Category Archives: Altcoin
Altcoins to Watch: AAVE, XLM,… – Coinspeaker
The cryptocurrency market is still northbound as Bitcoin sets new ATH every other week.
The year has started with new records, the total cryptocurrency market cap exceeded $1 trillion, with only 67.7% of the cap covered by Bitcoin. As Bitcoin dominance drops, yet the market cap increases, the so-called altcoin-season should be expected.
For that being said, lets take a look at some altcoins that are worth following these days.
Photo: Aave chart on TradingView.
AAVE/USDT is following an ascending channel and remains bullish above the dynamic resistance of January 5. The pair tested the resistance as support and was heading upwards, though was stopped at $122.339.
Since each impulse and correction waves contain a 3-wave ABC pattern, rather than a motive 5-wave, we could implement various harmonic patterns to find the upcoming resistances.
Photo: Aave chart on TradingView.
As seen on the chart above, when the resistance of $122.339 is overtaken, the next possible resistance is located near $128.463.
Stellar Foundation has signed an important memorandum with the Ministry of the digital transformation of Ukraine, the protocol will be a foundation of the Ukrainian Digital currency. Since the release of the news, XLM/USD skyrocketed and gained an astonishing %148.
By the time writing of this article, XLM is traded above the important dynamic resistance of January 6s motive wave. MACD on a 15-minute chart is about close above the signal line to confirm the uptrend, though since the dynamic support is penetrated twice and currently the candle is near the support, the true uptrend signal will be closing above the current level and breaking the $0.38465 resistance.
Photo: XLM/USDT chart on TradingView.
The pattern we are watching for this pair is an ending diagonal and according to the Elliott Wave principle, one last motive wave is expected.
Photo: XLM/USDT chart on TradingView.
The support of $0.32200 is also important as its a 0.618 Fibo level of the previous motive wave (Wave 3), Stellar must remain above this level, otherwise, it might drop to $0.29350 support and this wave count will be invalid.
BCH/USD hit the last years high and retraced today, the pair is still following the uptrend channel and looks forward to breaking the years high.
BCH/USD quote on Overbit
There is a possibility that the BCH/USD might continue the correction down to $433.75 and $392.41 below that if the pair doesnt break the $466 resistance in the nearest time. That might be engineered by the Head and Shoulders pattern on a 15-minute chart of the pair.
BCH/USD quote on Overbit
The $435 support is important and if Bitcoin Cash breaks down that support, it will drop to the levels described above. Although if BCH keeps the pace and holds above and breaks the resistance of $466 it might as well continue the bullish run up to $481 and $494.
Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.
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Altcoins to Watch: AAVE, XLM,... - Coinspeaker
Why Ethereum and XRP dominated the altcoin rally in 2020 – AMBCrypto News
Bitcoins dominance is one of the biggest drivers behind its institutional interest and mainstream adoption. However, in anticipation of an altcoin rally, it was observed that Ethereum and XRPs dominance rose 1.1% and 2.6% respectively, based on data from CoinGeckos report.
Against Bitcoins gradual price rally, Ethereums price increased by over 50% in November and broke $600, for the first time since 2018. These two altcoins stood out with their high trade volume while Bitcoins trade volume on spot exchanges increased by 3.6 Billion or 18.8 % from Nov 1 to the time of writing. Despite a price rally, its dominance was capped at 65.7%, unlike the 2017 rally.
Top 30 cryptocurrencies based on dominance || Source: CoinGecko
The altcoin rally had more drivers and a lack of rapid institutionalization left room for price volatility. These top 2 altcoins ETH and XRP dominated the altcoin rally among the top 10 cryptocurrencies based on market capitalization. The altcoin rally was one that broke several records for ETH, versus other altcoins. Based on data provided, ETH options total open interest is up 50x this year and is edging closer to $1 Billion.
Total ETH options OI || Source: Skew
Whats interesting here is that an altcoin rally has always been examined under the lens of a Bitcoin bull run, however, the current altcoin rally has been more dominant in terms of volatility, responsiveness, and trade volume in comparison to Bitcoins bull run. Other contenders were Litecoin and Chainlink, however, based on market capitalization and trade volume, Ethereum and XRP dominated the altseason and offered double-digit returns on portfolios. Though DeFi gave retail traders a run for their investment, XRP and ETH closed the month with a higher price growth than Bitcoin. Against Bitcoins +42% rally, XRP saw its month-on-month growth skyrocket by +177%.
Top 5 crypto price returns || Source: CoinGecko
Apart from Bitcoin and DeFis top performers, XRP offered 177% returns in November, and that came as a surprise to most traders. Three-digit returns made XRP the top-performer in the altcoin rally and it is likely that the altcoin price rally has increased retail traders interest in HODLing.
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Why Ethereum and XRP dominated the altcoin rally in 2020 - AMBCrypto News
XRP Could Soon Be the Worst Performing Major Altcoin as Airdrop Hype Fades – NewsBTC
For the first time in years, XRP gained some massive momentum when it broke above $0.30 last month, with bulls sending its price rocketing as high as $0.90 on some exchanges before an influx of selling pressure sent it plunging lower.
This rally gave many embattled bag holders an ideal exit opportunity, with the new capital being siphoned in due to investors trying to gain access to the highly anticipated SPARK airdrop that took place this weekend.
It does appear that this was a sell the news event, as XRPs price has been plunging lower ever since the airdrop snapshot took place. It is now in the process of breaking below its key $0.50 support level, despite the strength seen by the rest of the market.
This weakness has struck a heavy blow to its previously bullish market structure and may be emblematic of a wave of imminent selling as disappointed traders and investors move to take profits.
One trader is now noting that XRP is likely to go back to being the worst-performing major alt in the market unless theres a catalyst for change.
At the time of writing, XRP is trading down just under 4% at its current price of $0.49. This is around where it has been trading throughout the past few days.
There was previously some support at $0.50 that stopped it from seeing any intense decline, but this support is quickly degrading and may not hold for too much longer.
The selling pressure is so intense that XRP is currently bucking an uptrend seen across the entire market, with BTC and ETH stable.
Luke Martin, a popular cryptocurrency analyst and trader, explained in a recent tweet that he is expecting XRP to potentially go back to being the worst-performing major altcoin as its uptrend begins showing signs of faltering.
He notes that there needs to be another airdrop or some catalyst to shift the tides back into bulls favor.
XRP is down 13% since the airdrop earlier this weekend was completed. Holders better hope for more airdrops or this could quickly become the worst performing major alt again.
Because there appear to be no imminent catalysts for XRP to see any further upside, theres a strong possibility that further losses are imminent in the near-term.
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XRP Could Soon Be the Worst Performing Major Altcoin as Airdrop Hype Fades - NewsBTC
Analyst Says Ethereum, XRP and 7 Crypto Assets Poised to Blast Off in New Alt Season – The Daily Hodl
A prominent crypto strategist who accurately predicted Bitcoins plunge to around $4,000 in March says Ethereum, XRP, and seven other altcoins are poised to break out as a new alt season emerges.
The trader known in the industry as Capo says bulls have likely regained control after Bitcoins correction has run its course.
Bottom is in. We probably wont see BTC below 18,000 anymore. Let the altseason begin.
As bears take a step back and hibernate, Capo is keeping close tabs on nine altcoins that he believes will explode in the coming weeks or months. At the top of his list is Ethereum. The trader is predicting that the leading smart contract platform will ignite a parabolic run to nearly $10,000 in 2021.
Anatomy of a BULLISH chart. P.S. Ethereum accumulation range was bigger than the Bitcoin one.
Next in line is XRP. According to Capo, Ripples native asset will surge over 460% from its current price of $0.50 to $2.80 before May 2021.
XRP. Not kidding. Many will be caught by surprise.
Another altcoin on Capos list is Noia Network (NOIA) which is a project that seeks to upgrade the current internet infrastructure.
The trader says NOIA is in the early stages of a bull run that will catapult the altcoin to a high of $2.50 by Q1 2021.
Should NOIA follow Capos script, it will erupt over 941% from its current price of $0.24.
Trend turning parabolic. 250% up since the first entries. Send it.
Capo is also looking at decentralized oracle platform Chainlink (LINK).
The crypto strategist says LINK is in a massive parabola that will send the crypto asset above $100.
LINK is forming a parabolic move inside another parabolic move.
The crypto strategist is keeping a close eye on Cardano (ADA) as well.
He says the crypto asset is targeting $0.39 which represents a move of 160% from its current price of $0.15.
ADA $0.36-$0.39 should be next.
Other coins on Capos watchlist are decentralized data marketplace Ocean Protocol (OCEAN), multi-purpose blockchain Waves, and smart contract platform Zilliqa (ZIL).
In addition, Capo is looking at Reserve Rights Token (RSR), which is a crypto asset that is used to keep the price of Reserve Rights (RSV) stable.
As for Bitcoin, the analyst believes that the flagship cryptocurrency is now en route to an all-time high of $24,000.
Featured Image: Shutterstock/Bioraven
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Analyst Says Ethereum, XRP and 7 Crypto Assets Poised to Blast Off in New Alt Season - The Daily Hodl
Almost $1 Billion in Ethereum Staked on Beacon Chain – Altcoin Buzz
All eyes have been on Bitcoin recently and its record-breaking price rise, but Ethereum has quietly been making its own milestones.
The Bitcoin effect on the rest of the crypto markets cannot be denied, and Ethereum is also at a high. Not an all-time high, but it reached its highest price since May 2018, topping $650 in early trading in Asia on December 17.
The 10% overnight surge in Ethereum prices has pushed the value of it staked on the Beacon Chain to almost a billion dollars.
There is 1.52 million ETH staked on the Beacon Chain at the time of writing. At the current price of $645, this equates to $983 million. It will not be long before the billion dollar milestone is reached either due to the increasing price of Ethereum, or an increasing amount of the asset staked for ETH 2.0.
The ETH 2.0 Launchpad is currently reporting an annual percentage yield of 12.7% for those that have staked so far. This will decrease over time as more ETH is locked up to secure the network. With 5 million ETH staked, the APY falls to 7% and when there is 10 million ETH locked up, earnings are 4.9%.
This may not sound like a lot, but compared to traditional banks which are offering zero or negative interest rates, it is practically free earnings on an asset that has increased in value by almost 400% this year alone.
Ethereum is increasingly being held and used as an investment vehicle in order to generate better yields than any fiat currency can offer. The amount of it locked in DeFi is a testament to that as it has increased by 145% since the beginning of the year.
According to DeFi Pulse, there is currently 7.1 million ETH, or 6.2% of the entire supply, locked across various protocols. The record ETH lockup was 9.3 million on October 21, but it is likely that some of this has been withdrawn for staking purposes.
As Bitcoin retreats from its new all-time high of $22,400, Ethereum was also cooling off a little from its peak of $660. (However, it has surged once again this morning to $674.) It is likely to continue mirroring big brothers moves in the short-term, with the main difference being that ETH is still 54% down from its ATH whereas BTC has surged 11.5% above its.
Analyst and trader Altcoin Sherpa observed that Ethereum has started its rallies in December the past three times, predicting a surge to four figures in 2021.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
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Almost $1 Billion in Ethereum Staked on Beacon Chain - Altcoin Buzz
Cardano Releases Update on Its Native Tokens – Product Release & Updates – Altcoin Buzz
Cardano recently released an update about its native tokens.
The update covered several areas of how native tokens are handled on the platform, including Cardanos approach towards native tokenization. It also discussed how native tokens are used on Cardano and the necessity of native tokens on the platform.
Cardano has introduced an approach whereby tokens are being handled natively. This implies that the logic is according to the Cardano ledger instead of smart contracts. Through this mechanism, the tokenization process is superior to the standards of ERC-20 and ERC-721.
The fungible ERC-20 and non-fungible ERC-721 tokens on the Ethereum chain are non-native, despite being user-defined tokens. This also implies that the underlying ledger does not offer support directly to these tokens. This is due to the fact that ERC-20 and ERC-721 tokens differ from Ether, which is the native cryptocurrency on Ethereum.
On Ethereum, user-defined tokens must have a custom code before being supported on the chain. This leads to many complexities and greater costs because the code execution requires gas fees. Inefficiency may also surface because those token codes have to be adapted and replicated, instead of being an integral part of the system. This circumstance is a weakness in the Ethereum chain because human errors are likely to occur.
In Cardano, however, support is given to ERC-20 and ERC-721 tokens natively. This can be done through the native tokens framework, without requiring custom code. With the native tokens, an accounting system is established whereby such tokens become part of the cryptocurrency ledger. As a result, such tokens can undergo various transactions like tracking, sending, and receiving.
The use of custom code and expensive smart contracts are eliminated in this process. With native tokens, the unnecessary issues of complexities and inefficiency found in the Ethereum chain can be avoided.
As a distributed ledger, Cardano requires native assets. The normal design of a distributed ledger requires it to track just a single asset type like its own cryptocurrency. As decentralization sets in, the ledger evolves to where there is now a need and possibility for more assets to be tracked.
With the native token functionality, the structure of the ledger model is now redefined to accept transactions that make use of various types of assets simultaneously. In this way, the native tokens on Cardano surpass the user-defined ERC-20 and ERC-721 tokens in regard to security and efficiency.
As of the time of publication, Cardano (ADA) price was $0.167164 with a 24-hour trading volume of $875,503,523. ADA price also went up by 9.8% over the last 24 hours. ADA has a circulating supply of 31.1 billion coins and a max supply of 45 billion. ZBG is the current most active market trading ADA.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
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Cardano Releases Update on Its Native Tokens - Product Release & Updates - Altcoin Buzz
Top Trader Bullish on Altcoin That Has Soared 238% Immediately After Launch – The Daily Hodl
The popular trader and analyst Crypto Messiah is bullish on one altcoin that has surged over 238% in less than 10 days.
The crypto strategist tells his 72,000 Twitter followers that hes big on Badger DAO (BADGER), and has even gone so far as to interview the projects founder, Chris Spadafora.
Guys [I] was probably the first person to interview Chris Spadafora on stream about Badger and have been tweeting about it for a month-plus. I obviously like it.
Badger decentralized autonomous organization (DAO) is a crypto newcomer that aims to build products and infrastructure to accelerate the use of Bitcoin (BTC) as collateral in the decentralized finance (DeFi) space. Badgers system encourages community members to collaborate and come up with products that will benefit all participants.
Badger community members can propose new product ideas to the DAO, pitch the proposal to the greater community over video and finally take the proposal if it passes these stages to an official vote for approval. Once approved the Badger DAO ops team will collaborate with them to build it, fund it and market it.
Of course, the intention is that its not a singular community member proposing these but instead many contributors coming together to create the best products we can.
Community members who create products, Badger investors, as well as the DAO will all share in the profits generated by the product.
Currently, Badger DAO features two products. The first one is Sett, which is a DeFi yield aggregator that specializes in tokenized BTC assets. The second product is Digg which is a non-custodial token thats pegged to the price of BTC.
Its an elastic supply cryptocurrency thats pegged to the price of Bitcoin. Every day the supply is automatically adjusted across all wallets based on the USD value of DIGG vs BTC. If Diggs price is higher than BTC, your wallet balance increases; if its lower, then your balance decreases.
According to Crypto Messiah, Badger DAO is showing king level strength. The crypto asset soared from a low of $2.88 a day after its launch to a high of $9.76today, according to CoinGecko.
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Top Trader Bullish on Altcoin That Has Soared 238% Immediately After Launch - The Daily Hodl
Bitcoin and seven other altcoins considered to be top performers in 2021 – Born2Invest
Crypto trader Aaron Arnold, known under the pseudonym Altcoin Daily, reveals eight cryptocurrencies that he believes have massive growth potential for 2021. Not surprisingly, Bitcoin is at the forefront of this development. Interesting is, however, the seven altcoins, which complete beside BTC its Portfolio for the coming year 2021.
Arnold informed his 283,000 subscribers that Bitcoin (BTC) is his first choice for the new year. He referred to an interview in which Daniel Schulman, PayPals managing director, described how Bitcoin is just beginning to gain acceptance among merchants.
I think with cryptocurrencies you will have more and more benefits. One of the things we have allowed is not only that we make it easy to buy, sell, and hold crypto-currencies, but, very importantly, we will allow crypto-currencies to be a source of financing for every transaction that occurs at all 28 million of our merchants early next year.
Read more on the subject and find the latest economic news in the world with the Born2Invest mobile app.
The crypto trader pointed out that the next-generation blockchain protocol, which enables interoperability, is the most popular network to stake out. Token owners have deposited $3 billion in Polkadots validators to provide a passive income opportunity. Arnold also noted that the Polkadot ecosystem continues to grow in the areas of distributed financial applications (DeFi), non-fungible tokens (NFTs), and bridges for interoperability.
In third place is Ethereum (ETH). Arnold expects that the leading smart contract platform will continue to grow with the introduction of ETH 2.0, which promises a new era of staking and scalability.
The decentralized financial yearn.finance (YFI) comes in fourth place. Arnold refers to Yearn Improvement Proposal 54 (YIP-54) as a possible catalyst for YFI. With the upgrade, quarterly audits will be conducted to make the management of YFI more transparent. It also enables the creation of an operational fund to buy back YFI tokens and other assets.
Cardano (ADA) took fifth place. The influencer believes that the eighth largest cryptocurrency is preparing to introduce two major upgrades, one of which is the highly anticipated release of Yella.
Yella, also known as IELE, is a virtual machine (VM) and can be used by developers to create DApps in any popular programming software and, once completed, convert and run them with Yella
He continued: It also supports Solidity, Ethereums native programming language, Yella will be the perfect component to convert DApps from Ethereum to Cardano Earlier, when the CEO of IOHK (Input Output Hong Kong) compared Ethereums virtual machine to Yella, he said that the latter would make Ethereums virtual machine look like a toy.
The number six is XRP. Arnold stressed that he is not personally invested in the third largest cryptocurrency, but he said Ripple is pushing to make the XRP ledger a fundamental component of the central banks digital currency movement.
According to Brad Garlinghouse, CEO of Ripple, they want central banks to consider using the XRP ledger to issue stablecoins Ripple wants to be part of the action.
The last two altcoins are Synthetix (SNX) and Chainlink (LINK). Arnold highlighted the fact that crypto platforms are converging to allow users to trade real assets such as oil in a decentralized manner.
sOIL is a synthetic asset that reflects the price movements of oil using a decentralized Chainlink oracle network It is available on the Synthetix Exchange and can be traded for any synth with unlimited liquidity and zero slippage.
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Bitcoin and seven other altcoins considered to be top performers in 2021 - Born2Invest
Top 3 Gainers Of The Week NEM, Aave, Synthetix: Leading the altcoin pack as Bitcoin stalls – FXStreet
Cryptocurrencies have had an exciting week, with most of them posting double-digit gains. Bitcoin managed to reclaim its position above $19,000 but failed to overcome the hurdle at $19,500. Selected altcoins rallied massively, with some outperforming BTC.
NEM (XEM), Aave (AAVE), and Synthetix (SNX) elevated the altcoin flag above the horizon, posting 51%, 38%, and 23% in gains, respectively. Other altcoins that performed incredibly well over the week include Litecoin (18%), Ethereum (14%), VeChain (17%), Yearn.Finance (19%) and Compound (23%).
NEM emerged as the best performer in the top 50 after posting incredible gains since the week started. Bulls had eyes on $0.3, but a monthly high was reached at $0.28. Although the momentum is still bullish, a reversal seems imminent.
XEM/USD is trading at $0.26 at writing, but the TD Sequential indicator has recently presented a sell signal on the 12-hour chart. The bearish outlook formed in a green nine candlestick.
If validated, NEM could lose ground in one to four daily candlesticks. On the downside, support is expected at $0.2, the 50 Simple Moving Average at $0.15 and $0.1.
XEM/USD 12-hour chart
The Relative Strength Index has emphasized the buyers grip on the 12-hour chart. Although overbought, the indicator is still moving towards 90. The gap made by the 50 SMA above the 100 SMA and 200 SMA suggests that buyers are always in control.
Aave has been the decentralized finance (DeFi) darling since November. Its recovery has been impressive, having accrued 262% in gains since mid-November. This week was also yielding for crypto, with gains topping 38% at the time of writing.
Meanwhile, AAVE is teetering at $84 amid a looming danger for correction. The TD Sequential indicator presented a sell signal in the form of a green nine candlestick. Aave has already retreated from the weekly peak at $95 and is currently seeking support at the ascending channels middle boundary.
Trading below this crucial level could result in massive losses, perhaps to $40. The 50 SMA and the channels lower boundary are in line to absorb some of the selling pressure.
AAVE/USD 12-hour chart
It is worth noting that the bullish uptrend will be sustained if AAVE retested the upper boundary and sails through the recent high at $95. Gains above $100 are likely to call for more buy orders, creating enough volume to send Aave to higher levels.
Synthetix is trading within an ascending parallel channel. A reversal from the monthly high at $5.5 appears to have found formidable support at the 100 Simple Moving Average in conjunction with the lower boundary.
The token is likely to retest the middle boundary resistance before making the final approach to $5.5. Trading above the monthly high might boost SNX towards $10. However, some delay is expected at $6 (former resistance). Meanwhile, the bullish outlook is reinforced by the RSI as it recovers toward the overbought.
SNX/USD 4-hour chart
It is essential to keep in mind that the bullish narrative will be sabotaged if SNX slides under the 50 SMA and closes the day below the channels lower boundary. The declines that might come into the picture could be strong enough to push Synthetix to the 200 SMA at $4.4.
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Top 3 Gainers Of The Week NEM, Aave, Synthetix: Leading the altcoin pack as Bitcoin stalls - FXStreet
Popular Crypt Analyst Says These Three Altcoins Are About to Take Off – CryptoGlobe
Popular crypto analyst and trader Tyler Swope, who is the host of the Chico Crypto YouTube channel, has named three altcoins (one mega-cap and two small-cap) he thinks are about to take off in the month of December.
According to the video he uploaded to his YouTube channel on December 2, Swope predicts that Ethereum (ETH) and two small-cap altcoins are going to have a strong performance in the coming weeks.
Swope says he is bullish on Ethereum, highlighting the successful launch of Eth2s beacon chain on December 1. He reiterated that Ethereum was still in Phase 0 of its multi-stage migration from proof-of-work to proof-of-stake, and he expects more successes for Ethereum in the coming year..
Swope also points investors to the small-cap German-engineered altcoin Unibright (UBT).
Unibright describes itself as a team of blockchain specialists, architects, developers and consultants with 20+ years of experience in business processes and integration, and says that it offers consulting, low-Code-integration tools, programmable DeFi and the Universal Business Token.
On August 3, CONA Services launched a supply chain project using Unibright.
He said:
Without enterprise, DeFi has been able to grow to nearly $14.5 billion in total value locked (TVL). What do you think is going to happen when enterprise DeFi is unlocked? That TVL will look like peanuts.
The popular trader also recommends Morpheus.Network (MRPH) as a project for investors to watch. According to Swope, the supply chain optimization platform has strong ties to Coca-cola.
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Popular Crypt Analyst Says These Three Altcoins Are About to Take Off - CryptoGlobe