Popular web browser Opera has announced its plans to integrate the Elrond Protocol as it continues to explore new ways to stir its user’s embrace of Web3.0.
In an announcement shared by Elrond, the partnership will see more than 300 million users from the Opera platform gain easy access to the Elrond protocol. The Opera users will be able to buy Elrond’s native assets, including the EGLD token, as well as access more DApps and smart contracts hosted on the network.
“Elrond’s novel approach to consensus and sharding algorithms allows it to achieve remarkable performance while using the least amount of energy possible and without overly relying on high-end hardware,” said Beniamin Mincu, Elrond Network CEO, “We’re excited to be tapping into Opera’s vast userbase to offer them cheaper, faster transactions as well as access to Elrond’s burgeoning dApp ecosystem.”
Opera has always been very big on crypto innovations and currently runs a non-custodial wallet service that hosts mainstream protocols like Bitcoin (BTC) and Ethereum (ETH) among others. The Elrond integration will broaden the platform’s crypto engagement, further solidifying its reach as a browser with one of the most robust ecosystems for digital currencies.
“The seamless integration of Elrond further expands the wide array of crypto-centric services available to Opera Crypto Browser users. Such interoperability is becoming increasingly important for any project aiming to embrace Web3, and we are excited to have another blockchain partner join us on our mission to accelerate the evolution of the internet,” said Susie Batt, Crypto Ecosystem Lead at Opera.
Crypto analyst and host of Altcoin Daily Austin Arnold is laying out his top crypto picks as the markets try to shake off a sluggish start to the year.
In a new video, the closely followed trader tells his 1.19 million subscribers that he remains interested in Bitcoin (BTC) as an asset despite the massive selloff which the top crypto has undergone since hitting an all-time high above $69,000 in November.
“People are buying the dip from every exchange. Bitcoin is leaving exchanges.
Miners are not selling their Bitcoin, they’re holding onto it.”
At time of writing, Bitcoin is down 2.02% to $42,613.
Next on Arnold’s list is the leading smart contract platform Ethereum (ETH), noting that,
“Ethereum has its own supply shock going on.
Ethereum 2.0 deposit contract has surpassed $30 billion in value. Once [holders] put their ETH in the deposit contract, they can’t take it out again until it is fully transitioned.”
Ethereum is down 2.17% on the day and trading for $3,259.
The show host has his eye on decentralized finance protocol Uniswap (UNI), which recently deployed on fellow layer-2 protocol Polygon (MATIC).
“2022 might be the year of layer-2s.”
Uniswap is valued at $15.61 while Polygon is trading for $2.26.
Another layer-2 the Altcoin Daily host is keen on is Immutable X (IMX), a scaling solution for non-fungible tokens (NFTs) that aims to enable near-instant, zero gas fee transactions.
The altcoin is down 3.24% on the day and priced at $3.55.
Next on Arnold’s list is the open-source platform Tezos (XTZ), which has been racking up corporate partnerships lately. The latest milestone sees apparel giant The Gap releasing NFT collectibles based on the Tezos platform.
“Tezos is certainly an altcoin to watch doing big things.”
Tezos is also down slightly today to $4.18.
Looking at the Internet of Things space, the Altcoin Daily host highlights open-source public blockchain Helium Network (HNT), which recently surpassed the 450,000 hotspot milestone.
Arnold says of Helium,
“It is a quality [venture capital]-backed project.”
The altcoin is currently priced at $32.59, down 7.23% on the day.
Enterprise-grade scalable blockchain platform Elrond (EGLD) also makes the list of crypto assets to watch after acquiring Web3 payments provider UTRUST (UTK), which in turn integrated EGLD as a form of payment.
“Big win for EGLD.”
Elrond continues the overall daily downtrend and is off by 6.57% to $196.72.
Last on the Altcoin Daily docket is decentralized exchange platform dYdX (DYDX), which the host notes is aiming to achieve full decentralization by the end of this year.
Currently, dYdX is up 2.38% and changing hands for $7.81.
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A popular crypto analyst and trader is laying out his predictions for a handful of leading crypto assets as the markets rebound.
In a tweet to his 557,000 followers, Michaël van de Poppe says that greener pastures might be on the horizon for Bitcoin (BTC) if the leading crypto can hold the $42,000 support level.
“If the area around $42K holds, I’m assuming we’ll start looking upwards.
Above $43K we might accelerate towards $46K as there’s not much in between for Bitcoin.”
Source: Michaël van de Poppe/Twitter
Currently, Bitcoin is up 2.32% and priced at $43,639.
The analyst next looks at decentralized network Ethereum (ETH), which recently snapped out of a month-long slump. He’s eyeing two key levels to see where the leading smart contract platform is headed moving forward.
“Good bounce from Ethereum.
Levels I’m watching are $3,350 and $3,600 to break for further bullish perspectives.”
Source: Michaël van de Poppe/Twitter
Ethereum is currently up 3.76% for the day and trading at $3,345.
Van de Poppe moves on to distributed ledger XRP, which last traded above a dollar on December 23rd and has been ranging between $0.70 and $0.80 over the past week. The analyst highlights in his chart how XRP is trading in the same range as it did right before breaking out last summer.
“Not the worst spot to be looking at XRP, to be honest.”
Source: Michaël van de Poppe/Twitter
XRP is trading for $0.79 at time of writing.
Looking at enterprise-grade scalable blockchain platform Elrond (EGLD) in the EGLD/BTC trading pair, Van de Poppe highlights the 0.004217 to 0.004834 range, which the altcoin hit in November and December of last year before its most recent major breakout.
“EGLD might be bottomed.”
Source: Michaël van de Poppe/Twitter
Elrond has seen choppy price action this past month, falling from a December 15th high of $338.55 to a low of $186.88 on January 7th. ELGD is up 2.55% on the day and changing hands for $211.93.
Van de Poppe wraps up his crypto predictions by examining supply chain management project VeChain (VET) on the VET/BTC trading pair. The analyst thinks the VeChain chart mirrors past price action and VET might break out after further consolidation within the range of support.
“For VET, this one is still showing movements which are comparable to the price action we’ve seen in 2020-2021.
Didn’t break through a crucial resistance.
Some more consolidation until a new impulse move can start.”
Source: Michaël van de Poppe/Twitter
VeChain has gotten a nice 5% boost today and is worth $0.08 at time of writing.
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Cryptocurrency trader Lark Davis is listing Ethereum and two altcoins among his top investment picks for 2022.
Davis tells his 475,000 YouTube subscribers that Ethereum and two altcoins will make “good returns for investors” next year.
In the case of Ethereum, the crypto trader and analyst says the second-largest digital asset by market cap could hit a five-figure price in 2022.
“I believe that Ethereum will be a five-digit asset, and we could see a $20,000 Ethereum before this cycle finally rolls over and dies.”
Ethereum is trading at $4,083 at the time of writing.
According to Davis, several catalysts are aiding the bullish case for Ethereum.
“We have layer-two scaling solutions exploding for Ethereum…We have the move to proof of stake coming for Ethereum. That’s massive beyond belief. We’re moving from proof of work, which is horrifically inefficient, over to proof of stake which will fundamentally change the economics for Ethereum…
Then we have the triple halving. So as part of the move to proof of stake, there will be a 90% reduction in yearly emissions of newly created Ethereum…
Ethereum is going to become deflationary next year. It’ll just only be going down. Within the next, probably five to ten years, we’ll be back under a 100 million Ethereum.”
The supply of Ethereum is currently 118.87 million.
Next up is Elrond (EGLD), a scalable blockchain platform suited for enterprises. The factors contributing to Davis’ bullishness on Elrond include growing activity on the blockchain platform helped by the launch of products such as the Maiar decentralized exchange (DEX), which is similar to Ethereum-based decentralized exchange Uniswap (UNI).
“It’s finally coming to life, which I think is a very exciting time and moment for Elrond. So we’ve finally seen them launch their Maiar exchange…kind of like the Uniswap of Elrond where you can now trade USDC (USD Coin), the Elrond token…
We also have exchange support from centralized exchanges starting to happen for Elrond’s standard tokens.”
Elrond is trading at $267.73 at the time of writing.
Next up is Polygon (MATIC), a scaling solution for Ethereum designed to allow for the widespread adoption of decentralized apps. Davis says that the factors making him bullish on Polygon include increased usage and growth-led acquisitions.
“Polygon now is going to burn a little bit of MATIC away. Long term that’s absolutely awesome for the price of Polygon. So users are going up, stronger than ever, new acquisitions and more apps coming. I’m bullish on Polygon. It’s going to $10, just a question of when.”
Polygon is trading at $2.61 at the time of writing.
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Cryptocurrency analyst and trader Michael van de Poppe is examining the potential entry points for one mid-cap Ethereum challenger and two additional altcoins.
In a new video, Van de Poppe tells his 156,000 YouTube subscribers that he’s keeping a close watch on Algorand (ALGO), a cryptocurrency for payments and a blockchain for decentralized finance applications.
According to the crypto strategist, Algorand’s bearish performance against Bitcoin (ALGO/BTC) in the last few months has driven the pair to a key level of interest.
“We’ve got a few important support levels that we have to look at. The first one is the level that we’re currently seeing here [0.00002635 BTC or $1.35] which makes the entire block beneath that level an important zone to look at for potential entry points.”
Van de Poppe says that as long as ALGO/BTC trades above the support level, it has a shot to ignite a nearly 40% surge to resistance at 0.00003620 BTC or $1.85.
Algorand is trading at $1.37 at the time of writing while Bitcoin is exchanging hands at $51,122.
Next up is the native token of Elrond (EGLD), a scalable smart contract blockchain platform designed for enterprises.
Van de Poppe says he expects Elrond to continue correcting against Bitcoin (EGLD/BTC) until it hits a key level of support.
“This entire block [around 0.004220 BTC or $215.72], that is definitely the area that I’ll be looking at for potential trades as then we are also retesting the previous high for support. That would be the ultimate, ultimate entry point for Elrond.”
Elrond is trading at $261.32 at the time of writing.
Next up is VeChain (VET), a blockchain platform built to help companies optimize their supply chains.
According to the crypto trader, VeChain needs to take out two crucial resistance areas against Bitcoin to ignite an uptrend.
“What is the level that I preferably want to see VeChain breakthrough? I’d want to see it break through this entire block around 0.00000190 BTC ($0.09).
And then the second one I want to see it breakthrough is the entire level around 0.00000210 BTC ($0.11). Because if that one breaks, I think we are breaking or we are facing this recent high (0.0000025 BTC or $0.13). creating ourselves a higher low, and then we have a new trend starting upwards.”
VeChain is trading at $0.08 at the time of writing.
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Bitcoin (BTC) and most altcoins sold off on Dec. 4 with massive deleveraging seen in the crypto derivatives markets. Data suggests more than $2.5 billion of crypto liquidations over a 24-hour period.
During the recent fall, Ether (ETH) has continued to outperform Bitcoin. While Bitcoin’s market dominance has dropped below 41%, Ether has continued to gain ground and its market dominance has risen above 21%.
Crypto market data daily view. Source:Coin360
Some analysts believe that Bitcoin’s recent decline could result in a lengthy phase of consolidation. Decentrader co-founder filbfilb expects Bitcoin to consolidate well into the first quarter of the next year. Lex Moskovski, CIO of Moskovski Capital, also expects “a slow grind up.”
Could Bitcoin hit a bottom within the next few days? Let’s analyze the charts of the top-5 cryptocurrencies that could lead the markets higher.
BTC/USDT
Bitcoin had taken strong support at the 100-day simple moving average ($54,496) in end-September, making this an important support for the bulls to defend.
BTC/USDT daily chart. Source: TradingView
However, the bears had other plans. They pulled the price below the 100-day SMA on Dec. 3 which may have triggered several stop losses. That resulted in panic selling and the BTC/USDT pair plunged to $42,000 on Dec. 4. The bulls bought this decline with vigor as seen from the long tail on the day’s candlestick.
The downsloping 20-day exponential moving average ($56,219) and the relative strength index (RSI) near the oversold zone suggest that bears have the upper hand. If the pair continues lower from the current levels, the next stop could be the strong support at $40,000.
Conversely, if the price turns up from the current level, the pair could rise to the 100-day SMA, which may act as a strong hurdle. A break and close above this level will be the first sign that a stronger recovery is possible.
BTC/USDT 4-hour chart. Source: TradingView
The pair has been trading inside a descending channel pattern. The bears pulled the price below the support line of the channel but bulls purchased this dip and pushed the pair back into the channel.
If bulls successfully defend the support line, the pair could rise to the 20-EMA. This level is again expected to act as a strong resistance. If the price turns down from the 20-EMA, it will signal that sentiment remains negative. That may increase the likelihood of a break below the channel.
If that happens, the pair could drop to the strong support zone at $42,000 to $40,000. Conversely, a break and close above the 20-EMA will be the first sign that sellers may be losing their grip. The pair could then rise to the resistance line of the channel.
ETH/USDT
Ether (ETH) has been range-bound between $4,868 and $3,900 for the past few days. Although bears pulled the price below the range on Dec. 4, they could not sustain the lower levels. The bulls bought this dip aggressively as seen from the long tail on the day’s candlestick.
ETH/USDT daily chart. Source: TradingView
If bulls sustain the price above $3,900, the ETH/USDT pair could rise to the 20-day EMA ($4,326). A break and close above this level could clear the path for a possible rally to the all-time high at $4,868. The bulls will have to overcome this barrier to signal the resumption of the uptrend.
Contrary to this assumption, if the price turns down from the current level, the bears will make one more attempt to sink and sustain the pair below $3,900. If they succeed, the pair could plummet to the strong support at $3,400.
ETH/USDT 4-hour chart. Source: TradingView
The pair’s rebound is facing stiff resistance near the 61.8% Fibonacci retracement level at $4,215.12. The 20-EMA is sloping down and the RSI is in the negative territory, indicating a minor advantage to the bears.
If the price breaks the $4,000 support, the pair could drop to $3,823.98. A break and close below this level could result in a retest of $3,503.68.
Conversely, if bulls drive the price above the moving averages, the pair could rise to $4,654.88 and then challenge the all-time high.
MATIC/USDT
Polygon (MATIC) has been trading inside an ascending channel pattern for the past several days. The bulls pushed the price above the resistance line of the channel on Dec. 3 but could not sustain the higher levels. This may have prompted profit-booking on Dec. 4.
MATIC/USDT daily chart. Source: TradingView
The MATIC/USDT pair plunged to the 100-day SMA ($1.54) but buyers stepped in and bought this dip. However, the long wick on today’s candlestick indicates that bears are selling near the resistance line.
The 20-day EMA ($1.85) is sloping up and the RSI is in the positive zone, signaling advantage to buyers. If the current rebound sustains, the bulls will again attempt to thrust the price above the resistance line.
Alternatively, a break and close below the 50-day SMA ($1.76) could pull the price to the 100-day SMA.
MATIC/USDT 4-hour chart. Source: TradingView
The pair’s recovery is facing selling at the 78.6% Fibonacci retracement level at $2.21. If bears sink the price below the 20-EMA, the pair could decline to the 50-SMA and then to the 100-SMA. A break below this support could open the doors for a decline to $1.54.
Conversely, if the price rebounds off the 20-EMA, the bulls will again try to thrust the pair above $2.21. If they manage to do that, the pair could rally to $2.40. The bulls will have to clear this overhead hurdle to thrust the pair to the all-time high at $2.70.
Related:Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploit
ALGO/USDT
Algorand (ALGO) plunged below the critical support at $1.50 on Dec. 4 but the bulls bought the dip aggressively as seen from the long tail on the candlestick. The bulls will now try to push the price above the moving averages.
ALGO/USDT daily chart. Source: TradingView
If they do that, the ALGO/USDT pair could rise to the resistance line. This is an important level for the bears to defend because a break above it could invalidate the descending triangle pattern. The pair could then rise to $2.36 and later to $2.55.
Contrary to this assumption, if the price turns down from the moving averages, it will indicate that bears are selling on rallies. The pair could then retest the support at $1.50. A break and close below this level will complete the bearish setup. The pair could then drop to $0.80.
ALGO/USDT 4-hour chart. Source: TradingView
The pair has been trading between $1.60 and $2 for some time. The bears pulled the price below $1.60 but could not sustain the lower levels. This suggests aggressive buying on dips. The bulls have pushed the price back into the range.
If buyers drive the price above the moving averages, the pair could rally to the overhead resistance at $2. On the other hand, if the price turns down from the moving averages, the bears will again try to sink and sustain the pair below $1.60. If they manage to do that, a retest of $1.32 is likely.
EGLD/USDT
The sharp rally in Elrond (EGLD) from $287 on Nov. 17 to the all-time high at $544.25 on Nov. 31 pushed the RSI deep into the overbought zone. Vertical rallies are generally followed by waterfall declines and that is what happened in the past few days.
EGLD/USDT daily chart. Source: TradingView
The EGLD/USDT pair turned down from the all-time high and plunged to $224.62 on Dec. 4, completing a 100% retracement of the latest leg of the rally.
A minor positive is that bulls purchased the lows on Dec. 4 as seen from the long tail on the day’s candlestick. The buyers are currently attempting to defend the uptrend line and push the price back above the 50-day SMA ($324).
If they manage to do that, the pair could rise to the 20-day EMA ($364) where bears may again mount a stiff resistance. If bulls overcome this hurdle, the pair could rally to $425.
Conversely, if the price dips and closes below the 100-day SMA ($271), the pair could extend its slide to $200.
EGLD/USDT 4-hour chart. Source: TradingView
Sharp selling pulled the price below the uptrend line but the bears could not sustain the lower levels. This indicates strong accumulation on dips. The pair quickly climbed back above the uptrend line but the bulls could not clear the barrier at the 20-EMA.
This indicates that sentiment remains negative and traders are selling on rallies. If the price sustains below the uptrend line, the next stop could be $224.62.
On the contrary, if the price turns up from the current level and breaks above the 20-EMA, it will indicate that the bears may be losing their grip. The pair could then start a recovery, which may reach the 50-SMA. A break and close above this resistance could clear the path for a possible rally to the $425 to $440 resistance zone.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Many exciting developments are coming to the space of nonfungible tokens, or NFTs, ranging from Metaverse NFTs to fantasy soccer digital collectible cards and up to monster-battle NFT games. In fact, Cointelegraph Research predicts NFT sales will hit a record high of $17.7 billion this year.
But one French startup is taking more of an ambitious approach with wine NFTs. In an exclusive interview with Cointelegraph, Samuel Balthazard and Yacin Kharroubi, the chief executive officer and chief product officer of World Wide Wines, respectively, discussed the logistics of making French wine available on the blockchain. Samuel is the descendant of the family operating the Château du Rouët vinery in Provence, which has existed since 1840. The project itself is built on the Elrond network.
At 300 people we close the Wine List (it will reopen later with new conditions)
More details in our Discord : https://t.co/Oj6s9i8HGS
This is just the beginning of World Wide Wine and an advice… Never Forget to Taste a wine #NFT #Elrond
— World Wide Wine NFT ⚡️ (@wwwineNFT) November 30, 2021
Cointelegraph: A bottle of wine will cost differently, for example, in France than in China due to difference in taxes and customs duties. So what’s the setup here with regards to such payments?
Samuel Balthazard: So, for the system, for the taxes, we have created a token named GRAPES. And when you buy an NFT, you stake some token in exchange for the permit to have the bottle. Then, when you want to take the bottle back [delivered], we use a system to know if there [are] enough GRAPES based on your country. For example, if you are in China [where the import taxes are high], you need to have more GRAPES tokens to pay the taxes. If you are in France, you are supposed to need fewer tokens.
CT: So, where are you guys in terms of product development? Are you guys already selling these NFTs or just building like the prototypes?
Yacin Kharroubi: So yeah, actually, we have been building this project for several months. But, we made the official announcement 10 days ago. So now, we have created all of the design We are going to launch the first drop of 300 NFTs, and we have already managed some partnerships with NFT collections and wineries for the moment.
CT: How will you guys ensure the safety and security of the bottles as there is an off-chain risk?
SB and YK: Yeah. For that, behind every NFT, there are three real bottles of wine because of the safety and the security. For these three bottles, we put them in three different vineyards, like we want to work at a cloud system, but with bottles.
Securing each NFT in a three-bottle setup is the first step of the process because we want to assure that if one bottle is lost or two bottles are missing, we still have the third one, but the customer will only own one bottle. We buy three bottles. But when you wait for one bottle, if nothing happens with each other, they go to the marketplace. So, and with NFTs, you have discounts on this marketplace. So you can go […] on the marketplace and buy a discounted bottle. And the first part [is] we want to create a ‘wine menu.’ And it will be like an invitation to wine events or a discount in a wine bar or things like that.
The second step in terms of safety is about insurance. When you stake an NFT, you have some GRAPES. 30%, it’s for fees; 30%, it’s for the owner of the wine, stock, storage; 30%, it’s for the vineyard. Meanwhile, the remaining 10% goes to us. So if the vineyard lost a bottle, he does not receive his GRAPES, so he has an [economic] interest in taking care of the bottle. And you can claim your bottle when you have enough GRAPES to pay the fees and shipping fee.
CT: It says that each NFT will represent a different type of wine on your site. So how will you guys determine the quality of wine?
SB and YK: Yeah, for so for this part, it’s about data and data science. So, in the beginning, we wanted to show the wine’s vintage as an attribute, but vintage is too subjective and too difficult for customers to choose. So we decided to create an attribute based on quality. And for this attribute, we’re going to use historical data, but we will create a prediction model. So analyzing all the data which allows us to determine quality, for example, the weather, the rain, and sunshine of the vineyards where grapes are grown.
Related: Despite the bad rap, NFTs can be a force for good
CT: Would you guys like to include any other statements or visions about what you are doing?
SB and YK: So we want to have three main objectives; first, digitalize the wine ecosystem, then, educate the people on how to spot good wine, and finally, gamification of the wine ecosystems [via the Metaverse]. We have a lot of ideas, for example, one wine collection of NFTs and then another. The ultimate step is to arrive at the real wine market with real wineries.
The last part, I think it’s important, it’s why the vineyards would be interested? The first part, it’s about the second market. So, for example, when the Domaine Château du Rouët sells a wine, they control the first market. But, if the bottle appreciates in value over time, the winery doesn’t control that. And with NFTs, you can put royalties on the second market, so Domaine Château du Rouët gets a commission from resales
Cryptocurrency analyst and trader Michaël van de Poppe is warning traders against buying Decentraland (MANA), The Sandbox (SAND) and Elrond (EGLD) at their current prices.
Van de Poppe tells his 148,000 YouTube subscribers that following the “epic runs” of these three altcoins, it’s time for investors to take profits in Decentraland, a virtual-world blockchain; Elrond, a scalable blockchain; and The Sandbox, a gaming platform.
“…if you are in those projects, I think the point has come to actually take profits, especially when it comes to MANA and SAND. Those have been running heavily. You have to take profits before a heavy correction starts to take place because at this point the downwards momentum might be heavier than the upwards momentum.”
Looking at the Elrond/Bitcoin (EGLD/BTC) chart, the crypto analyst says that buying opportunities are gone until a correction adjusts prices to the 0.005 BTC ($291) and 0.006 BTC ($349.20) level.
At time of writing, Elrond is trading at $427 while Bitcoin is exchanging hands at $58,200.
“If you’re seeking for any trade opportunity right now, I think the opportunities are quite gone. But the [EGLD/BTC] chart itself says that every level gets a beautiful retest taking place here before it starts to continue.
So I’m looking at any of these two levels [between 0.005 BTC and 0.006 BTC] to take any entry from, based on a daily time frame.”
Van de Poppe says he’s hoping to pick up SAND if it retraces down to about 0.00007 BTC ($4.07). The asset is trading at $7.27 at time of writing.
“So SAND, I’m not interested in trading this one at all. I’m going to look at anywhere in this region [below 0.00007 BTC] for any scalp opportunities.”
Decentraland’s MANA is trading at $5.10 at time of writing. According to the crypto analyst, MANA could drop to around 0.000055 BTC ($3.20) where it could present opportunities for longer-term trades. He recommends looking for scalping opportunities if it starts trading below 0.00007 BTC ($4.07).
“You can start looking for scalp rates here [0.00007 BTC]. But more likely, we’re going to get into this region here [around 0.000055 BTC] where you want to take some trades.”
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In another volatile 24 hours, bitcoin spiked by nearly $3,000 in minutes before it headed south vigorously to retest $55,000. While most altcoins are also in the red on a daily scale, CRO and EGLD continue with their impressive performances.
Bitcoin’s Wild 24-Hour Ride
Following last week’s price slumps, bitcoin had begun its recovery during the weekend and tapped $60,000 for the first time in days on Saturday and Sunday. However, it failed to overcome that coveted level, and the subsequent rejection drove the asset south.
In just a few hours, BTC lost around $3,000 and dumped below $57,000. The situation changed rather drastically as bitcoin went on the offensive and spiked above $59,000 yesterday.
However, it turned out to be a fake-out as BTC lost all momentum and dropped beneath $56,000 in the following few hours. Another volatile move followed in which bitcoin surged by more than a grand and neared $57,000 where it’s currently situated.
Nevertheless, BTC’s market capitalization has dumped well below $1.1 trillion, and its dominance over the alts has been further reduced to just under 42%.
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BTCUSD. Source: TradingView
EGLD’s Notable Run Continues
Most altcoins have mimicked BTC’s performance in the past 24 hours, meaning they are in the red now. Ethereum is down by 1.5% in a day and has dropped to $4,100. The second-largest cryptocurrency registered its latest peak approximately two weeks ago at nearly $4,900, but it’s down by $800 since then.
More price losses are evident from Binance Coin, Solana, Cardano, Ripple, Polkadot, and Dogecoin.
Avalanche, which has been among the best performers lately, is down by 4% on a daily scale. As a result, AVAX trades below $130. Shiba Inu has lost a similar percentage and stands at $0.000042.
In contrast, CryptoCom’s native token has surged again by 11% and is now above $0.75.
Elrond continues to mark new records, and the latest came at $540 earlier today. ELGD is up by 70% since last Friday, when the project announced a massive liquidity program for its DEX worth more than $1 billion.
More gains come from The Sandbox (37%), Amp (20%), Voyager Token (16%), Decentraland (11%), and Enjin Coin (10%).
In contrast, Fountain (-43%), Flow (-11%), ICON (-10%), Stacks (-10%), and Oasis Network (-8%) have lost the most value in a day.
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Cosmos and Elrond have both posted double-digit gains today. Elrond’s EGLD posted a new all-time high.
Many other assets including Bitcoin and Ethereum have suffered from a decline over the last few days.
The Ethereum competitor Avalanche rallied over the weekend, fueling intense discussions between Su Zhu and various other key players in the space.
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Cosmos and Elrond are outperforming the rest of the market.
Cosmos, Elrond Defy Market Dip
While Bitcoin and Ethereum are down today, several other assets are rising fast.
Cosmos and Elrond are among today’s biggest gainers, with ATOM and EGLD both up despite the overall market decline. According to data from CoinGecko, ATOM has risen 13.6% in the last 24 hours, while EGLD has put in a 15.7% gain.
Elrond, one of several Layer 1 tokens in hot demand, hit an all-time high of $492.24 earlier today. Elrond markets itself as a highly-scalable blockchain platform for running smart contracts like those found on Ethereum. On Saturday, the Elrond ecosystem saw the launch of the Maiar decentralized exchange, which may explain the rally. It jumped to over $1 billion in total value locked on the day of launch, and Elrond noted that 2.93 million EGLD had been staked on Maiar earlier today.
Cosmos, meanwhile, is often described as a Layer 0 network because it connects multiple blockchains within its ecosystem. Terra, Kava and THORChain all use the Cosmos SDK; their supported tokens can be exchanged between blockchains on Cosmos. Self-described as “the Internet of blockchains,” Cosmos is focusing on enabling cross-chain interoperability between various networks.
Besides Cosmos and Elrond, the so-called “Metaverse tokens” SAND and MANA are also up today, continuing a rally that started when Mark Zuckerberg announced Facebook’s rebrand to Meta last month.
Layer 1 Debates
While many leading assets have recorded losses over the last few days, some other lower cap coins have shown strength against the market dip. Avalanche, a competitor to Ethereum, saw its AVAX token record another new all-time high of $144.96 Sunday during a weekend of intense debates surrounding the Avalanche blockchain and Ethereum between some of the industry’s most prolific figures. Central to the drama was Three Arrows Capital CEO Su Zhu, who publicly shared optimistic price targets for Ethereum ahead of EIP-1559 launching but has more recently turned his focus to Avalanche (Three Arrows Capital announced it had co-led Avalanche’s $230 million raise in September).
Zhu engaged in a heated discussion with Synthetix founder Kain Warwick, who posted a tweet noting that he had observed many crypto enthusiasts that had “sold out in pursuit of profit maximization.” Zhu later wrote that he had “abandoned Ethereum” and that Ethereum had “abandoned its users.” He argued that the cost of using Ethereum had priced out newer entrants, thereby making cheaper solutions like Avalanche viable alternatives. “The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross,” he wrote. Several developers working on Ethereum and projects in the Ethereum ecosystem publicly criticized Zhu for his comments. Zhu also posted price charts highlighting Avalanche’s parabolic rally throughout the weekend then apologized for his statements on Ethereum. Elaborating on his concerns with Ethereum’s gas fees, he wrote:
“I don’t know what the solution is. But I do know for the millions of new users coming, they should not be shamed for going to other ecosystems. Neither should devs be shamed for building on them.”
Disclosure: At the time of writing, the author of this feature owned ETH, ATOM, and several other cryptocurrencies.
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