Tag: Maticbtc

Bitcoin Reclaims $44K: Shiba Inu Spikes 5% (Market Watch)

by CryptoPotato

Following yesterday’s brief retracement, bitcoin went on the offensive once more and touched $44,000. Most alternative coins are slightly in the green today as well, with ETH touching $3,200 and SHIB spiking by 5%.

BTC at $44K Again

It has been roughly a week since the largest cryptocurrency began its ascent. The asset struggled at $37,500 on February 4th, but the bulls stepped up and started to push it north.

Firstly, bitcoin broke above $40,000 before adding another grand in the following hours. After stalling there for a bit, BTC began adding more value once again. This time, it tapped a multi-week high of around $44,000 before surging to $45,500 for the first time since early January.

After several days of continuous gains, it was expected to some extent that there will be a slight retracement. It transpired yesterday when BTC dropped by a few thousand dollars to $42,500.

However, bitcoin reacted well to this price slide and has added more than $1,500 since then. As a result, it now stands above $44,000, and its market capitalization has neared $850 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and Other Alts in Green

The alternative coins mimicked BTC’s performance to a large extent lately. As such, most corrected yesterday but have turned green today.

Ethereum slid below $3,100, but a 3.5% increase since then has driven the second-largest cryptocurrency to $3,200 now. Binance Coin, Ripple, Terra, and MATIC have marked similar gains, while Cardano, Solana, Polkadot, Avalanche, and Dogecoin have portrayed more modest increases.

Shiba Inu and CryptoCom’s native token are the most significant gainers as of now. Both are up by approximately 5%, with SHIB standing at $0.000033 and CRO trading above $0.5.

More price increases come from Secret (13%), Flow (13%), Kadena (10%), Harmony (9%), Arweave (8%), and NEO (8%).

The cryptocurrency market capitalization is up by around $40 billion since yesterday and is back above $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.





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Matic Pumps 16% as Sequoia Capital Leads $450 Million Fundraise for Polygon

by CryptoPotato

Venture capital firm Sequoia Capital led a financing round for the Ethereum layer 2 scaling solution Polygon, becoming the latest Silicon Valley company to invest in the Web3 space.

  • According to CNBC on Monday (February 7, 2022), Polygon recently raised $450 million, with Sequoia Capital leading the investment.

  • Other companies involved in the fundraising round include Softbank, Alameda Research, Tiger Global, and Galaxy Digital. Prominent individuals such as Reddit co-founder Alexis Ohanian, billionaire hedge fund manager Alan Howard, and TV personality Kevin O’Leary also participated.

  • Meanwhile, Polygon is looking to allocate $100 million to a dedicated “ecosystem fund,” which would be used to support upcoming development on the network. The remaining capital would be geared towards continuously robust growth of the platform.

  • This fundraising round comes less than two weeks after Polygon hired Ryan Wyatt, Head of YouTube Gaming, as the new CEO of its game studio called Polygon Studios.

  • The news about the massive funding round has also coincided with a surge in the price of MATIC, Polygon’s native cryptocurrency. Since the story hit the wire, the asset has gone up more than 15% to nearly $2 as of the time of writing.

  • Also, the entire crypto market is enjoying a “green day” with asset prices on the rise. Bitcoin leads the way by reclaiming $44,000 for the first time in nearly a month.

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Crypto Markets Add $170 Billion in a Day as Bitcoin Explodes Above $41K (Weekend Watch)

by CryptoPotato

After more than two weeks of trading below $40,000, bitcoin finally made a decisive move to reclaim that coveted level. The entire crypto market followed suit with massive daily price increases from Ethereum, Binance Coin, Cardano, Sollana, Polkadot, and many others.

Bitcoin Surged $4K

It was on January 20th and 21st when the primary cryptocurrency slumped below $40,000 for the first time in months. In the following few weeks, the asset failed to recover most of the losses and even dumped to its lowest price point since late July beneath $33,000.

However, it started to add some value and challenged $39,000 several days ago, as reported. It was rejected at first, and the bears pushed it below $37,000 almost immediately.

This is where the situation changed, though. While trading between $37,000 and $38,000 yesterday, bitcoin went on a tear and exploded above $40,000 for the first time in over two weeks.

It only kept climbing in the following hours, and BTC is now situated at around $41,500. This means that the cryptocurrency is up by $4,000 since yesterday. As a result, its market capitalization, which had dumped beneath $700 billion just days ago, is now close to $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts With Massive Gains

As it typically happens when bitcoin goes through enhanced volatility, so do the altcoins. Ethereum struggled to remain above $2,000 just days ago. Now, though, the second-largest cryptocurrency trades above $3,000 after another 7% daily increase.

Binance Coin, Polkadot, Terra, Avalanche, MATIC, and Shiba Inu have also surged by double digits since yesterday. A bit more modest gains come from Cardano, Solana, Ripple, Dogecoin, and CRO.

As expected, the lower- and mid-cap alts have displayed even more significant fluctuations. Gala leads the way with a 30% surge, followed by LEO (25%), JUNO (20%), The Sandbox (18%), NEAR Protocol (16%), Mina Protocol (16%), THETA Network (15%), Loopring (14%), THORChain (14%), and many others.

Ultimately, the cumulative market cap of all crypto assets has increased by about $170 billion since yesterday’s low to above $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Bitcoin Taps $38K: Ethereum Marks a Two-Week High Above $2.8K (Market Watch)

by CryptoPotato

After dipping to a weekly low at $36,300, bitcoin started to recover some value and now sits around $38,000. The altcoins are also in a significantly more positive situation today, led by Ethereum’s impressive increase that pushed ETH to a two-week high above $2,800.

Altcoins See Green: ETH at a 2-Week High

The bears had complete control over the market yesterday, with almost all altcoins bleeding out. Ethereum, for example, dipped to $2,600 after failing to overcome $2,800 a day earlier.

Now, though, ETH is among the best performers on a daily scale. The second-largest crypto has jumped by roughly 6% since yesterday and sits above $2,800. This is the highest price tag ETH has seen since January 21st.

Solana, which dropped by 10% yesterday after a hack on a Solana-based bridge, is up by 7%. Consequently, SOL has reclaimed $100.

Binance Coin, Cardano, Ripple, Polkadot, Terra, Dogecoin, Avalanche, Shiba Inu, and MATIC are also slightly in the green.




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More significant gains come from NEO (11%), Cosmos (10%), Hedera (10%), Kusama (10%), IOTA (9%), NEXO (9%), Convex Finance (9%), and others.

The crypto market cap has increased by about $70 billion, but it’s still below $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Touched $38K

The primary cryptocurrency also suffered yesterday after a few days of marking gains. The asset touched its highest price tag in ten days on February 2nd at above $39,000, but the bears intercepted the move and pushed it south.

As reported yesterday, though, the landscape had changed. BTC dumped by a few thousand dollars and went to a weekly low of $36,300. However, it reacted well to this drop and started to reclaim value almost immediately.

In the following hours, bitcoin spiked to $38,000 where it’s currently situated, and its market capitalization has remained above $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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New Week Starts in Red: BTC Down $1K, LUNA Plunged 10% (Market Watch)

by CryptoPotato

After failing to remain north of $38,000, bitcoin went down again and lost around $1,000 in hours. The alternative coins are in an even worse shape today, with massive price slides from Solana, Ripple, Polkadot, Terra, and others.

Bitcoin Slipped $1K

Ever since last Thursday, when BTC dipped to $35,500 for the second time in two days, the situation with the asset seemed significantly more positive.

It was regaining value gradually and tapped $37,000 a few days later. Moreover, it kept climbing during the weekend and tapped a high of $38,700 (on Bitstamp).

However, it failed to continue the momentum going and started to lose value. This resulted in bitcoin settling around $38,000, as reported yesterday, but the situation worsened in the following hours.

More precisely, bitcoin dumped below $37,000 in a violent candle. As of now, BTC stands just slightly above that line, and its market capitalization is set at $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in a Sea of Red

The alternative coins were particularly impressive during the weekend, especially on Saturday, but the landscape is entirely different now, with red dominating almost all charts.

Ethereum went to a multi-day high above $2,600, but a 3.2% decline since then has pushed the second-largest crypto to just over $2,500. Binance Coin, Cardano, Dogecoin, and Chainlink have marked similar losses since yesterday.

However, Solana, Ripple, Polkadot, Terra, Avalanche, Shiba Inu, MATIC, and CRO have registered more significant price slides. SOL is down by 6%, XRP by 5.5%, DOT by 7%, AVAX by 8.5%, SHIB by 7%, MATIC by 7%, and CRO by 6.2%. Terra has lost the most again, with a double-digit drop to $45.

More losses are evident from Waves (-11%), Kadena (-11%), Fantom (-10%), Theta Network (-10%), Harmony (-9%), Kusama (-9%), and others.

The crypto market cap has declined by around $60 billion since yesterday and is just shy of $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Weekend Watch: Crypto Recovery – Bitcoin Eyes $38K, SOL Spikes 8%

by CryptoPotato

Bitcoin’s recovery attempts continue with the asset aiming to overcome $38,000. Most alternative coins have produced even more significant gains since yesterday. Ethereum is up by 7%, while Solana has jumped by 8%.

Bitcoin Eyes $38K

Ever since bitcoin failed to breach $39,000 on Wednesday, as the Federal Reserve said it will increase the interest rates in March, the asset was unable to display any notable gains.

In fact, it dropped to $35,500 hours after the Fed meeting and was halted in its tracks when it tried to bounce off. After the second dip to the aforementioned local bottom, though, the situation started to change.

This time, BTC spiked above $37,000, dipped once more to beneath that line, and went on the offensive again in the past 24 hours. As of now, the asset stands close to $38,000, and its market capitalization has reclaimed the $700 billion mark.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Green: SOL 8% Up

The alternative coins suffered in the past few weeks, but the overall landscape today is significantly more positive. Ethereum, which struggled to remain above $2,000 last week, now trades above $2,550. This comes after an impressive 7% increase from the second-largest crypto.




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Solana and Avalanche are among the best performers from the top 10 largest digital assets. SOL is up by 8%, while AVAX has gained 9%.

More gains come from Binance Coin (2%), Cardano (4%), Ripple (3.5%), Terra (1%), Polkadot (5%), Dogecoin (3%), and MATIC (6.5%).

Further price increases are evident from Flow (17%), Celsius Network (15%), LooksRare (13%), The Sandbox (11%), Kadena (11%), eCash (10%), and CRO (10%).

The cumulative market cap of all crypto assets has increased by about $50 billion in a day to just over $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Head of Youtube Gaming Joins Polygon Studios As New CEO

by CryptoPotato

Ryan Wyatt, who until today was Global Managing Director at YouTube Gaming, announced his resignation as part of a move that will take him deeper into the depths of the metaverse and the crypto realm.

In an emotional farewell shared via Twitter, Wyatt expressed his satisfaction and gratitude to the YouTube team, to whom he reiterated his deepest thanks and appreciation for the good times. Wyatt is leaving YouTube to focus on building the Polygon ecosystem.

Ryan Wyatt accepted the position of CEO of Polygon Studios, a venture dedicated to developing software solutions at Polygon.

From Youtube to Polygon

Wyatt’s addition to the Polygon Studios team is strategic. Under Wyatt’s leadership, Youtube gaming grew to nearly 3X the number of visitors between 2018 and 2020, turning Youtube’s game streaming service into a productive business branch capable of competing with other growing social networks such as Tiktok or even Facebook Gaming. Amazon’s Twitch still holds the throne as the most popular gaming streaming platform in the market.

Wyatt has also been recognized as one of the Top Young Designers, Executives, and Players in the world in the Forbes 30 Under 30 list. A few years later, he was also mentioned in the 40 under 40 list and has received other important recognitions in the video game industry.

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Wyatt has been passionate about blockchain technology for a while. As early as 2021, he claimed that the gaming industry would radically change thanks to NFTs and other decentralized technologies. In fact, YouTube could be exploring the advantages of using NFTs on its platform, as previously reported by Cryptopotato.

“I will miss YouTube dearly, but it is time for me to pursue other endeavors in life and where my passions are taking me. I am fascinated by blockchain app development and am beyond thrilled to enter the web3 space …

In my role at Polygon Studios, I will be focused on growing the developer ecosystem through investment, marketing, and developer support and bridging the gap between Web2 and Web3.

In addition, Wyatt’s position will be more broad-based compared to what he did at YouTube. He said his roles within Polygon Studios will lead him to explore growth opportunities in Gaming, Entertainment, Fashion, News, Sports, and more.

Polygon’s Promise To Make The Crypto World a Better Place

Polygon is a scaling solution on Ethereum that promises to offer an infrastructure cabable to support larger, faster, and cheaper transactions. It is a sidechain or a sort of secondary blockchain that runs alongside Ethereum but maintains a link to Ethereum via a two-way peg where users block a certain amount of ETH on the Ethereum mainnet in order to use a similar amount on the sidechain.

Since its creation, Polygon has gained important allies ranging from Uniswap to the crypto-friendly Opera browser. Its growth was exponential during 2020, and although its token MATIC has suffered the shocks of the 2022 bearish correction, it has not stopped developers from announcing improvements and updates.

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Crypto Markets Rebound $130B: Bitcoin Recovers 5%, Shiba Inu Up 37% Since Yesterday’s Low

by CryptoPotato

After the two consecutive days of price slides, bitcoin has reclaimed some ground and stands around $36,000. The altcoins have reacted even better with notable double-digit price gains from Terra, Avalanche, Shiba Inu, and many others.

Bitcoin Stands at $36K

The past few days didn’t go all that well for the primary cryptocurrency. It was just on Thursday when a sudden price pump drove the asset to a multi-day high at $43,500.

However, this is where it all went south. Bitcoin started to dump in value rapidly and slumped to $38,000 a day later. This became the lowest price point since early August.

While this was a steep correction of its own, the bears only tightened their grip on the market. As a result, BTC dropped by another $4,000 and dipped to around $34,000. This, on the other hand, became the lowest price point since late July.

Since then, though, BTC added around $2,000 and now stands at $36,000. Nevertheless, its market capitalization is still well below $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins With Impressive Recoveries

The altcoins suffered even more than BTC in the past few days with massive price drops. Now, though, most are well in the green on a daily scale.

Ethereum went down by roughly $1,000 in two days, bottoming at $2,300. Now, though, ETH has added more than $200 of value and sits above $2,500. More similar gains come from Ripple and Solana.

On the other hand, Binance Coin, Cardano, Polkadot, Dogecoin, and MATIC have recovered around 10% each. More gains come from Terra (20%), Avalanche (13%), and Shiba Inu (21%) on a daily scale. SHIB is up by approximately 40% since yesterday’s low, though.

Ultimately, the cryptocurrency market capitalization is up by $130 billion since yesterday’s low and is now at nearly $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Market Watch: Cryptocurrencies See Double-Digit Drops After Wall Street’s Friday Bloodbath

by CryptoPotato

The bears continue to have complete control over the cryptocurrency market with numerous double-digit price losses from almost all assets. This comes just hours after the US stock market dumped in value again.

Bitcoin Dumps $8K in Two Days

It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t all that long ago as the asset jumped to $43,500 on Thursday following a $1,500 price hike.

However, the situation changed vigorously hours later. BTC started to dump in value rapidly and dropped to a six-month low of $38,250, as reported yesterday. This enhanced volatility resulted in more than $700 million worth of liquidations in just a day.

As bitcoin attempted its recovery and touched $39,000, the bulls took another major hit. BTC dumped by almost $4,000 again and reached its lowest price line since late July at $35,000.

As the asset currently stays just a few hundred dollars above that level, its market capitalization is down below $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin’s price slides coincide with the recent correction in the stock markets. The three most prominent US stock market indexes are all in the red in the past few days. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite declined about 5% last week and approximately by 2% on Friday alone.

Altcoins See Double-Digit Dumps

The altcoins are in even worse shape in the past two days. Ethereum traded above $3,100 on Thursday, but it’s down below $2,500 as of now. This comes after another 15% drop since yesterday.

Double-digit drops are evident everywhere across the alt charts. This includes Binance Coin (-20%), Cardano (-16%), Ripple (-14%), Solana (-20%), Terra (-30%), Polkadot (-23%), Dogecoin (-14%), Avalanche (-22%), MATIC (-20%), and many others.

More losses come from Theta (-30%), PancakeSwap (-28%), Gala (-26%), Harmony (-26%), Loopring (-25%), Theta Fuel (-25%), Oasis Network (-25%), Curve DAO Token (-25%), and others.

The cumulative market capitalization of all crypto assets has decreased to just over $1.6 trillion. This means that the metric is down by $200 billion in a day and $400 billion in two days.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Polygon Price Analysis: MATIC Plunges 8%, Approaching Key Support at $2

by CryptoPotato

Key  Support levels: $2, $1.8

Key Resistance levels: $2.4, $2.9 (ATH)

After a great performance where the price hit $2.9, MATIC lost momentum and is now correcting towards the key support at $2. The level at $2.4 was confirmed as resistance, and the price has formed lower highs since then.

On the way up, MATIC has formed a large bearish wedge (represented in blue on the first chart) and now the price appears to be on the decline. The cryptocurrency is likely to enter into a correction and longer consolidation.

MATICUSDT_2022-01-18_14-59-30
Chart by TradingView

Technical Indicators

Trading Volume: Somewhat expectedly, the volume decreased after the all-time high, and MATIC entered into a correction on low volume.

RSI: The daily RSI is making lower highs which are typical of a bearish trend. This is likely to continue as MATIC searches for new support.

MACD: The daily MACD turned bearish after the price hit $2.9, and since then, the trend has been bearish. So far, MATIC failed to turn around, and the correction continues. Until the MACD completes a bullish cross, it is unlikely for the price to make new highs.

MATICUSDT_2022-01-18_15-06-49
Chart by TradingView

Bias

The bias for MATIC is bearish.

Short-Term Price Prediction for MATIC

MATIC’s stellar performance in December 2021 was followed by a significant correction in January. The price decreased by over 30% before recovering. The trend remains bearish, and MATIC will likely test the $2 support level again. If that doesn’t hold bears in check, then MATIC is likely to fall lower.

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Bitcoin (BTC) $ 26,572.12 0.40%
Ethereum (ETH) $ 1,591.75 0.43%
Litecoin (LTC) $ 64.85 0.11%
Bitcoin Cash (BCH) $ 208.86 0.35%