble in 2000 and the current crypto market.

Related Reading | Crypto Market Cap Regained $2 Trillion With Bitcoin Reaching At $45K

Crypto Mirrors The Internet. Good Or Bad News?

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Recent studies show that the adoption curve of cryptocurrencies is looking similar to the early adoption of the internet around 1993, which could point in at a hyper-inflection point to happen soon where crypto and its related technologies become a regular tool used in everyone’s day-to-day lives. This could call for demand to increase and value to rise with it.

However, an analyst predicts that similarities with the internet could turn into a repetition in history where the crypto market would drop around 80% as the Nasdaq did back in 2000 amidst the dotcom bubble, a result of speculative investments and an overabundance of capital markets funding dotcom startups that later failed to make a return.

Investopedia explains that the dotcom bubble “was a rapid rise in U.S. technology stock equity valuations fueled by investments in Internet-based companies in the late 1990s.” The Nasdaq rose five-fold between 1995 and 2000, but then dropped reaching almost 77% in losses by Oct. 4, 2002.

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“Even the share prices of blue-chip technology stocks like Cisco, Intel, and Oracle lost more than 80% of their value. It would take 15 years for the Nasdaq to regain its peak, which it did on April 24, 2015.”

Analyst Tasha Che shared via Twitter a take that traces the possibility for the crypto market to enter an extended bear market with a similar drop to the Nasdaq’s in the 2000s. Che sees these main similarities:

  • By 2000, the internet had a user base of 413 million people, around 6% of the world’s population. Nowadays, around 60% of the global population is using the internet, says Internet World Stats. In parallel, recent data collected by the GWI indicates that 10% of working-age internet users own some form of cryptocurrency, roughly 6% of the current world’s population as well.Ownership of Cryptocurrency by Age and Gender January 2022 DataReportal

  •  Both markets had a multi-year bull run due to the hype over “breakthrough tech” while being “thinly supported by actual use cases”.

  • “Monetary policy headwind”. In a similar macroeconomic scenario, in 2000 The Federal Reserve lifted 6 rate hikes by quarter-point in 1 year in an effort to slow down the rising prices of goods and services.

  • “In 2000 Bloomberg Internet Index reached a peak market cap of $2.9 trillion (about $3.5 trillion to today’s dollars)”, which then fell to $1,2 trillion by the end of the same year. Chen believes that “Given internet stocks back then cover wider subsectors than crypto today, a $2.5-3 trillion market cap would put crypto at par w/ dot-com valuation then.”

Crypto
Crypto total market cap at $1,9 trillion in the daily chart | Source: TradingView.com

The expert further noted that the two years that Nasdaq dropped 80%, “It was blessing in disguise for internet industry–weeded out opportunists, gave real builders breathing room to build & allowed organic growth. But absolutely brutal for investors.”

Chen states that this opinion is not “a straight bear call” given that “history doesn’t repeat blow by blow”, but with such a similar setup she thinks it may be “in the cards”. The missing factor is a blow-off top, which is defined as “a sudden rise in price and volume, followed by a sharp decline in price also with high volume.”

If that blow-off top happens in the next few months by going back to the $3 trillion cryptos total market cap range, Chen thinks we would “almost surely see history rhymes.”

Related Reading | Crypto Winter Is Thawing With Bitcoin And Ethereum Rebound Signal

The Opposite View

However, other users pointed out that Chen’s data does not properly take into account the nearly 5x M2 money supply increase over the last 20 years, which has risen from $4.6 trillion in 2000 to $18.45 trillion in 2020.

Another user noted that the two markets may not be systemically correlated outside of sentiment given that the Internet speculation in 2000 gave foot to the overly inflated market, but the now speculation in crypto could be seen as “a parallel liquid market.”

It was also pointed out that crypto represents a different case due to the assets being more reflexive. Growth in usage can reflect in price and increases in price can lead to usage. However, the dotcom bubble did not slow down internet usage as “nobody needed to buy AMZN to use Amazon.”

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Algorand Foundation Names Former JP Morgan Executive as CEO, ALGO Soars 10%

by NEWSBTC

Today, the Algorand Foundation announced the appointment of Staci Warden as their CEO. On the board of the foundation since September 2021, according to a press release, Warden will take on the responsibilities as its leader.

Related Reading | Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year

The Algorand Foundation will nurture from Warden vast experience. Before joining the organization, she ran the Global Market Development practice at the Milken Institute, a nonprofit think tank created with the objective of aiding people at “building meaningful lives”.

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At the Milken Institute, Warden led the nonprofit’s work on capital market development, innovative finance with sustainable development goals, and crypto and blockchain solutions, according to the release. Its subsequent participation in the Algorand ecosystem seems like a logical step.

This network aims at becoming the hub for the “future of finance” running on its Proof-of-Stake (PoS) blockchain by merging decentralize and traditional finances. Designed with a non-carbon emission approach, with low-cost and a scalable network, Warden has acknowledged its potential.

According to Kieron Guilfoyle, the Foundation’s Board Chairman:

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Staci understands the potential for Algorand to become a dominant Layer One blockchain, and she has the experience and expertise to drive our global efforts to scale and to deliver outstanding value to our community. I know she will waste no time in shifting the Algorand Foundation into its expansion phase.

In addition to her experience at the Milken Institute, Warden ran JP Morgan’s Europe, the Middle East and Africa (EMEA) practices. She also led the Nasdaq’s two market for microcap companies and held senior positions in the public and nonprofit sector at the U.S. Treasury Department, according to the release.

Furthermore, Warden worked for the Center for Global Development, and the Harvard Institute for International Development. The new member at the Foundation has experienced doing business in over 50 countries with a vast knowledge of the use cases and potential for crypto to aid people and mitigate real world issues.

The Algorand Foundation, And How Crypto Can Help The World

The Foundation believes the current year will be “key” in the development of ALGO network. In 2022, they expect the DeFi sector, Non-Fungible Tokens (NFTs), to continue to gain relevance and increase their adoption rates.

In that sense, the Foundation has set out to make the network a core “building block” for the digital economy of the future. Warded stated the following on her new role:

1.7 billion people in the world do not have access to finance, and the Algorand protocol has the speed, the security, and the decentralization to address the problem of global financial inclusion at scale. By both ratcheting up our global ambitions as well as doubling down on our commitment to the DeFi ecosystem, I know that we will deliver tremendous value for both the Algorand ecosystem as a whole and the end-users it supports.

Related Reading | Algorand, Solana, And More Lead List Of Biggest Losing Altcoins

As of press time, ALGO trades at $1,01 and has seen an almost 10% profit in the last week as the crypto market continues to trend to the upside. As the year enter the end of its first quarter, it’ll be interested to see if ALGO and the market in general will be able to sustain their bullish momentum.

Algorand ALOGUSDT
ALGOUSDT moving sideways on the daily chart. Source: ALGOUSDT Tradingview

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What’s Next For Polkadot As The Bears Reappear

by NEWSBTC

Over the last week, Polkadot shot up by 16% pushing DOT to trade at $21.15 at the time of writing. The bullish momentum helped the coin to trade above the $20 support level. Over the last 24 hours, DOT lost 2% of its market value. The coin was seen oscillating between $22.62 and $21 at press time.

Polkadot had tried to breach the $22.62 resistance mark for quite some time over the past few days. The bulls were rejected each time as the aforementioned price ceiling has acted as a robust one. Although DOT flashed sideways trading,  the bulls managed to keep prices above the 20-SMA line in the past few days. At press time, however, it could be seen that the bears were back as prices dipped below the 20-SMA mark.

Price Analysis: DOT/USD Four Hour

Image Source: TradingView DOT/USD

The price of DOT was seen below the 20-SMA line which meant that the price momentum of the coin was dragged by sellers. The nearest support region for DOT stood from $20.91 to $19.65. Polkadot’s trendline has been on the upside in the past few days as the coin continued to secure gains over the mentioned time frame.

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Polkadot considerably traded at the $22 price mark for a long, however, its attempt to move above that price level was dampened by the bears. The coin failed to trade above the crucial resistance mark, as a reason, DOT depreciated at press time. Continued sideways trading will further push prices down from the current level.

Technical outlook also picked up on the bearish price action and flashed bearishness at the time of writing. The Relative Strength Index had managed to sustain over the half-line as long as the bulls were near $22, the moment the coin lost momentum RSI fell through the zero-line. A fall beneath the zero-line presented a sell signal and sellers were seen overtaking buyers in the market.

MACD was also negative as the indicator underwent a bearish crossover. Red histograms were seen below the half-line, in accordance with the same reading, RSI depicted an increased number of sellers. MACD had displayed a sell signal for DOT.

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Related Reading | Ethereum Beats Out Walmart, Mastercard To Be 25th Largest Asset In The World

Next Trading Levels Of DOT

The continued drag from sellers would push the coin to $20.91 and then to $19.65. The volume of DOT was seen closing in the red in the past two trading sessions. Red volume bars are indicative of bearish price movement, this meant that the majority of exchanges happened through selling.

In the event of bulls re-surfacing, which could happen if prices reclaimed the $22 mark, there could be a positive price break-out. A break on the upside would propel prices to the next price ceiling of $25, however over the trading sessions DOT would keep moving on the downside and then attempt to reach the aforementioned resistance mark if the $22 mark again doesn’t prove to be a stiff price ceiling for the coin.

Related Reading | Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses

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K-Pop & NFTs: A New Binance Deal Shakes Up Audio On The Blockchain

by NEWSBTC

A new partnership has emerged in the NFT world between global crypto exchange Binance and South Korean entertainment company YG.

Let’s dive into both properties, and how they are striving for a more eco-friendly and sustainable framework for the future non-fungible token (NFT) collaborations.

      Related Reading TA: Ethereum Holds Strong At $2.5K: Indicators Show Fresh Increase

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A Look At The Binance & YG K-pop Partnership

In this new partnership, Binance will provide the executional assets around the NFT platform and surrounding technological infrastructure, while YG will supply NFT content and gaming assets. The two companies said that creating eco-friendly NFTs will be one of the primary focal points for future collaborations, with a goal of bringing K-pop stars to the metaverse.

This week’s announcement states that the memorandum of understanding (MoU) will reportedly give Binance access to develop digital assets based on the intellectual property associated with these artists.

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BNB:The Binance chart can be found on Tradingview.com. | BNB:USDtradingview.com

In a statement to the press, global head of Binance NFT Helen Hai said that the platform will be working “closely with YG to create an eco-friendly ecosystem for NFTs.” She added that the company believes “that it is important to promote the use of sustainable blockchain platforms.”

YG CEO Bo Kyung Hwang shared Hai’s sentiment, adding that the companies hope to “steadily build an innovative and eco-friendly NFT ecosystem.”

K-pop Meets NFT: Round 2

K-pop, short for Korean pop music, represents a large chunk of money in the Korean entertainment industry; roughly $4B is generated from this genre alone each year, making it one of the biggest in the world. YG manages a number of notable K-pop stars, including Blackpink, Big Bang and Winner.

This isn’t the first time k-pop and NFT’s have met up; back in November of last year, Hybe, a Korea-based entertainment label, partnered with the largest cryptocurrency operator in South Korea, K, which hosts the popular cryptocurrency exchange Upbit. The two properties launched a joint venture that focused on creating and marketing NFTs, tied to Hybe’s roster of artists. Animoca Brands, a growing player in the NFT and play-to-earn space, also announced it would partner with Korean record label Cube Entertainment to build a “k-pop metaverse.”

YG has its hands full with some of k-pop’s biggest stars, so this won’t be hard for the fans to find nor follow, as k-pop has some of the most die hard fans. It’s only a matter of time before both worlds collide, and the k-pop industry taps into the new NFT gold rush.

While some k-pop integrations have had luke-warm reception, it’s hardcore and loyal audience seems ripe for NFT adoption if audio-based NFTs and music-first metaverse plays are truly hear to stay. Only time will tell if this latest deal will have staying power in the market.

Related Reading Why Bitcoin Could Hit $90K By The End Of 2022, According To This Prediction

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Crypto Winter Is Thawing With Bitcoin And Ethereum Rebound Signal

by NEWSBTC

It’s been a rough few weeks for cryptocurrencies, but things are finally looking up! Cryptocurrencies that have fallen off their highs over the past three weeks appear to be on an upward trajectory again.

Crypto winter is thawing as crypto markets are showing some signs of life. For example, Bitcoin, which fell 52% from its November highs to a low of around $33,000, has gained 15% in the past seven days, and Ethereum, which dropped 55% from its all-time high, has rebounded 13%.

Related Reading | Bitcoin and Ethereum rebound signals ‘crypto winter’ thaw

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January was a tough month for crypto investors. Still, Bank of America’s global strategist Alkesh Shah says he saw increased interest from people who want to invest or trade cryptocurrencies. He expects prices will rise throughout 2022 and into 2023 as more regulatory clarity emerges about digital assets like Bitcoin.

Bitcoin Price
Bitcoin price is steady at around $44,000. Source: BTC/USD on Tradingview.com

When it comes to risky assets, like equities and real estate Shah says that their prices can fluctuate wildly. But with crypto, there is one additional factor: the Federal Reserve’s announcement about possible rate rises in March could affect its value too.

According to Shah statement;

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The market as a whole, and risk assets broadly, really weren’t expecting how many rate hikes are now being talked about.

Experts Predictions On Rate Hikes In 2022

The economy grows with each passing year, and inflation trends remain stable. This has led some experts to predict even more rate hikes in 2022. For example, Goldman Sachs’ forecast of four per season during the year 2022; however, one prediction stands out: Shah’s own bank forecasts seven increases in 2022. 

Related Reading | Seven hikes? Fast-rising wages could cause the Fed to raise interest rates even higher this year

The current decline in crypto prices is likely to continue for the next three months, but after that, it’s unlikely unless there are some significant changes. 

A recent study done by Shah suggests banks may hike interest rates which would cause even more problems with traders who rely on volatile assets like cryptocurrencies as their sole investment vehicle.

Crypto markets are adjusting to a new reality where risks no longer reap rewards. According to Shah, prices will again start climbing once the market will adjust to the new reality.

During the interview, Shah added:

Then, this group especially (crypto assets), can start to move up more based on the fundamentals of growth and adoption and all of the new applications being built on this ecosystem.

With recent developments in the blockchain space, more investors are beginning to take notice of Ethereum and its various applications. There’s not only one Ether but three different ones worth noting: Binance Coin (BNB) Avalanche (AVA). Each has its unique function that entrepreneurs can use to build on top of these networks or anyone looking into what they do – from security purposes all way down to simplicity.

Additionally, Shah said:

Investors just can’t ignore the sector anymore; It’s gotten too big to ignore.

                   Featured image from Pixabay, chart from Tradingview.com

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The Next NFT Gaming Revolution – Edensol’s Solana-based Metaverse

by NEWSBTC

Non-Fungible Tokens (NFTs) have become the go-to killer application for the gaming sector. The reason is simple: NFTs are a form of asset whose ownership is recorded on Blockchain and corresponds to a unique and specific digital piece of art, image, video – or in-game tool. This means that, for the first time ever, gamers can finally earn money with their talent (play-to-earn gaming), and metaverses can turn gameplay elements (characters, accessories, and even virtual land) into tradable assets with real-world value.

Unsurprisingly, NFT gaming is experiencing a head-spinning period of growth – with more to come:

  • Axie Infinity, the leading NFT metaverse, generated $3 billion in NFT sales in 2021 and has over 2 million daily active users.

  • There are more than 800 blockchain-based video games that allow you to earn rewards with NFTs.

  • A survey has shown that 58%of 197 game developers from the U.S. and UK said they are starting to use blockchain technology, while 47% have already started incorporating NFTs in their games.

  • Reddit co-founder Alexis Ohanian forecasts that P2E games will be 90 percent of the gaming market in five years.

  • More than $300 million in NFT metaverse land plots were sold in December 2021 alone.

What’s more, the application of NFTs to metaverses (a sector worth up to $1.54 trillion by 2030) has been labeled by Bloomberg as the place “where crypto, gaming and capitalism collide”, and potentially bigger than the internet revolution.

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A new NFT metaverse game is positioned perfectly to ride this convergence of powerful future trends – Edensol. This innovative game, developed by Lithuania’s Golem House game studio, has been designed to attract savvy NFT investors, newbie gamers, and the tens of millions of aficionados of games like Path of Exile and Diablo 3.

Edensol revolves around four powerful elements:

Powerful Gameplay – Quests, Heroes, Monsters…and much more. Edensol players are either Mages, Warriors, or Rangers, battling extraordinary creatures on electrifying quests – or fighting each other for supremacy, winning NSOL tokens (the platform’s native crypto) and grabbing additional NFTs as prizes.

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Valuable & Unique NFTs – NFTs take the form of each unique character, special accessories, and land plots in the Edensol world. NFTs can be earned by winning battles/tournaments, or purchased with NSOLs – and can also be sold just as easily in the Edensol marketplace or on major NFT exchanges like OpenSea or Mintable. Edensol will periodically release limited edition NFTs to generate long-term value for collectors and gamers.

Guilds – Guilds are players that group together and stake NSOL tokens to occupy land and fight for rare NFTs. Guild members share earnings from land income and can raid other territories from other Guilds – building a valuable virtual land NFT empire.

The Solana Edge – Edensol was built on the Solana blockchain for three simple reasons: its blistering speed, its amazingly low costs and its unprecedented scalability. Not only can Solana process 710,000 transactions per second, but it does see at costs as low as $0.0001 – basically nothing. This compares to the 2.5% to 5% Ethereum-based exchanges charge for trading NFTs, in addition to gas fees. An added plus is Solana’s extreme liquidity, with a daily traded value of over $2 billion. The end result is that Edensol players can buy and trade as many NFTs they want, as often they want, and at almost no cost. This is the perfect setup for making sure the Edensol gaming metaverse can grow quickly from the very start.

Edensol stands to make a mark in the gaming world by combining a unique game with all the advantages of NFTs for gamers, collectors, and investors alike. With NFTs booming, and metaverses becoming the new frontier of the gaming sector, Edensol is readying to launch its token sale at a perfect time. The goal is simple: become the next leading, undisputed, and globally recognized NFT metaverse of our time.

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Crypto Market Cap Regained $2 Trillion With Bitcoin Reaching At $45K

by NEWSBTC

The cryptocurrency market is still red, but it seems to be holding steady for now. In the last 24 hours alone, we’ve seen Bitcoin top $45,000 and then drop back down below $44,000. With the price of Bitcoin continuing to climb, it is no surprise that its market cap has reclaimed $2 trillion.

Cryptocurrencies are beginning to recover after a month-long decline, with some coins seeing significant gains over the past day. The most valuable cryptocurrency by market cap, Bitcoin breached $45,000 for the first time in over 30 days as it gained 5.2%.

Related Reading | Crypto Market Cap Reclaimed $2T: Bitcoin Reached 30-Day High Above $45K

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The cryptocurrency industry breathed a sigh o relief this week following severe sell-offs from January’s tumultuous trading sessions that saw many coins hit historic lows not seen since last year’s bull market crash. On Monday alone, there were five separate crashes across various communities leading up until Tuesday morning, when things finally started recovering.

Bitcoin Could Not Sustain At $45K Level

Honestly, the price could not sustain at these levels and has since retraced below $44,000. Still, the coin is up 2.7% in 24 hours with average volatility that left some $305 million worth liquidated positions during this period – the largest single order took place on OKEx, which valued BTC/USDT position 3.6 million dollars.

It is no surprise that most liquidations are of short positions, and they happen on OKEx and Binance especially. However, there’s also some activity at Bybit too.

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Despite the recent upturn in Bitcoin prices, short positions continue to dominate. The aggregated funding rate remained negative, generally seen as a bullish sign. It can lead investors who expect their investments to liquidate these crypto-assets for even greater returns profitably.

Crypto Market Cap Regained $2 Trillion

Bulls in the crypto space have once again proved their might as they reclaim a key milestone of $2 trillion for total market capitalization. This comes on top of recent gains with Bitcoin and some altcoins too.

Crypto Market Cap
Crypto bulls achieved the milestone by reclaiming a $2 trillion market Cap | Source: Crypto Market Cap on Tradingview.com

Today, the top 10 cryptocurrencies are doing well, with AVAX seeing a 6% increase in value over the last 24 hours. Shiba Inu (SHIB) continues to be one of our favorite coins that’s up 17%. MATIC has also seen an 8% rise since yesterday, but other leading altcoins aren’t following suit again.

The day saw a shakeup in the crypto market, with Solana and Poldadot losing about 3%. Ethereum lasted more or less flat throughout, which is also true for Binance coin (BNB). The biggest winner was KDA, which experienced 20% growth, while QNT saw an 8 percent decline in value over time. 

Related Reading | Top Crypto Gainers And Losers Today

The market is becoming more balanced as Bitcoin’s dominance increases.

Bitcoin Correlation With The U.S Stock Market

Bitcoin has been experiencing increased volatility since the beginning of 2022. As a result, many are concerned about its correlation with stock markets, and it is expected that if this trend continues, then Bitcoin’s price could go even higher in SP500 index races. However, the stability within America’s benchmark indices may just push our digital assets further upwards.

The US Federal Reserve has been a significant factor in crypto price movements over this year, with many people expecting them to tighten monetary policy again. The upcoming budget release on Thursday may provide insight into whether or not that occurs. So we’ll be waiting for updates on interest rates hikes and what they mean going forward.

                   Featured image from Pixabay, chart from Tradingview.com

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Crypto Prices Today: Bitcoin Above $42K While Ether and SOL Tumble

by NEWSBTC

This year, cryptocurrencies have been on a rollercoaster, with Bitcoin prices trading near $42k after jumping over 40$. The world’s most significant digital token is up 1.5% at present but down 9% overall for 2022 so far – it still needs to recover some lost ground if we want our asset back near its record high.

As a sign of the times, Bitcoin continues its climb to new heights. The cryptocurrency market capitalization is now over $2 trillion as per CoinGecko – with solid support coming from crypto prices across all markets today.

Related Reading | Bitcoin above $42,000, Shiba Inu rallies 29%; ether, Solana slip. Check cryptocurrency prices today

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Ether, the cryptocurrency linked to the ethereum blockchain network, scaled again as it reached new heights above $3K for the first time since January 21. The coin was trading hardly lower at 3125 but has shown signs of recovery. Likewise, Binance Coin (BNB)  shed about 0.6% today and is currently trading at around 419 USD per coin.

With the price of Dogecoin climbing over 5% to $0.15, Shiba Inu skyrocketed 29%. Other coins like XRP (Ripple) and Stellar had mixed performances with gains. Avalanche, Cardano, and Polygon prices traded higher than the last 24 hours, whereas Solana slipped by 1%.

Crypto Prices Following US Stock Rally

Cryptocurrencies have seen their value volatility skyrocket this week as they continue to struggle with an uncertain regulatory landscape. The rise of cryptocurrency came alongside a rally in US stocks, with Nasdaq ending last week’s trading session up despite major fluctuations. Still, traders are not entirely convinced about how these digital coins will perform long due to the heavy volatility.

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Related Reading | Bitcoin Hits Two-week High Imitating The Stock Rally

The news that bitcoin production more than doubled in January from a year earlier helped boost other listed crypto assets on Friday. In addition, miner Riot Blockchain announced they would be releasing new coins into circulation.

Bitcoin price chart from TradingView.com

BTC price crumbles to $43K | Source: BTCUSD on TradingView.com

With the market slowing down, they struggled to break out. Growth stocks and other riskier assets faltered amid investor concern about an impending Fed rate hike. A global trend toward tighter monetary policy caused their downfall in this environment. The authorities did not reward high-volume trades with lucrative returns like before 2016’s crypto bubble burst on numerous exchanges worldwide.

Profit Starts for Short-term Holders

With the on-chain data indicating the long-term price of Bitcoin seems to be setting new lows every other day, there’s no need for worry as it will eventually rise again.

As seen in the Root Analytics account, short-term holders of Bitcoin are beginning to see their share increase. The portion of the Bitcoin supply controlled by short-term holders is starting to tick upward after falling at times, coinciding with macro price lows.

On Monday, Root commented in a tweet;

“Likely the macro bottom is in. Who could have known.”

There’s some good news for holders of short-term notes, with the ratio slipping back above one this weekend.

With values climbing through 1 from below, it’s clear that short-term holders, on average, are beginning to sell at a profit rather than lose.

SOPR

BTC short-term holder SOPR chart | Source: Cryptoquant.com

With 25% of the bitcoin supply remaining underwater, it’s no wonder that only 16.7% has been purchased between $30K – $41.5K.

                   Featured image from Pixabay, chart from Cryptoquant.com

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Bitcoin (BTC) $ 26,637.14 1.55%
Ethereum (ETH) $ 1,595.00 1.75%
Litecoin (LTC) $ 65.04 0.25%
Bitcoin Cash (BCH) $ 209.73 1.88%