Coinbase is making due on its promise to accelerate the listing of new assets by expanding full trading support to yet another cryptocurrency.
The exchange now enables customers to buy, sell and hold the native asset for Horizen (ZEN), an interoperable blockchain ecosystem, via Coinbase.com and its mobile apps.
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Coinbase Pro listed ZEN on Wednesday. The crypto asset is trading at $94.46 at time of writing and is up nearly 8% on the week, according to CoinGecko.
Coinbase’s CEO Brian Armstrong said this summer that the exchange was hustling to list as many altcoins as possible.
It has recently added support for the Rari Governance Token (RGT), XYO Network (XYO), DerivaDAO (DDX), DFI.money (YFII), Radicle (RAD), COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), Wrapped Luna (WLUNA), Harvest Finance (FARM), Fetch.ai (FET), Paxos Standard (PAX), Polymath Network (POLY), Clover Finance (CLV), Mask Network (MASK), Rally (RLY), BarnBridge (BOND), Livepeer (LPT), Quant (QNT), Braintrust (BTRST) and Shiba Inu (SHIB).
Coinbase has also said it is considering adding support for these cryptos:
Aragon (ANT)
Arweave (AR)
Ampleforth (AMPL)
Helium (HNT)
Hedera Hashgraph (HBAR)
Kava.io (KAVA)
Ocean Protocol (OCEAN)
Reserve Rights (RSR)
tBTC (TBTC)
Theta Network (THETA)
UMA (UMA)
DigiByte (DGB)
Render Token (RNDR)
Siacoin (SC)
VeChain (VET)
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Three of Cathie Wood’s ARK exchange-traded funds bought nearly $246 million worth of Coinbase Global Inc. (COIN) shares on its listing day. Another fund, Amplify Transformational Data Sharing ETF (BLOK) also purchased COIN stock. These purchases show that ETFs are eager to buy into the crypto growth story.
Crypto market data daily view. Source:Coin360
However, Blackrock CEO Larry Fink has a different point of view. Fink said that institutional investors were fascinated by crypto but that did not translate into demand from institutions worldwide.
One of the reasons for the fascination not turning into demand could be the sharp rally in Bitcoin and other cryptocurrencies. A new survey of professional investors by Bank of America shows that 74% of the respondents believe Bitcoin (BTC) is in a bubble.
Such criticisms are not new to cryptocurrencies. Traders who ignore the noise and purchase fundamentally strong coins generally tend to make huge returns in the long term.
Let’s retouch on three tokens which Cointelegraph analyzed earlier this year to see if they have continued their upward trajectory.
ZEN/USDT
Horizen (ZEN) was featured on Cointelegraph on Jan. 12 when the price of the token was at $28. The token sustained its momentum and has hit an intraday high at $108.77 today, a gain of 288% in just three months. Let’s look at some of the important developments that have taken place with Horizen in the past few weeks.
Recently Horizen said that development on the Zendoo mainnet release, which is due in the third quarter, is on track. The team claims Zendoo will offer improved scalability and flexibility suitable for commercial applications.
Decentralized finance has also opened a plethora of opportunities to investors. Horizen’s partnership with liquid staking platform StakeHound allows ZEN investors to participate and benefit from the Ethereum-based DeFi ecosystem.
Additionally, a string of partnerships with APIS, IOTA, DIA and Copper were announced in the past few weeks to expand the Horizen sidechain ecosystem. These developments seem to have attracted users as the company said its community had grown 13.2% in Q1 2021.
ZEN rallied from $52.54 on April 4 to an intraday high at $108.77 on April 15, a 107% rally in 12 days. Although the bears offered a stiff resistance at $86, the bulls have cleared the hurdle with force today. The first target objective on the upside is $119.45 and then $162.
ZEN/USDT daily chart. Source:TradingView
The sharp rally of the past few days has pushed the relative strength index (RSI) above 83, indicating the ZEN/USDT pair is overbought in the near term. This could result in a minor correction or consolidation within the next few days.
If the bulls can flip the $86 level into support during the next correction, it will suggest that sentiment remains positive and traders are accumulating on dips. The bulls will then make another attempt to resume the uptrend.
This positive view will invalidate if the bears sink the price below $86. In such a case, the pair could drop to the 20-day exponential moving average ($71). A break below this support will signal the start of a deeper correction.
HGET/USDT
Hedget (HGET) was at $3.20 when it was highlighted by Cointelegraph on Jan. 14. Since then, the token rallied to an intraday high at $11.25 on March 31, a 251% return in about two and a half months.
The protocol has been forging partnerships to increase its user base. Hedget announced a tie-up with Fire Protocol on March 8 to issue HGET tokens on the HECO chain and integrate Hedget options within the Fire Protocol ecosystem. This will open the possibility for Hedget to provide options-based insurance mechanisms for the lending protocols on the HECO chain.
On March 9, Hedget announced a partnership with Clover Finance to build and test a two-way bridge between Binance Smart Chain and the Polkadot blockchain. Hedget said it will deploy its platform on the Clover Ecosystem, which will make it the first options trading platform in the Polkadot ecosystem.
On March 17, Hedget partnered with APYSwap to offer Vault token holders an opportunity to use options to reduce their impermanent loss.
These partnerships by Hedget show that the protocol is widening its user base, which is a long-term fundamental positive.
HGET has been in a corrective phase for the past few days. The token slipped from an all-time high at $10.95 on March 31 to $8.51 on April 11, a 22.28% correction in 12 days. In an uptrend, corrections to strong support levels offer a low-risk buying opportunity to traders.
HGET/USDT daily chart. Source:TradingView
The HGET/USDT pair has twice taken support on the 50-day simple moving average ($8.17) in the past few weeks. This suggests that the bulls are buying the dips to the 50-day SMA aggressively.
The pair has been trading just below the 20-day EMA ($8.93) for the past few days. However, the bears have not been able to capitalize on this weakness and challenge the 50-day SMA. This suggests that selling dries up at lower levels.
Both moving averages have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand.
This equilibrium is unlikely to remain for long. If the bulls can drive the price above the 20-day EMA with force, the pair could retest the all-time high. A breakout of this resistance could start the next leg of the uptrend that could reach $12.39 and then $15.
This bullish view will invalidate if the bears sink and sustain the price below the 50-day SMA. Such a move could pull the price down to $7 and then to $5.18.
ZEC/USDT
Zcash (ZEC) was one of the tokens that was covered by Cointelegraph on Jan. 14 when it was trading at $109.93. Since then, the token has continued its northward march and hit an intraday high at $252.89 today, a 130% return in about three months.
Electric Coin Co., the company behind Zcash, announced the next set of upgrades dubbed Harlo Arc, set to release on Oct. 1 of this year, in conjunction with the activation of Network Upgrade 5 (NU5) and unified addresses.
Halo Arc will include updates to Zcashd, the ECC Reference Wallet apps and the ECC wallet SDKs. NU5 will move Zcash from zk-SNARKs to the Halo proving system and unified addresses will improve usability, increase the ease of interoperability and support shielding Zcash by default.
ZEC price has been in a strong uptrend. It has risen from $162.52 on April 7 to an intraday high at $252.89 today, a rise of 55% in nine days. The sharp rally of the past few days has pushed the RSI into the overbought zone, indicating the possibility of a minor correction or consolidation.
ZEC/USDT daily chart. Source:TradingView
The first major support on the downside is the 20-day EMA ($194). The bulls are defending this support in the current leg of the rally as seen from the strong bounce on April 8.
If the ZEC/USDT pair again rebounds off the 20-day EMA, the bulls will try to resume the uptrend. If they succeed, the pair could start its journey toward $350.
Contrary to this assumption, if the bears sink the price below the 20-day EMA and the $190 support, it will suggest the start of a deeper correction to the 50-day SMA ($155) and then $120.
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.
Horizen, a technology platform that enables businesses and developers to create their public or private blockchains, announced a partnership with IOTA. The partnership will see the newly launched IOTA Oracles’ functionality and introduce oracle capabilities to the Horizen sidechain and scaling protocol, Zendoo.
IOTA Partnership Plans
IOTAis a cryptocurrency built to operate as the anchor of the Internet of Things economy. It is specially designed to offer a solution to this problem by creating a fee-free cryptocurrency that can run on the most humble devices.
IOTA Oracles were built to bring off-chain data todecentralized applicationsand smart contracts on the IOTA network. They securely bridge both the digital world and the physical world in a feeless and decentralized way.
The partnership’s initial goal was to introduce IOTA Oracles functionality into Zendoo, Horizen’s fully decentralized and customizable sidechain protocol. In detail, the integration takes place in two stages: First, Zendoo will add the power of IOTA Oracles to its POC side chain. Second, the IOTA oracle submission is integrated directly into theZendoo SDK.
Horizen’s Zendoo makes the IOTA oracle available to any blockchain or Horizen-based decentralized program. It allows businesses and developers to spin-up their customizable blockchain.
With the successful changesto Chrysalis, an intermediate step before Coordicide, the IOTA network is preparing digital tokens at some point in the first half of 2021. IOTA is now focused on connecting different ecosystems with unique valuable offerings and practical applications.
Chrysalis is the most significant improvement in IOTA’s history and covers all aspects of the protocol, library, portfolio, and software implementation developed by the IOTA Foundation. It is truly a significant step for IOTA as it is ready for production and the foundation for upcoming features such as smart contracts and tokenization.
Tokenization Centers IOTA’s Plans
The increasing demand for DLT solutions led IOTA to develop solutions that further boost acceptance. Consequently, they published various tools, libraries, and frames for the ecosystem to thrive when they get the most out of their knitting.
The detail of a digital asset framework is the first step in a larger scheme. Tokenization connects many parts of a mobile network, including smart contracts. The free and easy tokenization of the scalable machine platform opens up new possibilities in NFT and others that the user can explore.
Instead of a blockchain, IOTA is supported by a DAGcalled Tangle. The IOTA team chose to use DAG over blockchain because they felt it would help solve many of the scalability and cost issues associated with blockchain. With Tangle, each transaction can be processed individually rather than concurrently, and it can even be processed asynchronously.
Grayscalehas been among the top institutions that have adopted cryptocurrencies over the past year to diversify their portfolio. In the last 30 days, Grayscale Investments hedge fund has acquired 35,855,625 XLM.
Grayscale Investment in Cryptocurrencies
The company also made purchases of 243,519 ETH, 174,939 LTC, and other altcoins in the past month. The total of LTC coins bought by Grayscale in that month add up to 80 percent of the total Litecoin mined in January. Last month, miners created 201,600 LTC overall.
In its latest purchase over the past 24 hours, Grayscale purchased 6,568,516 XLM worth $2,799,760. The investments put its net total crypto assets under management now at $30.4 billion.
Last year, Grayscale started with just $2 billion in assets under management and ended the year with more than $20 billion, representing a 900% increase.
In itsQ4 2020 report, the company wrote that “Institutions are here,” adding that in the fourth quarter, institutions accounted for 93% of all the capital inflows during the period, or approximately $3 billion. Grayscale detailed that the average commitment among institutions is also growing at a significant pace, standing at $6.8 million, up from an average of $2.9 million in 3Q20, as they said.
The firm, which currentlyoffersaccredited investors eight single-asset investment trusts and one diversified fund, seeks ways to meet better-growing investor demand for digital assets exposure through familiar, secure, and regulated investment products.
Grayscale currently offers Horizen Trust, Grayscale’s Bitcoin Trust, Stellar Lumens Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic Trust, Litecoin Trust, Zcash Trust, and the large-cap digital fund.
Institutional Interest in Stellar is Growing
Stellar set out in 2014, founded by Jed McCaleb tofill inthe cracks between the crypto and the financial universe. Stellar started a series of partnerships in the fintech world from that point forward. The organizations incorporate IBM, Stripe, and Deloitte, and some other major institutions across continents.
Institutions like Grayscale have stepped up to invest in cryptocurrency. With its new development, Horizon 2.0’sreleaseof its API server that is up and running, it is bound to receive more attention.
Big news… we’ve just released Horizon 2.0! 🎉
This major release has been years in the making. It lets people deploy Horizon with fewer resources, under looser constraints, and with far more flexibility than ever before!
The update eliminates the need to roll out the Stellar validator to interact with the blockchain. Adding to that, with Horizon 2.0, its API instrument can be activated separately instead of running a fully-fledged validator.
As the client runs a validator, they get to contribute to the decentralization of Stellar (XLM) protocol or take part in crucial referendums (on fees, inflation rates, and so on). The customer can also keep track of events in-network, explore the blockchain’s current state, and submit new transactions.
Bitcoin’s (BTC) recent plunge could have been caused due to profit-booking by institutional investors, according to a report by crypto fund manager CoinShares. The report noted a sharp drop in institutional inflows during the first week of the new year and weekly outflows from several crypto investment products.
Crypto market data daily view. Source:Coin360
While the recent 28% decline may have scared some new investors, Bitcoin HODLers were likely unfazed as they’ve encountered six larger corrections during Bitcoin’s massive bull run in 2017. Therefore, describing a 20% fall as a bear market may not apply to cryptocurrencies.
As Bitcoin attempts to stage a recovery, let’s analyze three altcoins that may outperform in the short term.
IOST/USD
As Ether’s price neared its all-time high, traders focused their attention on it’s competitors, one of them being IOST. In a bullish environment, traders usually buy the rumor of an impending announcement and this appears to have happened with IOST.
IOST co-founder Terrence Wang has been teasing prospective announcements about an IOST-based stablecoin, DeFi integration and big partnerships. Each of these announcements may have played some role in boosting interest from traders.
Recently, XPET’s 2D Game “Dream Monster” was launched on IOST blockchain. Players can store and trade the game’s core assets such as rare pets, equipment, genetic characteristics, attributes, and much more in the form of NFTs on the IOST chain.
IOST’s focus on a decentralized finance ecosystem and NFTs could keep traders plugged in. The project also recently received awards for being the “2020 Most Influential Public Chain” and one of the “2020 Top 100 Blockchain Companies” from China blockchain media company Jinse. While these are possibly sentiment boosters, a closer view of IOST’s technicals will determine whether the rally has room to run further or if a correction is in order.
IOST surged from an intraday low at $0.005734 on Jan. 6 to an intraday high at $0.013545 on Jan. 9, which is a 136% rally in four days. The breakout and close above $0.009 completed a bullish ascending triangle pattern, which has a target objective at $0.016.
IOST/USDT daily chart. Source:TradingView
The IOST/USD pair dropped to $0.008 on Jan. 11 but the bulls purchased this dip aggressively, resulting in the formation of a hammer candlestick pattern.
Today, the bulls tried to resume the up-move but traders seem to be booking profits at higher levels, which has resulted in the formation of a long-legged Doji candlestick pattern.
The pair may consolidate between $0.009 and $0.012 for the next few days as both the bulls and the bears attempt to establish their supremacy. If the bulls succeed in sustaining the price above $0.012, the next leg of the up-move to $0.016 and then to $0.018 may be on the cards.
This bullish view could be invalidated if the price breaks and sustains below $0.009. Such a move will suggest that the current breakout was a bull trap.
ZEN/USD
In the digital age, data privacy is one of the key factors being sought by individuals and businesses alike. On that front, Horizen (ZEN) announced that it will build a dedicated sidechain on its Zendoo platform for LTO networks, to add a layer of security to its daily network transactions while retaining the GDPR compliance side. Horizen also partnered with Dragonchain in order to obfuscate the sensitive information of its users and only share necessary data.
Bitcoin’s halvings have proven to be bullish for its price, and Horizen appears to be showing a similar trend after its first halving occurred on Dec. 1. ZEN token also listed on Binance US, Binance futures, and Binance loans recently and that could not have come at a better time.
The project’s decision to join the Messari Registry could boost trust among the community and investors.
ZEN surged from an intraday low at $13.20 on Jan. 8 to an intraday high at $31 today, a 134% rally in five days. The altcoin broke above the $19.70 overhead resistance on Jan. 10, indicating the possible start of a new uptrend.
ZEN/USDT daily chart. Source:TradingView
Although the bears pulled the price down to $17.211 on Jan. 11, aggressive buying at lower levels kept the uptrend intact. Today, the bulls are attempting to build upon yesterday’s recovery but the long wick on the candlestick suggests profit-booking at $31.
However, if the bulls do not allow the price to dip below the 38.2% Fibonacci retracement level at $22.329, the uptrend may resume with the next target objective at $37.308 and then $46.271.
This bullish view will be invalidated if the ZEN/USD pair turns down from the current levels and plummets below $19.70. Such a move will suggest rejection at higher levels.
AVAX/USD
Avalanche (AVAX) has seen a flurry of activity since the launch of its full mainnet in September. The platform teamed up with Securitize, a primary issuance and compliance platform for digital securities, to issue and manage private securities, enabling crypto users to benefit from the private capital markets.
The partnership between Avalanche, Roche Cyrulnik Freedman LLP, and Republic Advisory Services allows investors to benefit from Litigation funding, opening the opportunities of a new asset class for crypto users.
Along with these, Avalanche partnered with DEX’s, Synthetics, prediction markets, and more such projects.
While these events have already been completed, the upcoming ‘Apricot’ mainnet upgrade dubbed may be keenly watched by the market participants. Another positive development underway is the integration of a bridge for ERC-20 and ERC-721 assets to move between Avalanche and Ethereum.
AVAX rose from $3.2283 on Jan. 4 to $8.2356 today, a gain of 155% in a short time. In a strong uptrend, the corrections usually do not last for more than three days and that can be seen in the current up-move that started on Dec. 31.
AVAX/USDT daily chart. Source:TradingView
The bulls pushed the price above the $7.50 resistance today, resuming the uptrend that may reach $10.42 and then $12.20.
The rally of the past few days has pushed the relative strength index (RSI) into the overbought territory. While this signals excess in a mature rally, in a new uptrend, it indicates strength.
This bullish view will be invalidated if the AVAX/USD pair turns down and breaks below the Jan. 11 intraday low at $5.72. Such a move could pull the price down to the 20-day exponential moving average ($4.84).
If that happens, the pair may consolidate for a few days before starting the next trending move.
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.
The cryptocurrency market is currently experiencing a massive price retracement involving almost all of the top cryptos particularly those with significant market cap ranked in the top 100 on CoinMarketCap’s cryptocurrency ranking index. But two altcoins, Zcash and Horizen seem to have avoided the massive sell-off.
Per an earlier report by Blockchain.News, the ongoing price corrections in the crypto market has resulted in the drop in the entire industry’s market capitalization by about $170 billion in the past 24 hours.
While the ongoing market dip is characterized by an 18.69% drop in the price of Bitcoin (BTC) which is currently hovering around $35,000, as well as a huge correction in altcoins, privacy coin Zcash (ZEC) and Horizen (ZEN) appears to be immune to the ongoing corrections.
In contrast to other privacy coins including Monero (XMR) which is down 8.29% at the time of writing, Zcash (ZEC) comes off as a gainer, amassing 11.2% in the past 24 hours to $88.09 according to Coingecko. The coin has proven to be an outperformer at a time when privacy coins are beginning to see increased regulatory scrutiny. ZEC ended the past year with over 110% growth and over the past seven days, the coin has gained over 47% to consolidate its growth.
Alongside Zcash, the Horizen (ZEN) token, the native cryptocurrency of the Horizen ecosystem, a Proof-of-Work network that enables developers to build customizable applications on scalable node networks. The ZEN token is the biggest gainer today with a 31% surge in the past 24 hours to trade at $20.31. The coin is also bullish in its recent run as marked by a growth of 124.7% in the past 30 days and 50.5% in the past week.
The duo of Zcash and Horizen with the growth they have recorded in the past days puts them forth as immune to the ongoing price retracement in the entire crypto market, a rare development for a less recognized altcoin.
